#Cardano Community Approves $70M+ in Treasury Funding for Core Development.
The Cardano community recently made history by directly approving the funding of core development through its on-chain treasury.
In a remarkable development, the community voted overwhelmingly in support of Input | Output Engineering’s (IOE) core development proposal, which revolves around enhancing interoperability, scalability, and developer experience.
In particular, the proposal passed with 74.01% of the total 200 votes. While seven DReps were against the proposal, another seven chose to abstain from the exercise.
Following the passage of the proposal, 96.81 million ADA coins will be withdrawn from Cardano’s treasury and allocated to the IOE for core protocol development in stages. The dollar value of these Cardano tokens is equivalent to $70.9 million as ADA trades at $0.7324.
Tim Harrison, the EVP of Ecosystem and Community at Input | Output, emphasized that the approval marks the first time the community is directly funding core protocol development.
“This vote of confidence empowers us to move forward with shared responsibility, full transparency, and a renewed commitment to building an open, resilient ecosystem,” he said.
Notably, the scope of the IOE’s development plan cuts across three specific areas: interoperability, developer experience, and scalability. The team will undertake key initiatives across major Cardano ecosystem projects.
It intends to roll out a performance upgrade to Ouroboros Leios to unlock higher throughput, while also enhancing Mithril to lower bootstrap times and drive adoption.
Other key projects that will see enhancements include Hydra and Project Acropolis. In addition, the IOE will optimize overall network performance, boost sync time, mitigate RAM usage, and reduce operational costs for stake pool operators (SPOs).
