Cardano Project Catalyst Introduces Fund 10 with 50M ADA Allocation to Foster Ecosystem Development

Cardano Project Catalyst Introduces Fund 10 with 50M ADA Allocation to Foster Ecosystem Development

Cardano’s decentralized innovation fund, Project Catalyst, has unveiled Fund 10, allocating a significant 50,000,000 ADA, equivalent to over $16.35 million. This announcement follows a brief pause in the project’s activities.

Daniel Ribar, known for his involvement in shaping future initiatives at Project Catalyst, shared the update on Twitter, engaging the relevant stakeholders in the Cardano community.

Ribar outlined the timeline for Fund 10, indicating that the submission window will open on June 22 and close on July 13. The voting process will take place from August 31 to September 14 of this year.

Highlighting the significance of this funding pool, Ribar emphasized that it is one of the largest in the crypto ecosystem to date and is exclusively denominated in ADA tokens. This decision underscores the project’s commitment to embracing the ADA economy.

The announcement has generated excitement within the Cardano community. One community member questioned the rationale behind allocating such a substantial amount of ADA tokens, considering their price is currently below $0.5.

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

Ribar further highlighted that the Cardano Treasury currently holds around 1.28 billion ADA.

ADABreathes, a Cardano stake pool operator (SPO), regarded the 50 million ADA fund as just the beginning, implying a promising future for builders, dreamers, and innovators within the Cardano community.

Project Catalyst has played a crucial role in empowering individuals and teams to propose, vote on, and fund projects that drive innovation and growth within the Cardano ecosystem.

In related news, the Cardano Catalyst program recently launched three significant projects, propelling the Cardano ecosystem forward and delivering impressive investment returns, as reported by The Crypto Basic in April.