Cardano Funds 300 New Proposals to Boost Its Ecosystem

Input Output, the blockchain research platform behind the layer-1 Cardano network, has announced that 300 projects will be funded by the Cardano treasury. The announcement comes on the heels of the recently released results of Project Catalyst’s Fund 11.

Project Catalyst’s Fund11 results are here.
🥁 🥁 🥁
A whopping 300 proposals have been funded, pushing the total number of supported ideas to new heights (🎉1600+). Kudos to the brilliant minds behind these projects! Let’s continue the journey of #BuildingOnCardano together.… pic.twitter.com/LKhgA3geeN
— Input Output (@InputOutputHK) February 15, 2024

The Project Catalyst is a decentralized funding mechanism “for global good.” Through on-chain governance, ADA holders can vote on different proposals and ideas submitted by projects. Ideas that garner the most votes get funded by the blockchain’s treasury. Key players in the process include reviewers, moderators, and voters. The concept has been active since August 2020, during which ten funding rounds have occurred.

Cardano Sees More Projects Onboarded

A member of the IOHK team revealed that approximately 8,000 wallets gave over 300,000 individual votes before the 300 new proposals locked in their leading positions in Fund 11. A whopping 50 million ADA coins have been allocated for the just-concluded Fund 11 program.

Following the latest announcement, there are now 1,647 projects funded via the Project Catalyst program. In late September 2023, Cardano saw 1,287 projects building on its network. The latest increase in the number of Cardano-based projects is expected to bolster the blockchain ecosystem.

Qualified proposers are urged to follow the onboarding process to claim the funding reward. On the other hand, proposals that did not make it to the top 300 were urged to try out next time.

What Impact Will It Have on ADA?

There is no definite indication that the latest upshoot in Cardano-based projects will significantly impact the price of ADA, the native coin for the Cardano ecosystem. Still, crypto analysts like Ali Martinez predict that ADA will see a bull run to $0.68 if a certain resistance is overcome.

Cardano has also explored several spheres to upscale engagement with its ADA coin and ecosystem. For instance, it launched a digital wallet for users and boosted its DeFi business.

Today, ADA trades at $0.601, a 1.79% increase in the last 24 hours.

Source: CoinStats