BTBF_XSP

Given market fluctuations, this is likely a reasonable adjustment.However, I believe that governance rules need to be continuously re-examined.

I recognize that increasing adoption is an important challenge for Cardano. However, I believe that treasury funds should primarily be allocated to Cardano core development, research, and large-scale marketing initiatives. Especially in the current bear market, treasury resources should be used as effectively as possible. Commercial adoption-focused projects should seek funding through conventional startup fundraising mechanisms, just as any other startup would.

I support this proposal.

The reason is that a full native integration of Cardano into Fireblocks would provide important infrastructure for institutional adoption.

Today, institutions, exchanges, and regulated custodians face many technical and operational barriers when supporting Cardano assets. These include custody, sending and receiving ADA and Cardano Native Tokens, internal approval flows, audit requirements, security controls, and dedicated infrastructure maintenance. By integrating Cardano into a major institutional infrastructure provider like Fireblocks, these barriers can be significantly reduced.

This is especially important because the proposal does not only cover basic ADA and CNT support. It also aims to build the technical foundation for Cardano-specific workflows such as ADA staking and governance delegation. Cardano is not just a payment network; it is a proof-of-stake network with on-chain governance. Enabling institutions to access these features in a secure and operationally practical way is important for the long-term growth of the ecosystem.

This proposal should not be viewed as a short-term price catalyst. Rather, it is a long-term infrastructure investment that makes Cardano more ready for exchanges, regulated custody, treasury management, and institutional participation.

For these reasons, I believe this proposal contributes to Cardano’s adoption, market readiness, and institutional accessibility, and I support it.

I support this governance action.

This proposal is a necessary technical update to make Cardano ready for Protocol Version 11 and the van Rossem hard fork. By updating the Plutus cost models, Cardano can enable the new Plutus primitives that will become available after the hard fork, while also expanding access to certain primitives across Plutus V1, V2.

For these reasons, I support this proposal.

This is a revised proposal that, responding to community feedback, cuts the budget by 22% (~$550,000) and reduces the format from three stages to two while preserving the quality and scale befitting an L1 blockchain. The Cardano Foundation has also decoupled it from EMURGO's TOKEN2049 sponsorship proposal. The Summit brings institutional investors, enterprises, regulators, and developers together in one place, offering a strategic opportunity to advance the real-world and institutional adoption of Cardano. Recognizing both the budget-reduction effort and the strategic value, I vote YES.

The Consensus Initiative (Leios) is a critical technology for taking Cardano to the next level. Leios substantially increases throughput and meets the capacity Cardano's 2030 targets demand, while enhancing rather than replacing Ouroboros Praos so that decentralization and security are preserved. Without this implementation Cardano loses its competitiveness. Therefore I vote YES.

This proposal bundles three upgrades: CIP-159 account address enhancement, a multi-asset Treasury, and Babel Fees. Babel Fees in particular lets users pay fees in any native asset they hold without first acquiring ADA, directly removing a barrier to entry, while a multi-asset Treasury improves resilience to ADA price volatility. It advances both adoption and Treasury strength — so I vote YES.

The direction of L2 scaling is understandable. At this point, however, priority should go first to improving L1 performance through the Consensus Initiative (Leios). A full L2 implementation can reasonably wait until Leios is in place, and committing Treasury funds to this proposal at this timing is not sufficiently necessary. Therefore I vote NO.

The direction — lower script costs and stronger formal verification — is sound. However, the scope overlaps with and sits adjacent to other proposals in the same round (the Maintenance Initiative, High Assurance Collaboration, and Developer Experience Initiative), and there is insufficient basis to independently judge this proposal's incremental necessity and value for money. Unable to actively support either side, I abstain.

Cardano's strongest differentiator is its focus on security and correctness, yet the tools delivering it have been the domain of auditors and formal-methods experts. This proposal extends the automated formal verification tool Blaster to DApp-level verification and opens it to ordinary developers via VS Code integration and a one-command environment. It turns that differentiator into practice and distributes maintenance across multiple teams — so I vote YES.

Every feature and upgrade depends on a stable, secure, well-maintained platform beneath it. Continuous maintenance across nine areas — bug fixing, security reviews, CI/CD and infrastructure, monitoring, release management, component maintenance — is non-discretionary foundational investment, not optional. The ask is the largest of the eight, but appropriately so given its nature; deferring it lets risk compound. Therefore I vote YES.

Cardano's future depends directly on the number of builders on it. Developer growth on Cardano is stagnant and trails other ecosystems. Improving developer experience is essential to making Cardano usable infrastructure, and this proposal addresses those barriers directly — so I vote YES.

The market opportunity in Bitcoin DeFi — credit and liquidity infrastructure collateralized by BTC — is understandable. However, this proposal is Treasury equity-style funding for a single operator's business launch, and even with the promised EBITDA return (20% until repayment, then a perpetual 5%), the business and competitive risks are highly uncertain. I will not make a definitive call on deploying Treasury funds into a specific venture, so I abstain.

The merits of the proposal (Project Cayley's decentralized slice indexing, etc.) are clear. However, I am myself a Blockfrost Icebreaker operator (the company's node-operation program), which creates a potential conflict of interest between the outcome of this proposal and my own position. To preserve neutrality, I abstain rather than take a side.

We highly value Eternl's contributions. However, we are concerned about the lack of a sustainable monetization model at this point. While proposals for Pro plans and enterprise pricing were included in the document, these alone are insufficient. We would prefer the organization to reevaluate its structure before relying on treasury funding.

TOKEN2049 deserves to be the title sponsor. Unfortunately, Cardano hasn't gained much recognition within the blockchain community. By becoming the title sponsor, the company can improve its reputation and increase the likelihood of securing major commercial deals.

TOKEN2049 deserves to be the title sponsor. Unfortunately, Cardano hasn't gained much recognition within the blockchain community. By becoming the title sponsor, the company can improve its reputation and increase the likelihood of securing major commercial deals.

We must never stop conducting research by IO Research. Technology evolves daily, and sufficient research is necessary to address scalability challenges and threats from quantum computers.

While this may become necessary in the future, with multiple diversity node proposals recently approved, I shall vote against this time.

Improving developer experience is essential for Cardano's development. The ability to create smart contracts using syntax familiar to Web2 engineers is a key factor in attracting developers to Cardano.

I cannot support this proposal because I believe the Cardano Treasury should be used for core development and research, as well as large-scale marketing and similar initiatives, while product development that leverages the Cardano platform should raise its own funding independently and build a sustainable revenue model.

I was deeply impressed by the advice of such talented engineers, and it led me to reconsider my view of this proposal.

In light of the astonishing recent advances in AI models, I felt that we should distribute stake across multiple nodes in order to avoid risks beyond what we can even imagine. Cardano has maintained a highly secure chain through research based on peer-reviewed papers, but the single-node structure has become its one remaining weakness. I concluded that Amaru and Dingo, with their different architectural approaches, can help minimize the impact of vulnerabilities.

That said, this change should also be seen as acknowledging Blink Labs track record to date, and it does not necessarily apply to all node development efforts.

It plays an important role in building decentralized applications, and lightweight nodes are needed.

I support this proposal.
Regarding the use of the treasury, I do not think it is desirable to become so cautious that progress stalls, while at the same time I also do not think it is appropriate to rapidly expand spending without sufficient validation. In that sense, I give a certain level of credit both to the proposing party and to the content of this proposal.

The proposer, Draper Dragon, belongs to the well-known Draper-affiliated VC network within the industry. In addition to its investment track record in the Web3 space, it has already been involved in entrepreneur development through Draper University and has existing points of contact with Cardano, so this is not a completely unfamiliar counterparty. Given that background, while this does not amount to full trust, I believe there is reasonable justification for entrusting them with the initial tranche and evaluating their execution capability and transparency based on results.

In particular, I believe the investment areas presented in the proposal are important initiatives for advancing Cardano’s real-world adoption and practical implementation, and for establishing its position as an ecosystem. I also view positively the fact that this proposal is not a one-way grant like Catalyst has historically provided, but rather a growth investment premised on repayment, and that it is structured as a phased proposal limited to the initial tranche. On the premise of careful oversight, and with Catalyst currently suspended, I generally support this as a proposal to expand real demand for Cardano through a completely different approach.

This proposal is expected to avoid governance stagnation. I will instruct this proposal.

Cardano’s network is designed with future interoperability with other chains in mind. However, at present, Cardano lacks any Tier-1 stablecoins, which limits inflows from other chains and leaves the ecosystem isolated. For that reason, I believe that every item in this proposal carries significant importance for expanding and accelerating Cardano’s adoption in 2026. If we miss this opportunity, meaningful development and growth for Cardano will be difficult to expect.

I support this NCL extension for the advancement of Cardano.

I support the addition of the CC members elected through the Ekklesia vote.

Cardano’s network is designed with future interoperability with other chains in mind. However, at present, Cardano lacks any Tier-1 stablecoins, which limits inflows from other chains and leaves the ecosystem isolated. For that reason, I believe that every item in this proposal carries significant importance for expanding and accelerating Cardano’s adoption in 2026. If we miss this opportunity, meaningful development and growth for Cardano will be difficult to expect.

This could pave the way for Cardano meme coins to achieve global listings.

Cardano Constitution v2.3 improves readability by aligning terminology and definitions, and streamlines governance to encourage participation in on-chain governance.

I support this proposal as it will improve the Cardano brand.

I support this proposal as it will revitalize community governance.

As a DRep and developer, I support this proposal. This revision does not introduce major changes; rather, it makes the current Constitution smarter. The removal of the budget info action is expected to improve the slowness of decision-making and reduce the burden on DReps, thereby improving the current wasteful flow. I believe this will enable the Cardano ecosystem to move forward more quickly.
Furthermore, regarding the removal of the recommended statement to include a DRep/SPO Code of Conduct, I believe there is no need to include in the Constitution matters that lack enforceability. It should be sufficient for individuals who consider it necessary to specify a code of conduct according to their own needs.
私はDRepおよび開発者としてこの提案を支持します。この改定に大幅な変更はなくむしろ現行の憲法をスマートにする変更になっています。バジェットインフォアクションの削除は意思決定の遅さを改善するものでありまたDRepの負担を軽減することが期待されているため、現在の無駄なフローを改善するものであると考えています。そしてカルダノエコシステムがより早く前進できるものと考えます。また、DRep/SPOの行動規範掲載の推奨文の削除においても、強制力が伴わない事象に対して憲法に掲載する必要性がなく、必要だと思う個人が必要性に応じて行動規範を明記するだけで良いと考えます。

It has become an indispensable tool for the development of Cardano governance. Therefore, it is essential to continue its development.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

This is the only proposal that I felt offers limited cost-effectiveness.
この提案だけは唯一費用対効果が薄いと感じました

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

This proposal is one of the ones I most want to see realized. Over the past five years, I have been based in Dubai and have participated in numerous blockchain events. However, I’ve repeatedly witnessed the reality that most attendees are unaware of Cardano. Other chains that have had a presence at global events have rapidly expanded their recognition and are now consistently considered as options by newcomers. I hope this proposal will help break through the current situation and lead to increased recognition and strengthening of the Cardano brand.
この提案は私が最も実現してほしい提案の一つです。私は直近の5年間においてドバイを拠点にあらゆるブロックチェーンイベントに参加してきました。しかし、来場者のほとんどがカルダノを知らないという現実を目の当たりにしています。グローバルイベントに出展してきた他チェーンはみるみる認知を拡大し参入する際の検討材料に入っています。この状況を打開しカルダノブランドの認知拡大と強化を期待します。

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote.

While the proposal may seem reasonable at first glance, I believe that using the calendar year as a clear and familiar reference point is easier for people to understand. Setting a budget period that spans across years creates an awkward timeframe and risks disrupting future cycles.This also raises the issue that a clearly defined fiscal year needs to be established for future NCLs.

Cardano needs a diverse set of nodes. This project is joined by a team of specialists who have contributed to the Cardano ecosystem so far.

While I agree with some of the arguments for a 200M ADA NCL, I voted No because the budget proposal I supported this term was for 250M ADA. Even though only half of 2025 remains, I believe 200M is a bit too low.

I have cast a NO vote on the following proposal:
After analyzing the reference data, it became clear that the economic parameters are intricately interconnected and are not functioning as initially designed. Given the current situation, I believe it is best to re-simulate the parameters before making any adjustments.
If you would like to know the detailed voting reasons, please refer to this URL.
https://x.com/btbfpark/status/1900995976997072899