As 2024 comes to a close, Cardano founder Charles Hoskinson issued an important reminder to the ADA community on social media. In his tweet, he mentioned the governance workflow, CIP-1694, and the Cardano Constitution, addressing recent concerns about the slow progress of governance actions.
According to Hoskinson, the governance workflow was initiated at the "Voltaire Era" conference at the University of Edinburgh in late 2022, marking the beginning of efforts for decentralized governance of the Cardano network. This effort eventually led to the proposal of CIP-1694, a Cardano Improvement Proposal on decentralized governance processes, and a candidate constitution two years later.
Hoskinson wrote in his tweet: "I want to remind everyone that the governance workflow was initiated at the 'Voltaire Era' conference at the University of Edinburgh in late 2022. After two years of discussion, design, debate, and community involvement, this workflow eventually formed CIP-1694 and the candidate constitution."
Key Points
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Charles Hoskinson emphasized the importance of the governance workflow, responding to community concerns about governance progress.
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CIP-1694 is the foundation of Cardano's decentralized governance, formed after two years of effort.
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Governance actions on the Cardano mainnet have been submitted on-chain, marking the start of decentralized governance.
Hoskinson's reminder seems to address concerns from some Cardano community members who believe the governance process, particularly the drafting of the Cardano Constitution, may be progressing too quickly. Hoskinson pointed out that the candidate constitution was formed through "two years of discussion, design, debate, and community involvement."
By emphasizing this point, Hoskinson hopes to alleviate recent concerns and highlight the thorough consideration of the Cardano governance framework. This assures the ADA community that the governance process is well-thought-out and inclusive, involving extensive discussion and contributions from stakeholders over the past two years.
In a recent milestone, governance actions on the Cardano mainnet have been submitted on-chain. This action marks the beginning of on-chain governance. If implemented, this action will enable the mainnet to achieve full governance as described by CIP-1694, ending the technical guidance phase.
Major Updates for Cardano's Future
In a recent interview, Hoskinson also revealed that Cardano plans to implement several major upgrades in the coming months. He mentioned that Cardano is in talks for potential collaborations with several well-known industry companies, including Celsius, Fireblocks, and Prime Trust.
Hoskinson stated that within the next three months, the network will see a lot of "smart contract-related content" being launched. He also mentioned that the research department of the Cardano Foundation is working on several new implementations.
Hoskinson said: "We will announce several new things, such as a smart contract institute focused on smart contract development design, which will be embedded in a university."
ADA Price Trends
Cardano's native cryptocurrency ADA has performed well over the past few weeks, taking full advantage of the market's bull run. Although ADA's price was $0.16 at the beginning of the new year, it quickly rose in the following weeks, breaking through $1 a few days ago, reaching a three-year high of over $1.20.
However, a recent crypto market correction caused ADA to drop more than 30% within 24 hours, falling to a low of $0.80. Nevertheless, ADA has regained some ground, with the price approaching $1 again.
According to historical data, ADA's price tends to decrease when approaching the bottom, with the market value to realized value (MVRV) ratio usually dropping. Currently, ADA's MVRV ratio has fallen to negative, indicating a potential price bottom is near.