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.
| # | PARAMETER | VALUE | DESCRIPTION |
|---|---|---|---|
| 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