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The Hedera Council, responsible for the governance of the Hedera network, has approved the allocation of 4.86 billion of its native token HBAR to advance the development process and decentralized governance.
Current Status of Hedera
According to the announcement, the Hedera Council has decided to allocate 4.86 billion HBAR (worth $408.2 million) to support the development of the Hedera network in line with its plans.
A significant portion of the allocated cryptocurrencies, namely 4.248 billion HBAR, will be directed to existing ventures including the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation.
This distribution is a reflection of the 2023 performance, which is associated with more than 33 billion real-world transactions that took place on Hedera’s network last year, indicating a parallel structure with the goal of strengthening its base.
In addition to supporting the growth experienced in the ecosystem, according to the announcement, a total of 614.06 million HBAR will be used to compensate for operational costs and various developments that have arisen in connection with the progress made by the Hedera Council.
Statement by the Company
In a statement made by Hedera council’s finance director Betsabe Botaitis, it was mentioned that the grants for the HBAR Foundation and Hashgraph Association are planned to be executed in the first quarter. In addition, the DLT Science Foundation will continue to receive grants after reaching certain levels throughout the year.
Meanwhile, Botaitis emphasized the role existing partners in the ecosystem have in the adoption process of Hedera and added:
With this foundation firmly established, the Hedera Council is pleased to continue supporting network development and usage through these new grants.
In addition, there was news of a partnership. The HBAR Foundation and the Algorand Foundation announced on January 11th that the DeRec Alliance was formed through leading names in the Hedera and Algorand ecosystems. Following the formation of the alliance, a decentralized recovery system for crypto assets is planned to be established.
According to the views of the executives of these two major DeFi organizations, the purpose of the DeRec Alliance is to facilitate the process of securing and recovering crypto assets in a structure compatible with traditional Web2 experiences in case of potential issues.
While all this is happening, the cryptocurrency market experienced a general downturn, resulting in a loss of over 5.5% and trading at $0.07946.
