I largely agree that external liquidity and real TVL are essential to accelerating ADA’s growth. Without capital inflows, even the most advanced technology will eventually slow down.
That said, it’s important to recognize that Catalyst’s impact has not been uniform. Some funded projects failed to achieve meaningful adoption, while others were well executed, delivered tangible products, and built real solutions on the blockchain.
Catalyst should therefore not be viewed as a liquidity engine, but rather as an ecosystem-development tool. When used effectively, it helps lay solid foundations in terms of infrastructure, education, tooling, and community growth.
In my view, the real challenge today is not to replace Catalyst, but to build on what it has enabled by complementing it with robust stablecoins and structured external capital. A good example of this direction is the recent initiative involving the Cardano Foundation, Draper Dragon, and Draper University, which proposes the creation of a US$80M fund dedicated to scaling Cardano adoption over a multi-year horizon. This type of vehicle is designed to support Cardano’s next phase of growth through direct investments in high-potential startups, growth capital for liquidity, exchange access, and global market expansion, and educational support via accelerators and developer programs, while also aiming to return value back to the Cardano Treasury over time.
Read more here: Scaling Global Adoption: Cardano and Draper Dragon Partner for Strategic $80M Fund
Thank you for raising this point, this is an important discussion the ecosystem needs to have.