tl;dr
The Cardano core development team secured approximately $71 million in ADA funding from the Cardano treasury for its protocol roadmap proposal, approved by 74% of voters. This marks the first core protocol development funded directly by the community. The funds will support upgrades including improv...
Global, the core development team behind the Cardano blockchain, has secured funding for its protocol roadmap proposal, receiving roughly $71 million worth of ADA from the Cardano treasury. This treasury fund, which accumulates tokens over time, is dedicated to financing ecosystem developments. The proposal gained overwhelming approval, with 74% of voters voting “yes.”
Tim Harrison, EVP Community & Ecosystem at Input Output, called this a “milestone moment” for Cardano, marking the first instance of core protocol development funded directly by the community. He emphasized that this vote of confidence will enable the team to proceed with transparency, shared responsibility, and a strong commitment to cultivating an open and resilient ecosystem.
The funding will support several crucial upgrades: enhancing throughput without compromising security or decentralization, advancing Cardano’s layer-2 scaling solution Hydra, laying the groundwork for more sophisticated smart contracts, and reducing operational costs for stake pool operators. Ricky Rand, General Manager at Input Output, described this funding as “just the start,” while Cardano co-founder Charles Hoskinson expressed gratitude to the community on his personal platform, urging the team to “get it done.”
Despite the positive funding news, Cardano’s native token ADA did not see a price surge. On August 2, ADA briefly fell below $0.70 before recovering slightly to around $0.74. Community sentiment remains divided on ADA’s price outlook. Some anticipate the token breaking past $3 and eventually reaching new all-time highs above $4, while others, including analyst Ali Martinez, predict a bearish correction, citing a sell signal on the TD Sequential indicator in the four-hour chart.