Governance Actions

Amaru Treasury Withdrawal 2025

Requesting1,500,000 ₳

PRAGMAEpoch 566

Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect

On behalf of Intersect and the Cardano Budget Committee, this Budget Info Action proposes a Cardano Blockchain Ecosystem Budget of 275,269,340 ada. The period during which this Budget Info Action remains in effect will begin at the close of its voting period and continue for 73 epochs (52 weeks). This budget is an aggregate allocation and following Treasury Withdrawal(s) must be in compliance with an approved and active Net Change Limit, among other conditions. This budget comprises 39 proposals that support maintenance, development, marketing, innovation, and governance initiatives within the Cardano Blockchain Ecosystem. To arrive at this budget, Intersect facilitated a community budget submission process, using live DRep stake to assess and validate support through the Ekklesia platform. More than 3.8B ada in voting stake participated, representing over 70% of actively delegated stake (excluding pre-defined voting options). A total of 194 proposals were submitted as part of Intersect’s coordination efforts for budget socialization. Projects that received over 50% support by stake from participating DReps, and named Intersect as their Administrator, have been included in this Budget Info Action. Of the 194 proposals submitted, 40 met the required support threshold, and 39 of these named Intersect as their Administrator. Any proposals that proceeded directly on-chain outside of this Budget Info Action have been excluded from ours. All proposals listed below have requested Intersect as their Administrator, who will oversee and administer the use of funds from Cardano Blockchain Treasury withdrawals in accordance with this budget and the requirements of the Cardano Constitution. This includes leveraging blockchain technology such as smart contracts as per Article IV, Section 2 in the Cardano Blockchain Ecosystem Constitution. Intersect, in our role as an Administrator for the included proposals in this aggregate budget, will - wherever possible and available - utilize a smart contract framework to oversee disbursements including a multi-signature oversight body made up of organizations and auditors, one of which will be Intersect in our role as Administrator.

2025 Cardano Blockchain Ecosystem Budget - 7.5M ₳ for community builders

The Cardano 2025 on-chain budget process introduces a constitutionally driven, community-led model for treasury allocation. ADA holders, through Delegated Representatives (DReps) and Constitutional Committee oversight, vote on funding proposals within a capped Net Change Limit of 350 million ADA. The process includes two stages: community signaling and a binding on-chain Info Action vote. Intersect, a member-based organization, facilitates the process by organizing submissions and offering domain expertise, while final decisions rest with the community. Intersect also serves as the administrator for the use of approved funds. Current metrics show 11.22B ADA delegated, with 3.92B cast in Ekklesia—72% participation of active voting power. Yet, several proposals advanced without meeting a basic 50 + 1 Lovelace% threshold (2.69B ADA), raising concerns about legitimacy and governance integrity. This info action aim to help community builders to quickly get approval onchain while individually they might not have 100k ADA deposit readily available. We submit all proposals (except founding entity proposals) that have met the 2.69B threshold for inclusion. Without respecting the safeguards put in place within the Cardano Constitution, low-support proposals may continue to pass, risking public confidence within the entire budgetary process. The 2025 budget process reflects Cardano’s Voltaire vision—but its long-term success depends on transparency and accountability aligned with the constitution.

Set a 300 million ADA Net Change Limit for Epochs 563–635

The Cardano Constitution, at Article IV, Section 3, requires that before withdrawal of Treasury funds, the community must have established a Net Change Limit (NCL). This means passing a NCL in a formal on-chain governance info action. The NCL represents the maximum amount of ada which may be withdrawn from the Cardano Treasury in a given period. We believe that the NCL covering the period from the start of epoch 563 to the end of epoch 635 should be 300M ADA.

YUTAEpoch 556

Info Action (4840e305#0)

Cardano Blockchain Ecosystem Budget: Amaru Node Development 2025

[Amaru](https://github.com/pragma-org/amaru) is an open-source project implementing a new fully interoperable block-producing node for Cardano. It aims to improve the network's overall accessibility and robustness without compromising its safety and security. [Amaru](https://github.com/pragma-org/amaru) provides another perspective and solution for stake pool operators and developers alike, prioritizing a modular approach, a seamless user experience, and low hardware requirements. Additionally, the project is implemented mainly in Rust, which is well-equipped for high assurance to attract new contributors to the core maintenance of the ecosystem.

PRAGMAEpoch 556

2025 Cardano NCL

The Cardano Constitution, at Article IV, Section 3, requires that before withdrawal of Treasury funds, the community must have established a Net Change Limit (NCL). This means passing a NCL in a formal on-chain governance info action. The NCL represents the maximum amount of ada which may be withdrawn from the Cardano Treasury in a given period. It is a guardrail which, by definition in the Cardano Blockchain Ecosystem Constitution Definitions referenced below, protects the sustainability of the Cardano Treasury by preventing excessive withdrawals.

2025 Net Change Limit

The Cardano Constitution requires the establishment of a Net Change Limit, 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. This Net Change Limit facilitates a yearly budget cycle for the Cardano community. The 2025 Net Change Limit will begin at the start of Epoch 532 and continue for 72 epochs, finishing at the conclusion of Epoch 604 in December 2025. The 2025 Net Change Limit will be 350,000,000,000,000 lovelace (350M ada). 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 both budget actions and treasury withdrawal actions to ensure constitutionality as required by Article IV of the Cardano Constitution and the Treasury Withdrawal Guardrails outlined in Appendix I.

IntersectEpoch 547

Set 2025 Net Change Limit of 300M ADA, 2026 Net Change Limit of 250M ADA

As part of the budget approval process, it is necessary to establish a Net Change Limit. This serves as an opportunity for all governance stakeholders to formally express their positions regarding the proposed Net Change Limit, ensuring transparency, accountability, and alignment with organizational objectives. 2025 Net Change Limit of 300,000,000,000,000 lovelace (300M ada) 2026 Net Change Limit of 250,000,000,000,000 lovelace (250M ada) The Net Change Limit beyond 2027 is not defined in this governance action. The Net Change Limit will be used when reviewing both budget actions and treasury withdrawal actions to ensure constitutionality as required by Article IV of the Constitution and the Treasury Withdrawal Guardrails outlined in Appendix I.

Defining the Cardano Vision and Roadmap for 2025 and beyond

This Info Action calls for a vote by Cardano Delegate Representatives (DReps) on the proposed future roadmap for Cardano. This roadmap, developed by the Cardano Product Committee of Intersect with consultation from key technical stakeholders, outlines key development priorities, technological advancements, and strategic goals for the Cardano ecosystem. The DRep vote will provide crucial input for strategic alignment and inform future budget proposals, including the current budget conversations.

IntersectEpoch 542

Decrease Treasury Tax from 20% to 10%

Treasury Cut20%→10%

Cardano Constitution to Replace the Interim Constitution

New constitution with guardrails script

IntersectEpoch 537

Hard Fork to Protocol Version 10 ("Plomin" Hard Fork)

Protocol11.0→10.0

IntersectEpoch 529

Rename the Chang 2 Hard Fork to the Plomin Hard Fork

The Intersect Hard Fork Working Group proposes to name the next Cardano hard fork the “Plomin Hard Fork” in memory of Cardano community contributor Matthew Plomin.

IntersectEpoch 522

Plutus V3 Cost Model Parameter Changes Prior to Chang#2

Cost ModelsUpdated→Updated

IntersectEpoch 519

Parameter Change (51f495aa#0)

Cost ModelsUpdated→Updated

IntersectEpoch 518

Should K increased?

The K parameter was created to limit the total number of ADA staked to one pool. The K parameter determines the saturation of stakepools. To calculate the saturation of stakepools you can take the total number of ADA and divide it by K. K is currently 500, and pool saturation is currently 74,551,771.86 ADA. Pool saturate will increase slightly each epoch as more ADA is minted each epoch from staking rewards. K also has a large effect on a0. a0 is another Cardano protocol paramter that determines ADA staking rewards per epoch. a0 is currently set at .3. If a stakepool operator pledges the enough ADA to saturate their pool they earn 30% more ADA rewards per epoch. If you pledge half of the pools saturation then any delegates earn 15% more ADA rewards after SPO fees. Smaller pledges have a higher impact on staking rewards with a k parameter that's higher.

Cardanoの生きがい - Ikigai -

この瞬間、私たちは心からの感謝と敬意を、Charles Hoskinson率いるInput Output、EMURGO、そしてCardano財団に捧げます。彼らはCardanoを世界にもたらし、その献身、ビジョン、そして揺るぎない努力によって、私たちが今立っている土台を築き上げてくれました。彼らは「生きがい(Ikigai)」の本質を体現し、自身の仕事に喜びと意味を見出しながら、より大きな善のために貢献する力を示したのです。 次のステージに向かう私たちは、少数の努力から多くの力へと移行します。共通の目的意識を持ち、Cardanoコミュニティとして、この土台を集団の知恵、情熱、そしてエネルギーでさらに築き上げていくことを誓います。私たち一人ひとりがCardanoの未来の一端を担い、共通の目的と、共に大きなことを成し遂げられるという信念によって結ばれています。

Info Action (15f82a36#0)