ADA news: Cardano holders are being asked to bet $5 million on copper hitting a new record
Toto Finance is seeking 22 million ADA, about $5 million, from Cardano’s treasury for a copper reserve. Roughly two-thirds would buy exchange-grade copper, with the remainder covering operations, audits, storage, insurance and Toto’s fees. Under the proposal’s assumptions, copper must rise about 49.4% for the treasury to recover its withdrawal if ADA’s dollar price is unchanged; losses are possible. Toto could receive up to 3.36 million ADA, while retaining commercial rights and income from its CuTT platform. Tokens would be issued first on Ethereum and bridged to Cardano, with contracts and security reviews still to come. Toto would hold legal title, and the proposed security arrangements have not been detailed. The request would use just over half of Cardano’s remaining withdrawal allowance, which cannot be replenished by returning proceeds. Voting closes Nov. 15.
