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- Cardano Foundation takes over Project Catalyst leadership after a joint internal review.
- Fund15 and Fund16 are paused as the transition begins, with focus shifting to Fund14.
- Over 2,200 Catalyst projects funded so far, with 500 more progressing through development.
Cardano has initiated a significant transition as the Cardano Foundation prepares to assume control of Project Catalyst from Input Output Global, which has been overseeing the project so far. The two organizations announced the transition, which comes after they concluded an internal review.
The announcement on X indicated that the transition will commence immediately. The two organizations also indicated that they would work together to ensure a seamless transition.
Project Catalyst is a community-based project aimed at providing funds for the Cardano ecosystem. The project enables community members, such as builders, developers, and newcomers, to submit project proposals for new products, tools, or platforms, such as educational platforms.
The community then votes on which project proposals should be supported with funds. This has been the model for Project Catalyst since it started.
Catalyst’s Expansion Continues as Future Funding Rounds Shift
The project started as a small pilot in September 2020 but has since expanded rapidly due to the high level of participation from the Cardano community. Project Catalyst has since introduced more categories to support various types of projects, which has allowed more ideas to enter the ecosystem.
The announcement confirmed that over 2,200 projects have received funds through Project Catalyst so far. The update also confirmed that over 500 projects are active, with these projects currently undergoing various stages of development.
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The change will also affect the upcoming funding rounds. The team announced that Fund15 and Fund16 will no longer occur in their original form. They stated that these funding rounds will be put on hold while the transition process is still ongoing.
Source: X
Cardano Plans Next Catalyst Phase with Intersect MBO
The main focus will remain on Fund14 because the program will still be releasing payments to the approved projects. These payments are based on a milestone system. It means that projects will be paid only when they have completed certain stages of their projects.
The team also announced that the ADA set aside for Fund15 and Fund16 will be returned to the treasury. This will remain the case until a new funding system is developed.
The Cardano Foundation and IOG will work with Intersect MBO, which is a part of the Cardano ecosystem, to develop a plan for the next phase of Catalyst. They will ensure that the community will be aware of the plan.
The current change has put stability at the center of Project Catalyst’s current goals. It has also paved the way for future improvements to be made to the system. Cardano’s leaders believe that Project Catalyst will soon enter a better state once the new system is developed.
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