Cardano’s Fund 11 has opened voting for the allocation of 50 million ADA, empowering the community to support various blockchain projects. The Cardano ecosystem continues to grow with the addition of nine new projects and an increase in transaction activity, highlighting the interest of developers and users.
Cardano Builder Input Output Global (IOG) has announced the start of a crucial stage for Project Catalyst, a decentralized grant fund. In a recent tweet, IOG declared that the voting for Project Catalyst Fund 11 is officially open. Project Catalyst is a grant program and growth engine for the Cardano ecosystem, with funding rounds held every few months and a predetermined amount of ADA available for allocation to innovative ideas.
The voting process for Fund 11 started on January 24, 2024, and will continue until February 8, 2024, at 11:00 a.m. UTC. This voting period is a significant step in allowing the Cardano community to shape the future of the blockchain ecosystem. ADA holders who have registered their wallets can actively participate in the voting process and evaluate over 920 project proposals before casting their votes.
The projects are divided into six categories, including three Cardano use cases (idea, solution, and product). The second category, Cardano Open, focuses on developers (technical) and ecosystems (nontechnical). The third category is catalyst system improvement, which involves discovery and development. The Cardano community and stakeholders are actively participating in the voting process, aiming to support the most promising projects within these categories.
After the voting phase ends on February 8, 2024, the winning proposals for Fund 11 are expected to be announced around February 15, 2024. The onboarding of the funded projects will commence in March 2024, leading to the implementation of these exciting initiatives within the Cardano ecosystem.
Project Catalyst’s Head of Product, Kriss Baird, recently shared information about Catalyst Working Groups in a blog post. These working groups aim to provide data-driven analysis and insights to influence the direction of future Catalyst investment rounds. This demonstrates the Cardano community’s commitment to continuously improving and evolving the environment.
The Cardano ecosystem is thriving, with nine new projects starting blockchain development in the last month alone. This growth showcases the ongoing interest of developers and enthusiasts in supporting the blockchain’s flourishing ecosystem. Additionally, the Cardano network has experienced an increase in projects and transaction activity. From mid-December to the latest report, the network has handled three million transactions, a significant rise compared to the two million transactions recorded between November and December 2023.
While the Cardano ecosystem continues to flourish, the ADA cryptocurrency has seen notable price movement. ADA’s price has surged from a low of $0.24 on October 19, 2023, to nearly $0.70 on December 14, 2023, representing an approximate 185% increase. However, ADA is currently trading at $0.49, reflecting a 7% decline in the past week and a 0.88% decrease in the last 24 hours.
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