Cardano’s Chang Fork Hands $681 Million Treasury to Community

5 months ago 12

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The Cardano community is set to take control of a $681 million treasury, making it one of the largest in the cryptocurrency market.

This move comes with the highly anticipated Chang Fork, marking the beginning of the “Age of Voltaire.”

Cardano Community To Receive $681 Million Treasury

The Cardano community will gain control of a treasury worth more than $681 million. This is the eighth largest treasury in the industry, according to TapTools’ data.

TapTools shared a screenshot showing that Cardano’s treasury comprises ADA tokens only. This is different from its peer protocols on the blockchain, which feature stablecoins and other cryptocurrencies like Bitcoin and Ethereum.

Blockchain Protocols and Their Treasuries

Cardano’s treasury, funded by transaction fees and block rewards, will support ecosystem development, ensuring sustainability. The project’s roadmap features a three-layered governance structure: the Cardano Foundation, Input Output Global (IOG), formerly IOHK, and EMURGO. These entities oversee development, research, and commercial endeavors, respectively.

The treasury handover coincides with the upcoming Chang Fork, a major upgrade that will transition Cardano to a fully decentralized blockchain ecosystem. Cardano founder Charles Hoskinson described this as the most significant milestone in both the network’s and the industry’s history.

“It’s the most significant milestone in the history of Cardano and for the industry as a whole. Cardano will be a decentralized civilization spanning the entire world with millions of residents. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us,” Hoskinson said.

The Chang Fork will complete Cardano’s multiyear program, transferring blockchain control to its community. Voting and treasury systems will become operational, allowing ADA holders to propose and vote on improvements. With upcoming upgrades, Cardano aims to achieve self-sustainability and empower its network participants, giving them governance authority through the existing staking and delegation process.

The post Cardano’s Chang Fork Hands $681 Million Treasury to Community appeared first on BeInCrypto.

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