Cardano was founded in 2017 and was named after the Italian polymath Gerolamo Cardano. Cardano’s founder, Charles Hoskinson, announced the introduction of the Alonzo hard fork in August 2021, causing a jump in the price of Cardano, which climbed by 116% the next month. Now, according to the latest news that surfaced, Cardano has announced the launch of Project Catalyst, a community-focused initiative.
According to the details from a recent tweet, Project Catalyst is coming back online. Details reveal that Fun10 is going to be 50,000,000 ADA. The funding is also one of the largest in the ecosystem yet.
#Cardano's #ProjectCatalyst coming back online.
Fund10 is going to be 50,000,000 ada. Largest funding pool in the ecosystem yet, fully denominated in ada to embrace ada economy.@Cardano @InputOutputHK @emurgo_io @Cardano_CF
1/2 pic.twitter.com/36fNVy9Zm2— Daniel Ribar 🐣 (@danny_cryptofay) June 7, 2023
Cardano’s Project Catalyst, set to occur during Fund 10’s submission window from June 22 to July 13 and voting timeline from Aug. 31 to Sept. 14, marks a notable advancement in on-chain governance.
ADA price performance
According to CoinMarketCap data, ADA is trading at $0.3276, with a 2.5% drop in value over the last 24 hours. The recent comment by the SEC on ADA being a security has also affected its price.
ADA is currently down by almost 89.45% from its all-time high on September 2, 2021. The recent scrutiny by the SEC has had repercussions on the whole cryptocurrency market.