Bitcoin’s strong start to December and its exciting close above $38,000 is drawing attention. BTC’s recent test of $39,000 is increasing expectations for new highs. While total volume is increasing, Cardano, which is among the top 10 cryptocurrencies, is experiencing the excitement of voting. So what does this voting mean for ADA Coin?
The sovereignty of the Cardano community in cryptocurrency projects is preserved through such voting. It is emphasized that the influence of large wallets in these types of voting is contrary to the spirit of cryptocurrency and requires a fair distribution. Despite Cardano’s performance not meeting expectations so far, the so-called Cardano Voting or Improvement Proposal-1694 can change the current situation.
The Cardano community’s voting will end on December 11th, and ADA stake pool members will declare their intentions in the non-binding proposal. The question that voters need to answer is whether Cardano should continue working on its minimum viable on-chain governance.
The Cardano Foundation, supported by Input Output Global and Intersect, launched a new testnet called SanchoNet in August. SanchoNet, a testnet for governance features, serves the ultimate goal of decentralization.
Cryptocurrencies are decentralized communication mechanisms that are far from traditional corporate governance. However, the fate of most initiatives in the crypto industry depends on the words of a few high-level individuals. If Cardano wants to sustain its existence in the long run, it must fulfill the necessary decentralized governance. The team included this stage in the roadmap called Voltaire, which aims to transfer governance mechanisms and Cardano Treasury management to the community. While the recent voting is seen as an intention declaration, if it overwhelmingly approves this goal, it may be possible for the price of ADA Coin to show a positive divergence throughout the process.