u.today
The Hedera Governing Council has voted to allocate 20% of the total supply of the HBAR token to its ecosystem development, according to a Sept. 16 press release.
At press time, 10.7 billion HBAR tokens are worth roughly $5 billion.
Half of the sum will go to the HBAR Foundation, which will be responsible for boosting the network's adoption in various sectors of the cryptocurrency industry.
The rest will be spent on securing partnerships and organizing various initiatives to strengthen the ecosystem.
Shayne Higdon, the foundation's CEO and executive director, claims that the goal is to create digitally native economies:
We believe that for the Hedera network to reach its full potential as the trust layer of the internet, we must continue its strategy of decentralizing the governance of the ecosystem, which started with its unique Hedera Governing Council structure.
The HBAR cryptocurrency has soared more than 150% over the past week. With a market cap of $5 billion, it is now bigger than such prominent cryptocurrencies as EOS, Monero and IOTA.
The Hedera protocol, which is based on a distributed consensus algorithm called Hashgraph, recently made it possible to mint non-fungible tokens, which is one of the main catalysts for the recent rally.