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The Beginning of Cardano’s Governance: Project Catalyst



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The Beginning of Cardano’s Governance: Project Catalyst
By
LiberLion presented by Josh J

Link to Adapulse article;
https://adapulse.io/the-beginning-of-cardanos-governance-project-catalyst/

Link to Adapulse article on the Cardano Treasury;
https://adapulse.io/governance-in-the-voltaire-era-and-the-cardano-treasury/

Official overview of Project Catalyst;
https://youtu.be/z9uM2AVGU-g

Link to Lidonation information;
https://www.lidonation.com/en/project-catalyst/projects

Link to Participation Rewards Formula Calculation;
https://docs.google.com/document/d/1Z2qLzGbLQxLgfDKqnTZFTL3IM28V8uUykptng0p5jbE/edit

Link to Community Advisor Guide;
https://docs.google.com/document/d/1QkdaFK1tigrSI40iMeV3UP9GyTGsoqVmCUp7OJz0WFs/edit#heading=h.ckr7mej5c3di

Link to official reports of each Catalyst FUND;
https://docs.google.com/spreadsheets/d/1bfnWFa94Y7Zj0G7dtpo9W1nAYGovJbswipxiHT4UE3g/edit#gid=312662175

Link to IOG Cardano Catalyst team;
https://cardano.ideascale.com/c/campaigns/25622/team

Link to Daedalus Turbo Proposal;
https://cardano.ideascale.com/c/idea/414953

Youtube link to Charles Hoskinson's full response to Daedalus Turbo proposal;
https://youtu.be/z9uM2AVGU-g

Voltaire is Cardano’s Era of Blockchain Governance, and had its first milestone in September 2020 with the launch of FUND 1 of Project Catalyst, an ongoing experiment, which aims for decentralized innovation and collaboration, within a blockchain ecosystem.

Project Catalyst seeks to generate community participation, which through voting, can determine the evolution priorities in Cardano.

Funds from the Blockchain Treasury are allocated to the various winning proposals, submitted by developers who address the challenges.

[[If you want to know how the Cardano Treasury is made up, LiberLion did an article for Adapulse back in March so well worth a read]]

It could be said that Project Catalyst is like a crowdsourcing project “on steroids” if you like.

Project Catalyst is divided into a series of FUNDs, which roll out approximately every six weeks.

FUND 1 was the first test without public participation.

In FUND 2 it was the first time that the community presented, debated and voted on proposals. From then on, new financing rounds followed one another until now, with the completion of FUND 9.

Until FUND 8, a total of 939 proposals had been awarded for all the accumulated rounds, with a total of over $25million allocated across each round, a greater amount of money for development, as you can see in this graph:

In the recently concluded FUND 9, 216 proposals were the winners with nearly $13million in prizes with 10 community challenges selected for FUND 10.

Fund9 had around 365,000 votes cast (( remember none can cast more than one vote)), and that is a 53% increase from FUND 8.

Lido Nation, a platform with an excellent reputation, and provides interesting information provided this image of accumulated data from the 9 FUNDs

[[The Essence]]

Anyone can submit a proposal describing how they would approach the challenge, and each proposal focuses on challenges proposed by the Project Catalyst team, and are then voted on by the community.

Proposals go through a community improvement process where a group of proposal evaluators will check their viability, auditability and impact.

Once this process is finished, the proposals are then voted on by the community, and the allocated funds will be distributed in ADA to the winning projects.

Proposals compete within their corresponding challenge, with a limit on the amount of funds allocated for that challenge.

The winning proposals are those that can gather a number of positive ADA votes, at least 10% higher than the negative ones, and thus position themselves in a ranking to allocate the funds until they are exhausted.

In the event that a proposal is well ranked, but its budget exceeds the balance of the challenge, it will not be financed and the next winner will continue.

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