On Wednesday, the Cardano Foundation- a not-for-profit entity responsible for developing and maintaining the Cardano network- released its first-ever Financial Insights Report.

It detailed how it spent funds in 2023, totaling $19.22 million across operations, education, and adoption. Furthermore, the foundation spent another $4.55 million on its core operational expenses.

Cardano Foundation Invests $19 Million in Ecosystem Growth

The Cardano Foundation has just released its first Financial Insights Report for 2023, a milestone in its drive for transparency, integrity, and community engagement.

The report, along with the Activity Report published earlier this year, outlines how the foundation deployed its funds. It highlights the tangible value created across three focal areas: operational resilience, education, and adoption.

The Foundation’s 2023 Financial Insights Report reveals it invested $19.22 million in education, operational resilience, and adoption. Of this, $12.92 million was allocated to adoption, aiming to drive institutionalization and facilitate business integrations for utility.

As part of its adoption effort, the foundation released Alken, an open-source programming language to simplify smart contract development on the blockchain.

Other initiatives include optimizing rewards for SPOs and working with the United Nations and Switzerland for the ‘Global Climate Challenge’.

Year Ends with Nearly $500 Million in Assets

The 2023 Financial Insights Report from the Cardano Foundation shows key investments in leading industries, educating with a financial commitment of $4.18 million. These investments further support research and programs that have been instrumental in educating the stakeholders about blockchain technology.

The foundation invested $2.12 million in operational resilience, strengthening the blockchain infrastructure for institutional-grade use. These investments ensured the network operated without interruption for over five years. The University of Zurich tested the decentralized governance mechanism. Additionally, the Valentine hard fork enhanced interoperability.

The foundation also allocated $4.55 million to central operational expenses, expanding its capacity to support  key initiatives. Despite significant spending, the foundation closed the year with $478.24 million in assets. Of these, 82.5% ($394.54 million) was in ADA, 10.1% ($48.3 million) in Bitcoin, and 7.4% ($35.38 million) in USD liquidity.

Planning, the foundation projects to publish its Activity Report for 2024 at the end of the first quarter of next year.

ADA Price Explodes, Eyes $1 Target

The project has been developing gradually and organically over the past couple of years; its native token, ADA, has been performing excellently in the ongoing bull run. Over the weekend, ADA was an outperformer, almost doubling in price. The Cardano price has surged by 71% in the last week, breaking several key hurdles and forcing analysts to revise the token’s target at $1.

The rally is fueled by a spike in ADA whale activity. This indicates large investors are loading up on the asset. With such building momentum, market watchers are now looking will ADA break $1 this month, especially after its founder Charles Hoskinson hinted at a potential collaboration with Ripple, sparking excitement across the crypto community.

At the time of writing ADA price was up by 5.89% to $0.59.

Source : CoinGape - Nov 13, 2024