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- The draft of Cardano’s long-anticipated constitution has moved closer to ratification, having gained approval from the Constitutional Convention 2024 which was held in Kenya and Argentina.
- The Cardano network has surpassed 100 million successful transactions and witnessed a dramatic increase in its total value locked in decentralized finance applications, rising from $230 million to over $705 million in just one month.
Cardano, the ninth largest cryptocurrency by market capitalization of $40 billion, is making its mark in the crypto market with the recent approval of its constitution at the global convention held in Argentina and Kenya on December 4-6. As disclosed by Cardano’s IOG and EMURGO on X, the initial draft of the Cardano Constitution is a comprehensive framework of “provisions and guardrails” designed to guide the blockchain’s future.
As the constitution progresses toward a formal vote, scheduled for January 2025, the Cardano community is poised to make a significant decision. The draft constitution will be put to a vote by Cardano’s Delegated Representatives (DReps), who will decide whether to approve or reject it. The Cardano ecosystem consists of around 800 DReps, with over half actively participating in governance by contributing deposits of 500 ADA, equivalent to roughly $600.
For context, this foundational document will serve as a roadmap for the network’s governance, technological advancements, and scaling efforts. It encompasses guidelines aimed at ensuring sustainable growth, robust decision-making, and effective Treasury management. Notably, Hoskinson has previously underscored the Constitution’s importance in navigating complexities such as Treasury policies. As we reported, the founder elaborated in his address on the possibility of Cardano holding assets, like wrapped Bitcoin, if it successfully positions itself as a Bitcoin-focused DeFi layer.
This pivotal moment reflects the community’s commitment to governance; with the approval, Cardano will be strategically positioned to expand its decentralized finance (DeFi) ecosystem and optimize its Treasury management system. The diverse range of Cardano DeFi projects includes various decentralized exchanges (DEXs), such as MilkySwap and SundaeSwap, as well as decentralized lending and borrowing solutions, housing initiatives, and launchpads like Token Allies, Vent Finance, and Cardence.
Cardano Price Outlook
Transitioning from governance to market performance, the Cardano blockchain has demonstrated remarkable resilience and growth in recent months, establishing itself as a leader among other altcoins. Recently, the blockchain surpassed 100 million successful transactions, and its total value locked (TVL) in DeFi applications skyrocketed from $230 million to over $705 million in early December 2024.
This impressive growth has coincided with ADA surpassing a significant price milestone of $1.318, its highest point since January 2022, with analysts anticipating a potential rise to $10 by 2025. Currently, Cardano is trading at $1.15, following a 4.5% decline during the day. Additionally, trading volume has increased by 14.68%, indicating increased network activity. If Cardano manages to overcome its nearest resistance level of $1.25 soon, our analysts predict it could aim for a price target of $1.63 before the end of the fourth quarter.
Furthermore, various external factors such as the recent appointment of Paul Atkins as the new SEC chair has significantly boosted market momentum. This development has propelled Bitcoin past the $100K mark, creating favorable conditions for other altcoins like Cardano to capitalize on the surge.
