Project Catalyst by Cardano Grows Steadily to over $1 Billion
The announcement was given by Head of Product Governance, Dor Garbash, at the 2021 symposium organized by Cardano.
What Is Project Catalyst?
The Project Catalyst was created as a funding source from the Cardano repository so people could vote for innovative solutions on the blockchain platform.
Unlike Ether which is burnt on the Ethereum network, and Bitcoin which has a finite supply, ADA is not burnt by Cardano. Instead, the blockchain solution uses the Project Catalyst as a means of rewarding the Cardano community for discovering issues in their ecosystem and proffering solutions to the ecosystem.
Project Catalyst and the Future
Project Catalyst’s ecosystem comprises a community of advisors, voters, proposers, and referrers. Community advisors are important because they verify the quality of proposals before they can be accessed by voters.
However, for votes to be valid and to prevent breaches in the system, participants should have a minimum threshold of 8000 ADA. Before the 2021 Cardano Summit, Hoskinson explained the importance of community governance in the Voltaire stage and Project Catalyst. He also highlighted how these would prove monumental in getting rid of unethical participants in the Cardano ecosystem.
According to the roadmap outlined by the team at Cardano, Voltaire is the final growth stage and a phase at which the blockchain would move away from the IOHK’s management, coming under the governance of its community.
Recently, the Project Catalyst reached the sum of $1.291.085,927.41 in its treasury.
As a collective incentive, Garbash, Head of Product Governance at Cardano, discussed the importance of communities collaborating well on every level, and admitted that updates to the Project Catalyst website had been slow.
According to Garbash, the best things require the most time. Using a tree as an illustration, Garbash said,
“In order to grow, be tall, and resilient it’s actually essential that it grows at a slow and steady pace.”
Cardano’s ADA trades at $2.08 at time of writing.
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