IOHK Project Catalyst: Why We Applied
What is IOHK Project Catalyst?
Project Catalyst is a community-based experiment at the core. Serving as a community-governed fund, Catalyst provides the financial support projects need to grow and develop the Cardano ecosystem. They provide the framework that allows community members to vote on the direction of future development for the blockchain. Catalyst’s goal is to bring governance and democracy into the process of determining priorities for blockchain growth so that every stakeholder can have a voice.
Any community member can submit a proposal and any ADA holder can access the voting process for these various proposals by staking at least 500 coins. Project proposals that win community votes are given grants to pursue development centered around all things Cardano.
Catalyst helps support projects of all different types including: DeFi and Infrastructure, Utility such as Digital ID development, even Metaverse and Blockchain Gaming projects such as Lovelace World.
Lovelace World’s Catalyst Submissions
Our vision is grandeur and our technology is powerful. Lovelace strives to be the premier gateway for projects entering the metaverse space on Cardano, which is why we submitted two separate Project Catalyst proposals to further develop our strong technology.
Plug-n-Play NFT/GameFi Toolkit
Lovelace’s “Metaverse-as-a-Service” GameFi toolkit will enable individual content creators and larger institutions to build on Cardano. Our no-code creator tools will exponentially improve project onboarding for Cardano and allow those with little knowledge of coding to easily bring their ideas and games to life on the blockchain. The strong partnerships we’ve forged with projects like Netvrk, Ferrum, Seascape, and Charli3 will help guide our product development to deliver the tech that our stakeholders need.
Lovelace has submitted a Project Catalyst proposal specifically to help fund the ongoing technical product development of our comprehensive toolkit and bring wider metaverse development to Cardano.
You can find more information on this Project Catalyst proposal here.
GameFi/Metaverse Developer Treasury
We believe the future of blockchain development is a journey best endured among friends. As the GameFi and Metaverse space continues to grow and demand skyrockets, project funding will continue to become a concern.
Lovelace World submitted a proposal to found a GameFi and Metaverse ecosystem treasury to bring support to projects building in this space. A decentralized treasury will give the community the decision-making ability to bring their favorite projects to Cardano.
While the Catalyst fund provides the community the ability to finance initiatives for the entire Cardano ecosystem, Lovelace World’s proposed treasury will focus on projects solely in the GameFi, NFT, and metaverse space. The fund will also give these projects the capital they need to develop the products and tools that will help the ecosystem grow.
Lovelace will create a governance process to redistribute all granted funds to the community-supported projects via voting. Our role is to act as a procurer, promoter, and custodian of this treasury, while we will be submitting additional proposals to replenish the treasury after depletion and ensure the continued focus on expanding the Cardano metaverse space.
You can find more information on this Project Catalyst proposal here.
How Can You Be a Part of This Process?
Project Catalyst is an initiative focused on bringing the community into the decision-making process of ecosystem development. ADA holders are granted special voting rights to decide which of their favorite projects or initiatives will be given the financial boost they need to build on one of the most powerful blockchains yet.
Below are some prerequisites for participation:
- Installing and using a Cardano wallet such as: Daedalus, Yoroi, ADALite, or CCVault
- Hold a minimum of 500 ADA in your Cardano wallet
- Registering for a Project Catalyst account on your computer or mobile device
Project Catalyst registration for the latest round of proposals has already closed. Detailed instructions on voting for Project Catalyst proposals can be found here.
Voting starts on January 20th so be sure to show your support for Lovelace World. Submit your vote to help us build the future of GameFi and the Metaverse on Cardano.
About Lovelace
Lovelace empowers creators to realize the potential of the Metaverse through its NFT marketplace, Play-to-Earn gaming engines, smart contracts, launchpad, and partner integrations.
Our Metaverse-as-a-Service toolkit helps creators breathe life into their NFTs, games, digital economies, and worlds across Cardano and other blockchains.
Social Media Links:
Twitter | Telegram | Discord | TG Announcement Channel | Website
