Fund11 parameters

Fund11 Operating parameters are the actual operating parameters that make up the Catalyst voting protocol put in place to enable the community to decide which proposal will receive funding under the Project Catalyst program. Please note that given the dynamic nature of Project Catalyst, the following dates and parameters may change as the actual Fund progresses. If this is the case, community announcements will be distributed for clarifications.

Table 1

This table summarizes main parameters to be used.

#PARAMETERVALUEDESCRIPTION

Product/Business/Informative Parameters

A1

Direct Voting privacy state

Yes

Are votes private?

A2

Fund name

Fund11

A3

Funds under control

50,000,000 ada

A4

Challenges title and budget

Cardano Use Cases: Concept - ₳7,500,000


Cardano Use Cases: Solution - ₳7,500,000


Cardano Use Cases: Product - ₳7,500,000


Cardano Open: Developers (Technical track) - ₳10,500,000


Cardano Open: Ecosystem (Non-technical track) - ₳10,500,000


Catalyst Systems Improvements: Discovery - ₳1,500,000


Catalyst Systems Improvements: Development - ₳1,500,000

A5

Minimum budget request per proposal

₳15,000

Minimum amount for each proposal.

A6

Maximum budget request per proposal

Cardano Use Cases: Concept - ₳100,000

Cardano Use Cases: Solution - ₳300,000

Cardano Use Cases: Product - ₳750,000

Cardano Open (both tracks) - ₳200,000

Catalyst Systems Improvements (both tracks) - no cap

A7

Proposals submission fee

Free

Proposers can submit any number of proposals for discussion on Ideascale. Catalyst Team will remove ‘placeholder’ proposals at the point where the submission deadline elapses. Placeholder proposals include proposals where any of the form fields are left unanswered or obviously incomplete by the deadline.

A8

Compensations and funds distribution target date

Mar 11, 2024

Target date, subject to change

When community compensations and F11 funding for initial milestone 1 tranche is paid following verification of test transaction

A9

Maximum proposals per Proposer or co-proposer that can be put on the ballot

5

If more than 5 applications are submitted by the same entity either as lead or co proposer, only the first 5 submissions received will be accepted for the voting process.

A10

Community Reviewer registration

Through Ideascale

Anyone can register as a Community Reviewer.

Community Reviewers will be delineated between Lv0, Lv1, Lv2 reviewers based on their contributions during the Community Review stage.

A11

Proposals registration on the blockchain

Jan 22, 2024

Target date, subject to change

When proposals are loaded into the vote plan and registered into Block0

A12

Voting power threshold

Minimum 450,000,000 lovelace (450 ada)

Recommended 500,000,000 lovelace (500 ada)

450 ada is the minimum stake threshold to become a voter, based on the efficiency benchmarks of the voting protocol.

Specific value of the voting stake threshold will be defined by the protocol benchmarks.

Please note that due to the variety of 3rd party wallet providers integrating with Catalyst and associated voter registration fees, the recommended threshold to communicate is 500 ada required to participate in Catalyst voting as a buffer to account for unclaimed staking rewards.

A13

Registration snapshot date

Jan 15, 2024 09:45 PM UTC (epoch boundary 460 into 461)

Target date, subject to change

Snapshot takes place around the epoch boundary.

Advised to hold the balance for one epoch beyond the snapshot time and date.

A14

Voting period start time

Jan 25, 2024, 12:00 PM UTC

Target date, subject to change

UTC date and time when voters can start voting on proposals

A15

Voting period end time

Feb 8,2024, 11:00 AM UTC

Target date, subject to change

A16

Start of tallying

Feb 8, 2024

Target date, subject to change

A17

End of tallying

Feb 13, 2024

Target date, subject to change

UTC date when the decrypted tally is made publicly available.

A18

Tallying optimization

1 ADA = 1 voting token (i.e. the stake amount in lovelace is divided by 1,000,000)

How voting power is being proportionally reduced in order to optimize tallying performance

Compensation Parameters

B1

Proposal Funding logic (winner selection rule)

Fuzzy threshold voting; proposals are ranked by the Yes votes and funded one by one until the category budget is exhausted. Any leftover funds logic will exclude proposals submitted in ‘Product’ track in Cardano Use Cases and both Catalyst Systems Improvement tracks.

Proposals are ranked by Yes votes and funded in order. If the amount requested by a proposal is larger than the remaining challenge amount, it is skipped.

B2

Proposal acceptance threshold

1% of total voting power

At least 1% of the total registered stake must vote YES on a proposal.

E.g., there is 1 billion ADA as a total registered stake.

To be accepted (become an ‘approved proposal’ as well as be eligible for funding), a proposal must be voted by at least 0.01 * (1 * 10^9) = 10 millions of ADA.

B3

Voting options

Yes/Abstain

There is only Yes and Abstain, the ‘No’ option has been removed in Fund11.

B4

Vrtotal

2.50% ₳1,250,000

Voter Compensations

Compensations is for active participation in the Voting (cast at least 1 vote)

In order to benefit from voter rewards, voters must select either ‘Yes’ or ‘Abstain’ in the voter interface. By choosing to not select the ‘Abstain’ option, this will not cast an ‘Abstain’ vote and therefore not generate a unit of voter compensation.

B5

Artotal

2.80% ₳1,400,000

Community Review Compensations

LV0 (20% of share)

LV1 (80% of share)

B6

AArtotal

0.40% ₳200,000

Community Moderator Compensations

B7

Cttotal

0.10%

₳50,000

Onboarding compensations

Onboarding FPs and conducting PoL verification

B8

Pam

1.20% ₳600,000

Breakdown:

0.40% ₳200,000 for Project < ₳150,000

0.80% ₳400,000 for Project > ₳150,000

₳350 per Statement of Milestone (regardless of project budget)*

*See Edit Log below this table for more information

Project Accountability Management Compensations

Compensating Community Reviewer help to verify : 1. Statement of Milestones (SoM) 2. Milestone Proof of Achievement

[1] Funded projects will submit to Catalyst a Statement of Milestones

SoM is verified by at least 2 community reviewers and compensated ada for their work.

[2] PoA conducted by a reviewer representative. PoA incentive is paid to reviewers.

B9

Voter Compensations formula

Voter compensations will be given for active participants only in proportion to the voting power voters have.

B10

Community Review LV0 compensation formula

0.56%

₳280,000

Share of compensations based on number of Lv0 community compensations received

0.56% of total budget

B11

Community Review LV1 compensation formula

2,24%

₳1,120,000

A simple price paid per review

2,24% of total budget

B12

Community Review LV2 (Community Moderators) compensation formula

0.4%

₳200,000

Share of compensations based on number of flags raised by scripts for LV2 moderator review

0.4% of total budget

Back-End Parameters

C1

Direct Voting privacy state

Yes

Are votes private?

C2

Funds under control

50,000,000 ada

Fund will Control 50M ada

C3

Voting power threshold

450,000,000 lovelace. (450 ada) Communicate threshold as 500 to account for tx fees

Minimal stake threshold to become a voter, based on the efficiency benchmarks of the voting protocol.

Specific value of the voting stake threshold will be defined by the protocol benchmarks. Note that threshold must be lowered by 50 ada from the amount stated to the community to address registration fees.

C4

current_fund_name

Fund11

C5

current_insight_sharing_start

Nov 16, 2023

Target date, subject to change

C6

current_proposal_submission_start

Nov 16, 2023

Target date, subject to change

C7

current_refine_proposals_start

Nov 16, 2023

Target date, subject to change

C8

current_finalize_proposals_start

Nov 30, 2023

Target date, subject to change

C9

current_proposal_assessment

Dec 14, 2023

Target date, subject to change

C10

current_assessment_qa_start

Jan 11, 2024

Target date, subject to change

C11

current_snapshot_start

Jan 15, 2024

Target date, subject to change

C12

current_voting_start

Jan 25, 2024

Target date, subject to change

C13

current_voting_end

Feb 8, 2024

Target date, subject to change

C14

current_tallying_end

Feb 13, 2024

Target date, subject to change

*Edit log:

Breakdown:

0.40% ₳200,000 for Project < ₳150,000

0.80% ₳400,000 for Project > ₳150,000

₳350 per Statement of Milestones (regardless of project budget)

This part from B8 was adjusted because final values are dependent on the volume of funded projects in Fund11, where the exact number of milestones isn’t known in advance. Having ~50% more funded projects compared to Fund10, but the same budget for compensations, decreases reward per review for both SoM and PoA (small and big projects).

New Breakdown:

₳160 for PoA Project < ₳150,000

₳180 for PoA Project > ₳150,000

₳250 per Statement of Milestones

Last edit - Feb 21, 2024

Last updated