Cardano on-chain governance initiative shows its impressive results
The Project Catalyst Fund 7 has concluded, which is why we can inspect all the important data gathered by Cardano enthusiasts and data analysts that will allow us to see how many projects were funded and the number of votes gathered and cast.
According to the provided data, 269 projects received funding during the seventh round. More than 50,000 wallets were actively distributing votes on the platform, which is almost 30% growth since the last funding round.
Project Catalyst Fund 7 voting results have been added to Cardano Blockchain Insights.
Thank You @nierop_pieter for your hard work compiling data points.
— Cardano Blockchain Insights (@InsightsCardano) June 30, 2022
In all, 574 projects were funded during the last seven rounds, showing almost a 100% increase since the last Project Catalyst Fund.
What is Cardano Catalyst?
According to the official website, Project Catalyst is a series of “experiments” designed for generating the highest level of community innovation via on-chain governance by allowing the community to choose certain projects that will prioritize the growth of the network in the future.
The catalyst allows deploying funding to proposals that are aimed at solving existing issues on the blockchain and improving the quality of life in the Cardano ecosystem.
Proposers can submit their projects via the official Cardano Project Catalyst website and receive funding from the treasury. But to receive funding, they should present an existing problem and a real way of solving it with the help of the presented solution.
Anyone who holds ADA can take part in the governance of Cardano Project Catalyst and provide support for solutions they believe are the most important for the ecosystem. By providing support for certain projects, users are able to shape the future of the Cardano ecosystem and make it something they wish to see in the future.