The Cardano blockchain has achieved a major milestone with its transition to fully decentralized governance by activating the Bloomin hard upgrade, The Block reported on Wednesday.
The Cardano Foundation announced the successful implementation of a hard upgrade, giving ADA holders significant voting rights on various aspects of the blockchain’s future, including standards changes, treasury withdrawals, and hard upgrades.
The approval of the Bloomin hard upgrade came last Friday after three critical criteria were met during the network’s interim governance phase. The criteria included at least 85% of staking pools being upgraded to a version of Cardano nodes compatible with the new protocol rules, a majority vote of more than 51% of staking pool operators (SPOs) in favor of the upgrade, and more than 67% of the Interim Constitution Committee (ICC) confirming that the hard upgrade is compatible with the blockchain constitution.
The Cardano Foundation confirmed on Thursday that it voted in favor of the Bloomin Hard Upgrade governance measure, deeming it constitutional. The Hard Upgrade enables the implementation of the seven governance measures outlined in Cardano’s CIP-1694, which include treasury withdrawals, new constitution proposals, and no-confidence votes, among others.
The Bloomin Solid upgrade also introduces a rule that only accounts that delegate to a decentralized representative (DRep) can withdraw staking rewards, further strengthening the decentralized governance structure. With today’s governance move, which was originally introduced on-chain on December 20, Cardano’s treasury will now be under the control of ADA holders.
At the time of writing, Cardano’s ADA was trading at around $0.91, down more than 5% in the past 24 hours, according to data from The Block’s pricing page.