Cardanoโs First On-Chain Governance Pool
Cardanoย (ADA) has taken a wholeย lotย of step towards achieving its vision of complete decentralization with the introduction of its first on-chain governance pool. As part of a test, the Proof-of-Stake (POS) network proposed changing two critical parameters within the ecologicalย system. The response from the community was overwhelming, prompting Cardanoย (ADA) to prioritize user-driven governance and listen to its users. This move marks the beginning of an era where the networkโs direction is shaped by the voice of the community.
Proposed Parameter Changes
In May 2023, Cardanoย (ADA) put forth proposals to modify two critical parameters on the network: the k parameter, which determines the optimal number of stake pools, and the minPool cost, which sets the minimum fee a pool can charge per Epoch in ADA. These parameters play a pivotal role in the networkโs operations.
Strong Community Participation
The voting results demonstrated strong community participation, with 50% of Cardanoโs users participating in the vote. A total of over 10.85 Billion ADA, equivalent to approximately $4.1 billion, were staked in support of numerous proposition actions.
Voting Results
The voting results revealed that 27% of participants favored increasing the stake pool limit to 1,000 and reducing the minimum ADA requirements for pool entry by half to 170 ADA.
Commitment to Decentralization
Cardanoโs decision toย lower the minimum pool costs outlines its dedication to decentralization, community engagement, and user-driven governance. By giving the community a voice in shaping the networkโs direction, Cardanoย (ADA) intendsย to surpass other digitalย currencies in terms of decentralization.
Hot Take: Cardanoย (ADA) Empowers Its Community to Drive Decentralization
Cardanoโs introduction of its first on-chain governance pool and its commitment to listening to the communityโs voice marks a transformative moment for the network. By allowing users toย engage in voting and proposing changes to critical parameters, Cardanoย (ADA) demonstrates its dedication to decentralization, community engagement, and user-driven governance. This move sets Cardanoย (ADA) apart from other digitalย currencies and positions it as a leader in the pursuit of complete decentralization.
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