Cardano Re-Launches Project Catalyst- A Decentralized Innovation Fund

The leading blockchain platform Cardano announced the re-launch of its decentralized innovation program, Project Catalyst, with an allocation of a whopping 50,000,000 ADA.

Daniel Ribar, a leading figure in Cardano’s Project Catalyst, shared a Twitter post proclaiming the launch of the “largest funding pool in the ecosystem yet”:

In a series of tweets, Ribar revealed the details regarding the Project Catalyst. He declared the schedule of Fund 10, explaining that the submission window would be opened on June 22 and would be closed by July 13. It was also added that the voting process would be scheduled for a period starting from August 31 to September 14.

Cardano’s innovative fund intends to allow the community to contribute to the blockchain’s extensive growth directly. The project would allow the community to participate in the decision-making processes regarding the funding proposals that address the challenges and necessities of the ecosystem.

The Project Catalyst’s first public fund has been launched in September 2020, as “an important first step into the world of on-chain governance, treasury, and community innovation for Cardano”. The project is designed in a way that it operates with the release of funds every six weeks, inviting individuals from the community to submit their proposals.

In a following tweet, Ribar presented a broader narration of the project, citing that the Cardano Treasury currently holds almost 1.28 million ADA:

Convincing the community, Ribar reiterated that the “treasury is there to support ecosystem building” and assured his followers a long-term sustainability. He stated that the current rate of replenishment is at around 5.5 million ADA per epoch and on estimation, it would take nearly ten epochs to recoup the funds.