The Hedera Council, the governing body of the Hedera network, has given the green light to allocate 4.86 billion HBAR — Hedera Hashgraph’s native cryptocurrency, for further development and advanced decentralized governance. This decision will see a total of $408.2 million directed towards the development of the Hedera network.

The majority of this allocation, specifically 4.248 billion HBARs, will be channeled towards existing initiatives. These include the HBAR Foundation, the Hashgraph Association, and the DLT Science Foundation. This move is in line with Hedera’s objective to bolster its base following its 2023 performance, which saw over 33 billion real-world transactions on the network.

Besides supporting ecosystem growth, a portion of the allocated HBARs, amounting to 614.06 million, will be utilized for the operational costs of the Hedera Council and to compensate early simple agreement for future tokens (SAFT) buyers.

The Council’s chief financial officer, Betsabe Botaitis, stated that the HBAR Foundation and Hashgraph Association grants are scheduled for disbursement within the first quarter. Concurrently, the DLT Science Foundation will receive grants as it reaches critical milestones throughout the year.

Botaitis underscored the crucial role that ecosystem partners play in accelerating Hedera’s rapid adoption. He said, “With this foundation firmly established, the Hedera Council is happy to continue backing network development and use through these new grants.”

In related news, the HBAR Foundation and Algorand Foundation, on January 11, introduced the DeRec Alliance through key figures in the Hedera and Algorand ecosystems. The alliance’s goal is to establish a decentralized recovery system for digital assets.

Executives from the two decentralized finance (DeFi) entities stated that the DeRec Alliance aims to simplify the process of securing and recovering digital assets, aligning with traditional Web2 experiences.

This News Article was automatically generated by Bob the Bot (AI)

Information Details
Geography Global
Sentiment positive
Relevance Score 1
People Betsabe Botaitis, Rune Christensen
Companies HBAR Foundation, Hedera Council, DeRec Alliance, Hashgraph Association, MakerDAO, DLT Science Foundation, Algorand Foundation, Hedera network
Currencies Hedera
Securities None

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