Cardano's Project Catalyst is intriguing: a decentralized fund of approximately $1 billion that will be voted on and allocated to those with proposals to improve the Cardano ecosystem.
On October 29, an ecosystem builder announced that Catalyst had funded not one, but all of its proposals.
[ded] Change is enjoyable.
dcSpark, a crypto infrastructure architect, announced that Project Catalyst members had voted to allocate a total of $165,000 to its proposals.
We are happy to announce that all our proposals in #ProjectCatalyst were funded!!— dcSpark (@dcspark_io) October 29, 2021
Everyone at dcSpark will like to thank the Cardano $ADA community for supporting us with your votes!!
There’s good progress with @FlintWallet & @Milkomeda_com, visit our Discord to catch up⚡️
A rollback handler, multi-signature for Ethereum Virtual Machine [EVM] bridges, and a standard for cross-chain asset transfers were among them.
What impact will these proposals have on the Cardano ecosystem? Rollbacks help maintain the integrity of a blockchain when it splits into branches. However, this can have a significant impact on the user experience. The dcSpark solution 'Multiverse' was designed to help nodes understand what is going on and to speed up the process.
Meanwhile, Milkomeda is a protocol designed to add EVM capabilities to chains such as Solana and Cardano. This should make asset transfers easier for users.
dcSpark claimed in a recent statement,
“In other words, as an example for Cardano, Milkomeda will allow sidechains to be deployed that connect directly to the mainchain and use wADA (wrapped ADA) as the asset to pay for transaction fees.”
It is worth noting, however, that Milkomeda stated on October 28th that Catalyst's funds were "barely enough" for its needs.
Funds from Catalyst are hardly enough to fund anything for our case -- also we haven't even received any funds for Milkomeda... We actually we had to go out to look for investment— Milkomeda (@Milkomeda_com) October 27, 2021
Cardano founder Charles Hoskinson, on the other hand, reportedly called Milkomeda a "valuable addition" and emphasized the importance of interoperability among chains and operating systems.
dcSpark, for its part, revealed that it had requested funding from Project Catalyst to conduct "developer evangelism" in Japan during the Blockchain Expo.
Catalyst fund 5 update:— dcSpark (@dcspark_io) October 30, 2021
Earlier this year we asked for Catalyst $ADA funding for developer evangelism work in Japan
This week our team spent 3 days talking to people about how they can use @Milkomeda_com to deploy their Solidity contracts on Cardano
Thank you for your support! pic.twitter.com/g7OghHCNLQ
Project Catalyst voters must reach an 8,000 ADA threshold in order to vote on proposals and keep spammers out.
Cardano wielding a katana
Cardano's ADA debuted in Japan in August of this year. While the East Asian country is thought to be open to crypto innovation, it closely monitors the industry and cracks down hard on rule breakers.
Japanese regulators were looking into Cardano investors in October for allegedly evading taxes. According to local reports, approximately 1.4 billion yen [roughly $12 million] was lost due to general tax evasion. Furthermore, Japanese regulators are concerned about the lack of transparency in the cryptocurrency industry.