With over 276.5 million ADAs currently sitting in its treasury, it’s safe to say that Cardano has the back of his community. However, this figure becomes even more relevant when you consider that the treasury now holds almost twice as much money as it did in the project’s 2016 ICO.
The value of Cardano’s treasury is constantly increasing
The massive price growth that Cardanos ADA saw last month continued into February. The token hit a three-year high of around $ 0.44 earlier in the week. And while the price rally has definitely made the handful of speculators very happy, its importance lies not in short-term gains, but in the long-term opportunities it opens up.
As the amount of ADA in Cardano’s treasury grows with each era, the rising price of the native cryptocurrency means that more money must effectively be distributed to the community working on Cardano.
According to the latest data from Project Catalyst, there are currently 276,588,875 ADAs locked in the treasury. At press time, the ADA price of $ 0.41 estimates the Cardano Treasury to be over $ 113 million.
At the beginning of the week, ADA’s three-year high of $ 0.44 put the treasury at over $ 121.6 million.
Display of the ADA price in the last 30 days (Source: CryptoSlate ADA)
A humble ICO makes way for a truly community-based project
Such a significant increase in the value of the treasury is important for the entire crypto market, not just for the community members fighting for grants from Cardano’s funds. It is a unique event in the market where a cryptocurrency project has seen significant and sustained growth after its ICO.
In its 2016 ICO, Cardano raised just over $ 62 million and sold 45 billion ADA for $ 0.0024 per token. The three-month coin offering raked in what was deemed a modest amount, especially considering it happened right at the start of the ICO madness, which saw projects grossing billions of dollars through token sales.
A little more than four years later, Cardano’s treasury holds twice what IOHK was able to raise in the ICO. With a market capitalization of almost 13 billion US dollars, the token is currently the sixth largest cryptocurrency in the world.
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