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Cardano distributes large amounts of money to new projects

Cardano distributes large amounts of money to new projects

Cardano (ADA) is currently putting itself in terms of decentralized finance (DeFi) is increasingly on the map, but it also continues to develop itself at a high speed. One of the ways to attract property developers to the layer-1 blockchain is through the ‘Project Catalyst’: a decentralized financing platform for the Cardano network. Cardano has a treasury with which to fund new projects and in that respect the users have the power to decide whether a proposal deserves funding.

This innovative project has now announced a new round, Fund10, in which a significant amount of no less than USD 50 million will be allocated to ADA.

Cardano continues to develop

In a recent update that is on Twitter shared by Daniel Ribar, an influential figure at Project Catalyst, the community has been informed about the upcoming round of funding. Ribar also emphasized that Fund10 represents the largest funding pool in the crypto ecosystem.

Proposals can be submitted between June 22 and July 13 and voting is possible from August 31 to September 14.

Ribar also noted that Cardano’s treasury is currently about 10 epochs, equivalent to 50 days, to recoup funds of this size. This highlights the substantial ADAholdings of the treasury, which currently amount to approximately 1.28 billion ADA.

Project Catalyst provides builders and innovators the necessary resources to bring their ideas to life and contribute to Cardano’s growth and success.

Cardano DeFi growth

A while ago you could already read in the Cardano news that the network had reached a new milestone in the DeFi sector. It knew one Total Value Locked (TVL) of 400 million ADA.

The next major milestone of 500 million ADA is now almost reached. At the time of writing there is a total of 495.66 million ADA stuck in the network. While the TVL in dollars is well below all time high is located, the total in ADA tokens is well above the previous high of just over 300 million ADA in March 2022. This of course has everything to do with the ADA price, which is currently a lot lower.

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