Cardano Developer Seeks Reduced Funding of $46.8 Million for Expansion and Bitcoin DeFi Integration

The company behind the Cardano blockchain, Input Output, is seeking a reduced amount of funding from the project's community treasury, marking a shift towards greater financial independence. The submitted proposals, totaling $46.8 million, focus on enhancing the blockchain's scalability and exploring Bitcoin DeFi opportunities. This reduced funding request is part of a broader plan to decrease dependency on community funds and allow smaller engineering groups to contribute to the project's development. The proposals include a consensus upgrade called Leios, aimed at increasing transaction processing capacity, and a system called Pogun, designed to facilitate Bitcoin-based decentralized finance on Cardano. The voting process, which opened on Tuesday and will run through May 24, will be decided by roughly 1,000 elected delegates representing ADA holders. The outcome will indicate whether the Cardano community's approach to funding has evolved, given the emergence of alternative grant-funding options and governance structures.