Cardano Institutions Request $70 Million ADA for Network Upgrades
- A coalition of Cardano institutions has proposed a request for 70 million ADA from the Treasury to fund critical integrations in the network’s roadmap.
- The proposal focuses on five key pillars, including onboarding tier-one stablecoins and developing institutional-grade custody solutions.
- This funding request follows a recent chain barrier incident that resulted from a cryptography library bug, causing the network to temporarily fork into two chains.
- Charles Hoskinson emphasized the need for unity among Cardano’s main institutions to ensure progress and address past conflicts within the ecosystem.
- The integration plan aims to enhance decentralized finance, real-world assets, and institutional participation within Cardano.
The proposal for funding is seen as essential infrastructure lacking in Cardano, with discussions already underway with key integration partners. The community will play a vital role in shaping these developments as they move towards their goals for future growth.
The coalition’s request highlights a significant investment of 70 million ADA aimed at advancing critical integrations necessary for Cardano’s evolution by the year’s end.(Source)
