Cardano Cypherpunks

Reason: Raising the Net Change Limit from 350M ADA to 500M ADA increases governance flexibility without authorizing any additional spending by itself. Every Treasury Withdrawal still requires independent DRep approval, so the primary safeguard remains proposal-by-proposal evaluation rather than the aggregate cap. While maintaining fiscal discipline is important, an overly restrictive limit could prevent funding high-value infrastructure projects that emerge later in the governance period. The higher limit should be viewed as additional capacity—not as a mandate to spend.

Reason: The proposal addresses a genuine weakness in Cardano's DeFi ecosystem by combining public infrastructure (a registry, metadata standard, and SDK) with practical financial primitives that demonstrate the standard in production. While there is execution risk—particularly around ecosystem adoption and the options market—the proposal includes concrete milestones, measurable KPIs, security reviews, and a budget that is proportionate to its scope. The inclusion of reusable open infrastructure and a commitment to share a portion of protocol fees with the Treasury further strengthens the case for funding.

Reason: Bifrost addresses one of Cardano's most significant strategic gaps by building secure Bitcoin interoperability infrastructure rather than a proprietary application. The project has already demonstrated meaningful progress through Catalyst funding, adopts a prudent two-phase roadmap that separates technical validation from public launch, and places exceptional emphasis on audits, formal verification, and governance. While Bitcoin bridges are inherently high-risk systems, this proposal appropriately prioritizes risk reduction and ecosystem-wide infrastructure over speculative growth, making it a strong candidate for treasury funding.

Rare Evo is a credible event with real community value, but the proposal primarily funds marketing, travel, hospitality, sponsorships, and event operations rather than durable infrastructure or protocol improvements. The expected return on treasury capital is significantly lower than competing infrastructure-focused proposals.

This is a low-controversy, technically justified protocol upgrade that enables new smart contract capabilities, improves consistency across Plutus versions, follows established benchmarking procedures, and strengthens Cardano's long-term developer platform without introducing obvious governance or treasury-allocation concerns.

This proposal funds fundamental protocol infrastructure with ecosystem-wide benefits, is being executed by a highly credible team with a long Cardano track record, and directly contributes to scalability, decentralization, and user experience. The expected return to the network substantially exceeds the treasury cost.

The vision is compelling and the team appears credible, but the scale assumptions and ADA value-accrual thesis are not sufficiently proven to justify a confident YES, while the existing pilot and partnerships make a NO difficult to support

The proposal funds critical infrastructure that materially improves Cardano's competitiveness, institutional readiness, and long-term ecosystem value. While transparency could be stronger, the strategic importance of the integrations outweighs the concerns

Voting YES. Cardano’s next bottleneck is application delivery, not base-layer infrastructure. Scalus directly addresses that by building an integrated application platform combining smart contracts, runtime infrastructure, sovereign chain access, and native L2 integration in a JVM-native stack. The proposal is technically ambitious, but strategically aligned with improving developer experience, application-layer growth, and long-term ecosystem competitiveness.

Voting YES. Cardano’s ecosystem increasingly depends on critical open-source infrastructure maintained by too few people with weak long-term incentives and little succession planning. This proposal directly addresses a real systemic risk through dependency-driven maintainer funding, contributor pipelines, and ecosystem-wide sustainment mechanisms with strong transparency and governance safeguards.

Voting Soft Yes. Technically one of the strongest and most strategically important proposals in the current governance cycle, especially around Leios/Peras, post-quantum security, ZK infrastructure, and light clients. However, the proposal is extremely broad and large in scale, bundling many distinct R&D domains into a single treasury withdrawal, which makes accountability and ROI evaluation difficult at this stage of treasury governance maturity.

Voting YES. Maintaining the TypeScript infrastructure stack through upcoming hard forks is genuinely critical ecosystem work, as large parts of the Cardano developer ecosystem already depend on these libraries. Pebble is also a strategically reasonable attempt to reduce onboarding friction for TypeScript/Solidity developers and expand the Cardano developer funnel without fragmenting the runtime layer.

Voting YES. A fully validating Cardano node running directly in the browser is a genuinely differentiated infrastructure play that aligns strongly with Cardano’s architecture and decentralization goals. Beyond the UX narrative, the underlying work on lightweight validation and client diversity has meaningful long-term value for wallets, dApps, bridges, and L2 infrastructure.

Voting ABSTAIN. One of the more compelling real-world adoption proposals in recent governance cycles, with a genuine regulatory driver and working prototypes. However, the scale, execution complexity, and long-term adoption assumptions are still too uncertain for me to confidently support with a YES vote today.

Voting YES. Expensive proposal, but this is core infrastructure work tied directly to Peras, scalability, resilience, SPO sustainability, and developer tooling — not marketing. Cardano’s long-term competitiveness depends on shipping protocol improvements safely and reliably.

Why:

Eternl is actual ecosystem infrastructure.
It already has meaningful adoption.
It directly affects Cardano usability.
The funding ask is comparatively modest.
There is a credible path to sustainability.

Most importantly:

wallets are critical infrastructure.

Without reliable wallets:

governance dies,
DeFi usage drops,
onboarding collapses,
staking participation weakens,
DApp UX deteriorates.

Eternl is one of the few genuinely battle-tested Cardano wallets with:

governance tooling,
multisig,
hardware support,
advanced DApp functionality,
cross-platform support,
and strong power-user adoption.

The strongest positive signal here is actually this:
they are explicitly trying to become self-sustaining via subscriptions instead of becoming permanently treasury-dependent.

That is the correct long-term model.

I also like:

the repayment mechanism,
the commitment to return excess ADA,
and the operational transparency.

Now the criticisms:

14% admin overhead is a bit high.
Closed-source UI is not ideal for treasury-funded infra.
“Trust us until Pro subscriptions work” is still a risk.
They are somewhat exposed to market cycles.

But overall:
this feels like treasury spending on productive infrastructure rather than ecosystem marketing theater.

If Cardano treasury spending is going to exist at all, this is closer to the kind of thing it should fund:

wallets,
tooling,
infra,
developer platforms,
protocol utilities.

For this TOKEN2049 proposal specifically, I would vote NO.

My reasoning is materially different from the Summit proposal.

The Summit proposal at least attempts to create:

• a proprietary Cardano event,
• long-term institutional positioning,
• ecosystem governance coordination,
• and a flagship identity.

This TOKEN2049 proposal is mostly:

• sponsorship,
• booth presence,
• branding,
• and conference marketing.

That is much weaker treasury spend quality.

The biggest issue is this:

The proposal repeatedly frames visibility as strategic leverage, but the measurable outcomes are extremely soft.

The KPIs are not convincing:

• 1950 contacts,
• merch distribution,
• academy signups,
• media mentions,
• wallet signups,
• “strategic collaborations initiated.”

These are classic conference vanity metrics.

There is no strong mechanism connecting:

• $793k spend
  to
• durable ecosystem value accrual.

Also:

• $250k for booth/logistics is very high,
• 15% management fee is aggressive,
• and EMURGO benefits reputationally and commercially regardless of actual ecosystem ROI.

The strongest argument in favor is:

• Singapore relevance,
• institutional concentration,
• EMURGO’s local presence,
• and piggybacking on TOKEN2049 traffic.

Those are valid points.

But I still do not think this clears the threshold for treasury spending.

If I were allocating scarce treasury capital in Cardano today, I would prioritize:

• liquidity incentives,
• stablecoin growth,
• developer grants,
• wallet UX,
• DeFi infrastructure,
• RWA integrations,
• AI-agent tooling,
• identity infrastructure,
• or direct ecosystem acceleration.

Not nearly $800k for conference sponsorship optics.

So my answer is:

• Summit proposal: YES
• TOKEN2049 sponsorship proposal: NO

YES — but narrowly

Because:

the revised version appears substantially improved,
the strategic rationale is coherent,
the accountability structure is relatively mature,
and ecosystem-level visibility probably does matter at this stage.

But I would also expect:

far harsher KPI enforcement in future years,
stricter post-event ROI analysis,
and progressively more sponsor-funded rather than treasury-funded summits.

The critical thing is whether this evolves into:

a self-sustaining institutional ecosystem event,

or remains:

a subsidized ecosystem conference.

That distinction matters enormously over a 3–5 year horizon.

Directly improves unit economics (lower execution cost) → immediate impact on DeFi viability and competitiveness.
Plutus is a core bottleneck today; better primitives + compiler + DX meaningfully reduce friction.
Formal spec + conformance testing is critical given future node diversity → avoids consensus risk.
VacuumLabs co-build reduces single-vendor dependency → positive for long-term resilience.
Not a headline growth driver, but high-leverage infrastructure improvement with clear ROI vs cost.

High-assurance tooling is Cardano’s core differentiation; this reinforces that moat in a credible way.
Moving formal verification from expert-only to developer-native (Blaster + IDE integration) is a real unlock.
CBDE meaningfully reduces onboarding friction → complements DevX initiative and increases conversion.
However, impact is indirect and slower vs L1/L2 scaling or adoption initiatives → not first-order growth driver.
Execution risk around adoption is real; without strong distribution, this risks becoming underutilized tooling.

L2 is not optional — L1 alone (even with Leios/Peras) cannot meet latency + cost requirements for real adoption.
Dual approach (Hydra + Midgard) correctly covers both closed and permissionless environments → full market coverage.
Strong near-term ROI via existing demand (Delta DeFi, Masumi) → reduces execution-to-adoption gap.
Treasury capture via sequencer economics is structurally important → aligns L2 growth with L1 value accrual.
Main risk is Midgard complexity and DA design uncertainty, but budget is relatively small vs upside.

This is non-optional spend — without maintenance, all other funded initiatives degrade or fail.
Covers full-stack operational integrity (node, infra, security, QA, release) → directly tied to uptime and trust.
Enables everything else (Leios, DevX, upgrades); this is the base layer of execution capacity.
However, ₳62M is very large for “maintenance” → weak cost discipline and limited modularization.
Should ideally be broken into smaller, competing contracts over time to avoid IO monopoly risk.

Throughput is a hard constraint; without it, all other initiatives (DeFi, DevX, onboarding) bottleneck.
Leios is the only proposal here that directly addresses L1 scalability at protocol level → existential importance.
10–65x capacity increase materially overshoots 2030 needs → creates strategic headroom.
Builds on Ouroboros Praos rather than replacing it → lower systemic risk vs redesign.
Execution risk is high (complexity, HF dependencies), but not funding this is a guaranteed long-term failure mode.

Removes a core adoption barrier (Babel Fees) → highest impact on user onboarding.
Improves economic primitives (CIP-159) → enables viable wallet/DeFi business models.
Strengthens long-term treasury design (multi-asset), though less urgent than other components.
Strong strategic coherence across workstreams; combined effect > individual parts.
Execution risk exists due to dependencies and scope, but upside justifies it.

DevX is the primary bottleneck for Cardano; fixing it has first-order impact on adoption and revenue.
Proposal targets the right levers: tooling, onboarding, standard libraries, and coordination.
The “cardano-init” + OpenZeppelin-style contracts directly reduce time-to-MVP → highest ROI change.
Budget is modest relative to potential upside; milestone-based disbursement limits downside risk.
Main risk is execution/alignment, but structure with Intersect + bounties partially mitigates this.

I support the events, but not the budget for them.

Compared to the value of putting this into defi, infrastructure or targeted user acquisition, the sticker price is too high

No more budget info action! Yay!

This is not a strategy. It’s a legitimized narrative document produced via a very large consultation process. Its primary output is process credibility, not strategic clarity.

That doesn’t make it useless — but it does mean you should judge it by a higher bar than “700+ people were involved” and “it feels directionally correct”.

1. Cardano needs these integrations yesterday

Tier-1 stablecoins, tier-1 oracles, institutional custody, proper bridges, proper analytics — these are non-negotiable if Cardano wants to break out of the stagnation trap. Without them, TVL, liquidity, and serious DeFi simply won’t scale.

1. 70M ADA is not a crazy number

Given Cardano Treasury size and the fact this is public-good infrastructure, this is a realistic figure. Ethereum ecosystems spend orders of magnitude more through grants and VC pipelines on the same primitives.

1. Steering Committee is the correct coalition

IOG + CF + EMURGO + Midnight Foundation + Intersect is literally the core group that can actually negotiate tier-1 integrations. Nobody else can land those deals.

1. The confidentiality issue is unavoidable

Tier-1 vendors won’t disclose pricing in advance. If people expect open RFPs and fully public vendor negotiations for entities like Circle, Fireblocks, Coinbase Cloud, Chainlink, etc. — it’s unrealistic. The milestone-based disbursement plus audits is the only workable structure.

1. The sequencing makes sense

Oracle → bridge → custody → analytics → stablecoin. If you flip the order, nothing works. This proposal actually reflects how integrations happen in real life.

1. Massive upside, limited downside

Worst case: some integrations slip or deliver late — the money not used goes back to Treasury.
Best case: Cardano finally gets the infrastructure everyone else has had for years, unlocking serious liquidity and utility.

Conclusion

Cardano has dragged out essential integrations for too long. This is a chance to fix the biggest structural bottleneck in the ecosystem.

We really need to make the info-withdrawal action more smooth

I'm open to compensating the CC, but would prefer a smaller amount for the first year

Will vote no as long as the foundation does not allow community participation

Approving after approved info action

I’m voting yes because Cardano badly needs deeper stablecoin liquidity. Without it, DeFi here will always lag behind other chains. This plan puts treasury funds to work in a way that grows the ecosystem while still keeping control in community hands.

The setup isn’t perfect, but it’s pragmatic: a 9-person multisig under oversight of the tDAO means no single group can run off with the money. Reports are public, funds sit in a contract, and revenue flows back to the treasury. That’s solid accountability.

Yes, fiat-backed stables are centralized, but they’re the only way to quickly get serious liquidity. Think of it as scaffolding — we use it now to build depth and volume, and later it helps attract more decentralized options and market makers.

Bottom line: it’s a smart, contained risk that gives Cardano a shot at real growth in DeFi.

Not critical enough or shows promise of high ROI for the trasury

Absolutely love SNEK proposal. Positive ROI for treasury and enabling the SNEK business to drive further adoption to their business and to Cardano.

Bravo.

Easy YES.

These changes largely reinforce cypherpunk principles by embedding censorship resistance, user sovereignty, and transparency into the governance framework while codifying checks on power via on-chain rules and liquid democracy. While some changes introduce additional formalism (audits, codes of conduct, committee powers), they do not fundamentally undermine cypherpunk values so long as participation remains voluntary, rights of exit are preserved, and the system remains anchored in code and cryptography rather than politics. On balance, v2.0 is an evolutionary improvement toward a more resilient and decentralized governance model, even if it nudges the culture slightly closer to institutional accountability than radical minimalism.

See the duplicate action

Normally I would vote NO to specific listing proposals, but due to the lack of foundation support to make this happen, I will consider this as a substitute to that.

While voting abstain for now, I'm willing to move to YES, if a direct ROI for the treasury is provided, or if the number of Cardano native assets included in the initiative is expanded.

Best of luck.

I support moving away from the interim CC into a fully community based CC.

I see no indication that this has not been done according to due process.

Quadratic voting is devaluation of ADA.
Big no.

I support core tooling and protocol development

There is no ROI calculation or justification for WHY this is needed.
This seems to be a cool technical project without a business justification.
I dont consider this a part of core tooling or protocol development.