The Cardano treasury approves a major plan to promote network upgrades.

The Cardano community has approved an important development proposal, allocating more than 96 million ADA ( equivalent to about 70 million dollars ) to Input Output Engineering ( IOE ), the development team of this blockchain network.

The decision was announced on August 2, following a community vote with nearly 74% of participants supporting the funding proposal.

Large funding grant to support the development of Cardano

According to the company, this budget will be used to implement the development roadmap of the IOE protocol, focusing on improving scalability, upgrading tools for developers, and enhancing cross-chain interoperability.

Planned initiatives include: upgrading Ouroboros Leios, expanding processing capabilities through Hydra, improving Mithril, supporting Nested Transaction (nested transactions), and developing Project Acropolis.

Overall, these efforts aim to make Cardano more agile, efficient, and accessible for both users and developers.

The Cardano community votes on the proposal | Source: ADASTATCEO Ricky Rand at IOE calls the approval of the plan a strong vote of confidence in the long-term potential of Cardano.

However, he also acknowledged that the real challenge lies in implementing the proposed upgrades transparently, responsibly, and in line with the community's goals.

"This is a trust in the future of Cardano and a model for how decentralized funding and the implementation process can work at scale. The real work starts now: responsible deployment, transparent reporting, and building with the community, for the community," Rand stated.

Meanwhile, the approved funding will not be disbursed in a lump sum, but will be allocated in phases, tied to measurable milestones.

Intersect, a member organization of the Cardano community, will play an independent governance role, ensuring transparency and accountability.

The company also stated that the smart contracts built on Cardano, along with a supervisory committee, will monitor the progress and verify whether the use of capital is for the intended purpose.

In addition, IOE is committed to publishing monthly development updates, engineer time sheets, and quarterly budget reports.

These updates aim to help the Cardano community stay informed about the ongoing development process and ensure transparency in the use of the treasury funds.

Other projects seeking funding from the Cardano treasury

After the IOE funding proposal was approved, Tim Harrison – Vice President of Community & Ecosystem at Input Output emphasized that there are still many valuable projects in the Cardano ecosystem that need support.

"There are still many deserving projects waiting to be approved – with your support. Therefore, the proxy representatives are urged to continue voting," Harrison called.

One of those projects is Snek – a memecoin developed on the Cardano platform. This project has submitted a proposal for 5 million ADA to support its listing on top exchanges and trading platforms like Hyperliquid.

Charles Hoskinson – The founder of Cardano responded to this proposal by suggesting that it should be structured as a bond to ensure greater sustainability. In that case, the treasury should receive ADA repayments within three years.

However, Hoskinson still reaffirmed his support for projects within the ecosystem, but also emphasized that the treasury fund should not be used to subsidize listing fees, even for large projects like Midnight.

Minh Anh