FUND9 - here we go! $16,000,000 to be distributed by Cardano community in total!
Time to get close and personal with Cardano on-chain governance!
Note: This post is relevant to CASTING VOTES. I will keep updating this information as this rolls in to keep it up to date. In case you get lost, confused, run into any sort of trouble, follow the links at the end of this post for support. Or simply reply to this reddit post - I will be regularly sweeping for answers whenever I can! Here to help you.
ICYMI
Town hall slides & recording with timestamps from Aug 31 that talks about Fund9 voting and updates
Where voting registration is possible?
Reading about registration for the first time? Welcome aboard. Do mind that it is no longer possible to participate in voting in Fund9 if this is first time reading for you. If you register now - you will only be able to participate in Fund10 at the earliest. Why? Registration is ongoing and continuous - one can generate new QR and PIN code at any time. What is key? To watch out for snapshot days which happen once every Fund and inform whether you can or cannot be involved in the current active voting round. This snapshot generally takes place a week or two in advance of voting period and determines weight of your voting power.
VOTING POWER SNAPSHOT ALREADY TOOK PLACE FOR FUND9 ON AUG 4 at 11AM UTC.
IMPORTANT: If you registered in previous funds and were able to cast votes - your registration will be automatically valid for following Fund rounds. You do not need to obtain new QR/PIN code. Simply rescan your QR to log back in/connect your wallet. You may need to uninstall and install your app back in before scanning code once again.
I am still confused and I have no idea what you are talking about. Here’s a visual help that might be useful.
Timeline
What’s the voter timeline like for Fund9?
- Sep 5 at 10AM UTC - SOFT LAUNCH (first ~24 hours to iron our bugs)
- Sep 6 at 3PM UTC - VOTING START (official comms)
- Sep 19, 2022 @ 3PM UTC - VOTING END
- ± Sep 27, 2022 - TALLYING & RESULTS
How To Vote?
Make sure to reinstall or update the latest version of Catalyst Voting apps.
Check out these helpful additional guides:
- Without QR and/or PIN code you will NOT be able to vote
- Both are needed to log back into the app
- PIN code is needed to confirm casting votes once logged in
- Ensure to have a back up copy of both!
- Project Catalyst Voting App (use ONLY official apps)
- iOS
- v0.1.21 - Catalyst Voting on the App Store
- Only iPhone7 and higher are supported
- Android
- iOS
- You may need to uninstall your old app if after update you are unable to log back in with your QR code. Do not generate new QR codes at this stage as it won’t help for the current funding round.
What is new in the voting app this round?
Registration & Onboarding
Search & Filter
Note: current search version does not query entire proposal end to end - only fields that show within Voting App.
Navigation & Voting
Privacy mode
My Wallet ID
- You can easily share via copy feature with support desk whenever troubleshooting
- Wallet ID is part of the metadata published on Cardano blockchain during the registration. This can enable to verify that your wallet is registered correctly and to query your voting power. It cannot be used to move any funds nor to cast ballots. It’s for support purpose only.
Looking ahead
Key objective in the upcoming funds will be to make the app more usable across the fund cycle to promote engagement, reduce frustration, and streamline onboarding
- In flight development includes…
- Wallet dApp connector to serve as next iteration on existing path for QR/PIN only
- Web application /dApp to enable desktop experience
- Daily voting power updates outside of snapshot / voting
- Delegation of vote & dReps
- Continuous work on enhancing messaging and overall UX flow
What else to keep in mind?
Voting Power
The voting power represents the amount of ada you held and registered at the time of snapshot that took place on Aug 4, 2022 @ 11AM UTC.
- 500 ada = 500 voting power
- 5,000 ada = 5,000 voting power
- 50,000 ada = 50,000 voting power
Few FAQs
Why is your voting power less than what your wallet shows?
- Any unclaimed rewards are NOT part of the voting power - hence the difference
- Staking does not prevent from voting and vice versa
- You can vote for only one proposal, all of them, or anything in between. There are NO limits
- You are not spending your ada when voting, nor sending it anywhere
- Voting power is a COPY of your real ada that interacts now on a Catalyst sidechain Jormungandr
Your vote can be:
- YES vote (positive), NO vote (negative), or ABSTAIN (you take no action)
- You can change your mind and adjust your votes whenever until the deadline as long as you DO NOT CAST them to blockchain (keeping them in your ‘My Selection’ section)
- Once you cast your votes to blockchain - you no longer can change your vote on these proposals
- Once you vote YES or NO - you cannot presently revert back to ABSTAIN and will be asked to choose one of the two only options only
- Every time you vote - ALL your voting power is applied to any proposal you choose (think about when you punch a bag - it’s your total power of that punch)
- If your voting power is 500 ada and you vote YES - 500 ada is added to the positive vote
- If your voting power is 500 ada and you vote NO - 500 ada is added to the negative vote
- If your voting power is 500 ada and you do not choose to vote - nothing happens
- Your voting power does NOT deduct when you cast votes. It always stays the same!
- In the end, all negative votes are deducted from all positive votes to arrive at the final vote tally
- At least 1% of the participating voting power must vote on the proposals
- Proposal can be considered for funding only in such case that it receives at least 15% or more YES votes than NO votes
- Top voted proposals get funded based on fund availability until there isn’t enough votes to fund any next proposal in the amount they’ve asked for
- During this time, there are no transaction fees incurred to cast your votes
- Vote is done on a side test blockchain Jormungandr, not a main net
- Checking progress of a live vote as it unfolds in the current format is not possible
Voter Rewards
13% of the total fund - $2,080,000 in ada to be distributed to all participating voting power (relative to individual ada holdings)
- You must cast votes in order to receive any voter rewards
- No votes, no rewards
- Amount of distribution is per ada not per wallet - and won’t be known until all votes are cast
- Fund9 Reward distribution is expected in mid October back to your registered wallet
- Wallet must be staked in order to receive voter rewards by the time of rewards distribution the latest
- Unsure about previous fund rewards and how to see them?
- Check this post instead
What will you be voting on in this Fund9 round?
It is important to take your time and understand your voting choices as that determines future direction of Cardano ecosystem.
Wishing to understand where Proposals come from? Check this out: Proposal Journey in Catalyst (public) - Google Docs.
Community Voter Tools
This can be an intimidating task - knowing there are so many proposals out there that are competing for your attention and votes. Luckily, there are now community tools that can help you with making these choices. Here are some of them:
- Voter tool by Cardano AIM
- Voter tool by LIDO Nation
Note: You need to use official Voting App to cast votes. Above tools do not enable that.
Scoring/Ranking
Note: each proposal has a ranking in form of 1 to 5 stars added to it. This rating represents the outcome of Proposal Assessor ¶ review of all proposals. PAs were asked to review each proposal and give it a ranking/scoring in three distinct categories - IMPACT, AUDITABILITY, FEASIBILITY - on the following scale:
- (1) I strongly disagree
- (2) I disagree
- (3) I neither agree nor disagree
- (4) I agree
- (5) I strongly agree
This score was then averaged from each of the three categories into one final score now visible inside the app from all valid participating PAs. Do keep in mind that these are guidelines and you are free to choose proposals based on your own understanding and research. Consider this as a useful tool in assisting your voter decision. You can learn about this in greater detail via Proposal Assessor Guidelines.
If you wish to dive more into Proposal Journey generally - check this document instead: Proposal Journey in Catalyst (public) - Google Docs.
Would you like to participate in audit/oversight? Check this call to action and sign up!
12 Regular Funding Categories/Themes
About 1,166 proposals seeking your approval each within their own unique categories. Including 61 challenge setting proposals and 36 Cardashift - Catalyst Natives ones.
Fund10 Challenge Setting Category
12,800,000 in ada available. 61 challenges suggested to get launched during Fund10:
- Read via Ideascale
- Read via AIM tool
- Read via LIDO tool
Note: these are NOT proposals for actual projects - but rather community driven choices of themes that anyone can submit actual proposals for during Fund10. This allows Cardano community to vote on direction of fund dispersion
Fund9 Goals
Curious what guidance to use? You could consider Catalyst Fund9 Strategic goals per screenshot below. These were drafted via community sensing by means of a public poll that has helped shape the final form for this current fund.
wenNext Fund10?
Expected to start with insight stage tentatively in late October/early November. Stay tuned for more updates via subscribing or hitting follow on below contact links.
Now - off you go and help shape the future of Cardano by making your voice heard.
Get in touch about Catalyst & Cardano Governance
Have questions or any doubts about Catalyst or Cardano Governance? Comment below or DM me directly here on reddit, or follow me via twitter or telegram - and let’s have a conversation. I will get back to you as soon I can.
Enjoy your voting!
Danny
Community at Project Catalyst & Governance
Where to find Project Catalyst?
Subscribe to the Catalyst mailing list: IOHK