The News Crypto -
- The Cardano Foundation is allocating over 11 million ADA for a crucial vote aimed at decentralizing the blockchain’s decision-making.
- The nonprofit expresses support for “Catalytic Governance” changes, advocating for community involvement in the upcoming ballot.
- In a Twitter thread, the Foundation discloses a “Yes” vote intention, backed by 11.4 million ADA.
The Cardano Foundation is mobilizing over 11 million ADA to support an upcoming vote central to decentralizing the blockchain’s decision-making. The nonprofit pledged its backing for the so-called “Catalytic Governance” changes while urging community participation.
The Cardano Foundation is unwavering in its commitment to furthering the goals of CIP-1694 and steering #Cardano towards a fully decentralized on-chain governance system. Explore the specifics of our involvement in the Cardano ballot. #CIP1694(1/7) pic.twitter.com/HMKajPaXcX— Cardano Foundation (@Cardano_CF) November 20, 2023
In a seven-part Twitter thread, the Foundation announced it will vote “Yes” in the imminent ballot with one wallet holding 11.4 million ADA, worth nearly $5 million. The proposal, if activated, will shift Cardano towards fully on-chain governance by enabling binding votes on future upgrades.
Cardano currently relies on a formal review process
Currently, Cardano relies on a formal review process to approve developments, in which stake-based votes serve as a gauge of community sentiment. But Catalytic Governance introduces an automated toolkit to seamlessly turn approved proposals into code changes.
By embracing the overhaul spearheaded by CIP-1694, the Foundation believes Cardano can become a self-sustaining, decentralized network. Enfranchised users would have direct authority over technical upgrades, removing bottlenecks that hinder innovation.
Beyond its own vote, the Foundation is rallying broader involvement through social media promotion and technical documentation. Its awareness campaign highlights the proposal’s importance while outlining key dates and logistics around the imminent ballot.
A dedicated website also offers guidance for users whose ADA resides on hardware wallets or exchanges. By capturing a “snapshot” of staked tokens ahead of voting, even those with minimal balances can participate without moving funds.
The initiatives reflect the Foundation’s role as an advocacy nexus between Cardano developers and the diverse global community. While supporting promising upgrades, its parallel focus is spurring mass delegation levels that legitimize on-chain decisions.
Its pledge of 11 million ADA also signals skin in the game—a willingness to commit significant capital to innovations furthering decentralization. By putting tokens where their tweets are, the impact shifts from abstraction to alignment with users invested in the blockchain’s future.
This article was originally published on thenewscrypto.com
