Cardano Community Approves $71 Million Proposal for Year-Long Network Upgrade Plan
Main Idea
The Cardano community has approved a $71 million funding proposal for a 12-month upgrade plan aimed at enhancing scalability, interoperability, and developer tools on the network.
Key Points
1. The funding, totaling 96 million ADA, will support key protocol improvements including Ouroboros Leios, Hydra (a layer-2 scaling solution), and Mithril.
2. Oversight of the funding is managed by Intersect, with milestone-based disbursements and transparency measures like monthly progress reports and quarterly budget disclosures.
3. Following the approval, ADA's price surged over 8%, reversing a multi-week downtrend.
4. The upgrade plan focuses on scalability, developer experience, and interoperability, with initiatives like Project Acropolis to modularize Cardano’s node architecture.
5. The upgrades aim to improve network performance, simplify developer onboarding, and enhance cross-chain interoperability.
Description
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