Cardano Foundation, the non-profit organization behind the Cardano ecosystem, has unveiled its financial report for 2023, detailing its expenses across three major areas. Notably, the Financial Insights Report is the foundation’s first and part of its efforts to uphold the principles of transparency and openness.

According to the report, the Cardano Foundation primarily spent most of its funds on three areas: adoption, education, and operational resilience. This paper complements the 2023 Activity Report the organization published earlier this year.

Cardano Spent $23.77M Last Year

Per the Cardano Foundation’s revelations, it spent a total of $23.77 million across its three focus areas. The organization spent $2.12 million on operational resilience, $4.18 million on education, $12.92 million on adoption, and $4.55 million on central operational costs.

The $2.12 million allocated to operational resilience was spent on improving Cardano’s suitability, reliability, and durability as an infrastructure for institutional-grade use cases. The foundation ran the network for over 2,000 days without interruption, supported the Valentine hard fork, refined stake pool delegation, and tested new decentralized governance mechanisms.

For education, the Cardano Foundation supported research, promoted discussion and debate, explained blockchain concepts to stakeholders, and provided reliable information to support regulatory clarity. In addition, the organization launched the Cardano Academy, hosted the Cardano 2023 summit in Dubai, and facilitated the Let’s Talk Cardano webinar.

The adoption area received the most funds as Cardano looked to create conditions for increased utility and advanced tooling to develop new use cases. The foundation launched an open-source programming language to simplify smart contract development and developed new solutions like Identify Wallet and Ledger Sync.

Scaling Diversity and Quality

Furthermore, the Cardano institution focused on scaling the diversity and quality of network activities. It ensured that the chain had a balanced mix of legacy and blockchain-native use cases.

By the end of 2023, the value of the Cardano Foundation’s assets was $478.24 million: 82.5% in the network’s native token ADA, 10.1% in bitcoin, and the rest as liquidity in the United States dollar.

“This report highlights the importance of accountability, disclosing the allocation of our resources, and how they help advance Cardano as a public digital utility across a wide range of industries. We have 100+ employees working with institutions, businesses, regulators, and policymakers to solve societal and enterprise challenges in new ways across 25 countries,” Cardano Foundation CEO Frederik Gregaard said.