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08/04 12:06

Cardano Dev Team Approves 96 Million ADA to Suppor

Cardano Dev Team Approves 96 Million ADA to Support Network Upgrades

The proposal passed with a 74% approval rate, with 200 votes in favor, six votes against, and seven abstentions.

Cardano’s core development team, Input Output Global (IOG), has received community approval to allocate 96 million ADA tokens, worth approximately $71 million, to support a year-long series of upgrades.

Key Takeaways:

The Cardano community has approved the allocation of 96 million ADA to support phased funding for core development.

Oversight will include monthly reports, smart contracts, and governance by Intersect.

The planned upgrades are aimed at increasing scalability, reducing costs, and improving developer tools.

The proposal passed with a 74% approval rate, with 200 votes in favor, six votes against, and seven abstentions.

 This vote marked the first time the Cardano community has directly approved funding for core development from the treasury.

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