Saturday, April 10, 2021

Nearly $500 Million Worth of ADA in Project Catalyst Funds Now in the Cardano Treasury

Project Catalyst, a unique community-driven initiative launched to facilitate the growth of the Cardano ecosystem, has been experiencing remarkable progress since it was launched a couple of months ago.

According to a report, the Project Catalyst fund in the Cardano Treasury is about to hit a milestone of $500 million worth of ADA.

Read Also: Cardano Africa Mission Will Make a Large Group of People Have Digital Identity –Charles Hoskinson

The new development was shared via Cardano Live Podcast Twitter handle, hosted by a member of the community, Rick McCracken.

Captioning a chart to back the report, Cardano Live tweeted, “Nearly half a billion dollars $$ in Ada in Project Catalyst funds in the Cardano Treasury.”

Project Catalyst Grows to Become the World’s Largest DAO

According to a report shared by Input Output Global (IOG) earlier this month, Project Catalyst has grown to become the world’s largest decentralized autonomous organization (DAO) in less than seven months of its emergence.

Read Also: Value of Cardano (ADA) Locked In Treasury Hits $100 Million. Can The Community Benefit? Details

So, in order to bring fully decentralized governance to the Cardano ecosystem, the software firm urged the community members to keep supporting the growth of the initiative.

Attaching a video where the notable growth and ambitious goals for 2021 are illustrated, IOG tweeted, “In less than 7 months, Project Catalyst 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.”

What Is Project Catalyst?

Project Catalyst, known to be the first stage in the Voltaire roadmap, is an ongoing experiment in exploring decentralized innovation and collaboration at its highest level.

Project Catalyst tasks the participants to pool their ingenuity, creativity, coupled with the passion to identify big projects that support the growth of Cardano (ADA).

Read Also: Cardano (ADA) Is Now 98% Decentralized. 100% Comes On 31st March. What Does It Imply?

Similarly, Fund2 was the first time that Project Catalyst participants pitched, debated, refined, and voted on proposals using the digital token ADA. This was targeted at enhancing and bringing new value to Cardano.

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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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