What happened?
The Cardano Foundation has backed a significant new initiative, known as Fund14, to support growth in the ecosystem and foster a bullish Cardano price prediction for Q4. The initiative is putting up 20 million ADA (equivalent to $18.2 million) as funding for innovative proposals from the community. Voting opened this week with over 1,600 submissions and will continue till October 6.
Who does this affect?
The initiative affects Cardano (ADA) holders who have been given the opportunity to vote on the innovative proposals. Besides, it could also impact the wider crypto markets due to potential changes it may introduce to Cardano’s operational framework, enabling wider use cases and ecosystem expansion. It will also affect the innovative projects within the Cardano community that stand to gain from the provided funding.
Why does this matter?
This matters due to the potential market impact. With Cardano in a tougher phase of ecosystem growth missout on trends like meme coins and DeFi, Project Catalyst could be the springboard it needs to regain ground. If the initiative succeeds, there could be a significant boost in Cardano’s price, which currently sits at the $0.80 support zone and is predicted to rebound powerfully. This upward trajectory could see ADA becoming one of the top recovery plays in large-cap cryptocurrencies this cycle.