Cardano Approves $71 Million Budget for Network Upgrades and Developments
Input Output Global (IOG) received approval for a $71 million allocation from Cardano's treasury to fund network upgrades over the next 12 months. The proposal passed with 74% in favor and will disburse 96 million ADA, about 13% of the treasury, under milestone-based payments overseen by the Intersect governance body.
Key details include:
- Development of Hydra for faster, cheaper transactions
- Project Acropolis to enhance modularity and developer onboarding
- Improvements in memory usage and operational costs for validators
These upgrades aim to boost developer activity and increase demand for ADA. The proposal faced opposition due to concerns about transparency and whether it should have been split into smaller votes. A competing proposal was rejected.
Other networks, such as Solana and Ethereum, are also implementing upgrades, with Solana increasing its compute unit ceiling by 20% and Ethereum enhancing its blob limit and staking caps.