On 22nd September, the much awaited upgrade on Cardano (ADA) network—Vasil hard fork—took place on the blockchain network. The move to upgrade the network is commendable from Cardano. This is due to odd timing of the event given the crypto bear market. Crypto winter has been so brutal that it made many crypto projects vulnerable.
Along with the bold move, the upgrade also brings some notable features on Cardano network that gives it an extra edge over the several competing blockchains.
Technology is meant to upgrade with time catering the changing demands and blockchain tech is no exception. The upgrades over a blockchain network meant to surge the price of relative crypto asset. In terms of Cardano, its native token ADA also expected to show some upward moves, which it failed to show though.
The instance of ADA token not performing up to the expectation came as no disappointment for Emurgo, prominent Cardano developer. This is given a massive developments fund on the network.
Founder of Emurgo, Ken Kodama was attending the Token 2049 Conference. During the conference, the announcement was made regarding the more bold moves of the Cardano developer towards raising the investment for the network. At the same time, the developer also revealed the plan to allocate funds worth 200 million USD into the Cardano ecosystem. The funds will be helping the blockchain network based major projects.
Specifically the fund would be focusing on the projects going through the development over the Cardano network. Additionally, it will also fund the projects which currently present on some other blockchains but are looking towards leveraging Cardano’s support in the upcoming future.
Emurgo also said to keep a fund of 100 million USD aside other than its major fund. The reserve fund is expected to move towards making investments in the regions of Africa, given the growing development of Cardano within the area at a high pace.