Governance Actions

Dingo: a Production-Grade Block Producer in Go by Blink Labs

Requesting6,900,000 ₳

Blink LabsEpoch 617

Cardano Budget Process Framework (facilitated by Intersect)

This Governance Information Action provides the formal description of the Intersect Budget Process Framework for the 2026 and future cycles, until modified, administered by Intersect. It outlines a structured, multi-step workflow used to collect, review, consolidate, and execute Treasury-funded activities, and records the improvements introduced for the 2026 budgeting year.

IntersectEpoch 616

Amaru Treasury Withdrawal 2026

Requesting10,142,000 ₳

PRAGMAEpoch 614

Reduce minimum Constitutional Committee size (committeeMinSize) from 7 to 5

Committee Min Size5→5

YUTAEpoch 612

Net Change Limit of 300 Million ADA for Epochs 613–713

This governance action proposes a Net Change Limit of 300,000,000,000,000 lovelace (300 million ADA) for the period from the start of Epoch 613 (13 February 2026) to the end of Epoch 713 (3 July 2027). Upon approval in accordance with the Constitution, this NCL shall apply to Epochs 613–713 and supersede any previously agreed NCL for the same period.

Treasury Withdrawals (4b10e579#0)

Requesting500,000 ₳

Increase Transaction and Block Memory Units (Part 1 of 2)

2 parameters changed

IntersectEpoch 606

Name Protocol Version 11 hard fork - van Rossem

Intersect’s Hard Fork Working Group proposes to name the next Cardano hard fork, to Protocol Version 11, the “van Rossem Hard Fork” in memory of Cardano community contributor Max van Rossem.

IntersectEpoch 606

Net Change Limit (Epoch 613 to Epoch 713)

The Cardano Constitution requires the establishment of a Net Change Limit (NCL), which defines the maximum amount of lovelace that can be withdrawn from the treasury during an outlined period of time. This governance action serves as an opportunity for all governance stakeholders to formally express their positions regarding the proposed Net Change Limit, ensuring transparency, accountability, and alignment across the ecosystem. The Net Change Limit will begin at the start of **Epoch 613** (13 February 2026) and conclude at the end of **Epoch 713** (3 July 2027). The Net Change Limit will be **350,000,000,000,000 lovelace** (350M ada). Unless superseded by a new NCL, this is the maximum amount that can be withdrawn from the treasury during this specific period and shall not be exceeded. The Net Change Limit will be used when reviewing treasury withdrawal actions to ensure constitutionality as required by Article IV of the Cardano Constitution and the Treasury Withdrawal Guardrails outlined in Appendix I. This action has been submitted on the behalf of the Cardano Budget Committee at Intersect, following community feedback.

IntersectEpoch 605

DeltaDeFi: Hydra Trading Infrastructure Budget (₳1,500,000)

This Budget Info Action asks DReps and the Cardano community to signal support for a **₳1,500,000, 6-month budget** to harden and scale **DeltaDeFi**, a Hydra-based, low-latency order-book exchange aiming to become core **trading infrastructure for Cardano**, focused on ADA and Cardano native tokens (CNTs). The requested budget is intended to: * Bring the current **Hydra spot DEX** from beta to a production-ready venue for both API traders and everyday users; * Scale the **Hydra and data infrastructure** so Cardano has at least one CEX-grade venue for ADA and key CNT pairs; and * Deliver a **Vision 2030 KPI Measurement Programme** (baseline report + live dashboard + progress report) that tracks DeFi infrastructure contribution to ecosystem goals. Within the ₳1,500,000 total: * 80% is dedicated to engineering, operations and security for the Hydra trading infrastructure; and * 20% is dedicated to the **Vision 2030 KPI Measurement Programme**: * an initial **"State of Cardano DeFi" baseline report**, * a public **Vision 2030 KPI dashboard**, and * a final **6-month progress report**

CARDANO BLOCKCHAIN ECOSYSTEM CONSTITUTION v2.4

New constitution with guardrails script

YUTAEpoch 601

Cardano 2030: Vision, Mission, Strategy Framework and KPIs

Starting at the end of 2024 and continuing throughout 2025, the Cardano Product Committee of Intersect facilitated the **first community-led process to propose a 2030 Cardano Vision and Strategy**. During the first part of 2025 this process also received delegated authority and funding by Cardano DReps during the 2025 budget cycle. The extensive process the Product Committee followed, which **involved 700+ people**, focused on collecting as much input as possible from the broader community with attention to representative groups via different channels such as surveys, focus groups and remote and in-person workshops, and then reconnecting with those same groups to review a draft proposal based on the input provided. This process can be reused in the future to keep both Vision and Strategy updated ([high level process mapped](https://productcommittee.docs.intersectmbo.org/committee-outcomes/2030-long-term-cardano-vision)): 1. [Input collection - Workshops](https://productcommittee.docs.intersectmbo.org/committee-outcomes/2030-long-term-cardano-vision/insights-collected/insights-collection-workshops) 2. [Focus group SPOs](https://productcommittee.docs.intersectmbo.org/committee-outcomes/2030-long-term-cardano-vision/insights-collected/focus-groups) 3. [Surveys](https://productcommittee.docs.intersectmbo.org/committee-outcomes/2030-long-term-cardano-vision/insights-collected/surveys) 4. Conversations with founding entities leaders from IOG, Cardano Foundation, EMURGO 5. [Business calls](https://product.cardano.intersectmbo.org/business-interviews/) 6. [Drafted proposal](https://product.cardano.intersectmbo.org/vision/) 7. [Reviewed proposal Workshops](https://productcommittee.docs.intersectmbo.org/committee-outcomes/2030-long-term-cardano-vision/draft-review-workshops) * [Proposal link and history on github](https://github.com/IntersectMBO/product-website/commits/master) 8. [Approved budget withdrawal on 17th August](https://gov.tools/outcomes/governance_actions/8ad3d454f3496a35cb0d07b0fd32f687f66338b7d60e787fc0a22939e5d8833e#35)

IntersectEpoch 601

Add Constitutional Committee Member - Christina

+1 members · threshold 67%

Add Constitutional Committee Member

+1 members · threshold 67%

IntersectEpoch 599

Withdraw ₳70,000,000 for Cardano Critical Integrations Budget

Requesting70,000,000 ₳

IntersectEpoch 599

2025 Net Change Limit Extension

The Cardano Community adopted the 2025 Net Change Limit (NCL) on 24 April 2025, which defined the maximum amount of lovelace that could be withdrawn from the Cardano Treasury from the start of Epoch 532 until the conclusion of Epoch 604. Because the Cardano Constitution does not allow withdrawals from the Treasury that would violate the established NCL, this "2025 Net Change Limit Extension" serves the purpose of extending the previously established Net Change Limit for an additional eight (8) Epochs so that management of the Cardano Treasury will not be disrupted.

Cardano Critical Integrations Budget

This Cardano Critical Integrations Budget Governance Action requests ₳70,000,000 from the Cardano Treasury to establish a strategic integration fund supporting the onboarding of critical infrastructure, including tier-one stablecoins, institutional digital asset custody and wallet infrastructures, on-chain analytics platforms, cross-chain bridges, and pricing oracles to the Cardano ecosystem. This infrastructure establishes the foundational layer required to onboard tier-one stablecoins, with the potential to unlock exponential growth in DeFi transaction volume across the ecosystem. It will also help accelerate ecosystem efforts in other key areas such as Real World Assets (RWA) and DePin. This acceleration is expected to play a key role in supporting Cardano’s path to profitability as a layer one in terms of fee generation, ensuring long-term financial sustainability. This project is being driven through close collaboration between Input | Output Global, the Cardano Foundation, and EMURGO, together with Midnight Foundation and Intersect, all of whom are actively engaged in negotiations with integration partners. Representatives from all five organizations form the Steering Committee, which is responsible for making key strategic decisions. The founding entities and Intersect also recognize the Midnight Foundation’s contributions to date. Infrastructure providers and/or protocol collaborations are in a mature stage, and several partners have already provided detailed pricing and delivery timelines. However, for reasons of strategic and commercial confidentiality, together with partner companies’ compliance requirements, the specific infrastructures involved can only be disclosed outside of the Steering Committee after the integration is completed. The project will follow a milestone-based funding structure, with budget drawdowns executed from Intersect’s custody and administration only upon submission of signed agreements and the agreed scope of work. The Oversight Committee at Intersect will review drawdown requests to confirm that the amounts and designated recipients align with the executed contracts. Since work is already underway in some of these areas, this proposal envisions an early early budget deployment, and we anticipate this budget being utilized immediately and up to 24-month deployment, depending on withdrawal success, contracting periods, and timely receipt.

IntersectEpoch 597

Reimburse Ikigai Info Governance Action Deposit.

In September 2024, only weeks after the Chang hard fork to introduce on-chain governance, an Info governance action titled Cardanoの生きがい - Ikigai - was submitted. This was only a symbolic governance action, as it simply asked the community whether they agreed with a statement thanking those that helped get Cardano to this point and expressing a sense of hope for the future. Unfortunately, due to a bug in the code of the Cardano node that permitted an unregistered stake key to be used in the governance action, the submitter was unable to recover their deposit of 100K ada. While the community expressed at the time the importance of reimbursing this deposit via a treasury withdrawal; once the ability to do so became available, following the Plomin hard fork; unfortunately none of the entity based budget submissions have included this. The Cardano in Oceania initiative did include the deposit reimbursement in their budget Info governance action, however their governance action was not approved. This governance action therefore aims to resolve this outstanding issue.

Loan ₳5,000,000 to Expand Cardano's Global Listings

Requesting5,000,000 ₳

Snek FoundationEpoch 590

Securing Generic Top-Level Domains for the Cardano Ecosystem

The Cardano Foundation is seeking community support to apply for the registration of the .ada and .cardano gTLDs with the Internet Corporation for Assigned Names and Numbers (ICANN) during the next application window in Q1 2026. This initiative will only use the Foundation’s own financial resources and aims to secure a competitive digital presence for Cardano, unlock innovations and strategically position Cardano as a digital infrastructure.

Constitutional Committee Compensation Epochs 581-653

This governance action proposes a budget of 1,000,000 ada to provide compensation for Cardano Constitutional Committee members serving between epochs 581 and 653.

CARDANO BLOCKCHAIN ECOSYSTEM CONSTITUTION v2.3

New constitution with guardrails script

YUTAEpoch 586

Withdraw ₳1,150,000 for GovTool 12 months active maintenance and development

Requesting1,150,000 ₳

IntersectEpoch 584

Defining the Cardano 2030 Vision & Strategy

This Info Action calls for a vote by Cardano Delegate Representatives (DReps) on the proposed Cardano 2030 vision & strategy. Please note that although the Product Committee created this content, this governance action was submitted independently by a community member, not the Committee or its members. As a community member, I would like to assist the Product Committee to help gather feedback on-chain, as the Committee has so far relied on off-chain feedback collection. https://ipfs.io/ipfs/bafkreieaeiokqecnfrkysltkfvuatg5wkhfyhheur6r5k7flojtr2nsebi

Stablecoin DeFi Liquidity Budget

The primary goal of this budget proposal is to increase liquidity on Cardano, specifically by supporting stablecoin liquidity. The secondary goal is to generate revenue for the treasury. 50,000,000 ADA is requested to create a fund composed of ADA and fiat backed stablecoins to support the Cardano decentralized finance (DeFi) ecosystem. The majority of the funds (99%) in this budget will be disbursed to DeFi protocols including decentralized exchanges (DEXs) and lending protocols to help seed liquidity on Cardano. Funds must only contain ADA, fiat backed stablecoins, and liquidity tokens from deployment into DeFi protocols. The funds will be managed from a smart contract administered by a 9 person interim committee composed of publicly identified individuals with oversight from a newly established treasury DAO (tDAO), where membership in the treasury DAO includes decentralized representatives (dReps). After 1 year, the tDAO will be required to elect a new committee or else no actions can be taken. The tDAO has the oversight abilities to impeach, elect, and ultimately shut down the fund and return funds to the treasury. In addition to the fund, this proposal will establish a number of public goods including a legal framework for future community involved proposals like this as well as an open source governance contract with executive and oversight functionality.

Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek

This proposal seeks a 5,000,000 ada budget loan from the Cardano Treasury to fund the Cardano Global Listing Expansion, a strategic initiative led by the Snek Foundation to list [SNEK](https://www.snek.com/) on top-tier centralized exchanges, retail brokers, and trading platforms. This proposal is the **first-ever loan-based treasury withdrawal** in Cardano governance, introducing a new model of accountability where funds are not given as grants but repaid with interest. As part of the governance process, a Board of Advisors will be appointed to ensure transparent execution and maximize ecosystem alignment. This board will include high-profile industry veterans like Tal Cohen (former CEO of Kraken), Phillip Pon (CEO of Emurgo), Fahmi Syed (President of Midnight Foundation), and Frederik Gregaard (CEO of Cardano Foundation), with additional top-tier names to be announced. *SNEK is the largest community token on Cardano, holding the highest market capitalization, over 42,000 wallets, and more than 2 billion ADA in all-time trading volume.* Over the past two years, the Snek Foundation has already invested over $4.5 million, entirely self-funded, to secure major exchange listings. Snek delivered the first, second, and third-ever Tier 1 listings for any Cardano native token, with Kraken, Crypto.com, and Kucoin, setting historic precedents for the ecosystem. With this proposal and with the support of our partners, we aim to unlock greater visibility, liquidity, and accessibility for the broader Cardano ecosystem by leveraging SNEK's proven momentum and market position. This loan will be repaid from Snek product revenues and business ventures with the final balance plus interest settled in three to five years, following a closing audit to confirm the loan has been repaid in full. Interest is set at 2.44% annualized (2.37% staking rate + 0.07%), compounded yearly. By structuring this as a repayable loan, the Snek Foundation is once again trailblazing for the ecosystem; demonstrating how treasury capital can be deployed responsibly while setting a precedent for future projects. The administrator of the budget funds will be Intersect.

Snek FoundationEpoch 580

Cardano in Oceania: A community-led strategic plan for investing in growth.

The Cardano in Oceania 2025–2026 strategy and budget is a comprehensive plan designed to ignite Cardano’s growth in a strategically important region. By investing in people (capacity building and community), projects (hackathons and pilots), and promotion (marketing and storytelling), we create a virtuous cycle: more talent and awareness leads to more projects, which lead to real adoption and success stories, which in turn attract even more talent and partnerships. This aligns closely with Cardano’s mission of building a world-changing ecosystem – starting locally in Oceania, with ripples globally.

CARDANO BLOCKCHAIN ECOSYSTEM CONSTITUTION v2.0

New constitution with guardrails script

YUTAEpoch 574

Withdraw ₳5M for Cardano's Global Listing Expansion - Powered by Snek

Requesting5,000,000 ₳

Snek FoundationEpoch 573

Cardano Global Listing Expansion - Powered by Snek

Requesting5 ₳

Snek FoundationEpoch 573