Cardano's Project Catalyst Reaches New Milestone: Details

Cardano builder Input Output Global (IOG) shares an amazing milestone achieved by Project Catalyst, the decentralized funding platform for the Cardano blockchain.

According to it, "Project Catalyst received its 400th project close-out report, which is an amazing milestone for a grassroots innovation fund in two years."

Daniel Ribar of Cardano's Project Catalyst shares a chart showing the milestones attained. There have been nine funding rounds, with 6,116 ideas proposed, 100 total challenges issued, and 1.74 million votes cast.

Out of these ideas, 1,155 were funded, and 405 have been completed.

The total funds requested were $38,391,449, out of which $25,961,245 have been distributed, and the remaining amount is $12,430,204.

Other milestones reached

Input Output Global, in its most recent report, highlights some significant milestones reached in the week. The Hydra team updated graphics and added a section about rollbacks to complete the Hydra V1 specification.

The release of the proof-of-concept EVM sidechain testnet is another significant accomplishment. Developers may now deploy smart contracts and dApps, connect wallets and test token transfers between test environments.

IOG, in collaboration with the Cardano Foundation and Emurgo, is currently making preparations for the upcoming Valentine (SECP) upgrade. This week, an SECP update proposal to upgrade the Cardano mainnet and preproduction environment was submitted.

The upgrade will be deployed on the mainnet on Feb. 14, 2023, at 9:44 p.m. UTC and will go into effect on preproduction on Feb. 11, 2023, at 12 a.m. UTC.

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Tomiwabold Olajide