Cardano is having the best time of its life in the crypto market in the last few weeks. Little wonder the coin has made it into the news on several occasions. With a brief surge in the digital assets market, the investors and traders in the coin would have all to smile for.
Coming alongside the news of the surge, the developers have announced that the total value of tokens that is now present in their treasury has now topped well over $100 million. With Cardano registering this remarkable figure, it remains unknown what this spells for their community of followers and users.
Cardano records massive price surge recently
Just weeks ago, the community was all in the mood of celebration as the coin tipped well over $0.39 sometimes last week, a figure that was previously the all-time high of the coin till that period. With Cardano showing signs of bullish momentum, experts are noting that it could be due to the bull run that has encompassed the whole crypto market.
Whether the bull runs or not, Cardano has been pulling impressive surges in the past few weeks, and the coin looks as though it’s not stopping anytime soon. Despite things looking as though only the price of Cardano is being affected by traders and investors’ activities, things are looking like the change is going way beyond the amount the coin sells for.
Cardano can now boast of being one of the biggest blockchains in the decentralized finance sector after the recent news of the surge in amount locked in its treasury. According to several analysis websites, the treasury recorded about 261,254,564 ADA already locked in when the epoch began. With Cardano digressing a little in price, the total value of Cardano locked in the treasury has declined a little bit, totaling about $88 million presently.
Funds in the treasury are used to improve the blockchain
This recent feat is of major importance to the community and the developers because they have been looking for ways to develop the blockchain using funds from the treasury. Notably, most of the actions carried out on the blockchain undergo a voting process by core members of the blockchain. The community members usually come together to make a general decision on how things will be run on the blockchain before they are finally executed.
According to the developers, the Cardano treasury has been funded in different ways since it was created. The majority of their funds come from transaction fees, stake pool rewards, and donations from various members. The protocol also holds back some portion of coins that are minted and donate them to the treasury.
The funds are always used to carry out various activities on the blockchain, which would make it look better. Most of these decisions on projects to finance are always decided by votes, which every community member is involved in. The latest being project Catalyst, a core voting platform that helps Cardano carry out its voting process effectively anytime they are trying to reach a consensus on what to develop on the blockchain.