Cardano Community Approves $70M Core Dev Budget, Boosting ADA Prospects
Main Idea
Cardano's community approved a $71 million treasury allocation for core development, funding network upgrades and boosting ADA demand.
Key Points
1. The proposal passed with 74% approval, authorizing the disbursement of 96 million ADA (13% of the treasury) to Input Output Global (IOG).
2. Key deliverables include Hydra, a layer-2 scaling solution aimed at improving network speed and enabling new use cases.
3. The funding is expected to enhance developer activity and increase demand for ADA, the network's gas token.
4. A rival proposal by Cardano’s Technical Compute Unit sought to adjust computational limits but was not detailed in the article.
5. The article mentions other blockchain upgrades, such as Ethereum’s Pectra and an upcoming fork, Fusaka, scheduled for late 2025.
Description
Cardano’s core development team, Input Output Global (IOG), secured approval for a $71 million treasury allocation to fund 12 months of network upgrades following a drawn-out governance vote that drew concerns around transparency, accountability and cost. The proposal passed with 74% in favor and authorizes the disbursement of 96 million ADA, or roughly 13% of the protocol’s treasury, to IOG. Payments will be milestone-based and overseen by Intersect, a member-driven governance body. Smart contr...
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