The Hedera Governing Council has voted to allocate 20% of the total supply of the HBAR token to its ecosystem development, according to a Sept. 16 press release.
At press time, 10.7 billion HBAR tokens are worth roughly $5 billion.
Half of the sum will go to the HBAR Foundation, which will be responsible for boosting the network's adoption in various sectors of the cryptocurrency industry.
The rest will be spent on securing partnerships and organizing various initiatives to strengthen the ecosystem.
Alex DovbnyaWe believe that for the Hedera network to reach its full potential as the trust layer of the internet, we must continue its strategy of decentralizing the governance of the ecosystem, which started with its unique Hedera Governing Council structure.
The HBAR cryptocurrency has soared more than 150% over the past week. With a market cap of $5 billion, it is now bigger than such prominent cryptocurrencies as EOS, Monero and IOTA.
The Hedera protocol, which is based on a distributed consensus algorithm called Hashgraph, recently made it possible to mint non-fungible tokens, which is one of the main catalysts for the recent rally.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov