Cardano Foundation announced that it has received 74.5% “Yes” votes in support of its pursuit of .ada and .cardano generic domain names.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
After such a long wait, the Cardano Foundation ADA $0.42 24h volatility: 0.5% Market cap: $15.22 B Vol. 24h: $735.55 M finally received 74.5% approval to move forward with its pursuit of top-level generic domain names.
As a result, it can now participate in the upcoming application window opening from the Internet Corporation for Assigned Names and Numbers (ICANN).
This is the first time in 13 years that ICANN will accept applications of this kind.
On October 22, Cardano Foundation hinted at the possibility of applying for the .ada and .cardano generic Top-Level Domains (gTLDs). The goal was to enhance trust, accessibility, and innovation across the Cardano ecosystem, per its post on X.
At the same time, it would go a long way in strengthening its digital presence and establishing itself in the broader cryptocurrency industry.
It is to be fully funded by the Foundation. However, Cardano required the support of its community to undertake such an action. The Cardano Foundation then shared a link where users can vote.
According to the governance action, a total of 225 entities have entered their votes. There are 186 “Yes” to support the motion, 24 “No” against it, and 15 “Abstain,” which captures community members who believe the pursuit has any impact.
https://twitter.com/Cardano_CF/status/1993606467711095090
As of November 26, 74.5% of those who clicked the link and voted have given their support to the initiative to pursue .ada and .cardano domain names. The proposal has an approval threshold of only 66.7%, giving control to the “Yes.”
Going forward, “We will now begin preparing the ICANN applications in collaboration with the community,” Cardano Foundation stated, tagging the agency.
Following the news of the approval, the ADA price has recorded a slight gain, which is still significant considering the general downturn in the crypto market.
ADA is currently trading at $0.4171, up slightly by 0.29% over the last 24 hours. Although its 24-hour trading volume has plummeted by 14.38%, resting at $617.91 million, there are signs of a broader market rebound.
Analysts are still optimistic that ADA is on the path toward a mid-term target of $1.20. Some are also eyeing a potential macro move that could drive prices as high as $10, representing a staggering 1,800% gain from current levels.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.