Grow Africa, Grow Cardano
Fund Size: 500,000 USD paid in Ada
Challenge Brief
It’s no secret that Cardano is recognized as a blockchain with a strong focus on Africa, and formally stated as such in Cardano’s strategic goals. However, as other blockchain protocols recognize the potential of crypto in Africa, without concrete sustained action, Cardano risks losing a potential $1 trillion in market share of the African market to other blockchains within the next 3 years.
- Africa’s crypto market has grown by $105 billion in the last year (2020-2021). Africa is the next crypto frontier- World Economic Forum
- Alameda Research, Coinbase Ventures, Cadenza, CMT Digital, Distributed Global, GSR, Third Prime and Avon Ventures: African Crypto Exchange VALR Raises $50M in Series B Led by Pantera Capital
In Catalyst Fund7 the combined Africa funded projects amount was almost negligible compared to those from western and developed economies
This needs to be reversed through intentional action. Otherwise smaller and smaller portions of Catalyst funding will continue to be allocated to projects focused on African and other emerging economies due to endemic barriers.
“Having a funding round that focuses on Africa is a win, win, win scenario. Africa wins by getting some backing. Commercial projects that are already building up in Africa win, because they get the signal of support from our community. Cardano holders win when there is an encouraging environment for mass adoption anywhere. Focusing on Africa is a strategy that has often been promoted and is openly pursued by IOG and Charles Hoskinson. The ROI is likely to be high because community sponsored projects are better run in young and developing economies.” Greg Bell; (originator of the Grow Cardano series)
Why is it important?
We need to look at the fundamentals that are preventing Africa from being a Cardano adoption leader, rather than a perpetual follower.
What does success look like?
Practical innovations offered on tackling the unique challenges faced by the continent. A clear roadmap that points to increased adoption.
Key Metrics to measure
- Number of proposals addressing the fundamental issues preventing Cardano adoption in Africa
- Number of proposals offering solutions to infrastructure and education concerns
- Number of new Africa-based users onboarded onto Cardano (wallets, platform sign-ups)
- Number of new Africa-based Catalyst members (proposers, voters, CAs)
- Number of new African projects seeded in 2022
- Number of African developers onboarded in 2022
- Local impact (measurable through user activity and reach)
- Local partnerships formed (size of institution + influence)