The Hedera Hashgraph Governing Council has approved a plan to allocate 10.7 billion HBAR tokens (roughly $3.85 billion) to spur ecosystem-development projects.
According to the press release, the funds represent more than 20% of the coin’s total supply.
Initially, the Governing Council allocated 5.35 billion tokens to a newly established independent foundation.
HBAR Foundation will autonomously lead ecosystem development. The organisation will also provide grants to developers, startups and other organisations to accelerate the deployment of the Hedera network for a broad range of applications in the fields of DeFi, NFT, CBDC, gaming and others.
The remaining funds are planned to be allocated to partnerships and other initiatives to strengthen the ecosystem.
The HBAR Foundation will be led by Shane Higdon, a senior executive with experience in managing software companies, venture capital and mergers and acquisitions, the statement said.
\”Our mission is to fund the future in which entrepreneurs shape digital economies and ecosystems, controlling their own assets, identity, data, markets and more. We are excited to engage with and support organizations and teams that share this vision,\” said Higdon.
As of writing, the Governing Council comprises 23 member companies and organisations, including Boeing, Google, LG Group, Nomura Holdings, Deutsche Telekom, Tata Communications, and the London School of Economics and Political Science.
The council preliminarily approved the funding on 14 June. HBAR price at the time was around $0.20. On 15 September the price reached an all-time high of $0.57 (CoinGecko).
Following a correction, the coin trades around $0.36. Since the start of the year the asset has gained roughly 1,100%.
Public beta launch of Hedera Hashgraph’s mainnet took place on 17 September 2019, with a claimed throughput of 10,000 TPS.