Latam Cardano

We support Intersect's budget process. This proposal was part of it.

We support Intersect's budget process. This proposal was part of it.

Previous experience with Wirex and Cardano Card was not positive. Most LatinAmerican countries are excluded. Very high fees.

The concept of a global order book is great and we believe it would have positive impact. We are voting NO but would vote YES pending changes suggested by Inputendorsers.

Fiscal discipline is key for long term sustainability. We need a better way do prioritize spending not just increasing the NCL when we reach the limit.

We support Intersect's budget process. This proposal is part of it.

Cardano needs to keeps a full node wallet alive. Daedalus is the best option.

Blockfrost provides clear value to the ecosystem but the proposal does not provide a clear path to sustainability.

We would like to see a more results-oriented program. We see no incentive for builders to deliver upside for the ecosystem while the treasury bears the risk.

We support Intersect's budget process. This proposal is part of it.

We support Intersect's budget process. This proposal is part of it.

We support Intersect's budget process. This proposal is part of it.

We support Intersect's budget process. This proposal is part of it.

We support Intersect's budget process. This proposal is part of it.

We support Intersect's budget process. This proposal is part of it.

We support Intersect's budget process. This proposal is part of it.

We support Interesct as a pivotal organization for Cardano's ecosystem

Our guiding framework requires us to prioritize user trust, accessibility, and the long-term viability of the blockchain. Eternl serves as an indispensable bridge for power users and developers alike. Allowing a foundational wallet to degrade or halt operations due to an infrastructure funding gap poses a severe systemic risk to user retention and transaction volume. Because this updated version actively addresses the technical and financial criticisms that led to the expiration of prior iterations, voting "Yes" honors our commitment to maintaining a robust network infrastructure while supporting the team's explicit pivot toward a self-sustaining commercial model.

Latin American Ecosystem Impact
Eternl is widely regarded within the Latin American community as the premier wallet for executing advanced on-chain mechanics, managing native assets, and connecting to decentralized applications seamlessly. For a region heavily focused on onboarding and expanding local transactions, ensuring Eternl's stability directly protects the user experience of thousands of LatAm delegators and builders. Supporting this path to sustainability guarantees that our community retains a top-tier, reliable gateway to participate in Cardano's global economy without frictional interruptions.

Voting 'YES' on the "van Rossem" hard fork aligns seamlessly with our core objective of prioritizing user trust, security, scalability, and long-term viability for Cardano. This upgrade does not merely optimize smart contract efficiency and lower execution costs through updated Plutus models; it delivers the foundational architecture necessary to bring high-throughput scaling via Leios. Furthermore, executing this upgrade via Voltaire on-chain governance transitions Cardano into a truly mature, decentralized, self-sustaining network where no single entity can unilaterally alter protocol parameters. The technical risks are well-mitigated by intensive Preview/Preprod testnet cycles and robust node readiness across the global operator community. Supporting this upgrade respects both our rigorous architectural requirements and our commitment to a decentralized future.

As a representative committed to safeguarding user trust, maintaining strict transparency, and ensuring the long-term viability of the Cardano network, I cannot support the direct utilization of public treasury funds for protocol market-making or liquidity provisioning. While Strike Finance provides high-performance derivative tooling that advances Cardano's technical capabilities, deploying community funds into live trading protocols poses undue financial risk.

Cardano's treasury resources should remain anchored to sustainable growth vectors—such as independent third-party verified tooling, core platform maintenance, and ecosystem infrastructure—rather than being exposed to market-driven impermanent loss or liquidation events within specific DeFi environments. Strike Finance should instead pursue community bootstrap strategies through decentralized liquidity providers (LPs) or external capital partnerships that do not depend on the public reserve.

As a representative committed to safeguarding user trust, decentralization, and the long-term scalability of Cardano, a YES vote is the objectively sound decision for the network's architectural development. Mainnet transaction velocity and dApp competitiveness rely directly on robust Layer 2 throughput. Hydra represents a peer-reviewed, structurally secure mechanism to handle web-scale throughput while keeping transaction costs low and accessible.

The financial request of ₳5.1M is highly disciplined, well-aligned with the Intersect 2026 Budget Framework, and does not threaten or breach our active Constitutional Net Change Limit (NCL) boundaries. Allowing core scaling progress to stall would negatively affect ecosystem retention and infrastructure maturity during a pivotal market phase.

Latin American Ecosystem Impact Statement:
This governance action directly empowers the Latin American Cardano community by lowering the economic barriers to entry. For builders and users in regions characterized by volatile local economies, low-fee micro-transactions via localized Hydra heads make real-world web3 adoption, localized dApp development, and remittance pilots financially viable, effectively driving socio-economic inclusion across LatAm.

Core network operations cannot be treated as discretionary; they form the bedrock upon which all decentralized applications, enterprise use cases, and localized ecosystem expansions rely.

While the 18.26M ADA request is substantial, the risks associated with underfunding core maintenance—including technical vulnerability, lack of prompt bug resolution, and losing specialized engineering talent to competing ecosystems—far outweigh the financial cost. Tweag has demonstrated deep, proven expertise in managing functional areas of Cardano’s core software stack. Therefore, authorizing this budget is necessary to sustain the foundational integrity of the blockchain.

We support the refund but we are voting NO for two reasons:
1- It is unclear the author is the legitimate recipient. The Gov Action should clearly state that the address that payed the deposit is the same recieving the reimbursment.
2- The long time that has passed is responsability of the proposer. We do not agree with the 3k Ada asked to compensate lost rewards. This reumbusrment should have been asked for a long time ago.
We will vote YES is those two points are adressed.

It's a good idea to provide some buffer by keeping the CC size at 7 but having the minimum at 5. This provides the community the opportunity to react and elect any departing CC member without halting governance.

We see high risk in having yet another "authority" to run this budget process.
We support the Intersect lead in a decentralized way the budget process.

Pros
Targeted Developer Funnel: Dev Gov Day specifically caters to open-source developers and engineers, creating a direct pipeline to attract technical talent to build on Cardano's core infrastructure.

Global Ecosystem Visibility: Title sponsorship ensures maximum brand exposure to institutional investors, enterprise partners, and multi-chain developers outside the current community.

Fosters High-Assurance Ecosystem Growth: Aligning the network's top-tier presence with engineering-focused events supports the broader strategic vision of driving transaction volume and long-term protocol viability.

Cons
Geographic and Benefit Concentration: The physical events are highly concentrated in North America, meaning direct access, networking benefits, and localized economic impact do not naturally distribute to emerging markets.

High Capital Outlay with Hard-to-Quantify ROI: Marketing and sponsorship withdrawals demand substantial treasury funds upfront, carrying the inherent risk that high-visibility exposure will not efficiently translate into active on-chain growth or measurable user acquisition.

Final Recommendation
Vote: NO
Rationale
While global brand awareness and developer onboarding are vital pillars for the Cardano 2030 vision, treasury resources must be allocated with extreme fiscal responsibility, maximizing global efficiency and direct utility.

Sponsorship proposals of this magnitude must present a clear, decentralized return on investment that justifies the capital flight from the Treasury. This action represents a heavy financial concentration in a single, highly mature geographic region (the United States). Historically, the community has pushed back against massive marketing expenses that lack strict milestone-gated disbursement structures or clear capital-return mechanisms—such as those successfully integrated into enterprise funds or decentralized tooling initiatives.

Because this event structure heavily favors localized, regional attendance without offering structural digital equity or proportional, direct resource allocation to builders in developing ecosystems, it does not represent an optimal or equitable use of community funds at this time.

Latin American Ecosystem Impact
As a DRep dedicated to driving growth, public awareness, and institutional adoption across Latin America, voting NO ensures that valuable treasury capital is preserved for initiatives that offer direct, decentralized access to global markets. Funding highly concentrated US-centric events creates severe entry barriers (such as travel costs and visa restrictions) for LatAm builders and institutions. Rejecting top-heavy, localized sponsorships sets a vital governance precedent: encouraging future event proposals to incorporate decentralized regional hubs, remote developer grants, or direct bilingual educational tracks that actively empower the Latin American community.

Impact Assessment (Pros/Cons)
Pros:
Infrastructure Sustainability: Protects the substantial capital sunk into CCI V1 by ensuring delivered primitives (Circle, LayerZero, Pyth, Dune) remain operational, performant, and fully maintained rather than orphaned.

Institutional Onboarding: The addition of Fireblocks fills a major enterprise gap, allowing institutional market makers, asset managers, and corporate entities to securely hold and deploy Cardano native assets.

Risk Mitigation via Hedging: Capital management parameters mandate that funds are ring-fenced and converted into stablecoins by the administrator, mitigating treasury exposure to ADA market volatility during the 12-month execution window.

Accountability & Governance Oversight: Funds are gated behind Intersect's milestone-based smart contracts, requiring verified Statements of Work (SoWs) before execution drawdowns are released.

Cons:
High Treasury Concentration: A ₳23,000,000 withdrawal following a previous ₳70,000,000 disbursement represents a significant concentration of ecosystem reserves flowing into centralized infrastructure partners.

Recurring Cost Trajectory: Transitioning from "launch readiness" to an annual "maintenance and enhancement" contract sets a precedent for long-term recurring liabilities against the Treasury, rather than establishing immediately self-sustaining commercial models.

Final Recommendation
Vote: YES

Rationale: Core infrastructure primitives like native stablecoin pathways (Circle/USDCx), secure oracle feeds (Pyth), cross-chain interoperability protocols (LayerZero), and professional data indexing matrices (Dune) represent the bare minimum technical requirements needed to compete in modern Web3. Allowing these integrations to lapse after the foundational investments made in V1 would result in severe ecosystem regression. Furthermore, adding Fireblocks addresses a critical bottleneck regarding institutional liquidity inflow. While the capital request is substantial, Intersect's use of milestone-based smart contract gating and stablecoin ring-fencing provides the necessary structural safeguards to protect community funds. The technical and economic utility of these integrations justifies the treasury expenditure.

Latin American Ecosystem Impact: For the Latin American community, this governance action is highly consequential. Access to reliable, low-friction fiat-to-crypto rails via native USDCx and LayerZero bridges dramatically lowers the barriers for local developers building decentralized applications tailored to local remittance, micro-finance, and inflation-hedging use cases. Furthermore, integrating Dune Analytics and Pyth oracles equips local universities, developers, and tech startups across LatAm with enterprise-grade data feeds and analytics toolsets necessary to build robust, secure, and globally competitive DeFi applications directly on Cardano.

Impact Assessment (Pros/Cons)ProsEnhanced Resource Efficiency: Updating cost models directly adjusts how memory and CPU requirements are measured for smart contract execution. This usually decreases costs for well-optimized scripts, allowing more execution throughput per block.Network Scalability: By streamlining execution metrics, the network can process Plutus scripts faster and handle a higher volume of decentralized application (dApp) interactions without bloating the mempool or triggering congestion.Predictability for Builders: Aligning the cost models with actual benchmarked performance prevents arbitrary script failures and gives engineers precise guidelines for smart contract execution on-chain.ConsSmart Contract Retesting Requirements: Developers and teams managing active dApps must retest and potentially recalculate execution budgets for their smart contracts to ensure compliance with the updated thresholds.Risk of Performance Regression: If cost adjustments fail to fully capture peripheral corner cases under peak network load, it may slightly modify block generation behavior across varying stake pool operator (SPO) hardware configurations.Final RecommendationVote: YESRationaleAs a representative committed to prioritizing user trust, security, and the long-term viability of the Cardano network, endorsing this Protocol Parameter Change is imperative. Cost models must stay aligned with actual machine performance to maintain a decentralized, secure, and highly scalable ecosystem. Delaying updates to the Plutus cost parameters stifles dApp evolution and limits throughput optimization. This parameter update brings technical adjustments that reduce resource overhead, thereby reinforcing blockchain accessibility and technical excellence. This governance action strengthens the broader Latin American Cardano ecosystem by directly lowering the barriers for local developers and builders. Decreasing relative execution costs ensures that regional startups, education-focused technical programs, and community-centric applications can deploy efficient smart contracts affordably, accelerating real-world web3 adoption across LatAm.

Impact Assessment (Pros/Cons)
Pros
Critical Infrastructure Preservation: Eternl is a core gateway for users, power users, and dApp developers within Cardano. Maintaining its uptime and feature parity directly safeguards ecosystem stability.

User Retention: Ensuring a smooth user interface prevents friction and user churn to competing Layer 1 blockchains, aligning with our core focus on blockchain accessibility and trust.

Ecosystem Maturity: Funding a transition framework toward sustainability sets a precedent for how public goods on Cardano evolve into self-reliant entities.

Cons
Treasury Dependency: Relying on substantial treasury injections for established infrastructure components risks crowding out fresh capital for grassroots innovations.

Commercial Risk: Transitioning to alternative monetization streams within a light wallet features execution risks that could alienate an existing user base if not balanced carefully.

Final Recommendation
Vote: YES

Rationale
Our primary objective as a representative is to prioritize user trust, security, and the long-term viability of the blockchain. Eternl acts as a foundational pillar for Cardano's user activity. Ensuring its operational maintenance during a critical bridge year prevents ecosystem fragmentation and maintains the high standards of transaction accessibility our community relies on. While we carefully scrutinize recurring operational asks from the Treasury, the explicit commitment toward a definitive "Path to Sustainability" provides a responsible roadmap that respects the treasury's long-term health.

Latin American Ecosystem Impact
Eternl remains a heavily utilized wallet among Latin American builders, power users, and delegators due to its advanced staking management features and robust dApp browser integration. Ensuring its seamless operation and future sustainability secures a reliable gateway for LatAm users to participate in global governance, interact with local DeFi solutions, and manage native assets securely without technical disruptions. This stabilization is vital for driving continuous institutional and public adoption across the region.

Impact Assessment (Pros/Cons)
Pros
Enterprise Language Bridge: Taps into the vast Java Virtual Machine (JVM) developer ecosystem (Java, Kotlin, Scala), lowering the entry barrier for traditional enterprise developers who find Haskell or pure Plutus restrictive.

Full-Stack Cohesion: Enables a unified development experience where a single language can theoretically span smart contracts, backends, and frontends, speeding up development lifecycles.

Mature Ecosystem Foundations: Builds upon the existing Scalus open-source implementation, leveraging familiar tooling, robust compilers, and existing JVM debugging infrastructure.

Cons
Aggressive Treasury Ask: A request of over ₳8.5 million imposes a substantial burden on the Cardano Treasury during a time when resource conservation is paramount.

Unclear Direct Growth Metrics: While the technical infrastructure is highly sophisticated, the proposal lacks definitive, short-term indicators showing how this platform will immediately translate into a surge of live on-chain transactions or active users.

Execution Risk: The broad scope of building, launching, and scaling a unified platform within a fixed timeline presents significant delivery and oversight challenges.

Final Recommendation
Vote: NO

Rationale
Our core governance mandate requires us to protect user trust, maintain long-term treasury viability, and champion sustainable ecosystem expansion. While Scalus is an impressive technical milestone that provides valuable engineering options for JVM developers, the current market climate necessitates strict fiscal responsibility.

The ₳8,503,000 price tag is exceptionally steep. At this juncture, treasury deployment must be explicitly tied to immediate, measurable ecosystem growth, transaction volume, or user acquisition. Because it remains unclear how this application platform will directly catalyze rapid adoption relative to its high cost, we cannot justify the expenditure at this time. We highly encourage the proposers to refine their growth onboarding strategies and resubmit a more modular or cost-effective version under better market conditions.

Historical Coherence Report
This decision marks a strategic shift from our recent pattern of supporting core developer tooling, such as our positive votes on the Developer Experience Initiative and High Assurance Technical Collaborations. While we historically champion technical infrastructure, the combined scale of recent treasury withdrawals demands that we raise the financial bar for approval. This shift is a direct response to community feedback regarding treasury preservation and a macro-level necessity to prioritize immediate real-world utility over long-term tooling optimization.

Latin American Ecosystem Impact:
For the Latin American community, expanding JVM-compatible infrastructure holds immense potential, as the regional IT sector is heavily populated by Java and corporate software developers. However, allocating a massive portion of collective treasury funds to deep infrastructure projects—rather than local grassroots expansion, builder grants, and direct regional onboarding—restricts the immediate capital liquidity needed to drive real-world adoption in LatAm. Defending the treasury now ensures that funding remains available for high-impact, locally accessible initiatives that directly empower Latin American builders and users.

Impact Assessment (Pros/Cons)
Pros
Systemic Security: Mitigates critical single-point-of-failure vulnerabilities in core Cardano infrastructure by providing structured, long-term retention capital for open-source maintainers.

Data-Driven Capital Allocation: Utilizes empirical dependency centrality data to objectively allocate maintenance funds, reducing political bias and cronyism.

Accountability Guardrails: Incorporates clear governance safeguards, including dual advisory council oversight (Technical and External) and a mechanism allowing the community to vote out the independent operator.

Cons
Excessive Financial Commitment: Requesting 12,000,000 ADA in a single, multi-year block locks up substantial treasury liquidity. Funding a 36-month horizon upfront eliminates the community's leverage to evaluate performance at shorter, critical intervals.

Lack of Milestone-Gated Tranches: Committing the entire budget without formal milestone-gated tranches exposes the treasury to high capital risk if execution stalls, priorities shift, or ecosystem requirements evolve before 2029.

Final Recommendation
Vote: NO

Rationale
While the technical intentions of establishing a dOSPO and securing core software dependencies are highly commendable, the financial structure of this proposal presents an unacceptable risk to the treasury. Requesting a massive 12,000,000 ADA payout covering a rigid 36-month horizon is a structural deal-breaker.

Sound treasury management requires a high level of agility and ongoing accountability. Committing capital across a three-year period in a single governance action severely restricts the community's ability to pivot or halt funding if deliverables fall short. The proposers are strongly encouraged to restructure this initiative into smaller, sequential tranches—such as a 6-month or 12-month pilot phase—gated by explicit, verifiable milestones. Once a smaller tranche is successfully executed and validated by the community, subsequent funding blocks can be requested with confidence.

Latin American Ecosystem Impact Suffix
For the Latin American community, initiatives like the CodeForUs bounty program represent a vital opportunity to integrate local engineering talent into core protocol development. However, protecting the long-term financial health and decentralization of the global Cardano Treasury takes precedence. Demanding smaller, milestone-gated funding tranches sets a healthy governance precedent that ensures treasury resources remain equitably distributed, sustainable, and continuously accessible to regional builders throughout Latin America.

Impact Assessment (Pros/Cons)
Pros
True Trust-Minimized Ecosystem: Currently, the vast majority of decentralized applications (dApps) and light wallets on Cardano rely on centralized indexers and backend APIs to query ledger states. Gerolamo eliminates these single points of failure by letting client applications verify transactions and UTxO sets directly within a web worker.

Cardano-Only Structural Advantage: Cardano's unique eUTxO architecture allows local state verification. A browser node doesn’t need to hold the entire global ledger state to validate the exact transaction path it interacts with, providing a massive scalability and user experience advantage over account-based L1 platforms.

Client & Node Tier Diversity: Relying entirely on a single node implementation poses systemic risk. Adding a production-grade TypeScript/Wasm client client provides structural resilience to the tier handling user interactions.

Strong Strategic Alignment: The proposal natively meets the core benchmarks outlined in the Cardano 2030 Strategic Framework, specifically advancing "Ecosystem Growth & Real-world Adoption" by significantly lowering hurdles for light wallet providers.

Cons
Substantial Treasury Allocation: The request of ₳4,600,000 represents a major capital deployment from the global treasury.

Technical and Maintenance Risks: Maintaining cross-era hard-fork compatibility inside a browser environment over a long period introduces complex up-keep requirements, placing high reliance on the sustained commitment of HLabs.

Final Recommendation
Vote: YES
Rationale
The implementation of a true browser-based node is a fundamental paradigm shift for client-side decentralization. While the capital layout is substantial, the milestone-driven framework, clear 5-FTE resource management, and alignment with the open-source ethos justify the investment. Crucially, this action builds upon previous governance feedback, bringing refined structural parameters and clear delivery indicators.

Historical Coherence Check
Our previous stance regarding early technical architectures or tooling frameworks from HLabs leaned cautious (e.g., voting "No" on the Pebble + Gerolamo HLabs framework earlier in April 2026 due to budgetary/packaging parameters). However, this resubmitted, focused proposal presents distinct clarity, isolation of scope, and a strong risk-mitigated milestone schedule. Evolving technical alignment and structured accountability parameters warrant this transition to a YES vote.

Latin American Ecosystem Impact
For Latin America, local web infrastructure and mobile-first limitations often restrict user interaction with fully sovereign full nodes due to high hardware overhead. By facilitating a secure, ultra-lightweight node that operates right inside consumer web browsers and web workers, Gerolamo vastly lowers the entry barrier for LatAm developers and everyday users. It enables localized dApps and light wallets to function securely without high-bandwidth infrastructure dependencies, amplifying true financial sovereignty and trustless web3 access across the region.

While losing the scientific pipeline is an undesirable outcome, the precedent of passing a 32.9 Million ADA un-milestoned block withdrawal violates the core tenets of decentralized accountability. Yielding to pressure because an action is framed as an "existential crisis" compromises a DRep's primary mandate: to enforce strict financial oversight over the public treasury.

The ecosystem needs these research outcomes, but it requires them through a restructured framework. Voting "No" signals that IO Research must return with a modular proposal—separating urgent, non-negotiable protocol upgrades (Leios and Post-Quantum fixes) from experimental long-term concepts, complete with enforceable milestone-gated disbursements.

Latin American Ecosystem Impact Statement
From a LatAm perspective, this decision carries heavy weight due to the direct research funding allocated to the University of Buenos Aires. However, protecting the fiscal integrity of the global treasury yields a higher structural return for the regional ecosystem. Ensuring that massive treasury draws are bound to auditable, modular phases protects the liquidity required to fund tangible applications, builder frameworks, and real-world adoption drivers across Latin America.

As representatives bound by the principles in the Latam Cardano DREP documentation, our primary mandates are to safeguard user trust, guarantee treasury sustainability, and champion long-term ecosystem viability. While we actively supported a Yes vote on the baseline Platinum Sponsorship proposal (gov_action18u8lpkzge2csxe3plynn9lh4agwtv3nrqkyfwalwj4ykjv7l68jqqzmul9z) to secure a prominent, competitive floor presence for Cardano, we cannot justify a supplementary treasury withdrawal for an aggressive branding top-up. The baseline sponsorship already fulfills our objective of global exposure. Consuming additional decentralized community funds for premium marketing upgrades does not align with a strategy of high fiscal responsibility or grassroots empowerment.

Latin American Ecosystem Impact Statement:
Voting 'No' on this top-up upgrade prevents the over-concentration of treasury capital into singular, high-cost international marketing events. Rejecting the proposal preserves vital treasury liquidity, ensuring that funds remain accessible for localized education, regional builder grants, and institutional adoption initiatives that directly expand the transactions and user base within the Latin American Cardano ecosystem.

Core infrastructure development is vital, but the governance vehicle used in this proposal undermines the principles of continuous accountability and decentralized oversight. A request of this magnitude (₳39.8M) spanning a three-year horizon isolates the proposer from iterative community evaluation. By voting No, we invite the proposers to restructure this action. The proposal should be unbundled into discrete, annualized, or milestone-gated sub-proposals and resubmitted, allowing the community to fund critical elements like Peras and History Expiry progressively without relinquishing multi-year governance control.

Historical Coherence Report
Our voting record demonstrates consistent support for core infrastructure upgrades, as evidenced by our previous Yes votes on the Amaru Treasury Withdrawal 2026 and the Cardano Critical Integrations Budget. Voting No on this action marks a deliberate strategic shift. This shift does not reflect a change in our stance toward supporting core protocol engineering, but rather an evolving requirement for stricter structural frameworks. Moving forward, large-scale infrastructure funding must include granular milestone escrow mechanisms and shorter approval intervals to protect treasury health.

Latin American Ecosystem Impact Statement:
While rejecting this action temporarily delays the rollout of performance optimizations like History Expiry, a No vote ultimately protects Latin American developers and SPOs by enforcing strict treasury discipline. Demanding that the proposal be resubmitted with shorter milestones ensures that communal funds—which regional projects heavily rely on for ecosystem growth—are not locked up prematurely, thereby preserving long-term financial liquidity and accountability for the global and regional community.

While the OriLife alliance presents a highly sophisticated technical framework and a compelling real-world adoption case, the allocation of 2,400,000 ADA from the global treasury for a regionally isolated agricultural initiative presents a substantial opportunity cost. Global treasury funds must be prioritized for core infrastructure, foundational tooling, or ecosystem frameworks that offer equitable, scalable utility across all global communities. Funding localized commercial deployments at this scale sets a precedent that risks depleting collective reserves without guaranteeing proportional network-wide returns.

Balancing fiscal conservatism with the need for global ecosystem expansion is the core duty of a responsible DRep. This baseline proposal strikes an excellent compromise by minimizing treasury strain while ensuring Cardano does not cede its position on the global stage during a critical market window. Providing decentralized builders with a subsidized, high-traffic platform to pitch venture capital and secure cross-chain partnerships offers a clear, actionable path toward measurable ecosystem growth.
Latin American Cardano Ecosystem Impact Statement: While this global activation takes place in Singapore, elevating Cardano's institutional relevance directly expands the commercial horizons for regional operations. Securing global capital visibility and ecosystem maturity helps pave the way for downstream cross-border investments, strategic partnerships, and liquidity injections that Latin American builders can directly leverage to scale local Web3 applications.

The technical enhancements outlined in this proposal are high-quality and undeniably beneficial for the long-term evolution of Plutus. However, governance demands a strict balancing of technical utility against immediate strategic urgency. This initiative represents an important but non-urgent optimization that can wait for more favorable market conditions. Under the current economic climate, treasury conservation must take precedence to ensure available capital is aggressively channeled into direct ecosystem growth, user acquisition, and demand-generation activities. Therefore, a NO vote is recommended to safeguard the network's financial reserves for immediate expansion priorities.

Reduces Technical Friction: Upgrading SDKs and compiler efficiency directly improves the building experience, aligning with our core objective to prioritize the accessibility of the blockchain.

Fosters LatAm Builder Ecosystem: Lowering the barrier to entry with better developer tools helps drive Latin American growth by encouraging local builders and increasing regional on-chain transactions.

Strengthens Core Resilience: Enhancing developer tooling directly impacts the scalability, security, and long-term viability of the global ecosystem.

Open-Source Tooling Continuity: Ensures maintenance of essential infrastructure components that the entire developer community relies upon daily.

Our role as a DRep demands that we prioritize user trust, security, and absolute accessibility across the blockchain network. Blockfrost has single-handedly subsidized the entry-level data requirements of this ecosystem for years, serving as the foundational entry point for nearly 90% of non-enterprise applications. Relying on a single private entity to continue carrying this operational deficit at a loss—especially during a generational scaling shift like Ouroboros Leios—is a severe architectural vulnerability. The requested budget of ₳7,920,000 represents a defensive, practical investment. It avoids a looming decentralization crisis by distributing indexing workloads directly to SPOs, while securing the immediate future of Cardano's most critical public-good gateway. Because this action builds long-term system resilience and protects the grassroots developer layer, a YES vote is completely warranted. Latin American Ecosystem Impact: This governance action acts as a critical economic safeguard for the Latin American Cardano community. Given that the vast majority of local builders, academic hubs, and early-stage Web3 initiatives operate within highly restrictive capital environments, access to a robust, zero-cost public API layer is the thin line between project survival and abandonment. Furthermore, the "SPO Icebreakers" framework introduces a massive opportunity for LatAm Stake Pool Operators; it creates an accessible technical path to earn secondary revenue through local slice indexing without forcing them to compete strictly in the capital-intensive global war for ADA delegation.

Our core mandate as a DRep is to prioritize blockchain security, scalability, and long-term ecosystem resilience. Scaling through structured L2 infrastructure is no longer a luxury; it is a critical requirement for global competitive positioning. By partnering core developer competencies (IO) with proven infrastructure ecosystems (Midgard Labs), this initiative balances immediate capital expenditure with robust technical feasibility. The long-term scalability gains directly outweigh the short-term reduction in Treasury assets, making a YES vote the most responsible path toward safeguarding Cardano's operational longevity.

This governance action significantly impacts the Latin American Cardano ecosystem by preparing the underlying network infrastructure to support mass tokenization, public administration, and retail finance platforms. High-throughput scaling ensures that local builders and institutions in Latin America can deploy real-world solutions without facing prohibitive transaction fees or network latency during peak utilization periods.

This proposal directly advances the core objectives of the Latin American Cardano community and the global network: prioritizing user trust, hardening application security, and radically expanding developer accessibility. In emerging economies like Latin America, where development teams operate with lean budgets and cannot always afford expensive external audits, embedding institutional-grade formal verification tools (Blaster) directly into standard toolchains is a massive equalizer. Furthermore, the single-click containerized environment (CBDE) solves an existential onboarding friction point for new builders.

Our mandate as detailed in our profile within the file "Latam Cardano DREP" forces us to strictly balance our dedication to protocol security against fiscal discipline and the ongoing decentralization of ecosystem resources. Technically, keeping the lights on through the Cardano Maintenance Initiative is vital for the entire global ecosystem.

YES. Our primary motivation as a DRep is to safeguard user trust and ensure Cardano's longevity. The consensus layer represents the fundamental security and operational core of the blockchain. Ensuring it is adequately funded guarantees technical continuity and minimizes systemic risk. This baseline network stability is non-negotiable for driving institutional adoption, public awareness, and real-world utility within the Latin American region and the global ecosystem. Furthermore, this core expenditure aligns appropriately within general sustainable parameters relative to the network's active Net Change Limit (NCL) boundaries.

The inclusion of a structured repayment mechanism and a perpetual 5% protocol dividend fundamentally changes the economic profile of this governance action. As a DRep representing the Latam Cardano community, one of our fundamental pillars is ensuring the long-term financial viability and resilience of the network. Transitioning the treasury into a productive asset allocator that builds external revenue streams directly mitigates the risk of treasury depletion. While the off-chain accounting and governance of EBITDA distributions present a distinct challenge that the community must rigorously audit, the strategic macroeconomic value of anchoring Bitcoin liquidity within Cardano via a self-repaying structure warrants an affirmative vote.

his proposal represents precisely the type of strategic initiative that Cardano must champion to achieve global maturity. It strikes a flawless balance between creating technical value and driving socio-economic inclusion, aligning seamlessly with our core objectives to prioritize user trust, accessibility, and long-term viability.

The structural design of the project is exceptionally solid. The milestones are clearly defined, measurable, and achievable, providing the exact type of fiscal guardrails we mandate for significant capital allocations. By building out this infrastructure, Cardano equips itself to capture institutional markets while offering foundational tools that grassroots communities can use to solve localized Trust and Identity challenges.

Furthermore, as a safety check, this Treasury Withdrawal operates safely within acceptable ecosystem allocation limits and respects the broader budget framework frameworks aimed at balancing ecosystem growth with sustainable capital preservation.

Our historical voting record shows that on April 15, 2026, we voted No on the initial Cardano Summit 2026 and TOKEN2049 Singapore treasury proposal. That previous stance was rooted in a strict mandate to scrutinize high-expenditure marketing budgets and protect treasury sustainability.

However, a core principle of adaptive governance is acknowledging positive refinement based on community feedback. The organizers behind this revised proposal have made a demonstrable, significant effort to reduce spending, directly answering the community's fiscal concerns.

While Singapore is geographically distant from Latin America, maintaining a highly visible, unified presence on the global stage is critical to attracting the institutional adoption and liquid capital that ultimately benefits all global builders—including our regional ecosystem. The reduced budget structure ensures a balanced compromise: it achieves vital global connection and visibility without over-burdening the treasury.

Furthermore, we have cross-referenced this optimized withdrawal against the active Net Change Limit (NCL) parameters for this epoch. Because the revised, lowered cost structure fits safely within the net treasury expenditure limits, a YES vote maintains both fiscal integrity and strategic ecosystem alignment.

Our primary mandate as a Latin American Delegated Representative is to secure the long-term viability, immutability, and security of the Cardano blockchain. Without a highly performant, securely maintained, and frequently updated layer-1 protocol, regional goals—such as boosting local transactional volume, expanding builder networks, and securing institutional adoption in Latin America—cannot succeed.

This operational upgrade proposal aligns precisely with our established voting record of prioritizing core systemic health over non-essential expansions. Furthermore, this allocation safely adheres to the operational guardrails of the current Net Change Limit (NCL) period, preventing an over-extended treasury liability. Assuring a stable network layout directly translates into a secure sandbox for Latin American enterprise deployment. Therefore, casting a YES vote is the most responsible action for both the global ecosystem and our local community.

As much as we share CF's view on how important and strategic participating in TOKEN 2049 singapur (more so with Dubai canceled) and having a Cardano Summit right before. The proposed cost is simply exhorbitant.
We have organized very large events with thousands of participants and great value for the ecosystem for a small fraction of what is being asked.
We would love for the CF to resubmit with a reviewed budget, this is something we would love to see funded.

In line with our previous voting, we undescore the relevance of prioritizing the community's effort and treasury in growth, adoption and real world use cases.
We recognize the value of the continued development of technical tooling but we believe this is not the right time for this.

Although we'd prefer Catalyst to operate as an independent DAO or MBO we do not opose the new administration in hands of the Cardano Foundation. CF has proven to be capable, serious and committed to Cardano's future. Catalyst is a core element to the ecosystem that needs to continue and evolve.

This is more of a Nice to have than a must right now. Definetly node diversity is important but we need to be aware that expanding developing and maintenance fronts before growing to a sustainable daily Transactions rate might be counter productive.
Also the budget numbers seem high. We thank the proposing team and invite them to resubmit when the time is right with a revised budget.

Draper has been profoundly supporting Carano's ecosystem at a layer where there was a void. The proposed format of expanding such support aligns all the involved actors interests. We support this initiative.

The proposed process not only is a good evolution from the previous version but it has been in an open and participatory way that speaks to its legitimacy. We support this proposal.

We continue to support Amaru's initiative due to the professionalism, clarity and execution proven.

We have supported the 350 Million NCL. We do not believe that less spending is prudent at this critical time when the ecosystem needs accelerated investment in order to gain exit speed. Not investing enough could kill Cardano.

Max Van Rossem was an estimeed community member. His passtionat and valuable contributions deserve being remembered.

Proposed parameter changes have a clear advantage for Dapp devs while now representing any risks for the protocol. We suggest waiting more than the mimimum epochs required by the guardrails before submiting the second proposal to insure adecuate obesrvation prior to aditional changes.

In line to our support of the budget info action we support this first withdrawal.

The reasoning behind this proposal seems sound.

We see this as a private initiative for private profit. Not to be funded by the treasury.

We continue to vote no on this initiative due to it's lack of legitimacy. Community at large has not been systematically involved and large portions have been left out. Any constitutional amendment process should in our view build on top of the process of the original constintution in 2024.

We support this document. The content has been built by consulting the community world wide in a very inclusive manner. it's content should take us to materially evolve Cardano.

The election was not held considering the runner up would be elected. It could be argued that Adara Consotium has more legitimacy for being 8th in the original election.
If / when the time comes a new election should be held with more than the minimum number of members to be elected.
Also this changes the current number of member that need to vote Yes. Currently 4 members need to vote YES for constitutionalyty of an Infoaction. If approved that number would increase to 5. This is not in itself negative but needs to be a result of a deeper analysis and not an unintended consequense.

In line with us supporting the budget for this we vote yes to the corresponding withdrawal action.

We support the election process to elect the new constitutional committee consortium.

This brief extension eliminates the ambiguity of the end date of the NCL and gives a chance to get a more permanent NCL approved.

This is a critical initiative led by an alliance of Cardano's most relevant actors that aims to implement a plan to develop key capabilities for Cardano to continue its path towards mass adoption

We supported the budget info action and now support the withdrawal. This initiative will benefit the whole cardano exosystem by elevating liquidity.

Althoug we have some concerns regarding the control of public goods such as the Cardano brand and .ada and .cardano domains in the hands of a single entity. We trust the Cardano Foundation to put in place measures that will allow for the control of this assets to be trustless and less centralized.

We support this reimbursment of the deposit that went to the treasury because of a good faith mistake in one of the first governance actions that prevented the funds to be returned.

Compensation for the constitutional committee is absolutely necesssary. We do not think by any means this is the best compensation framework or way to do it but it is far better than conituing to expect that this highly demanding role be filled without compensation. That would a precedent that is unacceptable and dangerous for Cardano's governance quality and security.
The amounts proposed seem reasonable, in future iterations a framework linking the remuneration to the delivery of high quality work would be preferable.

Changing Cardano's constitutions should be a very inclusive and participatory process. Although there are some good ideas and we appreciate Yuta's efforts we cannot support this initiative because we feel huge portions of the community has been ignored in it's conception.

We support this first version of the document, aknowledging that it still needs work and broader community input.

This proposal has our full support. GovTool is an indispensable public good for the Cardano ecosystem, crucial for fostering accessible and fair governance for every participant. Unlike commercial ventures, GovTool is an open-source, community-built platform, designed to be reused and expanded upon by the community. While this collaborative development demands more time and coordination, it is unequivocally the right approach for a decentralized ecosystem like Cardano. The proposal provides a meticulous breakdown of costs for 12 months of work across all environments (Dev, QA, Preview, PreProd, Mainnet), clearly explaining fund allocation and offering historical cost data for complete transparency. This funding is vital to ensure GovTool remains a stable, community-owned hub for participation. Furthermore, the commitment to return any unused funds to the treasury demonstrates exceptional fiscal responsibility. For these compelling reasons, we consider this a fair and absolutely necessary proposal that significantly strengthens Cardano's ability to govern itself.

Deep Stablecoin liquidity is a key driver for DeFi. Cardano is behind other ecosystems in this front. This proposal addresses this need in a well structured an sustainable way.

This proposal seeks to harness the potential of a powerful memecoin for the cardano ecosystem while setting the healthy precedent of seeking support for a specific projectwhile being accountable for the funds using the figure of a loan.
We support both purposes.
Having said that we think the loan should be better structured, terms are not specific and enforcing repayment does not seem feasible without trusting the team.

The team is highly capable and experienced, the pilot development for a business development framework could be benefitial not only in direct results of increased transaction volume originated in the region but in other regions adopting the framework for local implementations.
The asked cost is low for the potential benefit.

We are voting NO to this proposal due to a lack of a transparent inclusive community wide discussion. The proposal was pushed on X with short deadlines and tracked on google docs.
We need to keep the very high standards established by the first constitution ratification process aknowleding that we do not need to spend millions to do it right.
There are good ideas in the proposal, we invite the proposer to make them part of a wider more legitimate effort that leads to a widely supported amendment.

This Treasury Withdrawal Governance action did NOT have a previously approved budget info action.

Requested amount does not match what is stated in the Abstract.

This proposal will provide a common good that the community can leverage and accelerate growth by lowering costs.

Voting for this proposal was held in a transparent and democratic way. We support the results and celebrate the our first fully elected. Constitutional Committee.

This proposal has our full support. GovTool is an indispensable public good for the Cardano ecosystem, crucial for fostering accessible and fair governance for every participant. Unlike commercial ventures, GovTool is an open-source, community-built platform, designed to be reused and expanded upon by the community. While this collaborative development demands more time and coordination, it is unequivocally the right approach for a decentralized ecosystem like Cardano.

The proposal provides a meticulous breakdown of costs for 12 months of work across all environments (Dev, QA, Preview, PreProd, Mainnet), clearly explaining fund allocation and offering historical cost data for complete transparency. This funding is vital to ensure GovTool remains a stable, community-owned hub for participation. Furthermore, the commitment to return any unused funds to the treasury demonstrates exceptional fiscal responsibility. For these compelling reasons, we consider this a fair and absolutely necessary proposal that significantly strengthens Cardano's ability to govern itself.

We are voting ABSTAIN because we already voted yes to Intersect's budget proposal which includes all the proposals in this one (plus others)
We do not think it is convenient to approve two budgets with some of the same proposals.

We are voting YES to Intersect's budget proposal. It provides resources to keep working on some of the highest priorities to keep moving Cardano's ecosystem forward. Some level of consultation was done and supported by an offchain temprature check with dreps.

Being consistent with our view expressed in previous NCL proposals we are voting NO because we believe the NCL should be defined as a maximum percentual change of the balance of the treasury in a dynamic window of time so it doesn't need to be approved every year.

An Issue has been identified with the hash of this proposal. The submitter has expressed his intention of resubmitting therefore we are voting NO to avoid any potential duplicity with the resubmitted proposal.

We vote YES because this proposal significantly enhances Cardano's resilience by eliminating the risk inherent to having a single point of failure of only having one node for a modest cost.
Amaru provides diversity, better performance, and improved tooling.
Reputation of the proposing team is high - Blink Labs, dcSpark, Sundae Labs, Cardano Foundation, and TxPipe.

Being consistent with our view expressed in previous NCL proposals we are voting NO because we believe the NCL should be defined as a maximum percenual change of the balance of the treasury in a dynamic window of time so it doesn't need to be approved every year.

We recognize the importance of a Net Change Limit (NCL) being approved to unlock the access to the treasury, but this must be made both with the highest quality standards and with the best economic analysis. Always having Cardano's resiliance as a top priority in mind.

We vote "NO" for 2 reasons:

1. There us ambiguity in the term of the NCL being proposed. From the text it can be interpreted that it would last for 72 epochs but from the epochs described it would be 73 epochs. This lack of clarity apones the door to future governance problems. We invite proposers to resubmit this proposal without this error.

2. We are convinced that the NCL should be determined as a percentage of the treasury's balance not as a fixed amount. This eliminates the necessity to guess future income tothe treasury providing aditional layer of resiliance to the treasury management.

The roadmap proposed by the Intersect Product Committee is a good starting point. It should not be interpreted as perfect, complete or exaustive of future amendments.
NOTE: the official roadmap link provided in the metadata (https://product.cardano.intersectmbo.org/vision-roadmap-2025/) points to mutable web content. To establish a fixed reference for this vote (which ends March 30th, 2025), Nicolas Cerny has pinned the current content of that page to IPFS: https://ipfs.io/ipfs/bafkreifbloze4ln3jkseiqrkcpuonilvnah37lllf2xhzrzyqvtjq555ou. Our assessment and affirmative vote pertain specifically to this archived version.

La hoja de ruta propuesta por el Comité de Producto de Intersect es un buen punto de partida. No debe interpretarse como perfecta, completa ni exhaustiva respecto a futuras modificaciones.
NOTA: El enlace oficial a la hoja de ruta, proporcionado en los metadatos (https://product.cardano.intersectmbo.org/vision-roadmap-2025/), apunta a contenido web mutable. Para establecer una referencia fija para esta votación (que finaliza el 30 de marzo de 2025), Nicolas Cerny ha fijado el contenido actual de esa página en IPFS: https://ipfs.io/ipfs/bafkreifbloze4ln3jkseiqrkcpuonilvnah37lllf2xhzrzyqvtjq555ou. Nuestra evaluación y voto afirmativo se refieren específicamente a esta versión archivada.

O roteiro proposto pelo Comitê de Produtos Intersect é um bom ponto de partida. Ele não deve ser interpretado como perfeito, completo ou exaustivo de futuras emendas.
NOTA: o link oficial do roteiro fornecido nos metadados (https://product.cardano.intersectmbo.org/vision-roadmap-2025/) aponta para conteúdo da web mutável. Para estabelecer uma referência fixa para esta votação (que termina em 30 de março de 2025), Nicolas Cerny fixou o conteúdo atual dessa página no IPFS: https://ipfs.io/ipfs/bafkreifbloze4ln3jkseiqrkcpuonilvnah37lllf2xhzrzyqvtjq555ou. Nossa avaliação e voto afirmativo dizem respeito especificamente a esta versão arquivada.

Net change limit should be stated as a percentage of the balance of the treasury. Not as a lump sum that involves guessing how fast the treasury will grow in the future.