Cardano’s $23M Catalyst Fund12 Wraps Up, What’s Next?

With $23M on the line in Cardano’s Fund12, find out what’s next now that voting has wrapped up.

Guy sitting uncomfortably on a Cardano coin.
Created by Kornelija Poderskytė from DailyCoin
  • Catalyst is powering Cardano‘s future through community collaboration.
  • Voting for the biggest Catalyst funding round to date ended on Thursday.
  • Fund12 submissions featured a host of innovative and interesting proposals.

Cardano’s Project Catalyst is driving blockchain innovation with its on-chain governance model. This initiative enables the Cardano community to vote on how treasury funds are allocated to various projects on the platform. Since its launch in 2020 as part of the Voltaire roadmap, Catalyst has distributed over $1 billion in funding, shaping the network’s future through community participation.

Sponsored

Fund12 kicked off on April 26, inviting innovative projects to submit their ideas for funding. After a thorough community review process ending on June 6, voting opened for three weeks between June 27 and July 11. With the votes cast, the Cardano community is buzzing with anticipation for what’s next.

What Happens Next?

With Fund12 voting now closed, the Catalyst team is in the process of tallying and verifying the votes to ensure a fair and transparent outcome. Results are expected to be released during the week starting July 15.

The latest funding round attracted 1,205 project proposals, highlighting diverse ideas seeking community support. This is an increase from the 920 proposals in Fund11 but a decrease compared to the 1,467 bids in Fund10.

After the results are announced, the winning proposals will enter an onboarding process designed to ensure accountability and project completion. This process includes “proof of life” meetings and milestone approvals by community reviewers.

Although the exact number of funded projects isn’t fixed, recent trends suggest that between 13% and 33% of proposals may receive funding.

Sponsored

As the Cardano community awaits the results of Fund12, recent changes to the Catalyst process have been implemented to enhance fairness in the funding process.

Fund12 Highlights Innovative Proposals in Cardano

Fund11 marked a turning point for Catalyst with key changes designed to improve fairness and organization in the voting system. Removing downvoting reduced the risk of whale manipulation while categorized funding with capped ADA amounts in each category sharpened development goals. 

Fund12’s “Cardano Open” category received the most funding, with 10.5 million ADA allocated for general initiatives like technical developments and education. Conversely, the “Cardano Ecosystem” category, which had the least funding at 5.5 million ADA, attracted the highest number of proposals, accounting for 408 out of 1,205 total submissions.

Cardano Fund12's funding categories.
Cardano funding categories

The highly competitive Ecosystem category showcased a range of innovative proposals, including plans for a Cardano e-sports team, an in-person Cardano event, and a documentary about the blockchain platform. 

On the Flipside

  • Participation decreased from Fund10 to Fund11, with 409,749 votes cast in Fund10 compared to 307,698 in Fund11.
  • The first phase of the Chang hard fork is scheduled for release by July 16.
  • Cardano‘s treasury holds a value of 1.5 billion ADA ($600 million).

Why This Matters

The closure of Fund12 voting marks a significant milestone in Cardano’s journey towards a fully community-led approach, reshaping traditional ideas of project development and investment in the crypto space.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.