Cardano’s parent company, Input Output Hong Kong (IOHK), has announced that Project Catalyst Fund9 will launch on June 1, 2022.
End of Fund8, Plan to release Fund9
The company has already closed the Fund8 round and the winners have already been announced. With $16 million in ADA rewards promised to the project, IOHK hopes to draw at least 1,000 proposals in its Fund9 round. The intent is to drive more user engagement and initiate significant improvements in the Cardano network. Project Catalyst was initially launched to bridge the gap between the founding IOHK company and the thriving Cardano community with the goal of developing the Cardano network.
Cardano Community Contribution
Communities play a key role in providing solutions to network problems and addressing new challenges to strengthen problem-solving and crisis management capabilities. Allocation of funds for new proposals is based on a democratic basis in which the entire community votes to select the most valuable projects. A previous update from IOHK claimed to have 925 projects in the works on the Cardano network. Since then, 18 projects have joined The Party, bringing the total to 943 projects currently being built on the network. 85 projects have been developed and launched on the Cardano network.
Vasil HFC for network upgrade
ADA fell to as low as $0.39 after a massive market-wide crash, but appears to be reviving. Since then, the token has recovered 3.53% over the past week. Community members and experts are excited about the upcoming launch. Basil hard fork, is expected to bring significant improvements to Cardano’s smart contract platform. According to the update, nodes, ledgers, and consensus teams are all working to meet the deadline. They hope to complete the private public testnet phase by the end of May and launch Vasil on the Cardano testnet in early June, meeting the June 29 mainnet launch deadline.
The Cardano team shared more in their weekly development update. The network reports that it is experiencing a huge number of NFT projects. At the time of writing, there are 5,656 NFT projects on the Cardano network. During the week, there were a total of 3,132 Github connections and 4.8 million Cardano native tokens (ADA). The number of Plutus scripts has also been increased to 2,714.
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