Cardano Treasury Balance has surpassed 1 billion ADA

Source: Binance Academy

The Cardano Treasury Balance has surpassed 1 billion ADA, according to Daniel Ribar of IOG’s Project Catalyst’s Community/Product division. This is equivalent to almost $437 million at the current exchange rate.

Cardano has seen a significant rise in value over the past few months, with more projects building on the blockchain. Currently, 1,075 projects are building up on Cardano’s blockchain. Cardano native tokens stand at 5.9 million with 60,468 minting policies, while Plutus scripts are now at 3,117.

The purpose of Cardano’s treasury is to supply the blockchain with enough funds to operate smoothly and continue to grow. The treasury votes on the usage of funds, and proceeds to rotate the funds to make them always available.

As the Cardano Treasury balance passes the 1 billion mark, the upcoming Vasil hard fork for the blockchain also appears to be coming closer. 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)

In addition, the number of Plutus-centric smart contracts on Cardano surpassed the 3,000 mark in August. As the hard fork nears, Cardano continues to follow the uphill trajectory over the past few months. The Cardano Treasury balance may even hit the $500 million mark soon.