Cardano Rumored to Transfer $681 Million to Community in ADA!
It is rumored that Cardano (ADA) is considering handing over control of its $681.9 million treasury to its community.
Unlike other blockchain protocols, Cardano’s treasury is comprised only of its native ADA tokens. According to data shared by cryptocurrency tracker TapTools, the treasury currently holds $681.9 million worth of ADA tokens.
Cardano currently operates with a three-tier governance structure, with the Cardano Foundation overseeing platform development and promotion, Input Output Global (IOG) focusing on research and development, and EMURGO handling commercial initiatives.
Reports suggest that an upcoming hard fork called “Chang” aims to fully decentralize Cardano, allowing the ADA community to manage the network. Cardano’s founder, Charles Hoskinson, has confirmed that the implementation of ‘Voltaire’, the community management era, is in progress.
Hoskinson has addressed concerns about the blockchain’s health amidst a stagnant token price, emphasizing the progress towards community-led governance.
As of now, Cardano ranks as the 10th largest altcoin globally.
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