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 and developers to help Cardano projects with whatever problems or issues stand in their way. Our hope is that this collaboration will result in more secure, more robust, and more user friendly dApps in the Cardano ecosystem.

  • 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, ultimately 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.

  • Mehen: Fiat-backed 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.
  • Mehen Onboarding 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:

  • Blockchain Surveys 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.
  • Catalyst Research & 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!

Contact

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