The Cardano Foundation, a nonprofit organization focused on advancing the Cardano blockchain ecosystem, has reported assets totalling $478 million for 2023, with most of these held in Cardano’s native ADA tokens.
According to its 2023 Financial Insights Report, released on November 13, around 82.5% of the foundation’s assets are in ADA, with 10.1% in Bitcoin and the remainder in U.S. dollars. The foundation’s funds are primarily derived from an ADA endowment and ADA voucher sales.
CEO Frederik Gregaard highlighted that the report demonstrates the foundation’s commitment to transparency and open-source values, providing stakeholders with a detailed view of its resource allocation.
The report specifies that $19.22 million was directed toward three strategic areas: adoption, education, and resilience. Additionally, $4.55 million was spent on operational costs to strengthen the foundation’s capacity. An investment of $2.12 million went toward enhancing network resilience, focusing on improving Cardano’s durability and reliability, which has enabled it to operate continuously for over 2,000 days.
In the education domain, the foundation invested $4.18 million to foster regulatory clarity, encourage blockchain research, and drive enterprise adoption. Key initiatives included the launch of the Cardano Academy, the Cardano Explorer, and the “Let’s Talk” webinar series, along with hosting the 2023 Cardano Summit in Dubai. Another $12.92 million was allocated to adoption efforts, underscoring the foundation’s commitment to expanding Cardano’s use in various sectors.
This report follows Cardano’s recent “Chang” upgrade, which ushers in a shift towards decentralized governance that allows ADA holders to participate directly in the network’s future. The upgrade introduced on-chain voting and “liquid democracy,” a system that enables ADA holders to vote on governance issues directly or delegate voting power to chosen representatives, known as Delegate Representatives.
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