Holger

Cardano's Major wallet - there is not question - we NEED this wallet in our ecosystem.

As a DRep I'm voting NO on Cardano Vision 2026 (CV26).

This is a 32.9M ada (~$8M) treasury withdrawal with no delivery guarantee and no deadlines.

The funds release in four equal 25% tranches, triggered by: signing the services agreement, submitting a mid-year report, holding a webinar plus report, and submitting a final report.

Not one of these four payments requires shipping a single paper, prototype, CPS, or CIP. Payment is tied to reporting events, not to technical output.

Deliverables are listed, but they carry no dates, several are optional ("at least one of") or approximate ("~38 papers," "around 5 CIPs"), and the proposal explicitly reserves the right to deprioritise or drop any of them under its "portfolio-based" approach.

Most importantly, the binding terms (acceptance criteria, delivery dates, dispute resolution) do not exist at vote time.

They are deferred to a private contract between Input Output and Intersect that DReps never see and never vote on. We would be approving $8M against terms written later by the recipient and the administrator.

The only real protection is that undisbursed ada returns to the treasury.

Anything already paid out against a signature or a report is gone regardless of what ships.

I support research funding for Cardano, but I can't approve a withdrawal of this size where payment is decoupled from delivery and the enforceable terms are left blank.

I'd reconsider a revised version that ties tranches to accepted technical deliverables on a defined schedule.