A key developer in the Cardano network has received accolades for his transparency and recent $460,000 in ADA donation to the ecosystem’s treasury.
The donation particularly caught the attention of Cardano proponents due to its origin and the manner in which the donor made the move. Sebastien Guillemot, one of the biggest contributors to the Cardano ecosystem and co-founder of Palma Studio and dcSpark, announced yesterday that he has donated thousands of ADA to the Cardano Treasury.
Specifically, he and his firm bought and transferred 685,165 ADA to the community-managed Cardano Treasury in a move perceived as bullish for the long-term sustainability of the ecosystem. In a tweet, Guillemot provided further details of the $460,000 worth of donations, noting that $400,000 was a loan and $60,000 was accumulated interest.
Further Details of the Treasury Donation
The dcSpark co-founder noted that he acquired the donated tokens a few days back at an average cost of $0.67. However, the ADA’s worth in dollars has depreciated after Cardano plummeted to $0.58 because of the global market’s sideways trend.
Nonetheless, Guillemot emphasized his focus on supporting the course of the Cardano ecosystem through the donation. For him, the positive impact of acquiring ADA and adding to the ecosystem’s treasury superseded the decline.
Meanwhile, the Cardano developer had intended to add his quota to the Treasury a long time ago. However, due to apparent impediments, he has not done so. Nevertheless, he calculated the accrued interest monthly on a 6% APY basis for fairness, culminating in the $60,000 added to the donation.
New Feature Enabled Treasury Donation
Interestingly, the donation was possible due to the recently launched treasury donation feature on the Cardano ecosystem. For context, Cardano’s entrance into the Conway era allowed interested parties to donate directly to the treasury through preset steps.
Meanwhile, the developer announced that dcSpark has published a new version of its Cardano Rust SDK on GitHub. The upgrade allows users to donate seamlessly to the Cardano Treasury through the platform, further empowering the ecosystem.
Notably, the Cardano Treasury has amassed massive amounts of ADA in its five-year history. According to Cexplorer, the community-managed ecosystem wallet contains over 1.72 billion ADA, worth $1 billion at the current market price.
