We are excited about Fund 9 for Catalyst for a number of reasons. The first being that we wrote our
first Catalyst Proposals in Fund 9!
The second thing is that we're taking a more active role in what Cardano will become. We've slowly
upped our community involvement over the past year.
That has opened a lot of doors for collaboration with some impressive individuals within the Cardano
community. We obviously don't know what the future holds,
but it's looking pretty bright from where we stand!
This first proposal was written by our pool operator, Steve Fisher. It's goal is to unite projects
developers to help Cardano projects with whatever problems or issues stand in their way. Our hope is
this collaboration will result in more secure, more robust, and more user friendly dApps in the
ADA Bug Bounty
Website: There is no central place a Cardano project can post for community
help. This site will be a gateway to solving project needs with the rest of the community,
resulting in higher quality dApps.
The next 3 proposals are for the Mehen stablecoin project. Our pool
operator Steve Fisher is the CTO for Mehen. These proposals
will allow Mehen to create the first one-to-one fiat backed stablecoin for Cardano.
Stablecoin USDM: This proposal covers the tech and development teams -
front-end, back-end, and on-chain minting/burning systems. It also provides funding for
marketing, graphics, videos, and community management.
Assistance: The basic set of checks - liveliness and document verification,
OFAC screenings, and fraud checks costs Mehen just under $2 per user. This proposal will allow
us to on-board over 5,000 users to the Mehen protocol for free, enabling them to get paid in the
USDM coin, then burn/redeem USDM for USD.
- Mehen: USDM State
Licensing Fees: The licensing process is expensive, and each state charges
a different amount. Some states charge up to $10,000 to apply for a license. For this $26,578 we
can pay the application fees for licenses in the following 27
states and territories: Idaho, Missouri, Utah, Delaware, DC, Maine, New Hampshire, Nevada,
Louisiana, Mississippi, North Dakota, Alabama, Indiana, Nebraska, Oregon, Virginia, Washington,
West Virginia, Kentucky, Massachusetts, Iowa, North Carolina, Rhode Island, South Dakota,
Kansas, Arizona, and Connecticut.
By achieving legal operating status in these states, we will be able to have a larger base of
individuals who are able to mint and redeem USDM, enhancing its utility as a stablecoin.
Fund 9 has a number of great proposals in it. Here are two others that we are tracking:
for DAOs & More: There's no user-friendly, on-chain mechanism for DAOs,
researchers, marketing teams, etc. to ask their communities questions, conduct voting,
and help make group decisions.
& Voter Tool: Catalyst generates massive data siloed in zoom chats,
discord, spreadsheets, & on Ideascale SAAS product, limiting the community's ability to learn
from the talent and wisdom within Catalyst.
We do hope you take the time to review our proposals and if you like them, give a kudos! Voting starts August 11th 2022!