Over 900 Cardano Proposals Seek 50M ADA Community Funding

reportcryptos.com
3 Min Read

The fate of 920 proposals submitted by top Cardano builders lies in the hands of ADA holders who would decide which project would get a chunk of the 50 million ADA community funding. 

Like every other week, the Cardano research and development team Input Output Global (IOG) released its weekly report, highlighting ongoing developments and key milestones achieved by the prominent blockchain. 

50M ADA Giveaway Announced 

The most significant aspect of the report is the announcement of the ongoing voting process for Project Catalyst’s Fund11. According to the report, the Fund11 voting process, which started last month, has caught the attention of more than 5,000 wallets since its commencement. 

These wallets have collectively cast over 150,000 votes across 920 proposals, seeking community funding to the tune of 50 million ADA ($26.1 million). 

Interestingly, the initiative aligns with the Cardano community’s vision to fund innovation on the leading blockchain. It is worth noting that the 920 projects proposed various solutions to tackle specific issues hindering Cardano’s growth. 

The 920 proposals encompass a range of ideas, solutions, and products designed for Cardano use cases. They also include strategies to broaden the global presence of the ecosystem and improvements to the Catalyst Voting System. 

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Per the announcement, the Fund11 voting process will come to an end next week, on February 8, 2024, at 11 AM (UTC). However, ADA holders who participated in the exercise must wait until February 15 for the IOG to announce the result.  

Cardano Open: Developers Category Boast Largest Budget 

Out of the entire categories, the Cardano Open: Developers segment received the most significant budget to the tune of 11.5 million ADA. 

In this category, interested parties are encouraged to propose projects that address a pivotal question: which open-source tools are essential for fostering the robust development of the Cardano ecosystem? 

Here, the competition is fierce among 127 proposals, with each required to showcase its diverse budgets and innovative concepts. 

In the meantime, ADA is changing hands at $0.522, up 0.7% over the past 24 hours. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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