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Highlights
- Cardano is on track launch the Chang hard fork upgrade
- The community will take charge of the Cardano treasury worth over $681 million
- This handover will signify the era of massive decentralization for Cardano
The Cardano (ADA) community is at the verge of inheriting a treasury with ADA tokens worth approximately $681 million.
Cardano Community to Benefit from Chang Hardfork
Cardano boasts of having the 8th largest treasury in the broader cryptocurrency industry after the likes of Uniswap, Arbitrum, and Ethereum.
In a milestone move, this treasury is on track to be handed to its community. The move was highlighted by crypto asset tracker TapTools. Cardano’s treasury grew from the accumulation of transaction fees and a portion of block rewards. The transfer of the $681.9 million treasury will accompany the upcoming “Chang” hardfork upgrade. This particular upgrade remains an avenue to bring about full decentralization where Cardano holders will take charge of the protocol’s governance.
Notably, the transfer reflects Cardano’s commitment towards facilitating decentralization and community governance. Once the Chang upgrade pulls through, Cardano community members can propose and vote on any project that is eligible for treasury funding.
It is worth noting that other protocols’ treasury comprises of a range of crypto assets ranging from stablecoins, Bitcoin (BTC) and Ethereum. Cardano’s treasury only holds its ADA tokens, making it quite unique from the rest.
Blockchain networks usually use their treasuries to grow their ecosystem and Cardano also trailed this path. Several observers view Cardano’s growing treasury as a reflection of increased network activity on the protocol. This has earned it praises from the same observers who believes that its approach of fostering ecosystem development is a fundamental pillar to its sustainability.
Cardano’s Three-layered Governance Structure
Cardano has a three-layered governance structure, according to the present phase of its roadmap.
There is the Cardano Foundation which is responsible for overseeing the platform’s development and promotion. The protocol also have another layer Input Output Global (IOG), formerly known as IOHK. Precisely, IOG takes care of Cardano’s research and development. The final layer is EMURGO, a body responsible for commercial ventures.
Charles Hoskinson, Cardano’s founder recently , updated the community on the status of “Voltaire” implementation Amid speculations about the network’s health. Per Hoskinson’s statement, the final implementation of Voltaire, which marks the era of community governance, is underway.
A look at Cardano’s treasury and the position that it occupies amongst its counterparts underscores the founder’s assertion of a healthy blockchain.
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