Cardano (ADA), the second-largest proof-of-stake (PoS) blockchain by market capitalization, has reached a significant milestone with the successful conclusion of its decentralized funding initiative, Project Catalyst Fund 10. This remarkable achievement, marked by record-breaking engagement and a surge of innovative ideas, solidifies Cardano's position as a key player in the cryptocurrency ecosystem.
In related news, Charles Hoskinson, the prominent founder of Cardano and a respected mathematician, has taken to social media to voice his sharp criticism of a recently released book by Michael Lewis, titled "Going Infinite." The book delves into the tumultuous collapse of the FTX cryptocurrency giant in the previous year, but Hoskinson's scathing review paints a different picture.
Cardano's Project Catalyst Fund 10 Sets New Records with Over 400,000 Voters and 1,500 DApp Ideas
Cardano (ADA), the second-largest proof-of-stake (PoS) blockchain by market capitalization, has concluded its highly successful decentralized funding initiative, Project Catalyst Fund 10, which has set several impressive records in key metrics, solidifying its position as a major player in the cryptocurrency ecosystem.
Unprecedented Community Engagement
One of the standout achievements of Project Catalyst Fund 10 is the unparalleled level of community engagement it witnessed. Over 400,000 ADA enthusiasts from around the world actively participated in the voting process, demonstrating Cardano's robust and growing community support. This milestone also pushed the total number of voters across all ten rounds of Project Catalyst to exceed a staggering two million individuals. Daniel Ribar, the Community and Product Head at Project Catalyst, expressed his appreciation for the enthusiastic participation of the Cardano community, highlighting its dedication to the platform's growth.
A Bounty of Innovative Ideas
In terms of project submissions, Fund 10 of Project Catalyst saw an astonishing influx of creativity and innovation. Developers of Cardano decentralized applications (dApps) submitted more than 1,500 ideas, showcasing the platform's potential as a hub for groundbreaking projects. From this extensive pool of submissions, 192 concepts were carefully selected by Cardano's dedicated community, known as Cardanians. These selected projects are now poised to receive ADA funding, which will enable them to advance to the next phases of development. It is worth noting that, since its inception in 2021, Project Catalyst has provided funding to more than 1,300 dApps, making it a vital catalyst for the growth of Cardano's decentralized ecosystem.
Decentralization in Action
Project Catalyst's core principle of decentralization allows any team to propose innovative ideas for decentralized applications or protocol upgrades on the Cardano blockchain. This open and democratic approach empowers ADA holders with a specific amount of tokens in their decentralized wallets, such as Yoroi, to review the submissions and select the most promising ones through a voting procedure. This model not only encourages community participation but also ensures that the best ideas receive the necessary support to thrive within the Cardano ecosystem.
Challenges and Controversies
While Project Catalyst Fund 10 achieved remarkable success, it was not without its share of challenges and controversies. The Cardano community engaged in spirited debates during this round, leading to important decisions. One such decision was the community's consensus that Input Output Global (IOG) should extend its Project Catalyst campaign for another year, reflecting the widespread support for this initiative and its potential to foster further innovation.
However, not all aspects of Fund 10 were without criticism. The list of applicants for Project Catalyst Fund 10 rewards raised eyebrows within the community. One team made headlines by submitting funding proposals a staggering 29 times, requesting a total funding amount that exceeded an astonishing $11 million equivalent. Another notable incident involved a previously unknown company that claimed to be backed by Cardano inventor Charles Hoskinson, requesting an eye-popping $20 million in funding, all while lacking a clear project description. Among various audacious requests, this company sought a substantial 2,456,544 ADA to establish a "talents economy" on Cardano.
A Bright Future for Cardano (ADA)
Despite these challenges, Project Catalyst Fund 10 represents a significant achievement for Cardano and its rapidly expanding ecosystem. The platform's unwavering commitment to decentralized innovation and community involvement continues to drive progress and development on the blockchain. With a strong foundation in place, Cardano is well-positioned for a promising future in the world of decentralized finance, applications, and blockchain technology, solidifying its status as a leading player in the crypto space. As the Cardano community looks ahead, it eagerly anticipates the transformative projects that will arise from the support provided through Project Catalyst.
Charles Hoskinson Criticizes New Michael Lewis Book and FTX's Sam Bankman-Fried
Meanwhile, Charles Hoskinson, the founder of Cardano, a renowned mathematician, and billionaire, recently took to X to share his critical perspective on the newly released book, "Going Infinite," authored by Michael Lewis. The book delves into the scandalous collapse of the FTX cryptocurrency giant, which occurred in November of the previous year.
"Dumpster Fire" Book
In his X post, Hoskinson did not hold back when expressing his opinion about the book, describing it as a "dumpster fire." This strong language indicated his disapproval of the book's content and approach.
Exoneration for SBF?
Hoskinson suggested that there might be influential individuals within elite circles who are eager to secure a public exoneration for Sam Bankman-Fried (SBF), the founder of FTX. His tone bordered on sarcasm as he voiced his concerns about what he perceived as the soft treatment of SBF in some media outlets, referring to it as a "kid-glove treatment."
"Apology Tour" for SBF
Hoskinson went on to accuse Michael Lewis of creating what he characterized as "an apology tour" for SBF with his book. He expressed his indignation, referring to SBF as "the Bernie Madoff of his generation," and questioned how the media seemed to be giving him "a free pass." Hoskinson concluded by suggesting that this situation reflects the deep-seated corruption within certain circles, particularly when one has the right connections.
Nassim Nicholas Taleb's Critique
Notably, Nassim Nicholas Taleb, the renowned author of bestsellers like "Black Swan," "Skin in the Game," and "Antifragile," also joined the chorus of criticism aimed at Sam Bankman-Fried. This criticism was sparked by a quote from SBF in Michael Lewis's book, where he expressed skepticism about Shakespeare's status as the world's greatest writer, arguing that a significantly smaller proportion of people were literate during Shakespeare's era compared to the present day.
Taleb took issue with this viewpoint, asserting that individuals like SBF may possess some knowledge of statistics but lack an understanding of historical processes and dynamics over time. Taleb reminded both the community and SBF that Shakespeare's work has endured nearly five centuries of scrutiny and appreciation, suggesting that the Bard's literary legacy has been significantly filtered and refined by the passage of time.
The price of ADA followed the predominant trend seen in the cryptocurrency market throughout the past day of trading. At press time, data from the cryptocurrency price tracking website CoinStats indicated that the altcoin was down 2.54%. Subsequently, ADA was changing hands at $0.251665.
Price chart for ADA (Source: CoinStats)
Notably, this 24-hour loss had pushed the cryptocurrency’s weekly performance further into the red zone. As a result, CoinStats data indicated that ADA’s price was also down 4.33% over the past 7 days.