Catalyst Transaction Returns 21 Million ADA to Cardano Treasury

A transaction connected to Project Catalyst sent 21 million ADA to the Cardano Treasury on November 6. The funds had been held in a reserve contract after a milestone payment under the Catalyst 2025 program was canceled.

The transaction metadata links the cancellation to the transfer of Catalyst administration from Input Output to the Cardano Foundation. The donation is expected to appear in the Treasury balance at the next epoch boundary.

From a Canceled Milestone to a Treasury Donation

The transaction was recorded in block 14,166,907 during epoch 666. Its metadata identifies project EMI-0001a-25 and milestone MS-4, while the Treasury donation field records exactly 21 million ADA.

The metadata states that Fund 15 would no longer proceed under the existing Catalyst 2025 scope of work after the administration transfer. It identifies the corresponding milestone payment as canceled and designated for return to the Treasury.

In its analysis of the on-chain records, SIPO identified an earlier transaction on July 2 that moved 21 million ADA into a Treasury reserve contract. The metadata for that transfer described the project as canceled and the funds as being returned to the reserve contract. Approximately four months later, the November transaction sent 21 million ADA from the reserve arrangement to the Treasury.

Catalyst’s Funding Transition

Project Catalyst is a Cardano funding program through which community members propose projects and participate in selecting initiatives for support. In February 2026, Input Output and the Cardano Foundation agreed that the Foundation would take over stewardship of the program.

The Foundation later reported that 19,498,234 ADA allocated to Fund 15 had been returned, while 501,766 ADA had been set aside to compensate Fund 15 reviewers and moderators. Its July activity report separately described the cancellation of a contract for Fund 16 and retroactive public goods funding, with 21 million ADA returned to the Treasury.

The November transaction metadata refers instead to a canceled Fund 15 milestone payment. According to Cardano’s glossary, neither Fund 15 nor Fund 16 proceeded in its originally planned form. Recipients from Fund 14 and earlier rounds continue to receive payments according to their milestones.

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When the Donation Appears in the Treasury Balance

Treasury donations are added to Cardano’s Treasury balance at an epoch boundary. SIPO reported that the approximately 1.396 billion ADA balance displayed for epoch 666 did not yet include the November donation.

The transition to epoch 667 is expected on November 10 at 9:44 p.m. UTC. The 21 million ADA donation should be reflected in the Treasury balance after that boundary.

The returned ADA had previously been allocated to Catalyst. A future withdrawal from the Treasury for a new proposal would require a governance action and the approvals applicable under Cardano’s governance rules.