Project Catalyst: Fund15 goes multi-chain

As we enter Fund15, Catalyst introduces two significant changes to how voting outcomes will be determined:

• 2% Active Stake Threshold
• Quadratic Voting (Cube Root applied)

These updates are designed to make Catalyst’s decision-making more balanced and representative of those actively participating in the ecosystem.

In previous rounds, the 1% approval threshold was based on registered stake — roughly 4.5 billion ADA. This meant that proposals needed around 44–45 million ADA in support to even qualify for funding consideration. With fewer active voters in Fund14, this threshold became a bottleneck, excluding many otherwise strong projects.

To address this, Fund15 shifts the focus from registered stake to active stake — a metric that better reflects real participation. Now, projects must meet 2% of active stake, aligning approval thresholds with the number of people who actually show up to vote.

Alongside this, Catalyst continues to evolve its Quadratic Voting model — where large wallets have their voting power “squeezed” by applying a cube root formula. The aim is to make it harder for a few big holders to dominate outcomes, while ensuring smaller holders gain a stronger share of voice.

Together, these parameters create a more equitable balance, preserving the principles of openness and decentralization, while making Catalyst’s outcomes more representative of its active community.

Fund14 was a milestone in Catalyst’s evolution — the first time Quadratic Voting was tested at scale. The idea was simple but powerful: to make voting fairer and flatten the influence curve between large and small holders.

However, when we applied both quadratic voting and the 1% registered stake threshold, something unexpected happened:

• Only 26 projects (out of nearly 1,200 that made it to the ballot) would have passed the threshold.
• That would’ve left 7 million ADA unallocated and hundreds of worthy projects without funding.

Recognizing this, the team reverted to the traditional 1 ADA = 1 vote model for Fund14’s final results. This ensured 122 projects were funded across four categories, leaving minimal ADA unspent and preserving Catalyst’s spirit of experimentation and inclusivity.

The takeaway? Experimentation is necessary — but so is adaptability. Fund14 taught us that while quadratic voting effectively redistributes influence, pairing it with an overly rigid approval threshold limits participation.

Fund15’s move to the 2% active stake threshold directly addresses this by tying approval to actual voter engagement, not historical registration. This makes the system more dynamic, more alive, and more community-driven.

With lessons learned and parameters refined, Fund15 kicks off now — and it’s going to be a big one. Here are the dates you need to mark down:

• 🚀 Launch Town Hall - 5 November – 3PM UTC
• 📝 Proposal Submissions Open - Week of 12 November
• ⏰ Submission Deadline - 27 November
• 🔍 Reviewer Registration - 11 – 27 November
• 🧠 Community Review Period - 2 – 15 December
• 🗳️ Voting Period - 13 – 27 January
• 📊 Voting Results Announced - Week of 29 January
• 🧭 Project Onboarding - February 2026
  

This round also marks the introduction of the new “Midnight” category, focused on privacy-preserving applications — an exciting expansion that encourages innovation in decentralized identity and data sovereignty.

Final Thoughts

Catalyst continues to evolve as an open, global experiment in decentralized innovation. Fund15’s updates reflect our collective journey — one that values fairness, liveliness, and participation over perfection.

So whether you’re a long-time proposer, a returning voter, or brand new to the community — now’s the time to get involved.

“Catalyst is intended to be a safe and lively place for experimentation — where everyone has a voice, and where new ideas can take shape and thrive.”

Join us as we launch Fund15. Submit your proposal, become a reviewer, or simply show up to vote.Your participation is what keeps Catalyst alive.

🎥 Watch the full video for a deep dive into the numbers, reflections, and what’s ahead.