Fund8 Voting On Cardano Has Finally Started: What Does It Mean?

The Fund8 referendum is currently underway. ADA investors will have until May 5 to cast their votes. According to the official statement released by the Cardano Project Catalyst team, the eighth phase of voting has passed. The community can vote for two weeks until May 5, 2022.

Given the growing volume and diversity of projects seeking funding, the Cardano community has requested the use of customized screening tools along with the official "voting app" to speed up the application process. In addition, the participation of voters in the referendums will be encouraged at the Fund8 stage. 13% of approximately $2,080,000 worth of ADA funds will be distributed to all participating voters in proportion to their ADA stake.

As highlighted by Project Catalyst, the Fund8 referendum is expected to represent the beginning of the PoS network's transition to the open source development paradigm. “Project Catalyst” is an initiative of the Cardano (ADA) community and its primary developer studio, Input Output Global, aimed at facilitating development on the Cardano Blockchain.

Every ADA-based product at every development level, from the MVP to the final product, is eligible to apply for funding. Cardano (ADA) community activists will help the most promising by securing ADA assets in favor of this or that candidate, depending on their preferences. With dozens of submissions, thousands of votes, and a seven-digit prize pool for winners, the largest community-driven launchpad in history is taking place. Nearly 1,000 crews went through seven phases of the program that garnered media attention. The above message shared by Input Output says the following about the projects:

"Cardano innovation engine ProjectCatalyst continues to explore the decentralized governance space. With 56 completed projects, ongoing Fund8 voting, Ariob launchpad and dReps promotion, there are countless ways to get involved!"