FUND7 - here we go! $8,000,000 to be distributed 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.
ICYMI
Town hall slides & recording with timestamps from Nov 20 that talks about Fund7 voting and updates
Where voting registration is possible?
VOTING POWER SNAPSHOT ALREADY TOOK PLACE FOR FUND7. NEXT OPPORTUNITY IS FUND8.
IMPORTANT: If you registered in previous funds and were able to cast votes - your registration will be automatically valid for Fund7 voting round! Provided you still have your QR and PIN code and maintained 500 ada minimum balance during snapshot. Don’t need to re-register then. This does not apply to Fund2 or Fund3 registrations.
What’s the voter timeline like for Fund7?
We begin today - January 20
- January 20, 2022 @ 11:00 UTC - VOTING START
- February 3, 2022 @ 11:00 UTC - VOTING END
- ± February 10, 2022 - TALLYING & RESULTS
Note: Fund8 proposal submission is expected to start in mid November
How To Vote?
Before you do anything - you need to re-install your app as of now and re-scan your QR code once more to ensure your app is in a fresh ready state!
Check out these helpful additional guides:
- Without QR and/or PIN code you will NOT be able to vote
- Ensure to have a back up copy of both!
- Project Catalyst Voting App (use ONLY official apps)
- iOS: v0.1.19 Catalyst Voting on the App Store (only iPhone7 and higher are supported)
- Android: v0.1.19 https://play.google.com/store/apps/details?id=io.iohk.vitvoting
What is new in the voting app this round?
- Continuous registration: Users will stay registered across funds without re-registering
- Voting history: Users can keep track of which proposals they voted on, even if users reinstall the app or switch devices
- Distinguish featured challenges: Highlights different types of challenges
- Fund Goals: Provides common set of objectives to help the community frame decision-making on proposals
- Search, filter & order: Allows users to easily navigate across challenges/proposals
What else to keep in mind?
- The voting power represents the amount of ada you held and registered at the time of snapshot that took place on January 6, 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.
- 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
- 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
- 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 chain Jormungandr, not a main net
- You cannot check progress of vote as it unfolds in the current format
Voter Rewards
13% of the total fund - $1,040,000 in ada to be distributed to all participating voting power (relative to individual ada holdings)
- Amount of distribution is per ada not per wallet - and won’t be known until all registration of voting power is complete
- Fund7 Reward distribution is expected in mid February back to your registered wallet in the same format as your staking rewards (not as a separate transaction)
- Your 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 Fund7 round?
Catalyst App has been loaded with all the data necessary for you to start voting. You will have until February 3rd to cast your final votes. It is important to take your time and understand your voting choices as that determines future direction of Cardano ecosystem.
Voter Tool
This can be an intimidating task - knowing there are so many proposals out there that are competing for your attention and votes. One of the easiest ways how to start browsing is via this community made voter tool that enables you just that. Give it a try.
TOOL ITSLEF DOES NOT CAST VOTES BUT HELPS YOU NAVIGATE PROPOSAL LANDSCAPE. USE VOTING APP TO CAST THESE.
Note: each proposal has a ranking in form of 1 to 5 stars added to it. This rating represents the outcome of Community Advisor (CA) review of all proposals. CAs were asked to review each proposal and give it a ranking/scoring in three distinct categories - IMPACT, AUDITABILITY/CLARITY, 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 CAs. 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 Community Advisor Guidelines.
24 Funding Categories/Themes
869 total proposals seeking your approval each within their own unique categories. Browse them all via
- Project Catalyst Voter Tool and then cast your votes via Voting App.
Fund8 Challenge Setting Category
Cardano Community Choice for Fund7 - $12,800,000 in ada available
- 67 challenges suggested to get launched during Fund8 in order to fulfil Cardano’s mission
- Voter tool: Project Catalyst Voter Tool
- Note: these are NOT proposals for actual projects - but rather community driven choices of themes that anyone can submit actual proposals for during Fund8
- This allows Cardano community to vote on direction of fund dispersion
- If you come across an actual project proposal - this challenge is NOT intended for such purpose
- Curious what guidance to use? You could consider Catalyst Fund8 Strategic Goals per screenshot below
Fund8 Challenge Setting Strategic Goals
wenNext Fund78?
Expected to start with insight stage tentatively on February 17 with 16 million us dollars worth in ada . 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
Have questions or any doubts about Catalyst? Comment below or DM me directly here on reddit, via twitter or telegram - I’ll get back to you as soon as possible!
Danny
Daniel Ribar
Community at Project Catalyst
Where to find Project Catalyst?
Catalyst Announcements only: Telegram: Contact @cardanocatalyst
Subscribe to the Catalyst mailing list: IOHK