The Cardano Constitution, an extensive collection of principles intended to guide the growth, scalability, and technological innovation of the ecosystem, is a significant step closer to completion. Following approval by the Constitution Committee, the next phase awaits: a referendum among the DReps (Delegated Representatives).
According to the official statements from Cardano’s IOG and EMURGO, the first draft of the Cardano constitution, a universal code of “provisions and safeguards” for the future of the blockchain, received approval from the 2024 Constitutional Convention.
The Cardano Constitutional Convention took place in Buenos Aires, Argentina, on December 5 and 6. Dozens of Cardano (ADA) enthusiasts, developers, investors, and researchers from around the world were present, as well as ADA stakers and delegators.
The next step is a vote among the DReps, which will take place in January 2024. According to CardanoScan, there are currently about 800 DReps in the ecosystem, more than half of whom are active. These representatives, who have allocated 500 ADA as a deposit, play a crucial role in the decision-making process. ADA holders can still delegate votes to a DRep of their choice.
As previously announced, the Cardano Constitution will be placed on-chain prior to the referendum, making the document completely transparent and accessible to the community.
Significant governance achievements are being recorded amidst the growth of on-chain activity on Cardano (ADA). The blockchain recently passed the milestone of 100 million successful transactions.
In the world of decentralized finance (DeFi), Cardano is also making great strides. The total value locked (TVL) in DeFi applications has tripled in just 30 days, from $230 million to $705 million. Leading applications such as Liqwid, Minswap, and Indigo contribute more than half to this volume.
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