coinspress.com
The Cardano Foundation has released its inaugural Financial Insights Report for 2023, detailing the foundation’s expenditures and investments across critical areas to support the network's growth.
In total, it spent $19.22 million on various initiatives, including enhancing operations, promoting educational programs, and driving ecosystem adoption. Another $4.55 million went toward core operational costs.
The foundation directed a significant portion—$12.92 million—toward adoption efforts aimed at advancing institutional use and promoting business integrations. One highlight was the release of Alken, an open-source programming language designed to streamline smart contract development. Other adoption-focused initiatives included optimizing staking rewards and collaborating with organizations such as the United Nations on the “Global Climate Challenge.”
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In education, the foundation committed $4.18 million to support blockchain research and training programs. Additionally, $2.12 million was invested to enhance operational resilience, reinforcing the network infrastructure and ensuring continuous service for over five years. The University of Zurich tested Cardano’s decentralized governance, while the Valentine hard fork improved interoperability.
By the end of 2023, the Cardano Foundation reported nearly $500 million in assets, primarily held in ADA. Looking ahead, it plans to publish its 2024 Activity Report in the first quarter of next year, aiming to maintain transparency as it grows the Cardano ecosystem.