Renovating Catalyst Governance

To attract talents to submit high-quality proposals and Ada holders to vote, an attractive governance of Catalyst Fund is a must.

The number of high-quality proposal is increased.

The percentage of Ada participating in voting for/against project selection is increased.

When this challenge comes toward the end, we can ask ourselves:

• The number of high-quality proposal is increased?
• The number of Ada participating in voting for proposals increased?
• Percentage of funded proposals over total submitted proposals increases?
• The number of funded projects to be implemented in reality increases?
• Talent around the world comes to Cardano ecosystem?
• How is the feedback of the community about the Renovated Catalyst Governance?
• Have the quality of the Cardano Ecosystem been increased?
• Catalyst Fund becomes a pool of talent?
• Signs of using bot for proposal review vanishes?
• Controversial about proposal review vanishes?
• Poor proposal reviews die down?

Current situation:

Through 7 Funds, Catalyst management still reveals many shortcomings, such as:

• The total volume of Ada participating in voting for project selection is incredibly low (Fund 7 only ~12% of Ada participated in voting).
• The roles of CA, vCA are limited and controversial. Some CAs, vCAs have signs of using bots for their evaluation to maximize the benefit, negatively affecting genuine CAs & vCAs.
• The number of projects realized and influenced by Cardano in the reality is limited.

The questions are: (1) How to get the attention of Ada holders and motivate them to vote for or against a proposal; (2) How to attract great proposers to proposed excellent projects for Cardano ecosystem; and (3) How to minimize the controversial issues originated from CAs, vCAs while maximizing their role as experts. These three questions have the same answer: Financial Benefit or Catalyst Fund Governance.

Purpose of this challenge:

The purpose of this challenge is to create a place to attract innovative idea/solution about How to govern the Catalyst Fund to solve the three above-mentioned questions.

Looking at current situation of Catalyst fund, it is managing three players, namelys: (1) Proposers; (2) Ada holders; and (3) CAs/vCAs. For the benefit of Cardano ecosystem, the two formers are the key players. Recommended proposals within this challenge should, therefore, focus their attention on building the governance mechanism of the Catalyst fund on Ada holders and proposers.

- For ADA holders, when the reward is attractive, they will participate in voting for qualified proposals since such good proposals will bring value to Cardano ecosystem, or Ada holders themselves. For the selection of qualified proposals to vote for, naturally, Ada holders will utilize the participation of experts (CA, vCA) because this directly affects their interests. In turn, CA and vCA will automatically doing their best to attract the selection of Ada holders. And, of course, Ada holders will be the one who pays for expert's works (CA/vCA's reviews). Cheating and/or poor review will soon die down, as a consequence.

- For proposers, in order to receive votes from Ada holders, their project itself must be excellent and well approaches Ada holders. Proposers, therefore, will find the best way to introduce their proposals to the community in order to get funded and maximize their benefits. It will in turn marketing Cardano to the community, naturally.

Proposal size:

Proposers' need to think outside of the current Catalyst approach to create a breakthrough in Catalyst fund governance. A proposer team is welcome to propose a total solution for the governance of Catalyst fund mechanism both technical and in content with the whole fund of the challenge if the solution is presented in a clear and convincing manner.

Budget rationale:

To be able to propose a Catalyst fund governance mechanism, the proposers' team needs to include qualified personnel in governance, with professional knowledge and understanding of Catalyst funds. The team needs to brainstorm various options before getting to the optimal one to propose to the Catalyst. It is suggested that this governance mechanism should be verified by an independent and competent 3rd party.

In our opinion, this challenge should be voted for to absorb great Governance Mechanism as soon as possible for the beneficial of Ada holders themselves and for the development of Cardano ecosystem, in general.

Please VOTE for us.

Thank you.