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1 Billion ADA Now in Cardano’s Treasury, Vasil Draws Even Closer: Details

29 Aug, 20223 min readAltcoins
1 Billion ADA Now in Cardano’s Treasury, Vasil Draws Even Closer: Details

As shared by Daniel Ribar of IOG's Project Catalyst’s Community/Product division, Cardano's treasury balance has now reached the 1 billion ADA mark, worth almost $437 million at the current exchange rate.

Following the latest epoch boundary cross, #Cardano treasury now sits at ONE BILLION ada. 👀— Daniel Ribar 🧭 F9 Vote: PENDING (@danny_cryptofay) August 28, 2022

The Treasury's goal is to provide funds to support Cardano's development through a voting system. This necessitates a process whereby funds are routinely sent to the Treasury to ensure that funds are always available.

Cardano's Voltaire Era introduced decentralized voting and treasury systems to empower the community to influence Cardano's evolution and provide a funding mechanism to transform Cardano into a self-funded, self-sustainable environment.

Cardano has seen significant developments in the past few months as more projects are building on it. Currently, 1,075 projects are building on Cardano, while 93 projects have recently been launched on Cardano. Cardano native tokens stand at 5.9 million with 60,468 minting policies, while Plutus scripts are now at 3,117.

Some of these initiatives may have received funding assistance from the Treasury. The last Project Catalyst Fund 8 winners and other funding initiatives received over 27 million ADA tokens in June.

Vasil draws even closer

According to Tim Harrison, VP of community and ecosystem at IOG, "Cardano SPOs making good progress over the weekend with upgrades—block producing node metric at 58% for the epoch so far and the hourly on 76%. Very pleasing trajectory. Exchanges & DApp developers also working hard behind the scenes. We're getting there."

#Cardano SPOs making good progress over the weekend with upgrades - block producing node metric at 58% for the epoch so far and the hourly on 76%. Very pleasing trajectory. Exchanges & DApp developers also working hard behind the scenes. We're getting there #ReadyForVAsil 🙌👍 — Tim Harrison (@timbharrison) August 28, 2022

According to Pooltool data, the block-producing node metric is now at 77%. To trigger the upgrade, 75% of mainnet blocks must be created by the final Vasil node candidate (1.35.3). Aside from this, IOG set a metric of approximately 25 exchanges (representing 80% of liquidity) being upgraded.

As of IOG's recent report, Bitrue, NDAX.io and LCX indicated readiness for Vasil, while Binance and several others were upgrading their nodes. IOG stated that several exchanges will commence their integration work this week, starting Aug. 29.

Likewise, top Cardano dApps are currently performing final integration testing and upgrading, with a few already ticking "tested" status.

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