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Cardano Project Catalyst Unveils 50M ADA Funding for Builders and Innovators

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Cardano Project Catalyst Unveils 50M ADA Funding for Builders and Innovators

Cardano Project Catalyst unveils Fund 10 with a massive 50M ADA allocation, signaling a commitment to the development of the Cardano ecosystem.

Cardano’s decentralized innovation fund, Project Catalyst, is again making waves as it announces the upcoming Fund 10 with a staggering 50,000,000 ADA allocation worth over $16.35 million. This development comes shortly after the project was put on hold.

Daniel Ribar, known for hatching future endeavors at Project Catalyst, took to Twitter to share the update, tagging the relevant stakeholders in the Cardano community.

#Cardano’s #ProjectCatalyst coming back online.

Fund10 is going to be 50,000,000 ada. Largest funding pool in the ecosystem yet, fully denominated in ada to embrace ada economy.@Cardano @InputOutputHK @emurgo_io @Cardano_CF

1/2 pic.twitter.com/36fNVy9Zm2

— Daniel Ribar 🐣 (@danny_cryptofay) June 7, 2023

Ribar noted the timeline for Fund 10, stating that the submission window will open on June 22 and close on July 13, while the voting process will run from August 31 to September 14 this year.

In addition, Ribar emphasized that this funding pool represents one of the largest in the crypto ecosystem thus far and is exclusively denominated in ADA tokens. This move underscores the project’s commitment to embracing the ADA economy.

Cardano Community Reacts

The exciting announcement garnered attention from the broader Cardano community, with a proponent pondering the ADA community’s rationale behind allocating such an extraordinary amount of ADA tokens, given its price below $0.5.

“Curious why it would be in the community’s best interest to spend 50M ADA at price points somewhere between $0.20 and $0.45,” the crypto enthusiast remarked.

In response, Ribar provided valuable insights into the treasury’s role in supporting ecosystem building and long-term sustainability. He noted that at the current rate of replenishment, which stands at approximately 5.5 million ADA per epoch, it would take around ten epochs to recoup the funds of this magnitude and even longer.

With each epoch lasting five days, Ribar emphasized that the Cardano Treasury presently holds around 1.28 billion ADA.

Here is another way to look at it.

Treasury is there to support ecosystem building. Key to long term sustainability.

Current rate of replenishing is at around 5.5M ada per epoch?

It would take then ~10 epochs to recoup Fund of this size and some more. 1 epoch = 5 days.

There…

— Daniel Ribar 🐣 (@danny_cryptofay) June 7, 2023

On the other hand, ADABreathes, a Cardano stake pool operator (SPO), noted that the 50 million ADA fund was merely the beginning, suggesting a bright future for builders, dreamers, and innovators within the Cardano community.

Project Catalyst has been instrumental in empowering individuals and teams to propose, vote on, and fund projects that drive innovation and growth within the ecosystem.

In a related development, the Cardano Catalyst program recently launched three significant projects, propelling the Cardano ecosystem forward by delivering impressive investment returns, as The Crypto Basicreported in April.

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