Cardano’s decentralized governance has achieved a significant milestone, with over six billion ADA now delegated to Delegated Representatives (dReps), according to Intersect, a member-based organization for the Cardano ecosystem. This marks a significant step toward a more decentralized and community-driven decision-making process.
According to Intersect, over six billion ADA have now been delegated to dReps, which includes 2.6 billion ADA delegated to auto-abstain. A total of 779 dReps have registered, representing 27% of the staked supply. Of those, 193 have voted on the current Constitution Update governance action.
Over ₳6 billion has now been delegated to DReps!
(This total includes ₳2.6 billion delegated to auto-abstain.)
779 DReps have registered, representing 27% of the staked supply. Of those, 193 have already voted on the current Constitution Update governance action.
Head to… pic.twitter.com/MShmcoUZ5W
The Plomin mainnet hard fork governance action was successfully enacted on Jan. 29, with the most significant change being the implementation of Delegate Representatives (dReps), who will vote on governance issues on behalf of ADA holders.
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Following the Plomin hard fork, users will continue to accumulate staking rewards. However, as stated in CIP-1694, they will be unable to withdraw them unless they delegated their ADA voting rights to a dRep or a predefined voting option, hence the essence of delegation.
Like staking with stake pool operators, the staked ADA never leaves the user's wallet, and delegating imposes no new spending or selling restrictions.
Delegation, dReps
Delegated representatives (dReps) are ADA holders who register on-chain, allowing other community members to delegate their voting power to them. They act as "parliamentary representatives" in Cardano’s decentralized governance system.
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Any ADA holder can become a dRep and take on important responsibilities, as stated by CIP-1694. These tasks include: reviewing and voting on governance actions presented by others and accepting delegated voting power from ADA holders.
Users registering their wallet for the first time, either for staking or delegation, require a 2 ADA deposit to the network. For dReps, a 500 ADA deposit is required by the network.
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