The Cardano community approved the allocation of 96 million $ADA (about $71 million) to Input Output Global (IOG) for the implementation of a 12-month network upgrade plan. This decision, supported by 74% of the votes, marked the first instance of direct funding for protocol development through Cardano's decentralized governance system. Funds from the treasury will be directed towards improving scalability, enhancing tools for developers, and ensuring network interoperability.
Key projects include the Hydra protocol for speeding up transactions and Project Acropolis for simplifying the onboarding of new developers. Funding will be provided in stages, with transparency ensured by the organization Intersect, which oversees the execution of technical tasks. IOG is committed to publishing monthly reports and financial summaries.
Despite the enthusiasm, questions arose in the community regarding the transparency of expenses and the appropriateness of the large budget. Some suggested breaking the project into smaller phases with separate voting. Nevertheless, this decision strengthens Cardano's position as a leader in smart contracts.
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