IOHK, the company behind the Cardano(ADA) network, has opened registrations for ADA holders to become voters for the fifth round of Project Catalyst, a public fund that brings on-chain governance to the Cardano blockchain by allowing the community to determine growth priorities. The firm concluded Project Catalyst’s last round in May, which saw participation from more than 216,000 ADA holders and approval of 56 proposals from the community.
As per the announcement posted by Input Output HK on its social media channels, Cardano enthusiasts registering for the community-driven event must hold 500 ADA at the time of entering the process. Once their snapshot has been taken, voters can move their ADA holdings. The voting power allotted to each individual would correspond to the tokens held at the time of registration.
The latest phase of Project Catalyst is unique in the sense that it has implemented more options for voters to participate. For instance, ADA holders who use hardware wallets to store their assets can vote easily for projects of their choice without transferring their tokens to a third-party service.
Users of Trezor and Ledger wallets can vote in Daedalus, although Ledger users can also leverage Yoroi light wallet for voting.
The fund will feature 267 projects in total with $2 million at stake in ADA coins. For those interested, voter registrations will remain open till July 19, 2021.
The current round of Project Catalyst -- Fund5 -- will distribute ADA tokens worth $297,500 among voters as a reward. The distribution is scheduled to take place in August and the amount of ADA given to each wallet will remain unknown until registration of all voting power is complete.
Project Catalyst has emerged as one of the largest initiatives of its kind that is focused on supporting projects which utilize Cardano smart contracts. The fund has also helped the Cardano network to gain a foothold in Africa’s crypto space. Out of last fund’s 56 winning proposals, five came from Africa, with West Africa Catalyst Onboarding and West Africa Proposer Outreach proposals getting listed at the top spot.