Cardano’s Project Catalyst Launches Fund 11 with 50 Million ADA for Community Ideas

• Cardano’s Fund 11 opens voting for 50 million ADA allocation, empowering the community to support various blockchain projects.

• Cardano’s ecosystem grows with nine new projects and increased transaction activity, showcasing developer interest and user engagement.

Cardano Builder Input Output Global (IOG) has announced the commencement of a key stage for Project Catalyst, a decentralized grant fund. In a new tweet, IOG declared that Project Catalyst Fund 11 voting is officially open. Project Catalyst is a growth engine and grant program for the Cardano ecosystem, with funding rounds every few months and a set amount of ADA available to allocate to ideas.

🗳️Project Catalyst Fund11 voting is officially OPEN!

Participate in shaping the future of decentralized innovation on #Cardano.🌐
Cast your votes until February 8, 11:00 UTC.

How to vote: ➡️ https://t.co/e6rCLP0QLh pic.twitter.com/5vCTnRNE17

— Input Output (@InputOutputHK) January 25, 2024

The voting process for Fund 11, which commenced on January 24, 2024, and will run until February 8, 2024, at 11:00 a.m. UTC, marks a crucial step in empowering the Cardano community to shape the future of the blockchain ecosystem. ADA holders who have registered their wallets can actively participate in the voting process, with the opportunity to evaluate and cast their votes on over 920 project proposals.

The projects are split into six categories except for three Cardano use cases (idea, solution, and product). The second category, Cardano Open, covers developers (technical) and ecosystems (nontechnical). The third category is catalyst system improvement, which includes discovery and development. Cardano enthusiasts and stakeholders are now actively participating in the voting process, aiming to support the most promising projects within these categories.

Following the closure of the voting phase on February 8, 2024, the announcement of the winning proposals for Fund 11 is expected to be unveiled around February 15, 2024. Subsequently, the onboarding of the Fund 11-funded projects is anticipated to commence in March 2024, marking the implementation of these exciting initiatives within the Cardano ecosystem.

Catalyst Working Groups and Community Involvement

Project Catalyst’s Head of Product, Kriss Baird, recently provided information on Catalyst Working Groups in a blog post. The purpose of these working groups is to support data-driven analysis and insights to influence the direction of the next Catalyst investment rounds. This project demonstrates the Cardano community’s dedication to constantly enhancing and changing the environment.

The ecosystem of Cardano keeps growing and thriving in the bigger picture. Nine new projects have started blockchain development in the last month alone, according to IOHK, the research and development team behind Cardano. This expansion is evidence of developers’ and enthusiasts’ ongoing interest in supporting the blockchain’s thriving ecosystem.

The Cardano network has seen an increase in projects and a notable rise in transaction activity. From mid-December to the date of the latest report, the network has handled a substantial three million transactions. According to data from IOHK, this uptick in activity is particularly significant when compared to the two million transactions recorded within the same timeframe between November and December 2023.

ADA Price Analysis

While the Cardano ecosystem continues flourishing, the ADA cryptocurrency has experienced notable price movement. ADA’s price climbed impressively from a low of $0.24 on October 19, 2023, to nearly $0.70 on December 14, 2023, marking an approximate 185% increase. However, ADA is currently trading at $0.49, reflecting a 7% decline in the past week and a 24-hour 0.88%.

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