The massive increase in Cardano price in the last 24 hours also contributed to an increase in the number and value of ADA in the Cardano Treasury.
According to Cardano Blockchain Insights, the number of ADA in the Cardano Treasury has risen to more than 927.2 million coins.
Cardano’s treasury is now worth nearly $500 million, thanks to an increase in the number of ADA in the treasury and a massive increase in the cryptocurrency’s price. A popular Cardano enthusiast announced the news on Twitter earlier today.
It is worth noting that Cardano’s Treasury has previously surpassed a billion dollars. However, the value of Cardano’s Treasury fell as a result of the cryptocurrency market crash at the start of the year.
Cardano’s Treasury value has begun to gain traction following the massive surge in ADA that has gained over 25% in the last 24 hours.
Decentralization of the Cardano Treasury
In contrast to other crypto projects funded by venture capitalists, the treasury of Cardano, according to its founder Charles Hoskinson, is decentralized and funded by the community.
Cardano’s Treasury is used to assist developers building on the blockchain in ensuring a smooth network experience.
Earlier this month, dcSpart co-founder Sebastien Guillemot took to Twitter to thank Cardano for establishing the Treasury, which aided in developing one of the company’s flagship products.
“Reminder that the Cardano treasury still has a massive $723M USD in $ADA. Companies like dcspark_io can continue to build tooling uninterrupted thanks to Cardano’s treasury. In fact, we have two large tooling announcements in the next 1~2 weeks,” Guillemot said.
In response to his remarks, Hoskinson stated that the funds in the Cardano Treasury would continue to grow, adding:
“Cardano has its own growth fund and it’s decentralized!”
Hoskinson recently chastised VCs and the crypto media for failing to support Cardano, claiming that the project has grown significantly despite the lack of funding from these investors.
On the other hand, Hoskinson praised the Cardano community for rallying behind the project. According to Hoskinson, the Cardano Treasury, controlled by the community, is sufficient to propel ADA to new heights.
Unfortunately, the Treasury’s value has dropped from $700 million to around $500 million as the cryptocurrency market recovers from the collapse of Terra ecosystem tokens.