Cardano has reached a significant milestone in decentralized governance, with over six billion ADA delegated to delegated representatives (dReps).
Milestones in Decentralized Governance
According to Intersect, over six billion ADA have now been delegated to dReps, which includes 2.6 billion ADA delegated to auto-abstain. Out of 779 registered dReps, 193 have already voted on the current Constitution Update.
Successful Plomin Hard Fork
The Plomin mainnet hard fork was successfully enacted on January 29. The most significant change was the implementation of delegated representatives (dReps), who will vote on governance issues on behalf of ADA holders. Users continue to accumulate staking rewards but can only withdraw them by delegating their voting rights to a dRep or a predefined voting option.
Role of Delegated Representatives (dReps)
Delegated representatives (dReps) are ADA holders who register on-chain, allowing other community members to delegate their voting power to them. Any ADA holder can become a dRep and take on important responsibilities, such as reviewing and voting on governance actions and accepting delegated voting power.
Delegation and participation in the dRep system mark a significant step forward in Cardano's decentralized governance, ensuring more active community involvement in decision-making.
