Onchain Impact analysis of Project Catalyst Fund Distribution and Performance from Fund 9 to Fund 12

[GENERAL] Name and surname of main applicant

Sheraz Ahmed

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

9

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Detailed analysis of on-chain metrics to evaluate Catalyst’s fund distribution to evaluate impact, optimize funding, and provide actionable insights for future ecosystem growth and governance.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

These dependencies are crucial for ensuring accurate data collection and comprehensive analysis.

1. Catalyst Team Collaboration: We will need access to Catalyst's internal project tracking and reporting tools to gather data on voting participation, fund allocation, and project milestones.
2. Case-study Partners: We shall be collaborating with 2 projects per category to evaluate the metrics for the purpose of this research, we request the Catalyst team to connect us with a total of 12 projects across 6 categories, the details of these project profiles shall be conveyed to the Catalyst team
3. Blockchain Data Access: We require access to Cardano blockchain data to analyze transaction volumes, user engagement, and project-specific smart contract deployments.
4. External Partners: Collaboration with external partners may be needed to analyze smart contracts and infer on-chain metrics like TVL (Total Value Locked) and TPS (Transactions Per Second).

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

Notion websites:

All the research findings will be published on Notion, including the reports, appendices, interview minutes and any other literature reviewed.

Youtube Videos:

The presentation of the report shall also be published as a publicly listed YT video

[METADATA] Horizons

Research

[SOLUTION] Please describe your proposed solution

1 Objective:

The objective is to analyze on-chain activity related to Project Catalyst’s fund distribution and the performance of funded projects, tracking their progress from Fund 9 to Fund 12. This analysis aims to evaluate the efficiency of fund allocation, project completion, and the overall impact on Cardano’s network.

2 Methodology:

The methodology involves gathering specific on-chain data to evaluate Catalyst’s project delivery and fund allocation effectiveness.The research shall be carried out in the form of case-studies by the category of projects. The case studies shall be published on monthly on-going basis, allowing a good margin for feedback and improvement.

1. Sectional Breakdown: The analysis will be divided into several key sections, with each section requiring distinct data points to understand Catalyst’s performance.
2. Collaboration and Dependencies: The data collection process will heavily depend on Catalyst’s data, extracted through collaboration with Catalyst team members using their internal tracking and reporting tools.
3. Special Note: Some of these metrics may be automated for future long-term tracking as part of separate follow-up projects.
4. Data Integration: Each section will integrate data from Catalyst as well as external sources to provide a comprehensive evaluation of Catalyst’s on-chain impact.

3 Data Collection and Analysis:

Section: Voting Participation Rates

Objective  

The objective of this section is to analyze voting trends across Project Catalyst funding rounds to understand community engagement and identify key factors influencing voter behavior.

Data Points Needed  

• Voting participation rates per funding round: Measure the number of voters participating in each funding round to track overall engagement trends.
• Voter retention and growth: Differentiate between new and repeat voters to understand community retention and the growth of the voter base.
• Regional participation trends: Identify geographic trends in voting patterns to assess global reach and regional engagement.

Metrics to Aim For  

• Participation Rate per Round: The percentage of eligible voters participating in each funding round.
• Engagement Trends: Track shifts in participation rates over time to assess the effectiveness of engagement strategies.
• Regional Distribution: Analyze voter distribution across regions to gauge the impact of Catalyst outreach efforts and identify areas for improvement.

Data Source  

Data will be sourced from Catalyst’s on-chain voting records and engagement metrics.

Dependencies  

• Collaboration with Catalyst for access to on-chain voting data and any internal reporting tools that can provide additional insights into voter demographics and regional trends.
• Potential integration with off-chain datasets to gain a holistic view of engagement and voter sentiment.

Section: Growth in Network Activity

Objective  

The objective of this section is to assess the impact of Catalyst-funded projects on Cardano’s network growth, particularly focusing on the increase in smart contract activity and its correlation with network metrics.

Data Points Needed  

• Network Activity:  
• Transaction volume, user growth, and TPS (Transactions Per Second) post-project completion to measure changes in network usage.  
• Milestone-Related Data:  
• Project delivery timelines and milestone completion status for each Catalyst-funded project.

  

Metrics to Aim For  

• Project Delivery Efficiency:  
• Assess how efficiently projects are delivering against their milestones and their adherence to proposed timelines.
• Ecosystem Impact (On-Chain Metrics):  
• Measure the impact of projects on network activity, including user engagement, dApp usage, and overall transaction volume.
• Milestone Correlation Analysis:  
• Identify correlations between project milestones (e.g., smart contract deployments) and spikes in network activity.
• Milestone Delivery Analysis:  
• Evaluate the frequency and success rate of milestone deliveries, and their subsequent influence on network growth.

Data Source  

• Cardano blockchain activity data (e.g., transaction logs, smart contract activity).  
• Catalyst milestone data for project-specific timelines and delivery performance.

Dependencies  

• Collaboration with Catalyst to access project-specific milestone data, allowing accurate correlation with network activity.  
• Potential integration with blockchain explorer tools to extract relevant on-chain metrics and validate milestone-related impact on network growth.

3.1 Additional Metrics to Study depending on feasibility

1. Voting power analysis:
2. Sizes of accounts that are approving projects
3. What’s the distribution of voting size per project in each category?
4. Is there any timing data that correlates marketing or announcements on certain channels to voting, or do the same people always vote during a certain timeframe?
5. New Developer Engagement:
6. Tracking how many new developers are deploying during each funding round. This helps guage developer sentiment towards Catalyst

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

This project aims to enhance the

• Transparency, efficiency, and effectiveness of Project Catalyst by providing an in-depth analysis of fund allocation
• The impact of funded projects is evaluated through rigorous on-chain data analysis, the project will help identify the strengths and weaknesses in Catalyst’s funding processes and project performance.
• By doing so, it will enable more informed decision-making for future funding rounds, optimize resource allocation, and improve governance mechanisms.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Our team has an established track record of delivering impactful research, educational and strategic insights for Project Catalyst. Over the last two funding cycles, we have successfully secured and executed nine Catalyst grants, demonstrating our ability to manage complex projects while consistently meeting the expectations of the Cardano community.

• This experience includes a comprehensive RFI (Request for Information) research report that provided detailed comparitive analysis on Grants and the impact of previous funding rounds, laying a strong foundation for this proposed study.
• Storm team brings strong on-ground experience and understanding of the Cardano ecosystem. Both Managing Partner, Sheraz, and Director, DJ Bodden, possess deep knowledge of the ecosystem and have a strong track record of executing high-impact projects. Their combined corporate and Web3 expertise provides a robust blend of structural and domain-specific skills, ensuring that the project is managed with strategic oversight and operational excellence.
• Leading this initiative is our principal investigator, a former Polygon Voucher Grants Lead, who has a wealth of experience in designing and executing ecosystem programs for various blockchain initiatives. This expertise positions our team to deeply understand the nuances of grant allocation, program performance, and ecosystem development. With this background, we are uniquely equipped to conduct a thorough analysis of Catalyst-funded projects, assessing their effectiveness, identifying key success factors, and exploring potential failure models
• By leveraging our extensive experience, proven methodologies, and a team that is well-versed in both blockchain and traditional business domains, we are confident in our ability to deliver actionable insights and strategic recommendations that will help optimize Catalyst’s future funding decisions and further strengthen Cardano’s ecosystem.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Milestone 1: Finalizing Research Objectives and Metrics

Output:

1. Finalized research objectives, metrics to be evaluated, and a list of projects to be interviewed by category across Fund 9 to Fund 12.

Acceptance Criteria:

1.1. Research objectives clearly defined and aligned with the project’s scope and impact goals.

1.2. Metrics for evaluation outlined, covering on-chain parameters.

1.3. Selection of projects from each category completed and agreed upon by the team and stakeholders.

Evidence:

1.1. A documented research plan including objectives, metrics, and selected projects.

1.3. List of shortlisted projects for interviews, shared as a formal document.

Milestone 2: Three Case Studies across 3 categories Published

Output:

1. Two comprehensive case studies on Catalyst-funded projects completed and published.

Acceptance Criteria:

1.1. Each case study includes detailed analysis of project milestones, on-chain impact, and alignment with Fund goals.

1.2. Case studies meet the research objectives and provide actionable insights.

1.3. Published case studies

Evidence:

1. Case study reports shared as separate documents or blog posts and link to published case study reports
2. Case study shared with the projects part of the study

Milestone 3: Three Case Studies case studies across 3 more categories Published

Output:

1. Two additional case studies on Catalyst-funded projects completed and published.

Acceptance Criteria:

1.1. Case studies implement previous community reviews (if any) and provide new insights.

1.2. Each case study aligns with the research objectives

1.3. Published case studies

Evidence:

1. Case study reports shared as separate documents or blog posts and link to published case study reports
2. Case study shared with the projects part of the study

NA

Milestone 4: Full Report and Community Feedback

Output:

1. Comprehensive final report including key takeaways, research findings, and community feedback across all six case studies.

Acceptance Criteria:

1.1. Final report includes a synthesis of findings from all case studies.

1.2. Report outlines actionable recommendations for Project Catalyst and the broader Cardano ecosystem.

Evidence:

1. Final report shared with the Catalyst community and stakeholders.
2. Presentation of findings through a dedicated community session or webinar.
3. Feedback from the community and stakeholders documented and incorporated into the project closure report.

[RESOURCES] Who is in the project team and what are their roles?

Sheraz Ahmed - Managing Partner

https://www.linkedin.com/in/sherazahmed1/

Sheraz Ahmed has advised hundreds of organisations on the implementation of modern Web3 practices to further their business objectives. As the Managing Partner of STORM Partners, an all-in-one service provider, and as the Co-Executive Director of the Crypto Valley Association, he drives growth, collaboration, and integrity across the global blockchain ecosystem!

Darby (D.J.) Bodden - Director of Operations & Ecosystem Department

https://www.linkedin.com/in/d-j-bodden-00598a5b/ 

D.J. is a 20-year professional with a focus in organizing both large formal and small startup operations. He started as a military officer, and then transitioned to commodity trading before helping start and fund a blockchain traceability startup from the ground up, working with large enterprises to deliver the solution. He has since then used the lessons learned from those experiences to help businesses refine their strategy, operations, and processes.

Natcha Chaiprasit - Project Manager/ Data Analyst 

https://www.linkedin.com/in/natchanok-c-308849168/

Natcha is a Sr. Analyst in the Ecosystem department at STORM Partners, with a master's degree from the London School of Economics (LSE). With deep exposure to the blockchain ecosystem, Natcha currently oversees Catalyst grants from Cardano, applying her expertise in project management to support the development and execution of key initiatives. 

Channabasava - Team Lead 

Lead Cardano Grants analysis reports, and been on the founding team of Polygon’s Grants function Prev. Voucher Grants Lead at Polygon, founding member Polygon Village and Polygon DAO. Experienced across building Grants and Ecosystem programs  

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

[BUDGET & COSTS]

The proposed project budget is structured to cover all essential resources and operational expenses for effective execution and delivery. The total estimated cost is 96,789 ADA, broken down as follows:

a. Project Manager: 38,000 ADA  

  The Project Manager will oversee interview logistics, project coordination, and overall execution. This role includes managing project timelines, ensuring milestones are met, coordinating communication with stakeholders, and integrating feedback into research findings.

b. Researchers (2): 30,000 ADA  

  The two researchers will conduct detailed research, data collection, and analysis across all five sections. Their responsibilities include performing interviews, synthesizing data, and compiling comprehensive reports on fund distribution, project success rates, and sustainability.

c. Subject Matter Expert (SME): 25,000 ADA  

  The SME will provide strategic guidance and validation of research findings. Their expertise will ensure that the research methodology and outcomes align with Cardano’s strategic priorities. The SME will also review final reports and provide in-depth insights on data interpretation and impact assessment.

d. Miscellaneous Costs: 3,789 ADA  

  This includes expenses for data tools, software licenses, cloud hosting, and other resources required for data collection, analysis, and storage. Additional costs cover reporting tools and software used for generating visual dashboards and presentation materials.

Additional Considerations:  

• Data Tools and Software: The budget includes professional data analysis tools to manage and analyze collected data, ensuring high accuracy and integrity of results.
• Documentation and Reporting: Resources are allocated for comprehensive documentation, report creation, and publication to ensure findings are accessible to the Catalyst community.
• Community Engagement and Communication: Funds are set aside for conducting community sessions and workshops to present findings and gather feedback.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

This project provides excellent value for money by offering in-depth insights into Project Catalyst’s operations and funded project performance. The outcomes will help improve the allocation of future funds and foster greater community engagement, while also driving transparency in the ecosystem. The ongoing publication of case studies allows for iterative feedback and improvement, ensuring the community's resources are used effectively for Cardano’s long-term growth.