Cardano Plans Major Network Upgrade with Smaller Budget Request

Cardano, one of the major cryptocurrencies, is preparing for a significant upgrade that could make its network much faster while spending less money than before.

The company behind Cardano, called Input Output Global, has asked for 50% less funding than last year to improve the network. They submitted nine different spending proposals that the Cardano community will vote on until May 24.

The main focus is an upgrade called Leios, which aims to make Cardano process transactions 10 to 65 times faster than it does now. Currently, Cardano handles about 800,000 transactions per month, but the goal is to reach over 27 million transactions by 2030.

Here's what the funding will cover: • $15.8 million for network maintenance (keeping the system running smoothly) • Money for the Leios upgrade (scheduled to launch by end of 2026) • Development of Layer 2 solutions (additional networks that work on top of Cardano) • New ways to generate revenue, including small transaction fees

However, there's a catch. While the Leios upgrade is supposed to launch on the main network by the end of 2026, the development tracker shows it's only about 24% complete for testing. This means there's still a lot of work to be done.

The upgrade is crucial for Cardano to compete with other cryptocurrencies and support more complex financial applications like DeFi (decentralized finance - financial services without traditional banks).

This is an AI-generated summary. Read the original article at: https://www.theblock.co/post/398484/input-output-scaled-back-cardano-treasury-plan-leios-mainnet?utm_source=rss&utm_medium=rss