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.
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
