Cardano Treasury Approves 70M ADA for Infrastructure Development
The recent governance vote on the Cardano network achieved over 60% approval, leading to a decision to allocate 70 million ADA for infrastructure development. This funding, approximately $30 million USD, will be utilized for:
- Stablecoin development
- Oracle reliability
- Cross-chain capacity
- Custody support
- Analytical frameworks
Intersect, the administering organization, aims to expedite project completion by focusing on practical developments rather than theoretical research. Although full partner details are undisclosed, initial collaborations include stablecoin issuers and a prominent cross-chain bridge provider.
ADA Price Analysis: According to CoinMarketCap, ADA is trading at $0.45, up nearly 2% in the last 24 hours. The token is near a potential reversal zone after prolonged selling pressure. A rebound might lead ADA to target resistance around the mid-$0.50 area. However, if support fails, a 17% price drop is possible.
The analysis suggests a possible rise towards $0.90, with further gains potentially reaching $1.50.