Cardano’s (ADA) Project Catalyst Fund8 Voting Finally Kicks Off: What Does This Mean?

The largest DAO-governed community incubation initiative in the Web3 space, Cardano’s Project Catalyst, is ready to accept votes from ADA holders. What has changed since the previous rounds?

Fund8 referendum up and running; ADA holders can vote until May 5

According to the official statement by Cardano’s Project Catalyst team, its eighth round has entered a community voting phase. Voting will be open for two weeks, until May 5, 2022.

It’s Friday, #Cardano🍻

✅ This means time to load insights from #ProjectCatalyst

🔑 Following soft launch yesterday, pleased to announce that voting is now ongoing smoothly!

🛫Apr 21, 2022 @ 11am UTC – START
🛬May 5, 2022 @ 11am UTC – END

Read on 👉 https://t.co/T8hiLb7MPG pic.twitter.com/rHEeTNXvHl

— Daniel Ribar 🧭 (@danny_cryptofay) April 22, 2022

Due to the increased number and diversity of projects that applied for funding, Cardano (ADA) community activists proposed the use of special tools for browsing, together with the official Voting App.

Also, in the Fund8 stage, voters will be incentivized to take part in referendums. Thirteen percent of the total ADA fund allocated for the projects (about $2,080,000 in equivalent) will be distributed to all participating voters proportionally to their ADA stake.

As stressed by the Project Catalyst organizer, this round is of particular importance to Cardano-sphere evolution. It is set to mark the migration of the largest Proof-of-Stake (PoS) to an open-source model of development.

Supporting the most promising products of the Cardano (ADA) scene: What is Project Catalyst?

As covered by U.Today previously, Project Catalyst is an initiative of the Cardano (ADA) community and its core developer studio, Input Outout Global, designed to support development on the Cardano (ADA) blockchain.

Every Cardano-centric product at every stage of development—starting from MVP—can apply for funding. Cardano (ADA) community activists will support the most promising ones by locking ADA stakes in favor of this or that applicant.

With dozens of applicants, thousands of voters and a seven-digit fund for winners, Cardano’s Project Catalyst is the largest community-driven incubation program ever: almost 1,000 teams have gone through its seven rounds.