This distribution is in line with Hedera’s objective to broaden its customer base in the wake of its 2023 performance, which was demonstrated by the network’s 33 billion real-world transactions.
The Hedera Council, the governing body of the Hedera network, has authorised allocating 4.86 billion. The native coin of Hedera Hashgraph, for advanced decentralised governance and ongoing development.
The Hedera Council announced in a blog post that it has decided to set aside 4.86 billion HBARs ($408.2 million) for the advancement of the Hedera network. The majority of this funding, or 4.248 billion HBARs, will go to already-existing projects including the DLT Science Foundation, the Hashgraph Association, and the HBAR Foundation.
This move supports Hedera’s objective of fortifying its foundation in the wake of its 2023 performance, which was marked by more than 33 billion actual transactions on the network. A portion of the allocated HBARs, totaling 614.06 million, will be utilised to pay early simple agreement for future token (SAFT) buyers’ compensation in addition to fostering ecosystem growth.
According to a tweet by the Council’s chief financial officer, Betsabe Botaitis, the funding from the Hashgraph Association and the HBAR Foundation will be awarded in Q1. In parallel, as the DLT Science Foundation hits significant anniversaries this year, it will be awarded funding.
Meanwhile, Botaitis underscored the critical role ecosystem partners play in increasing Hedera’s quick adoption. “The Hedera Council is happy to continue backing network development and use through these new grants,” he said, “with this foundation firmly established.”
Through well-known individuals from the Hedera and Algorand ecosystems, the HBAR Foundation and Algorand Foundation announced the DeRec Alliance earlier on January 11. The partnership wants to build a digital asset recovery system that is decentralised.
Executives from the two decentralised finance (DeFi) companies claim that the DeRec Alliance wants to make digital asset recovery and security easier by bringing it in line with traditional Web2 experiences.