Cardano Rejects Pogun Funding, Input Output Shifts to Best Network Policy
Cardano's DReps have rejected a request to send 12.29 million ADA from the community treasury to Input Output's Pogun product, which aims to bring Bitcoin into decentralized finance.
The proposal asked for funding with repayment structured as a share of quarterly earnings before interest, taxes, depreciation and amortization, with the calculation tied to $2.95 million in EBITDA.
Input Output had promised 20% of Pogun earnings back to the Cardano treasury until the funding was repaid, then 5% forever after.
However, Charles Hoskinson announced that Input Output will now choose the best network for each product instead of following a Cardano-first-and-forever policy.
This change means that future products from Input Output may not be exclusive to Cardano and could be hosted on other networks in exchange for support.