Cardano Voltaire: Novel change introduced; metrics react by…
- After CIP- 1694, any ADA user will be able to submit a governance proposal.
- ADA’s social engagement jumped on the revelation of Voltaire’s operation.
Cardano [ADA] experienced high price volatility over the last 24 hours of trading. After pumping 8% to$0.297 on 30 June, the coin retreated to the $0.27 level, effectively nullifying the gains made earlier in the day.
Read Cardano’s [ADA] Price Prediction 2023-24
However, the coin recovered to $0.28 at press time, according to CoinMarketCap.
The wild price movement also made ADA the talk of the town. As per crypto social analytics firm LunarCrush, it emerged as the ‘Coin of the Day’, a metric based on social engagement and market performance.
Generally, big changes regarding the underlying network’s core functionalities generate buzz around the token and boost its value. In Cardano’s case, it was related to Voltaire.
How will Voltaire function?
A change to Cardano’s on-chain governance system is proposed in CIP 1694, which has Voltaire’s birth year as its name. With the Voltaire era, Cardano intends to fully establish itself as a decentralized autonomous organization (DAO).
Cardano creator Input Output Global (IOG) revealed the graphic outline of the upcoming Voltaire era. The graphic offered a sneak peek into how governance actions and voting would be carried out on the new governance system.
After CIP- 1694, any Cardano user will be able to submit a governance proposal which will be ratified by three groups of voters. The most powerful will be Delegate Representatives (DReps), whose voting power will be a function of the voting stake delegated to them.
The Constitutional Committee (CC) members will have equal voting power while the Stake Pool Operators (SPOs) weightage will be as per the pool’s stake.
The votes – yes/no/abstain will be recorded as transactions on the chain. Hereafter, the ‘yes’ votes would be evaluated against voting thresholds, which could be specific not just to governance bodies but action types as well.
For consensus, it was imperative that all the three groups meet their voting thresholds for different action types. However, each group would have jurisdictions based on the action type. While DReps could vote on all actions, CC members and SPOs had their voting power curtailed.
After every 5-day cycle, the protocol will evaluate a few questions and based on the outcome, the proposal is either ratified or dropped.
All quiet on ADA’s front
It was evident that Cardano developers were working diligently on Voltaire and other enhancements. According to Santiment, Cardano’s development activity saw a sharp rise in June.
How much are 1,10,100 ADAs worth today?
When it came to ADA, things were rather dull. The Age Consumed indicator, which tracks the movement of old ADA coins, stagnated after a sharp move upward last week.
As prices cooled off, investors preferred to HODL. Large addresses, known as whales, also showed a lack of willingness to participate in transactions.