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EMURGO Breaks Silence on Controversial Cardano (ADA) Genesis Funds
EMURGO, one of the founding entities behind the Cardano (ADA) blockchain, has reacted to lingering concerns from the community about Genesis ADA. In a post on X, the entity clarified issues regarding its influence on governance votes in the ecosystem.
EMURGO and governance concerns
For context, EMURGO is one of Cardano’s founding entities and received Genesis ADA when Cardano launched in 2017. These Genesis ADA coins represented significant voting power, especially in the Delegated Representatives (DRep) model, where a token holder delegates their vote to a representative.
This development has sparked controversy in the Cardano community as many claim EMURGO might have controlled the amount of Genesis ADA, thus influencing voting outcomes.
However, EMURGO says it no longer includes Genesis ADA in the voting count of its official DRep, and its voting power has been reduced considerably. According to the founding member, this move was to ensure transparency.
It also highlighted that many Genesis ADA wallets held by early investors voluntarily chose to delegate their ADA to EMURGO. However, EMURGO neither owns nor controls the wallet or its voting pattern.
Despite all of these, EMURGO has stated that it will redistribute its ADA to smaller DReps to promote diversity in the community. It was hoped this would put to rest the false claims that the entity was manipulating voting power and undermining decentralization.
Input Output global and net change limit approval
Meanwhile, in other matters, Input Output Global, the development entity behind Cardano, recently approved the Net Change Limit (NCL). This refers to the total amount of ADA that can be released from the treasury for community initiatives.
To avoid any controversy on this decision, Input Output Global highlighted that NCL aligns with the Cardano constitution.
In the broader crypto ecosystem, Cardano has been included in the Nasdaq index, which is a major milestone as it increases its Wall Street exposure.