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This report is part of a 12-part On-Chain Impact Study funded under Project Catalyst grant #1300150. The study analyzes the measurable on-chain outcomes of Catalyst-funded projects from Funds 9–12, assessing how voting behavior, fund distribution, smart contract deployments, and transaction activity shape the Cardano network. By focusing on blockchain-native signals, the series offers a clear, data-driven perspective on how Catalyst funding translates into ecosystem growth and network utility.

Each case study applies a consistent research framework, combining transaction data, milestone verification, and correlation analysis between project delivery and network metrics. This structured approach enables comparisons across project categories, highlighting patterns in voter engagement, project efficiency, and ecosystem impact that can guide future funding strategies and governance decisions.

This edition covers two linked but distinct investments: NMKR (Cardano’s primary NFT minting and tokenisation platform), and Masumi Network (A separate product built partially by the same team to solve a new infrastructure problem: how autonomous AI agents pay each other for services in a trustless, verifiable way). Both share a development team but have distinct purposes, codebases, and on-chain identities, and are assessed independently in this report.

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