The Cardano Foundation has recently shared a report on its financial performance for 2023, reflecting its significant position in the crypto world and ecosystem progress.
Foundation's Financial Status
As of December 31, 2023, the Cardano Foundation held $478.24 million in assets. Out of these, 82.5% were in ADA, and 10.1% in BTC, with the rest in cash and cash equivalents.
Investment Strategies and Earnings
The foundation allocated $19.22 million to three key focus areas and spent $4.55 million on operational costs in 2023, enhancing Cardano's infrastructure. The main income source of the foundation is staking ADA tokens in the Cardano network.
Cardano Network Development
Shortly after releasing the report, the Cardano network announced the launch of node 10.1 ahead of the upcoming Chang 2 hard fork, which will improve governance, allowing ADA holders to engage directly in protocol governance.
The Cardano Foundation's report illustrates active development and adaptation to market changes, emphasizing its commitment to enhancing Cardano's role in institutional use cases.
