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Cardano Ecosystem

TheCryptoBasic

02/27/2024

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Project Catalyst: Cardano To Welcome New Cohort of 300 Funded Projects

Proof-of-Stake (PoS) layer-1 blockchain Cardano is set to expand its ecosystem by welcoming a new cohort of 300 funded projects. In line with its growth initiatives, Cardano has extended an invitation to 300...

Project Catalyst: Cardano To Welcome New Cohort of 300 Funded Projects

Proof-of-Stake (PoS) layer-1 blockchain Cardano is set to expand its ecosystem by welcoming a new cohort of 300 funded projects.

In line with its growth initiatives, Cardano has extended an invitation to 300 projects to begin its onboarding process. This move comes after the Project Catalyst Fund 11 Vote, underscoring the flexibility of the protocol to support projects with potential.

The Funded Projects and Ideas

Cardano has earned a name for itself as one of the most developed blockchains in the Web3 world, with its GitHub Commit data attesting to this. The onboarding of the 300 new projects could help deepen its ranking in this regard.

According to the latest update, proposals from Sundae Labs to build a Gummiworm Protocol on Cardano were approved and funded with 100,000 ADA.

The Gummiworm Protocol will help reduce the pressure on Hydra, the dominant scalability solution on the Cardano protocol. The new protocol would serve as an alternative scaling tool for the Cardano ecosystem.

A Food Traceability Proposal on Cardano was also approved after amassing 425 of the total votes cast. The protocol received 100,000 ADA in funding and the team will work to boost the productivity of small farmers with an end-to-end traceability solution.

Other innovative projects also got the backing of the community and were funded with ideas ranging from Cardano-specific enhancements to real-world utilization.

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Requirements for Claiming Funds

As is characteristic of the previous Project Catalyst campaigns, the disbursement of the grants is not automatic as the projects are required to tick some boxes in order to bag the funds. 

One of the most important requirements is to secure an approved Statement of Milestones (SoM). This serves as a roadmap for the Proof-of-Achievement (PoA) and helps the Cardano team track the progress of the project overall.

👀 Cardano is onboarding a new class of 300 funded projects post-Fund11 Catalyst vote. pic.twitter.com/qwxSEzW3Tp

— Daniel Ribar 🐣 (@danny_cryptofay) February 26, 2024

Hackathons are common in the digital currency ecosystem and besides Cardano, other protocols like Ethereum and Solana have their own tailored programs where projects are incubated and unleashed to contribute to general ecosystem growth.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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