EMURGO Exits Intersect Board Amid Cardano Governance Shake-Up

EMURGO, one of the three foundational pillars of the Cardano network alongside the Cardano Foundation and Input Output, has resigned from the Intersect board of directors following a public backlash from community representatives.

The decision was sparked by criticism over the management of the Yoroi wallet, with some users inadvertently delegating their voting rights to EMURGO's DRep due to misleading UX in the wallet.

Dori, an active community member and Delegated Representative (DRep), publicly resigned, stating that delegation mechanisms must operate without ambiguity to maintain decentralized decision-making.

The price of ADA has broken above a long-term descending trendline with a bullish daily candle close, while the total value locked in the network's DeFi ecosystem increased by over 9% to nearly $68 million over the past week.