Governance Actions

Name the Protocol Version 12 hard fork “von Bergen“

This info action proposes naming the Protocol Version 12 hard fork “von Bergen” as a salute and recognition to Fabian von Bergen, also known as Zyroxa. Fabian has been a Cardano community member since the ITN, an always critical, honest and sound voice in Cardano's past who introduced and guided many through the Cardano ecosystem, a well known person on the Cardano Forum, also SPO of the Tempus Stake Pool and a Cardano Ambassador since the earliest days of the program.

Net Change Limit: Cardano Treasury (Epochs 613-713)

By this Info action, the DReps agree a new Net Change Limit of 500,000,000 ada (500,000,000,000,000 lovelace) for the Cardano Treasury, for the period beginning at the start of Epoch 613 (February 13, 2026) and ending at the close of Epoch 713 (on or about July 3, 2027). This Net Change Limit is a fixed cap on the total ada removed from the Treasury through Treasury Withdrawals during the period; it does not count Treasury inflows. This is a newly agreed Net Change Limit: it is the applicable Net Change Limit for the period and supersedes any prior Net Change Limit for the same period. Because the period begins at the start of Epoch 613, all Treasury Withdrawals already debited during the period count toward this 500,000,000 ada limit. This Info action records the DReps' agreement to this Net Change Limit when Yes votes exceed 50% of the active voting stake, the threshold TREASURY-01a sets for agreeing a Net Change Limit; it has no direct on-chain effect and does not authorize any Treasury Withdrawal.

Reforming Treasury Governance

Treasury governance should enable strategic alignment and facilitate decision-making. However, treasury governance within the Cardano ecosystem is in a poor state. First, there is a funding impasse. Second, while being pivotal for Cardano's stability and growth, treasury governance is only indirectly addressed and barely supported by the existing governance system. This governance info action sketches basic ideas for reforming treasury governance and introduces them into public discussion. The goal is to provide an impetus for improving the treasury governance process and to outline guardrails for strategic direction. An implementation will require further refinements and amendments to the current process as well as the constitution. All members of the Cardano ecosystem are encouraged to collaborate in reforming treasury governance into a productive process that enables stability and growth.

Approve Cardano Foundation as New Managing Entity of Project Catalyst

The Cardano Foundation (CF), supported by Input Output Group (IOG), is requesting community approval to be appointed as the new managing entity for Project Catalyst. This will allow for full and effective transition of Catalyst operations and responsibilities from IOG to CF in accordance with the statutes of the Catalyst Foundation Company (CFC). This transition will ensure continuity of operations and minimise delays on milestone reviews and eligible payouts for teams delivering against projects in Funds 10-14. This approval request and Info Action is unrelated to Intersect’s role as the constitutionally mandated budget administrator for funds 14 to 16. This request is also unrelated to the already announced return to the Cardano Treasury of the previously approved allocations for Fund 15 and 16. This Info Action will be considered approved, if greater than 50% of the active DRep voting stake votes YES upon the action's expiration.

Cardano FoundationEpoch 619

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

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.

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 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

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.

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.

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.

Tempo for Cardono Governance - Maintenance & Development Budget for 2025

Tempo.Vote was developed out of passion to support Cardano decentralized mission. We aim to make Cardano governance easily accessible, especially on mobile phone & wallet to ADA holder can vote on-chain anytime, anywhere.

Cardano GovTool Budget - 12 months full active maintenance and development

Following 4 weeks of active community consultation, the newly formed Cardano Govtool Consortium, made of all the community builders who actively develop the applications that make Govtool (ByronNetwork, WeDeliver, LidoNation and DQquadrant), those who use its code and APIs and individual contributors, proposes this Info Action to continue active maintenance and development of every application that makes GovTool itself, as the open-source community-owned set of tools built for public good, functioning as Cardano’s core interface for low-barrier participation in on-chain governance. As current funding concludes in June 2025, the new proposal outlines a leaner, more inclusive funding structure built to reflect community priorities. Over the past four weeks, substantial feedback was collected, through open forums, working groups, and direct contributions, by the community members participating in the Consortium. This feedback was carefully analyzed and embedded into a tiered proposal that balances operational stability, cost efficiency, and ecosystem-wide participation. The overall direction suggested by the community, considering the clear streamlined costs and the many options to contribute in its development, is to continue for the next 12 months to actively develop and evolve these tools, expanding further its open-source structure. With this Info Action, the Cardano Govtool Consortium aims to transparently share a revised direction and gauge broad community support. If positively received, it will enable the submission of a follow-up Treasury Withdrawal governance action to fund GovTool active development for the next 12 months.

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