Per data provided by Cardano Blockchain Insights, the number of ADA in the Cardano Treasury has soared to above 927.2 million coins.
Based on the increase in the number of ADA in the treasury and the massive spike in the cryptocurrency’s price, Cardano’s treasury is now worth nearly $500 million. The development was shared by a popular Cardano enthusiast on Twitter earlier today.
It is worth noting that Cardano’s Treasury had surpassed a billion dollars in the past. However, due to the cryptocurrency market crash at the beginning of the year, the value of Cardano’s Treasury also slumped.
Following the massive spike of ADA that has gained over 25% in the last 24 hours, Cardano’s Treasury value has begun to gain momentum.
Cardano’s Treasury Decentralization
According to Cardano’s founder Charles Hoskinson, the project’s treasury is decentralized and funded by the community in contrast to other crypto projects funded by venture capitalists.
Cardano’s Treasury is used to support developers building on the blockchain to ensure that they have a hitch-free experience using the network.
Earlier this month, Sebastien Guillemot, dcSpart co-founder, took to his Twitter page to express his gratitude to Cardano for setting up the Treasury, which has helped with the development of one of its flagship products.
“Reminder that the Cardano treasury still has a massive $723M USD in $ADA. Companies like dcspark_io can continue to build tooling uninterrupted thanks to Cardano’s treasury. In fact, we have two large tooling announcements in the next 1~2 weeks,” Guillemot said.
Reacting to his comments, Hoskinson noted that the funds in the Cardano Treasury will continue to increase, adding that:
“Cardano has its own growth fund and it’s decentralized!”
Hoskinson recently slammed VCs and crypto media for not supporting Cardano, adding that the project has recorded significant growth despite the lack of funding from these venture capitalists.
However, Hoskinson heaped praises on the Cardano community for throwing their weight behind the project. For Hoskinson, the Cardano’s Treasury, which is controlled by the community, is enough to foster the growth of ADA to new heights.
Unfortunately, the value of the Treasury has plummeted from $700 million down to around $500 million as the cryptocurrency market retraces amidst the collapse of Terra ecosystem tokens.
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