Cardano Pushes Out CIP-1694 Update as ADA Rallies to $0.36

Cardano reveals an update to the CIP-1694 governance mechanism.

Woman in awe of Cardano lightning storm standing behind a city ruins.
  • ADA is rallying amid a bullish week for several cryptocurrencies.
  • An update to the CIP-1694 governance mechanism has been revealed.
  • The CIP-1694 update will support Cardano’s upcoming Voltaire era.

The Cardano (ADA) network has kept building during the prolonged bear market, with a near-constant roll-out of new developments, partnerships, and events.

In a recent turn of events, the cryptocurrency market has seen a favorable week in the wake of the centralized banking crisis currently rampaging throughout the United States. Cardano is slotted in amidst many cryptocurrencies recording gains over the last seven days.


The network has rolled out the latest update to CIP-1694 in preparation for the Age of Voltaire, wherein Cardano will assume full decentralization.

CIP-1694 On-Chain Governance

On March 14th, 2023, Cardano founder Charles Hoskinson revealed the roll-out of a new update to the CIP-1694 on-chain governance mechanism.

The formal update of the event has been shared by Input Output Hong Kong (IOHK) formal methods engineer Jared Corduan. According to the update, CIP-1694 includes removing the existing governance support for protocol parameter updates and MIR certificates.

Furthermore, the update will introduce two new fields, governance actions and votes, and three governance bodies to ratify actions.


In a nutshell, Cardano’s on-chain governance system is being revised to support the new requirements for Voltaire and address the shortcomings of the current Shelly governance design.

Shelley vs. Voltaire: Governance Royale

The Cardano Improvement Proposal (CIP) 1694 proposes a new mechanism for on-chain governance to support the upcoming Voltaire phase of Cardano.

The current Shelley governance design provides no room for active on-chain participation of ADA holders, lacks transparency and layers of control over treasury movements, and does not differentiate hard forks from other protocol parameter changes. 

CIP-1694 is poised to provide a first step towards decentralized decision-making that is technically achievable in the near term.

At the time of writing, Cardano’s native cryptocurrency ADA is rallying over $0.36, recording a notable 9.53% increase over the past seven days, along with several other inclining cryptocurrencies.

Seven-day Price Chart for Cardano.

Seven-day Price Chart for Cardano. Source: CoinMarketCap

#1 Ranked cryptocurrency Bitcoin (BTC) is turning heads with a spike of 16.99% over the past seven days. The upward trajectory of BTC is attributed to the banking crisis in the U.S., upping market sentiment across the board as a result.

On the Flipside

  • The past few weeks have been CIP-mania across the Cardano community, including feedback, discussions, and debates about Cardano’s governance.
  • Beyond ADA’s recent retracement, Cardano remains at the #7 rank by market capitalization.

Why You Should Care

Beyond the uptick of ADA and other cryptocurrencies, Cardano stays true to its long-term vision of true decentralization.

Read more about Cardano’s recent price action:
Cardano (ADA) Climbs to $0.34 Amidst DJED & Hoskinson Action

Read more about Solana’s recent price action:
Solana (SOL) Reclaims $20 Amidst Crypto Corrections

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Monique Brelage

Monique Brelage is a South African cryptocurrency news reporter at DailyCoin focused on the Cardano (ADA) and Solana (SOL) ecosystems. She aims to convert complex topics into digestible and engaging news pieces for readers of all knowledge levels.   Before her journey with DailyCoin, Monique has immersed herself in the realm of NFTs and Web 3.0 since 2019. Her experience in multiple industries enables her to conduct critical analyses and convert it into her writing. She acknowledges the profound impact decentralization, Web 3.0 technology, and everything beyond will have on the future.   Monique completed a Bachelor of Communication from NWU in 2020. Her background in media studies, creative writing, and philosophy helped shape her method of news curation, thereby ensuring a broader perspective to help readers remain critical of what they see. Monique's articulation, writing quality, and work ethic are professional qualities she takes pride in.   Monique lives on a farm in South Africa with her partner and cat. She works on her NFT and tattoo art in her free time, and enjoys the natural world around her. She likes reading material that broadens her perspective, indie music, and video games to blow off some steam.