Cardano spent $15m on adoption: Will ADA price go up?
The Cardano Foundation has spent $15 million on efforts to boost network usage, but ADA’s price has yet to pick up.
Efforts to boost Cardano’s (ADA) price have yet to bring consistent returns. On Thursday, June 10, the Cardano Foundation released a report detailing its spending in 2024. According to the report, the Foundation spent $15 million on adoption, which includes flashy deals like the one with Barcelona FC.
The report details that total expenditures for 2024 were $29.2 million. Of this, $22.1 million was allocated to expanding in strategic areas, including adoption, core operations, and education. Another $7.1 million was dedicated to sustaining these core areas, including legal, finance, and network infrastructure.
The funds came from the Cardano Foundation’s assets, which stood at $659.1 million at the end of 2024. The majority of these funds, or 76.7%, were in ADA, 14.9% were in Bitcoin (BTC) , and 8.3% were in cash and other assets. According to Frederik Gregaard, CEO of the Cardano Foundation, the goal is to ensure that these funds are used effectively.
“The focus is on maintaining a sustainable balance between costs and income while maximizing impact for the broader ecosystem,” Frederik Gregaard, Cardano Foundation stated.
When will Cardano’s price go up?
Despite this spending, Cardano’s price performance has been lackluster this year. After a major rally in November, when ADA reached its yearly high of $1.32, the price has been on a sustained downtrend. Currently, Cardano’s price is down 50% from its highs in December of last year.
Moreover, Cardano has failed to generate sustained user and developer engagement. Notably, Cardano has just 49 developers and a $348 million total value locked. In comparison, Solana has 232 dApps and TVL of over $20 billion. Additionally, many of these Cardano-based dApps have very little user activity .
Cardano’s price will likely only sustainably go up once its ecosystem attracts more developers and more user activity.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Borrowing short to repay long: The Bank of England and the Bank of Japan lead the shift from long-term bonds to high-frequency "interest rate gambling"
If expectations are not met, the government will face risks of uncontrollable costs and fiscal sustainability due to frequent rollovers.
How do 8 top investment banks view 2026? Gemini has summarized the key points for you
2026 will not be a year suitable for passive investing; instead, it will belong to investors who are skilled at interpreting market signals.
Valuation Soars to 11 Billions: How Is Kalshi Defying Regulatory Pressure to Surge Ahead?
While Kalshi faces lawsuits and regulatory classification as gambling in multiple states, its trading volume is surging and its valuation has soared to 11 billion dollars, revealing the structural contradictions of prediction markets rapidly growing in the legal gray areas of the United States.
How will the Federal Reserve in 2026 impact the crypto industry?
Shifting from the technocratic caution of the Powell era, the policy framework is moving towards a more explicit goal of reducing borrowing costs and serving the president's economic agenda.
Trending news
MoreCrypto prices
More
