Cardax Gives Back To The Cardano Community

Anyone who has been paying attention to the DeFi industry for a while would know that Cardano (ADA) is a prominent name in this sector, and for good reason. In fact, not only had Cardano reached the top 3 global cryptocurrencies by market capitalization once upon a time, but it is also widely considered to be one of the top choices nowadays alongside the likes of Ethereum (ETH), Solana (SOL), Polkadot (DOT) and more.

However, the Cardano blockchain is still relatively new to many and to initiate many dApps being created on it, IOHK has initiated Project Catalyst. The goal of Project Catalyst is to create, fund and deliver the future of Cardano. It is an experiment in community innovation, providing a framework to turn ideas into impactful real world projects. 

The Project Catalyst Course

Cardax, was the very first DEX project to win funding from Project Catalyst for building their decentralized exchange on Cardano. Later on, the team eventually received additional funding for  the same initiative. Because they won twice by the votes of the Cardano community, they want to give back to that same community by offering a free course to help others to get funded on Project Catalyst. The course, called the Project Catalyst Course, is designed to help people understand how to participate in Project Catalyst so that they can experience similar success as that of Cardax. The course is completely free and consists of different elements regarding participation instructions, as well as how the voting system works and what happens after funds are received along with other useful information.

What is Cardax anyway?

Cardax is actively trying to establish itself as one of the best decentralized exchanges on Cardano and is one of the key driving forces behind DeFi development in the Ethereum-alternative. Cardax is regarded as a top DeFi project on Cardano, with more traders angling to be a part of the decentralized finance success, a market currently valued over $245 billion and likely to rise past the trillion-dollar mark thanks to the popular use and support of decentralized token exchanging.

With that being said, Cardax purports to have the solution to today’s ever-present concurrency problems that are often faced by many investors in this industry. It has therefore created a new general-purpose algorithm which is potentially capable of resolving any concurrency difficulties in relation to Cardano’s blockchain. Cardax’s main objective with this effort is to assist in improving user experience and overall efficiency. To that end, it developed ‘Streaming Merge’, a new algorithmic technique which helps solve the concurrency issues and enhance scalability in a unique way.

Project Catalyst

Project Catalyst is, according to Charles Hosinkson, the world’s largest DAO. It is a series of experiments aimed at fostering the greatest levels of community creativity. It adds on-chain governance to the Cardano blockchain by empowering the community to self-determine growth objectives. It also allows participants to commit funds to projects which address obstacles and capitalize on opportunities that occur during the Cardano life cycle.

Moreover, Project Catalyst involves ‘Voters’, ‘Proposers’, and a ‘Community Advisor’, in addition to funds, resources, tools, statistics, bounties and more which are all designed to give back to the Cardano community via the aforementioned free course. The course is scheduled to go live following fund 8 of Project Catalyst later on this month.