Midnight project attracts strong institutional interest ahead of mainnet launch.
Cardano has approved a $71 million treasury fund with 74% voter support and 200 votes in favor. The vote marks the first direct treasury allocation for core development by the community.
Funding will be released in stages based on milestones verified by Intersect, Cardano’s governance body. Input Output Global (IOG) must submit monthly reports and quarterly budget data.
Key development upgrades include Hydra scalability enhancements and Project Acropolis for modular node design. These aim to improve performance and developer onboarding.
Additionally, the proposal mandates smart contracts and a dedicated oversight committee for stronger transparency. Community concerns included the fund’s size and structure.
Despite alternative proposals, Intersect supported IOG’s plan over one submitted by the Technical Steering Committee. Intersect board member Adam Rusch affirmed that direction remains a community decision.
Cardano is trading near $0.7418 after a 2.79% 24-hour increase, moving above the 200-day moving average.
On-chain data shows rising active address counts, indicating continued user interest, while analyst Smith expects long-term gains from a cup-and-handle pattern.
Charles Hoskinson emphasized that treasury funds will not be used for exchange listings but rather for public infrastructure. He proposed a bond model for projects to repay ADA after generating revenue.
Hoskinson addressed criticism over his role, pointing to Midnight’s success as evidence he is not hindering Cardano. Midnight has seen strong institutional interest ahead of its NIGHT token airdrop.
He cited Midnight’s partnerships with over 100 ventures and contributions to Cardano’s ecosystem growth. He also highlighted outreach efforts like his appearance on the Shawn Ryan Show.
Community backlash earlier this year included accusations of ledger manipulation, which Hoskinson denied. An IOG audit of ADA holdings is due for release soon.
Ethereum and Solana also introduced key upgrades in 2025, raising competitiveness across blockchain ecosystems. Cardano’s roadmap aims to maintain relevance through modularity, performance gains, and cross-chain compatibility.
