According to @Cardano, the allocation and spending of the Cardano treasury is entirely governed by ADA holders through on-chain voting mechanisms. This governance model, verified by Cardano's official documentation, means that ADA holders directly influence which projects receive funding and when disbursements occur. For traders, this community-driven approach can impact the timing of network upgrades and ecosystem development, potentially influencing ADA price volatility and long-term value (source: Cardano.org).