- Fund 3 will make $500,000 available for community proposals to help drive Cardano adoption.
- The decentralized funding platform currently has more registered voters than all of Ethereum’s top 100 DAOs combined.
IOHK announced yesterday the launch of a $500,000 fund that represents the next stage of ‘Project Catalyst’. The fund is part of the launch of the Voltaire era as part of the Cardano roadmap. Fund 3 will allow community members to submit proposals for future Cardano development and decide which ones will be funded through Catalyst’s “on-chain” voting process.
The launch follows the conclusion of “fund 2,” which saw proposals submitted on everything from improvements to Cardano, to bringing Cardano to West Africa, to lowering the barriers to entry for developers on Cardano. Fund 2 allocated $250,000 to community-driven projects focused on improving Cardano.
Project Catalyst aims to be the world’s largest decentralized innovation fund, and with 1,752 community members registered to vote. It has already surpassed the number of unique voters in other projects like Dash, as well as all of Ethereum’s top 100 DAOs (decentralized autonomous organizations) combined.
Cardano’s path to decentralization
Catalyst is the next step in Cardano’s journey to hand over leadership of the platform to the community. It aims to inspire a wide range of technical and non-technical ideas to improve Cardano as a whole. This can include suggestions on everything from marketing initiatives and infrastructure development to content production and product improvement.
While $500,000 in funding is available in this round, subsequent rounds will offer even larger funding pots, with the goal of distributing around $100 million to Ada per year, depending on the token price.
In a press release shared with TokenAndCrypto, Charles Hoskinson, CEO at IOHK, said of the launch of Fund 3:
The founding principle of Cardano is decentralised control. This principle encompasses not only the marginalized people that Cardano will empower, but also how the platform is run. Through Project Catalyst and its associated funds, all Cardano community members can play a role in deciding the future of the platform.
Fund 2 was an experiment in decentralized democracy and showed just how remarkable our community is, and how powerful decentralized decision-making can be. Thousands of people came together to generate, refine and prioritize funding for proposals to drive Cardano forward, and we look forward to watching as Project Catalyst grows to become the world’s largest decentralized innovation and funding platform.
Here’s how participating in the Catalyst fund 3 works
For those interested in voting, it is important to know that community members must have at least 8,000 ADA and lock them over the voting period. The value was put in place as a security measure to ensure that malicious actors do not influence the system to fund a particular proposal.
In addition, tokens will be locked for the voting period to prevent exchanges from participating in decisions that affect the broader Cardano community. Once the registration window closes, voting will begin. Afterwards the votes are counted, and the funds will be distributed to the winning proposals.