In the first quarter of 2025, Cardano officially activates the Plomin hard fork, marking the blockchain's entry into the 'Voltaire' era of autonomous governance. This upgrade grants ADA holders genuine on-chain voting rights, allowing them to make decisions on protocol parameters, financial expenditures, and even hard forks, thereby achieving more authentic decentralized governance. According to a Messari report, as of Q1 2025, the Cardano treasury balance is approximately 1.7 billion ADA (around 1.1 billion USD). While daily trading volume and TVL have decreased, the launch of governance features injects long-term development potential into the ecosystem. This governance structure is based on CIP-1694, which includes the establishment of a constitutional committee, DReps (delegated representatives), and a voting mechanism based on the principle of 'one Lovelace, one vote', providing a formal institutional mechanism for the future use of treasury funds and technical direction. This step is seen as a key milestone in Cardano's completion of the core capabilities required for a decentralized autonomous organization (DAO).