- In less than 7 months, Cardano’s Project Catalyst has grown into the world’s largest DAO.
- By year’s end, the goal is to reach 40,000 participants and distribute $15 million per fund.
Input Output Global (IOG), the software company behind the development of Cardano announced yesterday that Project Catalyst has experienced a massive growth over the past seven months to become the world’s largest decentralized autonomous organization (DAO). Dor Garbash, senior product manager for governance at IOG, shared several milestones along the way.
Project Catalyst milestones
Currently, the Catalyst Fund 4 has $1 million available for distribution to the community. In the long term, the fund is expected to reach a size of 15 million USD (per fund) by the end of 2021. Via Ideascale, 15,253 members are currently voting on Fund 4; the goal is 20,000 members by the end of the year. “So we’re pretty well on track,” Garbash stated.
The goal is also to have 50% of all ADA participating in Project Catalyst by the end of the year, though that number is currently around 10%. Furthermore, the goal of 20,000 unique voters/wallets has already been met, so the goal has now been raised to 40,000.
The number of all proposals is 238 in the current find and is to be increased to 1000 by the end of 2021. Ultimately, the number of “referrers” is also to be raised from 30 to 500.
“Referrers are people who bring in proposals [for others]. So they refer to Catalyst and win rewards if the proposal is then actually funded. That’s a very nice incentive. I think it’s about 1% of the treasury,” as Garbash said.
In less than 7 months, #ProjectCatalyst has grown to become the world’s largest DAO. And this is just the beginning! 💪 We are setting ambitious goals for 2021 & encourage everyone to be a part of bringing full on-chain governance to #Cardano
— Input Output (@InputOutputHK) March 11, 2021
Heading into Cardano’s “Voltaire” era
As CNF reported, Project Catalyst had already surpassed all other projects like Dash, as well as all of Ethereum‘s top 100 DAOs combined, in terms of unique voters by early January.
The DAO aims to inspire a wide range of technical and non-technical ideas to improve Cardano as a whole. This can include suggestions on everything from marketing initiatives and infrastructure development to content production and product improvement. The project is thus an “experiment” as a prelude to the “Voltaire” era, moving Cardano into a self-sustaining decentralized system.
Charles Hoskinson of Cardano (ADA) In Republic of Burundi and Zanzibar Island
Charles Hoskinson Expressed: Great meeting with his excellency President Évariste Ndayishimiye about the future of Burundi’s digital transformation.
And before Burundi, we had a wonderful meeting about the Blue Economy with President Hussein Ali Mwinyi in Zanzibar.
For clarity, just looks like Charles is on the mission. Cardano is an open platform that seeks to provide economic identity to the billions who lack it by providing decentralized applications to manage identity, value and governance. May be taking stuff to the next level.
For clarity, Burundi, officially the Republic of Burundi, is a landlocked country in the Great Rift Valley where the African Great Lakes region and East Africa converge. Burundi itself is a landlocked, resource-poor country with an underdeveloped manufacturing sector. Although Burundi is potentially self-sufficient in food production, the ongoing civil unrest, overpopulation, and soil erosion have contributed to the contraction of the subsistence economy by 25% in recent years.
Unguja, also known as Zanzibar Island, is the main island in the Tanzanian archipelago of Zanzibar. Stone Town, part of Zanzibar City, is an old trade center, with mosques and winding lanes.
Community response: I am waiting for ADA to move an inch so I see it can rise up.
1600% in one year ADA gains. You were saying something? And, it will dump now. Death cross forming.
ADA is up over 2000%. In less than a year. Lol. I’ve been here and this is how ADA runs. We’re blessed to have Charles and the team. Haters are either new or slow.
Charles should have focus on other market than Africa like Indonesia, Philippines, Pakistan.
Africa is adopting Crypto. Huge opportunities. We are growing food so long. Charles Hoskinson means business. Get on this train now. He is on an Africa tour for pushing power to the edges. Cardano is changing the world.
Presidents are elected officials, Charles is a free man, again they need Cardano not the other way round if anything they are impressing Charles as they have more to gain by utilising Cardano.
Presidents have meetings all day long. It’s their job to meet people and represent their country. It doesn’t mean they commit to something.
Please catch Nigeria, Ghana, South Africa and Egypt and all the dominoes will be set. I can’t wait to hear about Cardano‘s upcoming partnerships, with countries
South African just done. Egypt is in a few days. Nigeria and Ghana will be next time I believe.
This guy’s view of the future is to complete change the financial system, help countries and always improving.
I am glad that these countries in Africa are embracing the new technology that Cardano is bringing, and the so-called developed countries will remain at the forefront of evolution. I am proud of Africa that they have chosen the future.
Solana and Cardano Dominate As Crypto Sees Largest Weekly Institutional Inflows in History
Digital asset manager CoinShares says that last week, the crypto markets saw the biggest inflow of institutional capital ever recorded.
The crypto firm says that digital asset investment products have shattered the record for both weekly and yearly capital flows by a huge margin.
“Digital asset investment products saw inflows last week totaling US$1.47bn, the largest on record by a significant margin. The previous weekly record was seen earlier this year in February with inflows totaling US$640m.
Inflows year-to-date now sit at US$8bn, far surpassing the record in 2020 of US$6.7bn.”
CoinShares says that Bitcoin (BTC) accounted for the overwhelming majority of the funds on the back of positive sentiment stemming from the launch of the new ProShares Bitcoin futures exchange-traded fund (ETF).
“Bitcoin saw 99% of the inflows totaling US$1.45bn last week. The record inflows were a direct result of the US Securities & Exchange Commission [SEC] allowing a Bitcoin ETF investing in futures and the consequent listing of two Bitcoin investment products with inflows totaling US$1.24bn.
Inflows into Bitcoin products were also seen in other regions totaling US$138m, although there was evidence of profit-taking with some older investment products seeing outflows.”
Looking at altcoins, the asset manager says that the most notable coins seeing inflows were smart contract platforms Solana (SOL) and Cardano (ADA), as well as crypto exchange Binance’s BNB. Solana and Cardano saw $8.1 million and $5.3 million in inflows respectively, while BNB recorded $1.3 million.
Is Cardano (ADA) Slowly Becoming a Stable Coin
Someone said: Why don’t you hand over Cardano’s management to those who really have the courage to burn?
Community response: Alright, let’s have a chat about this. First off, could you please explain your position on why burning tokens is a must-do?
Yes, come on, first because ADA is turning into a stable coin. Second, it has been losing space to others, example BNB, which does exactly what? Burn! AVAX and Solana are coming with everything supply Infinitely smaller. Third, the community owns the coin, and 80% of it wants to burn.
How is ADA turning into a stable coin? Losing space? You mean market cap ranking, in which case welcome to the Altcoin world. Explain why you actually need to burn tokens. “Everybody else does it” is a pathetic reason. Get technical please.
I don’t think is a must do, but would surely help spike the price for investors. As less supply = price increase. Hooray for market manipulation.
Cardano’s “management” is with the Cardano community who decide on future plans and projects, hence the word “decentralized”. If you believe that burning coins will improve Cardano, please state the reasons how this would be beneficial for Cardano.
Burning a token just takes it away from 1. Staking, 2. Catalyst, 3. The people transacting on the network. Improving the 3 of these are what increases the value of ADA, burning tokens damages them and therefore damages Cardano unnecessarily.
We just hit a new ATH like a month ago. Chill. Charles doesn’t care about price action to begin with but also remember the fact that ADA was close to 18 cents on January 1st.
I’m hopeful for another leg or 2 up but I have never paid more than 7 cents for ADA. Stacked way back. 25x up and feeling good.
Anyone can burn their ADA if they want too. I personally feel that IOHK Charles cares more about helping people and making things better for everyone than pumping the price of ADA to make money that is why I hold and stake ADA. There is plenty of pump and dumps out there.
Burning tokens is a pathetic and craven move with zero function other than to artificially pump price. Only insecure greedy projects do this.
Burning tokens burns the utility. It’s not sustainable in long term. With SC, the tokens become time locked anyway that’s similar to token burn but in a natural way.
A sustainable system does not need to burn tokens. IMO burning tokens is a sign of failure and I hope more than 80% are against burning.
I understand the function is nearly there burn your coins first see how the price moves and buy more.