Fund8 challenge setting
Fund Size: $12,800,000 in Ada
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Community defined challenges are critical for Cardano community self-governance, and generate a unique way to achieve Cardano’s mission.
Challenge setting is different from other challenges as it’s about proposing new challenges, whether regular challenges are about proposing initiatives to address challenges.
Once a proposal is accepted by the community, the proposing team has an opportunity to receive a “Challenge team” incentive of $2,500 worth of ada, if the following conditions are met:
- The challenge team presents the challenge to the community at the start of the following fund.
- The challenge team facilitates a challenge-focused breakout session in one of the after townhalls.
- The challenge team leads a challenge retrospective session during the next fund’s “retrospective week”.
- The challenge team facilitates a session with the proposing teams that received funding for the challenge.
The challenge team tracks the key metrics as reported by funded proposals, 3 months after receiving funding and presents their reflection on whether the Challenge is getting addressed and highlight teams that are making significant headway in their approach.
These activities might seem complicated, but you will receive guidelines, training and support from the Catalyst team and community. All you need is a willingness to represent the challenge in a fair and balanced way and a desire to participate. Once the conditions are met, your team will be eligible to receive the reward.
- What challenges will engage the highest number of voters?
- Which challenges, if addressed, will provide a springboard for Cardano adoption?
- Which challenges, if addressed, will advance Cardano’s mission?
How does success look like?
The community votes to include important and engaging challenges that inspire impactful and original proposals.
Key Metrics to measure
To assess ROI of this challenge we will ask ourselves:
- How well did the selected challenges perform in terms of proposal quality and community engagement?
- What is the average Community Advisor score for the top 10% proposed Challenges?
- What is the average Community Advisor score for the top 10% proposals generated to address the challenge?
- How much voter engagement did the challenge generate?
- How many proposals in the challenge were approved by the community, compared to the overall budget of the challenge? (Challenge overage)