Cardano community approves $71M in ADA for network upgrades

Cardano’s core development team has been approved to receive 96 million ADA, Cardano’s native token, worth about $71 million from the treasury to support planned network upgrades, according to Cointelegraph. The proposal was submitted by Input Output Global (IOG), Cardano’s main developer, and passed with 74% approval. A total of 200 voted in favor, six opposed and seven abstained. Key projects related to the IOG proposal include Hydra, a protocol for fast and low-cost transactions, and Project Acropolis, a modular redesign of the Cardano node aimed at improving flexibility and onboarding new core developers.