Cardano (ADA)

Right to modify governance process rules through constitutional or proposal policy updates, ratified by a majority of DReps and the Constitutional Committee and recorded on-chain, making the outcome binding but not unilateral for ADA-weighted governance due to the required co-approval.

Right to appoint or re-weight a Delegated Representative to vote on behalf of a stake credential through a vote delegation certificate, thereby granting that representative authority to exercise voting power on the holder’s behalf. Partial since token holders don't have full authority over SPO roles or Constitutional Committee memberships.

Right to approve or reject changes to economic protocol parameters through Protocol Parameter Change actions, requiring majority approval from DReps and the Constitutional Committee, and, for security-sensitive parameters, Stake Pool Operator approval. The DRep role is permissionless but role-gated, and most such actions require two of the three governance bodies to ratify.

Right to participate in Project Catalyst as a voter or proposer.

Right to approve or reject protocol upgrades and hard forks through Hard-Fork Initiation governance actions, which trigger non-backwards compatible upgrades and require prior software updates. Ratification requires majority approval from all three governance bodies, namely SPOs, DReps and the Constitutional Committee, with execution ultimately dependent on SPOs upgrading node software.

Right to pay gas fees for transaction inclusion in the Cardano blockchain.

Right to execute deterministic state transitions and decide transaction inclusion by operating a stake pool, conditional on controlling delegated ADA stake.