Cardano votes on withdrawing 11.8 million ADA from treasury by October 11
- —11.8 million ADA ($2.5 million) is proposed to be withdrawn from the Cardano treasury for the OpenZeppelin stack
- —20% would be paid after contract signing, 80% in four equal tranches
- —ADA rose 7.7% to $0.213, outpacing BTC (+1.9%) and ETH (+2%)
- —ADA futures volume on CME reached 7 million ADA — the highest since August 26
Why it matters: Approval would bring audited tooling and institutions to the network; failure would preserve the status quo in development funding.
Source: CoinGape