Approve Cardano Foundation as New Managing Entity of Project Catalyst
198 DReps voted · 78 with a rationale · 6 changed their vote
Open a row to read the rationale.
- Yes584.2M ₳Rationale
Summary
Yoroi DRep votes YES on the Info Action titled “Approve Cardano Foundation as New Managing Entity of Project Catalyst.” This decision is based on the need to maintain reliable execution of ongoing Catalyst commitments.Rationale
• Protecting delivery to funded teams
Active projects under Funds 10–14 rely on predictable milestone validation and payouts. Any pause or uncertainty in administration directly affects teams already building, which should be avoided.• Administrative requirement, not expansion
This action fulfills a structural requirement under Catalyst Foundation Company statutes and does not introduce new funding or broaden Catalyst’s scope. It ensures previously approved commitments can be carried through.• Clear path to avoid unnecessary delays
With no alternative ready within the required timeline, approving a capable successor reduces coordination risk and prevents operational gaps.Conclusion
Yoroi supports this proposal as a practical step to ensure that commitments already made through Catalyst are delivered in a predictable and timely manner. The priority at this stage is not to redefine Catalyst, but to ensure that ongoing work is not disrupted by administrative uncertainty. Questions around future structure, funding, and governance should be addressed separately, once continuity of current operations is secured.
- Yes435.8M ₳Rationale
I vote YES to "Approve Cardano Foundation as New Managing Entity of Project Catalyst."
There is no merit in voting NO. Let's proceed with returning the Catalyst F15-16 funding to Cardano Treasury.
私は「Approve Cardano Foundation as New Managing Entity of Project Catalyst」にYESを投票します。
これにNOを投票するメリットはありません。Catalyst F15-16の資金のCardanoトレジャリーへの返還を進めましょう。
- Yes332.2M ₳No rationale
- Yes293M ₳Rationale
Summary
EMURGO, as a DRep, votes YES on the Info Action to approve the transition of Project Catalyst’s managing entity from IOG to the Cardano Foundation, based on rationale outlined below.
Rationale
This proposal enables a required administrative transition to ensure Catalyst continues operating without interruption. It does not introduce new funding or strategic changes, but focuses on maintaining continuity for Funds 10–14.
EMURGO acknowledges IOG’s role in establishing and operating Project Catalyst to date, including its contribution in supporting ecosystem experimentation and funding early-stage innovation.
Without timely approval, Catalyst operations could face delays, particularly impacting milestone reviews and payments to ongoing projects. EMURGO considers this an avoidable operational risk.The Cardano Foundation represents a credible and immediate successor capable of assuming this role within the required timeframe. While broader discussions on Catalyst’s future structure remain important, they are separate from this decision. EMURGO therefore supports this transition as a practical step to ensure continuity and stability.
- Yes254.7M ₳No rationale
- Yes222.9M ₳Rationale
TL;DR: EDC votes YES on gov_action1k5vwlfrxtyusd2ec37tckd54gjvqn2kd72xj4t6wkkapdv7zfg0qq468n2r;
Not much to approve here. If the two parties involved agreed on this we don't see the point in spending time and ADA on voting on this action.
- Yes174.6M ₳No rationale
- Yes165.7M ₳No rationale
- Yes120.2M ₳Rationale
The Cardano Foundation votes YES. We believe that CF’s appointment as the managing entity of Catalyst Foundation Company will ensure operational continuity for Project Catalyst Funds 10-14 and facilitate the return of Funds 15-16 to the Treasury.
A PDF version of this rationale is also made available.
Our support for this Info Action is driven by the factors mentioned in the Info Action itself, concerning the full and effective transition of Project Catalyst operations and responsibilities from IOG to CF in accordance with the statutes of the Catalyst Foundation Company (CFC). We note that this Info Action has already passed the required 50% DRep approval threshold at the time of our voting, and we are pleased to have received this approval to proceed with the outlined course of action.
The Cardano Foundation votes YES.
---> **_NOTE on 'Internal Voting':_**> The fields _constitutional_ and _unconstitutional_ below reflect the CF governance teams' individual opinions whether they are _for_ or _against_ the proposal. Reason for this inconsistency is, that CIP-136 is at the moment only applicable to CC rationales, but we want to record the internal opinions of our DRep assessment transparently as well. - Yes92.2M ₳No rationale
- Yes91.5M ₳Rationale
As a DRep, I voted YES for the proposal: Approve Cardano Foundation as New Managing Entity of Project Catalyst
In general, Cardano needs funding for builders. On-chain governance is cumbersome and not suitable for smaller fundings.
The Catalyst Foundation's (CF) takeover of Catalyst was received positively by the community, despite the cancellation of Fund15. I also see this transition positively, as a change of control over the project has the potential to result in necessary changes.
Catalyst has been criticized for what projects were funded and how the voting system worked. It is necessary to make radical changes to the system and set new rules.
I believe CF can implement these changes and make Catalyst a well-functioning funding vehicle.
An important aspect is the builders. They are waiting for payments for the work that has already been done within Funds 10-14. Funding was promised, so it is fair to continue distributing funds for completed milestones.
Although the transition could have happened without this governance action, I appreciate CF for submitting and getting feedback from DReps.
- Yes86M ₳Rationale
SIPO DRep votes YES on Approve Cardano Foundation as New Managing Entity of Project Catalyst.
This Info Action is a necessary governance step to ensure continuity of Project Catalyst operations. With IOG stepping back from its administrator role, the Cardano Foundation is the only viable entity positioned to assume management of the Catalyst Foundation Company (CFC) and protect the 500+ active projects currently awaiting milestone reviews and fund disbursements.
Why SIPO votes YES
Protecting 500+ active projects is the immediate priority
Project Catalyst has distributed over $150 million across 2,200+ projects since inception. More than 500 projects from Funds 10-14 are currently active with outstanding milestones and pending disbursements. Without a legitimate administrator for the CFC, there is no legal entity authorized to approve milestones and release funds. Delaying this transition directly harms builders who are relying on committed funding.There is no alternative candidate
IOG has signaled its withdrawal from the Catalyst administrator role. This is not a choice between CF and another entity — it is a choice between CF and a governance vacuum. If not approved by end of May 2026, Catalyst operations face an undetermined pause with no clear path to resumption.CFC statutes legally require community approval
The Catalyst Foundation Company was designed with a governance safeguard: any change of administrator must be validated by the Cardano community. This Info Action fulfills that requirement. It is a procedural necessity, not a policy endorsement of any particular vision for Catalyst's future.CF is institutionally appropriate for this role
The transition from a product organization (IOG) to a mission-driven Swiss nonprofit foundation (CF) reflects the maturation of Cardano's governance. CF has already begun onboarding Catalyst team members to ensure operational continuity.Fund 15/16 Treasury return is accelerated by approval
CF has committed to working with Intersect to return the Fund 15/16 allocations (18.5M ADA + 250K USDM) to the Cardano Treasury as quickly as possible following approval.Future Catalyst direction remains under DRep governance
Approving CF as administrator does not lock in any model for future Catalyst rounds. Under the 2026 Budget Process Framework, future Catalyst funding will need to be proposed through Intersect's budget process and approved by DReps.
Expectations
- Expeditious milestone administration: Clear the backlog of milestone reviews and disbursements for Funds 10-14 without further delay.
- Transparent reporting on transition progress: Regular updates on timeline, team onboarding, and operational readiness.
- Fund 15/16 Treasury return timeline: A concrete timeline, not an open-ended commitment.
- Catalyst redesign with community input: Meaningful consultation on future direction, addressing regionalization risks (governance capture, fragmentation, cultural bias).
- Avoiding excessive role concentration: CF assumes multiple governance roles (Catalyst, Orion Fund, ecosystem steward). Clear separation of responsibilities and transparent accountability for each.
- CFC governance accountability: The same transparency, reporting, and oversight standards demanded of all treasury-funded operations.
This is not a vote about the future design of Project Catalyst. It is a vote about ensuring 500+ active projects receive their promised funding and the transition proceeds without a governance vacuum.
For these reasons, SIPO DRep votes YES.
SIPODRepとして、本提案「Approve Cardano Foundation as New Managing Entity of Project Catalyst」に賛成（YES）を投じます。
本Info Actionは、Project Catalystの運営継続を確保するために必要なガバナンスステップです。IOGが管理者の役割から撤退する中、Cardano FoundationはCatalyst Foundation Company（CFC）の管理を引き継ぎ、500+のアクティブプロジェクトを保護できる唯一の実行可能な主体です。
SIPOがYESと判断する理由
500+のアクティブプロジェクト保護が最優先
Project Catalystは2,200+プロジェクトに$150M以上を分配。Fund 10-14の500+プロジェクトが現在マイルストーンと資金支払いを待っています。正当な管理者なくしてマイルストーン承認と資金放出の権限を持つ法的主体は存在しません。代替候補が存在しない
IOGは撤退中。CFかガバナンスの真空かの選択です。2026年5月末までに承認されなければCatalyst運営は不定期停止に直面します。CFC定款が法的にコミュニティ承認を要求
管理者変更にコミュニティ承認を要するガバナンスセーフガードの履行です。手続き上の必要性であり、将来の方向性への政策的是認ではありません。CFは制度的にこの役割に適切
プロダクト組織（IOG）からスイス非営利財団（CF）への移行はCardanoガバナンスの成熟を反映しています。Fund 15/16のTreasury返還が承認により加速
CFは18.5M ADA + 250K USDMの返還をIntersectと協力して迅速に行うと表明しています。将来のCatalystはDRepガバナンスの下に残る
CF管理者承認は将来のモデルを固定しません。2026年予算フレームワークの下で将来のCatalyst資金はDRep承認が必要です。
期待事項
- Fund 10-14のマイルストーン審査・支払いバックログの遅滞なき処理
- 移行進捗の透明な定期報告
- Fund 15/16 Treasury返還の具体的タイムライン
- 将来のCatalyst再設計におけるコミュニティ協議（地域化リスクへの対応含む）
- CFの複数役割（Catalyst・Orion Fund・エコシステム）における責任分離と透明な説明責任
- CFC Treasury資金に対する受託者責任の維持
これはCatalystの将来設計についての投票ではなく、500+のアクティブプロジェクトを保護しガバナンスの真空を防ぐための投票です。
以上の理由により、SIPO DRepとして賛成（YES）を投じます。
- Yes84.3M ₳No rationale
- Yes77.7M ₳No rationale
- No76.8M ₳Rationale
I do not believe CF has the relevant experience to manage an ecosystem grant system. Their perspective on the primary markets for Blockchain is incompatible with years of demonstrated history and the current market reality.
A PDF version of this rationale is also made available.
I do not believe CF has the relevant experience to manage an ecosystem grant system. Their perspective on the primary markets for Blockchain is incompatible with years of demonstrated history and the current market reality. CF has always prioritized supply-chain tracking, decentralized identity, and web2 partnerships (FIFA, FC Barcelona, Dubai missile tracking, and so on) and indicated essentially zero interest in the DeFi market, or in marketing / assisting any of the DeFi projects building on Cardano. This is incredibly dangerous, as it ignores the current reality which is that practical all onchain activity in the blockchain space is in the DeFi market, that DeFi is the only market in the blockchain domain to achieve product market fit. CF will likely guide catalyst towards funding dead markets like web3 supply-chain tracking solutions, decentralized identity, and other non-DeFi focused funds, as opposed to focusing primarily on the existing market (DeFi) and having smaller allocations for experimental markets that have yet to achieve any success (blockchain supply-chain tracking, DIDs, and so on)
- No75.4M ₳No rationale
- Yes75.2M ₳No rationale
- Yes74.5M ₳Rationale
I understand this proposal not as an initiative for new spending or expansion, but as a transition of operational responsibility to ensure the proper continuation and completion of existing Project Catalyst activities.
In particular, ensuring continuity in milestone reviews and payments for projects under Funds 10–14 is critical. Avoiding operational disruption or delays is important from both a reliability and accountability perspective, and this proposal provides a reasonable path to achieve that.
Additionally, this proposal does not introduce new treasury outflows, but rather concerns a change in the managing entity within an already approved framework. Therefore, it does not impose additional financial burden on the Treasury.
At the same time, I believe that the overall effectiveness and future direction of Project Catalyst should be evaluated separately. This proposal should be understood as a measure to fulfill existing obligations, rather than an endorsement of Catalyst’s long-term design.
Taking these points into account, I support this proposal from the perspective of maintaining operational continuity and fulfilling existing commitments.
本提案は、新たな支出や拡張を目的としたものではなく、既存のProject Catalystにおける未処理の業務や資金配分を適切に完了させるための運営体制の移行であると理解しています。
特に、Fund 10〜14における既存プロジェクトの進行および報酬支払いの継続性を確保する観点から、運営主体の不在や遅延を避けることは重要であり、そのための対応として本提案は一定の妥当性を有していると考えます。
また、本提案は新たな資金拠出を伴うものではなく、既に承認された枠組みの中での管理主体の変更である点において、トレジャリーに対する追加的な負担を生じさせるものではありません。
一方で、Project Catalyst自体の有効性や今後の在り方については、別途検討されるべき重要な論点であると認識しています。本提案はあくまで既存の責任を適切に履行するための措置であり、Catalyst全体の評価や将来の方向性とは切り分けて考える必要があると考えます。
以上を踏まえ、現時点では運営の継続性および既存義務の履行を優先する観点から、本提案を支持します。
- Yes73.1M ₳Rationale
I vote YES. Catalyst-funded tooling inspired me to build on Cardano, and I deeply appreciate CF stepping up to ensure continuity for Funds 10-14 builders. Crucially, CF returning Funds 15 & 16 replenishes the Treasury, perfectly aligning with my strict mandate to protect our reserves.
A PDF version of this rationale is also made available.
I am voting YES on this Info Action to appoint the Cardano Foundation (CF) as the new managing entity for Project Catalyst.
Before addressing the administrative transition, I want to express my profound appreciation for Project Catalyst, its hard-working team, and its massive impact on our ecosystem. The innovation and Catalyst-funded tooling were exactly what inspired me to personally learn and build on Cardano. It has been a foundational pillar of our community's growth and onboarding.
As we enter this new phase, I also want to state my sincere appreciation for the Cardano Foundation stepping up to take on this massive responsibility. Ensuring operational continuity so that builders from Funds 10-14 receive their milestone payouts without disruption is critical for maintaining trust with the teams doing the hard work.
From a fiscally conservative perspective, this transition is the most responsible path forward. Not only does it protect active builders, but it also secures CF's explicit commitment to return the previously approved allocations for Funds 15 and 16 directly back to the Cardano Treasury. This aligns perfectly with my mandate to enforce strict fiscal discipline and protect our treasury by recovering these unspent funds. A clean handover to CF honors Catalyst's legacy, protects our builders, replenishes our treasury, and provides a much-needed reset.
- Yes69.4M ₳No rationale
- Yes66M ₳Rationale
yes...
- Yes62.7M ₳No rationale
- Yes53.8M ₳No rationale
- Yes50.5M ₳Rationale
As a builder, I believe continued funding for new initiatives on Cardano is essential, and CF should restart the program.
- Yes50.4M ₳Rationale
I am voting Yes on Cardano Foundation as a new managing entity of Project Catalyst. I agree with changing leadership on the project while it does not assure I am supporting future activities of the Project Catalyst itself. [Japanese version follows] プロジェクト・カタリストの運営元がカルダノ財団に変更することに賛成します。今後のカタリストの活動自体を賛同かとは別の判断ですが、リーダーシップが変わること自体は賛成です。
- Yes50M ₳Rationale
Voting YES.
Previously, Project Catalyst was managed by IOG, a development-focused organization. While it has handled this responsibility well over time, I believe that transitioning management to the Cardano Foundation is a natural next step in Catalyst's evolution.
- Yes49.5M ₳No rationale
- Yes48.6M ₳No rationale
- Yes47.6M ₳No rationale
- Yes40.1M ₳Rationale
Necessary to not interrupt existing funded proposals.
- Yes38.1M ₳Rationale
I support this proposal.
At this stage, keeping the system operational is the top priority.
Disruptions would only create more uncertainty. - Yes37.8M ₳No rationale
- Yes34.6M ₳No rationale
- Yes34.3M ₳Rationale
Project Catalyst is one of the largest decentralized grant programs in the blockchain industry, having funded over 2,200 projects with more than 500 still active. Continuity of operations for these active grantees is paramount. The transition of the Catalyst team from IOG to the Cardano Foundation ensures that existing commitments are honored, milestone payments continue, and grantees are not left without administrative support.
The Cardano Foundation is a non-profit entity whose mission is explicitly focused on the long-term stewardship and adoption of the Cardano ecosystem. Moving Catalyst management from a commercial entity (IOG) to the Foundation aligns the program’s governance structure with its public-goods purpose. This separation also strengthens the argument for Cardano’s decentralization from a regulatory perspective, as the funding mechanism is no longer directed by a single private company.
The decision to pause Fund15 and Fund16 and return unallocated ada to the treasury demonstrates responsible capital management. Rather than continuing to deploy funds through a system undergoing structural transition, the Foundation is choosing to stabilize operations first and redesign the process before committing new capital. This is a sign of governance maturity.
The transition also creates an opportunity to address long-standing community criticisms of Catalyst, including concerns about accountability, the impact of funded projects, and the need for independent audits. The Foundation has signaled a more rigorous, high-assurance approach to grant administration, which should improve the quality of funded projects and strengthen community trust in the program.
Both IOG and the Cardano Foundation support this transition, and community forums show active discussion and broad acknowledgment that change was needed. Voting YES enables a smooth handover that protects existing grantees, strengthens governance, and positions Catalyst for a more transparent and accountable future under Foundation stewardship. - Yes33.5M ₳Rationale
Yes. Non-spend Info Action transferring Catalyst admin from IOG to CF. Protects grantee continuity, returns Fund 15-16 allocations to treasury, no NCL impact.
A PDF version of this rationale is also made available.
Voting Yes. This is a non-spend Info Action required by CFC's Cayman statutes to formally transfer Project Catalyst administration from IOG to the Cardano Foundation.
- Continuity for grantees: Without approval by end of May, Catalyst operations face an undetermined pause and Funds 10-14 milestone payouts stall. Existing grant recipients should not bear the cost of an administrative handoff.
- Returns capital to treasury: If approved, CF and Intersect will return the previously-allocated Fund 15-16 treasury allocations to the Cardano Treasury. Net positive for treasury balance.
- No new spend: Info Action only - no withdrawal, no NCL impact.
- Governance Transparency: The handoff process is being executed in the open, through on-chain governance, exactly as the constitution intends.
The responsible path forward to resolve legacy obligations and protect the treasury. Yes.
- Yes31.4M ₳Rationale
I am voting YES.
There are still projects in Funds 10–14 awaiting milestone reviews and payments, and a pause in Catalyst operations would cause real harm to these teams. Without approving this transition, further delays in reviews and payouts are likely, which would negatively impact the broader community.
At the same time, I remain concerned that a clear plan for Catalyst’s redesign has not yet been presented. I expect the Cardano Foundation to provide greater transparency and to outline concrete steps for improving Catalyst going forward. - Yes30.7M ₳No rationale
- Yes27.9M ₳Rationale
I am voting YES on this proposal because I believe the existence of an Innovation fund is important to the growth and success of Cardano. Historically I have been frustrated with the lack of much-needed improvements to the Catalyst program and I am optimistic that improvements will be made under new management. In particular I would like to see the ability to vote entirely via web/desktop without the use of a mobile app. I'd like to drop the requirement for registration at all, though it could optionally be used to link wallets together so that you can vote only a single time with more than one wallet. I'd like to fix proposal/text spam and quality, especially now in the age of AI. I'd also like to see more specific categories that are laser-targeted at exactly the products and use cases Cardano most desperately needs.
- Yes27.9M ₳No rationale
- Yes26.3M ₳Rationale
Housing Catalyst under the Cardano Foundation enables the program to utilize existing operational frameworks and resources.
This is the most cost-efficient and pragmatic solution.
- Yes26.1M ₳No rationale
- Yes25.3M ₳Rationale
I am voting YES to Approve Cardano Foundation as New Managing Entity of Project Catalyst because I am not retarded.
- Yes23.5M ₳No rationale
- Yes21.5M ₳No rationale
- Yes21.5M ₳Rationale
I vote YES on the Info Action titled “Approve Cardano Foundation as New Managing Entity of Project Catalyst” (b518efa466593906ab388f978b3695449809aacdf28d2aaf4eb5ba16b3c24a1e#0).
This action appears to seek approval for a transfer of stewardship of the current Catalyst programme from IOG to the Cardano Foundation (CF). Where the CF will ensure the continuity of operations pertaining to ongoing Funds 10-14, while ensuring the returning of funds allocated for Funds 15-16 to the Treasury.
It does not outline any future plans for the future of the Catalyst programme or any potential replacements at this stage. It simply seeks to ensure that the administration of in-flight proposals is handled correctly while returning Treasury Withdrawals intended for the administration of uninitiated Funds 15 and 16 to the Treasury. I believe this to be the correct move in this instance as the Cardano community voted for IOG to run Catalyst in 2025 and not the CF and so returning the funds while attempting to form any kind of replacement programme proposal for the 2026 budget cycle seems prudent. Ensuring that those funding rounds that are already in in-flight are able to be administered to their rightful conclusions also appears to be the professional thing to do in this situation.
- Yes21.4M ₳No rationale
- Yes21.1M ₳No rationale
- Yes20.4M ₳No rationale
- Yes20.3M ₳No rationale
- Yes19.9M ₳Rationale
I fully trust in the Cardano Foundation to revive Project Catalyst.