Input Output Honk Kong (IOHK), the company behind Cardano, has announced that its Project Catalyst Fund9 will be launched on June 1. This is coming after the company completed the Fund8 round, with the winners already announced.
According to the announcement, the project expects to attract a minimum of 1,000 proposals. IOHK has already pledged $16 million worth of ADA s ecosystem rewards and grants for the project. According to the project managers, it is expected to ensure more participation and bring significant improvements to the Cardano Network.
Project Catalyst was launched with the collaboration of IOHK and the Cardano community, to encourage the development of the Cardano Network.
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Cardano Sets To Expand Its Network
The Cardano community works to provide solutions to various issues related to Cardano. It also highlights challenges the network must address to become stronger and more efficient. When these challenges are identified, the community reacts by suggesting plans that offer clear solutions. It operates on a democratic system, where members vote on proposals and select the ones that will receive funding.
IOHK, in its recent update about the project, stated that 943 projects are currently building on the Cardano network. this means that 18 more projects have been added since the last update of 925 projects. 85 projects have been recently developed and launched on Cardano.
The numbers of NFT projects are also on the rise, with 5,656 NFT-related projects currently ongoing. The number of Plutus scripts has risen to 2,714, while Cardano native tokens are 4.8 million. Additionally, Github connects for this week totaled 3,132.
The Hard Fork To Bring Massive Improvement On The Platform
Cardano is also expecting a strong positive reaction from the community in anticipation of the Vasil Hard Fork, billed for June 29 next month. The hard fork is expected to bring massive improvement on the platform, as well as in its smart contract platform.
IOHK has already provided a road map ahead of the hard fork. At the end of the month, the network will close the public testnet phase, paving way for the launch of Vasil’s Cardano testnet in early June.
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Cryptoassets are a highly volatile unregulated investment product.