This report is part of a 12-part On-Chain Impact Study funded under Project Catalyst grant #1300150. The study analyses the measurable on-chain outcomes of Catalyst-funded projects from Funds 9 to 12, assessing how voting behaviour, fund distribution, smart contract deployments, and transaction activity shape the Cardano network. By focusing on blockchain-native signals, the series offers a data-driven perspective on how Catalyst funding translates into ecosystem growth and network utility.
Each case study applies a consistent research methodology combining transaction data, milestone verification, and correlation analysis between project delivery and network metrics. This enables comparisons across project categories, highlighting patterns in voter engagement, project efficiency, and ecosystem impact that can inform future funding strategy and governance decisions.
This edition focuses on Minswap, Cardano’s dominant decentralised exchange by total value locked since March 2022. Between Fund 10 and Fund 12, Minswap Labs submitted five Catalyst proposals totalling 1,287,000 ADA: two security audits enabling the V2 AMM rebuild and an open-source Stableswap, a permissionless token launch contract, a TypeScript SDK for developer integration, and a native iOS application. Catalyst evaluated and funded each proposal independently; this case study analyses them as a unified programme because their deliverables are technically interdependent.
Each case study applies a consistent analytical framework across three research theses:
Thesis 1: Community Participation. Catalyst has led to increased and sustained community participation in Cardano governance.
Thesis 2: Network Growth. Catalyst-funded projects drive growth in Cardano on-chain network activity and usage.
Thesis 3: Funding Efficiency. Catalyst fund distribution results in successful project outcomes and efficient use of community funds.
All on-chain data cited in this report was extracted via the Blockfrost API and cross-referenced against Cardanoscan. TVL history was retrieved from the DeFiLlama public API. On-chain identifiers (script hashes, policy IDs, deployment transaction hashes, and pool creation addresses) were sourced from Minswap’s public GitHub repositories and independently verified; none were provided by the project team. Proposal and milestone data were sourced from the Project Catalyst portal (milestones.projectcatalyst.io) and published close-out reports. Where data gaps exist, or figures represent confirmed floors rather than totals, this is disclosed in the relevant subsections. All figures are cited with their source and date of retrieval.
