Cardano Community Approves $71 Million Grant for Protocol Roadmap

Cardano Approves $71 Million Grant

Cardano's community approved a $71 million grant (96 million ADA) for protocol development, marking the first instance of community-funded core upgrades. This initiative aims to enhance decentralized governance and funding.

Key Points

74% voter approval for the grant
Funding allocated for a year-long roadmap by Input Output Engineering (IOE)
Focus on scalability, developer onboarding, interoperability, and performance
All funding is milestone-based with smart contract confirmations
Monthly updates and quarterly budget breakdowns required from IOE

Price Analysis

Currently trading around $0.73, ADA faces resistance near $0.78–$0.80. A breakout above this level could push towards the psychological $1 mark. Support is identified at $0.58.

ADA Daily Chart with Momentum Indicators | Source: TradingView

For ADA to target $1, it must convert the $0.80 resistance into support with significant volume. Current conditions suggest potential range-bound movements in the short term.