At the time of writing, there is still time to submit a proposal and register as a community reviewer. Everyone who wants to vote in Fund10 must register. This also applies to those who are already registered. Voting will take place in the first half of September.
Switching to the crypto economy
50M ADA has been allocated to Fund10. A new feature of Catalyst is that teams seeking funding now express the value of the project in ADA, not USD.
How much is 50M ADA for Cardano? 50M ADA is deposited into the Cardano treasury roughly every 6 weeks (8 to 10 epochs). ADA comes from monetary expansion and fees.
Teams must deal with the volatility of cryptocurrencies themselves and consider whether they will be able to deliver the project when the ADA exchange rate changes against the USD. If the ADA market value goes up, that's positive news for the team. Conversely, if the bear market deepens, project delivery may be more challenging.
50 million ADA was divided into 13 challenges (categories). Teams must submit their proposal to one of the challenges. The following challenges have high ADA budgets: Development & Infrastructure (8.69M ADA), and Product & Integration (9.08M ADA).
There is a challenge called Open that is open to all projects that don't fit anywhere else. This challenge has a budget of 1.4M ADA.
At the time of writing, there are already several dozen submitted projects in each challenge.
You can see projects for yourself in Ideascale.
The deadline to submit a proposal to Catalyst Fund10 is 13 July. This will be followed by a community review from 20 July to 20 August.
The community review will run from 20 July to 20 August. Any of you can be a community reviewer if you are willing to give your opinion, score, and feedback on the proposals. It doesn't matter what your background is. You can choose those proposals where you can provide relevant feedback. Your activity will help voters who may decide to vote for a particular proposal based on your opinion as well.
You can register as a community reviewer and earn an ADA reward for this activity. The deadline for registration is July 17.
If you have registered in the past, you must register again with Fund10 to be eligible for a reward (you must provide a reward address).
Voter registration opens on 29 June and ends on 18 August. You must have at least 500 ADA to vote. If you registered once in the past, you did not have to do anything and were automatically registered in all the following Funds. That's no longer the case.
Fund10 requires all voters to re-register. You can still vote with an old registration, but you will not be rewarded.
A voting power snapshot will take place on 18 August. This will determine how much ADA is in your wallet, i.e. what your voting power is. Don't forget to claim staking rewards to increase your voting power. In the past, staking rewards did not count toward voting power. I believe that's still true.
Registered voters will vote in Fund10 from August 31 to September 14. The results will be announced on 21 September. Voting rewards will be distributed in mid-October.
You can find both high-quality and low-quality proposals in Fund10. The purpose of Catalyst is to find proposals that will be most beneficial to Cardano. The ADA holders decide what that should be. Be sure to register even if you have done so in the past or you will not be eligible for a reward. You might consider trying the community reviewer role.
Dates listed in the article are subject to change, so watch the news carefully.