Allegedly, Cardano (ADA) is on the verge of transferring control of its $ 681.9 million treasury to its community.
Cardano's treasury, unlike most blockchain protocols, consists solely of its native ADA tokens. A data snapshot added to a post by cryptocurrency tracker TapTools reveals that the treasury holds $681.9 million worth of ADA tokens at the time of writing.
Currently, Cardano operates a three-tier governance structure. The Cardano Foundation oversees the development and promotion of the platform. Other governing entities include Input Output Global (IOG), formerly IOHK, which is responsible for Cardano's research and development, and EMURGO, which focuses on commercial initiatives.
Allegedly, the upcoming “Chang” hard fork aims to completely decentralize Cardano and allow the ADA community of owners to take over the management of the network. Cardano founder Charles Hoskinson confirmed in a recent interview that the final implementation of 'Voltaire', the community management era, has begun.
Hoskinson also dismissed concerns about the health of the blockchain due to the stagnant token price.
At the time of writing, Cardano is the 10th largest altcoin in the world.
It is not investment advice.
