Enabling ADA liquidity deposits use for Catalyst voting

techrider
Wed, 18 Sep 2024 07:11:02 +0000
DAO Proposals

Dear DAO community,

WingRiders V2 is now officially live! This major upgrade introduces a range of new features such as Routed Swaps, Zap In/Zap Out functionality, faster transactions, and much more. Along with these improvements, V2 also offers new opportunities for liquidity providers. With these advancements comes a greater responsibility for the DAO, particularly in enabling full utilization of LP ADA deposits for voting in Cardano’s Project Catalyst.

Cardano Project Calyst is an innovation engine for solving real-world challenges, and allowing relevant projects or proposals to get funding for their ideas. ADA holders register to vote using supported Cardano wallets and then vote on proposals using the Project Catalyst voting app. Votes are anonymous and weighted depending on the amount of ada each voter has. Voters base their decisions on the quality of the submitted proposal and the community’s feedback during the community review stage.

The aim of this proposal is to bridge the gap between ADA in liquidity pools and Project Catalyst voting process. Solution will be developed to enable using ADA in liquidity pools for catalyst voting. Staking credentials of all pools will be registered with a vote key which will be used for voting in the catalyst mobile application. A community-driven process will also be implemented to select the proposals that receive votes, ensuring a fair and transparent decision-making process.

The voting for this proposal will be open from 23rd of September 10 am UTC till 27th of September, 10 am UTC, so that a sufficient number of users will have time to participate in the voting.

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