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HomeCrypto NewsMarketCardano Project Catalyst Unveils 50M ADA Funding for Builders and Innovators

Cardano Project Catalyst Unveils 50M ADA Funding for Builders and Innovators

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Cardano Project Catalyst unveils Fund 10 with a massive 50M ADA allocation, signaling a commitment to the development of the Cardano ecosystem.

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Cardano’s decentralized innovation fund, Project Catalyst, is again making waves as it announces the upcoming Fund 10 with a staggering 50,000,000 ADA allocation worth over $16.35 million. This development comes shortly after the project was put on hold.

Daniel Ribar, known for hatching future endeavors at Project Catalyst, took to Twitter to share the update, tagging the relevant stakeholders in the Cardano community.

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Ribar noted the timeline for Fund 10, stating that the submission window will open on June 22 and close on July 13, while the voting process will run from August 31 to September 14 this year.

In addition, Ribar emphasized that this funding pool represents one of the largest in the crypto ecosystem thus far and is exclusively denominated in ADA tokens. This move underscores the project’s commitment to embracing the ADA economy.

Cardano Community Reacts

The exciting announcement garnered attention from the broader Cardano community, with a proponent pondering the ADA community’s rationale behind allocating such an extraordinary amount of ADA tokens, given its price below $0.5.

‚ÄúCurious why it would be in the community‚Äôs best interest to spend 50M ADA at price points somewhere between $0.20 and $0.45,‚Ä̬†the crypto enthusiast remarked.

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In response, Ribar provided valuable insights into the treasury’s role in supporting ecosystem building and long-term sustainability. He noted that at the current rate of replenishment, which stands at approximately 5.5 million ADA per epoch, it would take around ten epochs to recoup the funds of this magnitude and even longer. 

With each epoch lasting five days, Ribar emphasized that the Cardano Treasury presently holds around 1.28 billion ADA.

On the other hand, ADABreathes, a Cardano stake pool operator (SPO), noted that the 50 million ADA fund was merely the beginning, suggesting a bright future for builders, dreamers, and innovators within the Cardano community. 

Project Catalyst has been instrumental in empowering individuals and teams to propose, vote on, and fund projects that drive innovation and growth within the ecosystem. 

In a related development, the Cardano Catalyst program recently launched three significant projects, propelling the Cardano ecosystem forward by delivering impressive investment returns, as The Crypto Basic reported in April.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Author

Abdulkarim Abdulwahab
Abdulkarim Abdulwahabhttp://thecryptobasic.com
Abdulkarim Abdulwahab is a blockchain writer with a specific interest in journalistic writing. He covers breaking events in the crypto community and blockchain industry. Over the past year, he has published over 1,500 short-form and long-form content for Web3 publishing firms.

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