Cardano Constitution Nears Approval as Draft Advances to DReps  

• Cardano Constitution draft, outlining blockchain principles, gains Committee approval and moves to the ADA community for a referendum.  
• Delegated Representatives (DReps) to vote on the Cardano Constitution in January 2024, shaping the blockchain’s governance and ecosystem.  
• Cardano DeFi metrics surged in December, with total value locked tripling and transaction milestones indicating robust network growth.  

The Cardano Constitution draft, a comprehensive codex for the Cardano (ADA) blockchain’s governance and development, has taken a major step forward. Official announcements from Cardano’s Input Output Global (IOG) and EMURGO confirmed its approval by the Constitutional Convention 2024. This crucial milestone was achieved during the event held on Dec. 5-6 in Buenos Aires, Argentina.

The convention brought together developers, stalkers, delegators, and researchers worldwide, emphasizing the significance of this governance initiative. The draft, now passed by the Constitution Committee, is set to undergo a crucial ADA community referendum next month.  

Referendum Scheduled for January 2024 

The upcoming referendum in January 2024 will see Cardano’s Delegated Representatives (DReps) deciding the Constitution’s fate. Dreps, integral to the ecosystem’s governance, have been actively participating in various on-chain decisions. According to CardanoScan, over 800 DReps are currently part of the network, with more than half actively engaged.  

ADA holders still have time to delegate their votes to DReps to influence the upcoming referendum. The community’s involvement will determine whether the Constitution, which aims to set guardrails for Cardano’s future, will be adopted.  

Document Goes On-Chain Before Voting  

Before the community referendum, the Constitution will be uploaded on-chain to enhance transparency and accessibility. This step ensures that ADA holders and stakeholders thoroughly understand the document before casting their votes.  

The Constitution draft’s provisions aim to guide Cardano’s scaling, technological advancements, and growth, presenting a structured governance framework to secure the blockchain’s evolution.  

Cardano Network Records Robust Growth  

Besides governance milestones, Cardano has witnessed a surge in on-chain activity. The blockchain recently surpassed 100 million transactions, showcasing its growing adoption. Additionally, Cardano’s decentralized finance (DeFi) ecosystem recorded a remarkable increase in total value locked (TVL).  

In December alone, TVL skyrocketed from $230 million to over $705 million. This impressive growth highlights the network’s thriving DeFi ecosystem, with Liqwid, Minswap, and Indigo accounting for over half of the volume, according to DeFiLlama.  

The Cardano Constitution represents a pivotal governance milestone for the blockchain. With its draft receiving Committee approval, all eyes now turn to the January 2024 referendum. The outcome will shape the future of Cardano’s governance and its broader ecosystem.