Cardano (ADA), the second-largest proof-of-stake (PoS) blockchain by market captalization, has just finished its decentralized funding initiative, Project Catalyst. Its tenth iteration set an impressive number of record-breaking highs in key metrics.
Over two million ADA votes in 10 rounds: Major milestones for Project Catalyst
During Fund 10, the latest iteration of Cardano's (ADA) incubator Project Catalyst, over 400,000 ADA enthusiasts managed to vote for promising projects on the blockchain. Together with nine previous rounds, the number of voters exceeded two million, as noticed by Daniel Ribar, community and product head at Project Catalyst.
Developers of Cardano (ADA) dApps submitted over 1,500 ideas for Project Catalyst Fund 10. Out of this significant number, 192 concepts were chosen by Cardanians. Winners will share ADA funding for the next phases of their development roadmaps.
According to Ribar, more than 1,300 dApps received funding in 10 rounds of Project Catalyst. The first rounds of Project Catalyst took place in 2021-2022.
As covered by U.Today previously, every team can submit their idea for decentralized applications or protocol upgrades on Cardano (ADA).
Then, during the voting procedures, ADA holders with a certain amount of tokens in their decentralized wallets, Yoroi, are able to review the submissions and choose the most promising ones.
Fund 10 caused heated debates in Cardano (ADA)
The Cardano (ADA) community has already voted that Input Output Global (IOG) should expand its Project Catalyst campaign for the next year.
The list of applicants for Project Catalyst Fund 10 rewards was heavily criticized by some Cardanians. For instance, a single team applied for funding 29 times. In total, the sum of its projected funding exceeded $11 million in equivalent.
Also, a company that no one had heard about pretended to be funded by Cardano (ADA) inventor Charles Hoskinson and claimed $20 million in funding, even lacking a description of what it was building.
Among other ambitious requests, it asked for a whopping 2,456,544 ADA necessary to create a "talents economy" on Cardano (ADA).
Arman Shirinyan
Alex Dovbnya
