Seidu Ziblim

As a DRep and co-founder of Cardano Ghana, I support this proposal to ensure continuity and stability in Project Catalyst. Approving the transition from Input Output Global to Cardano Foundation prevents delays in milestone reviews and payments for Funds 10–14, protecting builders and ongoing projects. This change follows established governance structures and ensures a smooth, accountable handover. A YES vote safeguards the Cardano Treasury, supports responsible management of legacy funds, and maintains trust across the ecosystem. Most importantly, it avoids disruption while the community continues shaping the future of decentralized governance.

Proposal Well align.

As an advocate for ecosystem education and responsible governance,** I voted YES** on this governance action.

The proposal offers a structured and transparent approach to deepening liquidity within the Cardano DeFi ecosystem by strategically supporting stablecoin markets. Strong liquidity is essential for adoption, price stability and the development of sustainable on-chain finance. The inclusion of a Treasury DAO (tDAO) with dRep oversight powers ensures community accountability and decentralization in managing the 50M ADA fund.

This initiative also contributes long-term value through the creation of open-source governance contracts and a legal framework that can guide future community-led treasury actions. With proper transparency and ongoing reporting, this proposal strengthens Cardano’s economic base while maintaining democratic oversight, aligning with my commitment to responsible ecosystem growth.

I am voting YES on this proposal because I believe it offers both strategic and financial value to the Cardano ecosystem. One of the major gaps for Cardano today is the lack of strong visibility and liquidity on Tier 1 exchanges. SNEK has already demonstrated that it is one of the few Cardano-native tokens capable of meeting the requirements for such listings, and it is well-positioned to open this path for the ecosystem at large. By leveraging its momentum, Cardano can secure greater recognition and liquidity in global markets, which ultimately benefits ADA and the broader ecosystem.

Equally important is the financing model being proposed. Instead of requesting a one-time grant, the Snek Foundation is asking for a repayable loan, which sets a healthier precedent for Treasury funding. If the loan is taken for the full 5-year term, the repayment will total approximately 5,640,503 ADA, of which 640,503 ADA would be interest. This represents a 12.8% return on the principal, meaning the Treasury stands to gain substantially, nearly two-thirds of a million ADA on top of recovering its original 5 million ADA. This is a significant improvement over grant-based requests, as it both strengthens accountability and ensures Treasury sustainability.

The credibility of the Snek Foundation also weighs heavily in my decision. The team has already proven its capacity to deliver results by securing high-profile listings on Kraken, Kucoin, and Crypto.com, making them the first to achieve Tier 1 listings for a Cardano-native token. This track record gives confidence that they can execute effectively on the goals of this proposal. Furthermore, the inclusion of Intersect oversight, independent audits, and a high-profile advisory board provides strong accountability structures, ensuring the Treasury’s interests are safeguarded throughout the loan period.

For these reasons, I consider this proposal a responsible and impactful use of Treasury funds. It advances Cardano’s visibility and liquidity, establishes a precedent for repayable funding, offers tangible financial returns, and is backed by a team with proven delivery capability and adequate oversight mechanisms.

Due process is central to on-chain governance, and this proposal skipped the “info action” step that allows for community input. Approving it would set a negative precedent against the Cardano Constitution.

While I acknowledge the important role of the Constitutional Committee in raising such matters, I believe it is necessary as a DRep to highlight this concern. I also note that SNEK is already listed on KuCoin and Kraken, which could serve as case studies when seeking Cardano treasury funding for broader exchange listings.

I want to commend the SNEK team for their incredible achievement of becoming the first CNT to be listed on centralized exchanges. However, I am voting NO on this proposal due to the lack of sufficient data supporting its expected outputs and the returns it would bring to the Cardano treasury.

Due process is central to on-chain governance, and this proposal skipped the “info action” step that allows for community input. Approving it would set a negative precedent against the Cardano Constitution.

While I acknowledge the important role of the Constitutional Committee in raising such matters, I believe it is necessary as a DRep to highlight this concern. I also note that SNEK is already listed on KuCoin and Kraken, which could serve as case studies when seeking Cardano treasury funding for broader exchange listings.

I want to commend the SNEK team for their incredible achievement of becoming the first CNT to be listed on centralized exchanges. However, I am voting NO on this proposal due to the lack of sufficient data supporting its expected outputs and the returns it would bring to the Cardano treasury.

ARTICLE VII, Section 1 of the Cardano Constitution establishes the Constitutional Committee. Having participated in the election of these CC members, I can confirm that the process was free, fair and followed democratic principles. I therefore support this GA in replacing the interim CC with the newly elected CC, marking a significant step toward the full implementation of the CIP-1694 proposal.

Pursuant to ARTICLE VIII of the Cardano Constitution, the amendment process is clearly outlined; therefore, this GA is in line with the constitutional provisions, and I support it as an opportunity for the community to review the constitution. More importantly, the process leading toward Constitution 2.0 has been transparent and community-oriented, although limited effort was made to reach other members beyond the usual channels. Participation was mainly driven through posts on X and the Cardano Forum.

The Cardano Foundation has successfully delivered on similar initiatives multiple times before, so I have no doubt they will achieve the goals outlined in this proposal. I’ve had the privilege of working with them as a local community summit host for four consecutive years since the inception of the Cardano Summit. Wishing the team all the best in hosting the Cardano Summit 2025!

Catalyst has achieved monumental milestones for the Cardano ecosystem, laying the groundwork for the successful execution of the Cardano roadmap. It has created a vibrant space where builders, educators and marketers can bring their ideas to life on the Cardano blockchain while fostering meaningful connections and collaboration through networking opportunities.
The Catalyst team has already successfully completed a community-approved funding request in Fund 10. Based on that proven track record, I fully support this funding withdrawal to enable the team to implement three upcoming funding rounds: Fund 14, Fund 15, and Fund 16. Wishing the team all the best!

Tempo was developed out of passion and a commitment to support Cardano’s on-chain governance, entirely without funding from the Cardano Treasury. As a DRep, I’ve used Tempo to cast all my votes. Its simple and intuitive UI has made it easy for non-technical DReps like myself to actively participate in on-chain decision-making. I believe the time is right to support the team behind Tempo so they can continue building and maintaining this valuable tool for the benefit of the entire Cardano ecosystem.

Although GovTool has laid the foundation for DRep registration and delegation, and play a crucial role in the implementation of CIP-1694, I am unable to support this proposal due to the amount being requested.

Requesting 1.5m ada for 12 months of maintenance and continued development in my view is excessive. While I acknowledge the importance of improving GovTool’s UI and UX, the size of the budget and the duration of funding are the primary reasons for my decision.

As a DRep who has consistently advocated for smaller NCL this year and has already approved a budget of approximately 280m ada within an NCL of 300m, I will **abstain **from this vote and leave the decision to my fellow DReps.

As a DRep, I voted in favor of the Amaru node proposal because it aligns with Cardano’s vision for decentralization, resilience, and open-source innovation. Amaru, developed by PRAGMA, is a fully interoperable, block-producing node written in Rust. It introduces diversity to Cardano’s node infrastructure, reducing reliance on a single implementation and enhancing the network’s security and robustness.

**Supporting the withdrawal of funds is a consistent extension of my original vote. **It enables the project team to move from vision to execution and ensures that critical infrastructure innovation receives the support it needs. The open-source and transparent nature of the project, along with the technical credibility of the PRAGMA team, further strengthens its alignment with Cardano’s community-driven values.

This funding decision supports Cardano’s long-term sustainability, infrastructure independence, and global accessibility—making the blockchain stronger, more secure, and inclusive for all network participants. Therefore, I support the release of funds for implementation.

As a DRep and active contributor to the governance process, I have consistently advocated for fiscal discipline and prudent treasury management, originally supporting a 200M ada annual cap to ensure long-term sustainability. However, my support for this 275M ada budget for 2025 is informed by a broader strategic perspective and current realities, including:

Alignment with Governance Signals

I voted in favor of the 300M ada NCL, recognizing that a slightly higher ceiling may be necessary in the short term to accommodate evolving ecosystem needs. The 275M ada allocation falls below this approved cap and is therefore within the community-approved threshold, representing a moderate and responsible use of available resources.

Balancing Growth and Sustainability

While I favor a lean budget in principle, the Cardano ecosystem is currently undergoing critical infrastructural, governance, and adoption phases. A 275M ada budget enables:

• Continued development of core infrastructure (like governance tooling and smart contract scaling).

• Capacity-building initiatives across governance, developer outreach, and community hubs.

• Strategic ecosystem investments that is essential for bootstrapping decentralized decision-making.

I believe that strategic spending today will yield compounding benefits in the future.

Responsiveness as a DRep

As a Delegated Representative (DRep), my role is not only to uphold my values but also to listen to community feedback, assess treasury health, and adapt to shifting priorities. This 275M ada proposal reflects community input, DReps reviews, and a broad-based understanding of what’s required to maintain Cardano's momentum in 2025.

Commitment to Accountability and Evaluation

My support for this budget is not unconditional. I expect robust oversight mechanisms, clear milestones, and impact assessments for funded projects. I will continue to advocate for transparent treasury reporting and outcome-based funding models that ensure ADA is spent wisely and in the ecosystem's best interest.

Allocating 50 million ADA to a liquidity strategy at this scale could jeopardize the long-term sustainability of the treasury. While there is potential for yield, the risk-reward profile remains unclear—especially considering the volatility and immaturity of Cardano's DeFi markets.

The proposed seven-person committee (4-of-7 multisig) centralizes significant control over deployment decisions, liquidity strategies, and oversight. Although the individuals involved are reputable, this structure introduces governance risks in a system that should prioritize decentralized accountability—particularly when managing such a substantial sum.

Cardano’s DeFi protocols are still relatively nascent. Expecting them to deliver meaningful yield back to the treasury may be overly optimistic, especially given the fragmented state of stablecoin liquidity and uncertain adoption. This uncertainty is evident in the proposal itself, as the team uses cautious language like "may" rather than "shall": “Note that up to 35% of funds may be held in ADA to pair with ADA/Stablecoin pairs on DEXs, which will help to alleviate price impact concerns.”

While transparency is promised via a dashboard and monthly reports, there is no guaranteed, enforceable, and independent auditing mechanism from the outset. Relying on Info Actions or future audits is a reactive approach. Treasury stewardship requires a higher baseline of accountability.

Additionally, there is no concrete KPI framework or pre-defined benchmarks to assess whether the liquidity deployment is delivering meaningful ecosystem benefits. Without measurable objectives, evaluating impact—and justifying such a large allocation—becomes difficult.

Recommendation
• Begin with a smaller pilot fund (e.g., 5M–10M ADA), with strict reporting requirements, independently audited returns, and periodic performance reviews before any potential expansion.
• Link treasury proposals in this domain to broader ecosystem KPIs such as user growth, DEX volume, or developer onboarding metrics.
• Establish clear, standardized frameworks for evaluating high-risk DeFi proposals before approving future requests of this magnitude.

As a DRep focused on decentralization, developer education, and ecosystem growth, I support Amaru for its Rust-based, modular approach that enhances resilience, accessibility, and interoperability. Backed by trusted entities, it aligns with my goals of onboarding new talent and improving infrastructure diversity. Amaru strengthens Cardano’s decentralization while creating more opportunities for global and local community engagement.

While my primary support remains with the 200M ada NCL, which I believe best reflects a prudent, community-first governance framework, I also see this 300M ada NCL as a reasonable compromise that moves us in the right direction. It still represents a reduction from the highest proposals and signals a willingness to balance sustainability with inclusiveness. For this reason, I am supporting it as a second-preference option, in the spirit of constructive progress and unity.

I am voting YES because setting a Net Change Limit (NCL) is a constitutional requirement under Article IV, Section 3 of the Cardano Constitution. Without it, no Treasury funds can be accessed—meaning no budgets can be approved and no spending can take place. This would halt critical maintenance and growth across the Cardano ecosystem.

The proposed NCL of 200 million ada represents a prudent and balanced approach:
• It enables the necessary funding to support and scale Cardano in 2025, while safeguarding against rapid depletion of Treasury resources.
• With annual inflows of approximately 350 million ada, the proposed cap ensures the Treasury continues to grow even as spending begins.
• As Cardano embarks on its first community-led budgeting process, this approach emphasizes caution and learning. It allows future NCLs to be fine-tuned as governance structures and audit mechanisms mature.
• It strikes a balance between empowering the community to fund vital initiatives—development, maintenance, scaling—and protecting the ecosystem from excessive or poorly planned expenditures.
• It reinforces Cardano’s long-term sustainability, ensuring a healthy Treasury not just for 2025, but for years to come as governance evolves.

Ultimately, a YES vote keeps Cardano governance moving forward in alignment with its Constitution—avoiding the risk of stagnation that could undermine the ecosystem’s progress and innovation.

I believe in responsible, data-driven and community-informed treasury governance. While I appreciate the initiative to establish a net change limit (NCL) for the treasury—an important mechanism to prevent depletion and ensure long-term sustainability, I am choosing to ABSTAIN from this particular proposal concerning contingency plans or emergency provisions.

The proposed limit of 350 million ada for 2025 is high and could set a precedent for even larger amounts in 2026 and beyond. I also support a percentage-based NCL rather than a fixed amount, as it offers greater flexibility and alignment with treasury size over time.

By abstaining, I want to signal that I am not opposed to the idea of a net change limit, but that more refinement is needed. I encourage the proposers to engage further with the community, iterate on the proposal, and consider bringing it back with stronger justifications and greater clarity.

I agree with setting a limit on the amount of funds we can withdraw from the Cardano treasury. However, this amount should be based on market conditions and the specific period. The year 2025 looks promising for the price of ADA, so it’s logical to set an amount for that year.

What we don’t know—and can’t predict—is the situation in 2026. Setting a limit of 250 million ADA for that year raises questions, such as: what conditions were considered in deciding that amount without knowing the budget or market trends for the year? For this reason, I am unable to support this Governance Action (GA).

Another reason is the anonymity of the team submitting this GA. I stand for transparency in decision-making. My concern is: how can we reward or hold you accountable if this proposal passes? By “reward or punish,” I mean either supporting your future proposals if this one benefits the Cardano ecosystem, or holding you accountable if the outcome does not meet community expectations. If the latter happens, who takes responsibility?

While lower fees may appear beneficial to users in the short term, the long-term sustainability of the Cardano ecosystem relies on a balanced fee structure that funds development, incentivizes DReps and SPOs, and strengthens network security. Voting "No" helps ensure Cardano remains self-sufficient and resilient.

1. As an active leader in the Cardano Ghana community and a key contributor to Cardano’s decentralized governance, I have been deeply engaged in the development of CIP-1694 and the broader governance framework of the ecosystem.

2. Over the past 24 months, I have dedicated my efforts to fostering awareness, education, and participation in governance, from organizing DReps awareness events across Ghana to drafting the DReps Code of Conduct. I have also played a direct role in shaping this Constitution through my contributions to the working groups, the constitutional workshop, and the constitutional convention itself.

3. By voting YES, I affirm my belief that this Constitution provides a robust and inclusive foundation for the decentralized governance of Cardano. It is the product of extensive deliberation, diverse input, and a shared vision for the sustainability and resilience of our ecosystem. This document enshrines the principles of transparency, accountability, and community-driven decision-making—values that I have actively worked to uphold in my leadership and governance efforts.

4. A YES vote reflects my confidence that this Constitution will empower our communities, enable a functional Voltaire governance era, and set Cardano on a path toward long-term success. I urge all stakeholders to support its ratification and actively engage in building a decentralized future.