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?

Innovative community building through infrastructure provision and Web3 education with a clear roadmap to increased adoption at scale.

Key Metrics to measure

• 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 African developers onboarded in 2023

• Local impact (measurable through user activity and reach)

• Local partnerships formed (size of institution + influence)

  Challenge brief

<u>Challenge Update</u>

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

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. <u>The ROI is likely to be high because community sponsored projects are better run in young and developing economies</u>." Greg Bell; (originator of the Grow Cardano series)

In the Fund 10 Challenge round, we want to advocate a more focused approach to addressing some of Africa's priorities in the emergent blockchain era; infrastructure provision and education. For Africa to be a full participant in the future digital currency economy, onboarding through education and gaps in internet and electricity penetration need to be addressed.