Cardano is at a turning point. Internally, we are losing talent rapidly as teams struggle to survive; SIDAN Lab is feeling this too, and we are currently downsizing. Externally, the crypto winter is hitting everyone hard, and Cardano is feeling the pressure even more.

We believe that small, safe steps are no longer enough. To survive, we need radical, aggressive action to keep the ecosystem energized. While saving ADA is important, the cost of "doing nothing" is now much higher. From now on, we will aggressively support projects led by teams with the willpower to rescue this ecosystem, even if that means voting against well-intentioned but mediocre proposals. These specific proposals are our chance to secure critical industry integrations and support high-potential projects that can scale globally.

Finally, we have learned that while many DReps act in good faith, the current governance process is often inefficient. SIDAN Lab is now shifting its strategy to prioritize high-impact domain expertise, such as the specific ability of Founding Entities (FEs) to close high-stakes integrations in providing the abnormal catalyst needed to rescue the ecosystem. We trust that the teams behind these proposals have the expertise required to deliver the results necessary to revive Cardano.

For the above reasons, we are voting YES to the 3 Cardano Summit and Token2049 proposals.

Cardano is at a turning point. Internally, we are losing talent rapidly as teams struggle to survive; SIDAN Lab is feeling this too, and we are currently downsizing. Externally, the crypto winter is hitting everyone hard, and Cardano is feeling the pressure even more.

We believe that small, safe steps are no longer enough. To survive, we need radical, aggressive action to keep the ecosystem energized. While saving ADA is important, the cost of "doing nothing" is now much higher. From now on, we will aggressively support projects led by teams with the willpower to rescue this ecosystem, even if that means voting against well-intentioned but mediocre proposals. These specific proposals are our chance to secure critical industry integrations and support high-potential projects that can scale globally.

Finally, we have learned that while many DReps act in good faith, the current governance process is often inefficient. SIDAN Lab is now shifting its strategy to prioritize high-impact domain expertise, such as the specific ability of Founding Entities (FEs) to close high-stakes integrations in providing the abnormal catalyst needed to rescue the ecosystem. We trust that the teams behind these proposals have the expertise required to deliver the results necessary to revive Cardano.

For the above reasons, we are voting YES to the 3 Cardano Summit and Token2049 proposals.

Cardano is at a turning point. Internally, we are losing talent rapidly as teams struggle to survive; SIDAN Lab is feeling this too, and we are currently downsizing. Externally, the crypto winter is hitting everyone hard, and Cardano is feeling the pressure even more.

We believe that small, safe steps are no longer enough. To survive, we need radical, aggressive action to keep the ecosystem energized. While saving ADA is important, the cost of "doing nothing" is now much higher. From now on, we will aggressively support projects led by teams with the willpower to rescue this ecosystem, even if that means voting against well-intentioned but mediocre proposals. These specific proposals are our chance to secure critical industry integrations and support high-potential projects that can scale globally.

Finally, we have learned that while many DReps act in good faith, the current governance process is often inefficient. SIDAN Lab is now shifting its strategy to prioritize high-impact domain expertise, such as the specific ability of Founding Entities (FEs) to close high-stakes integrations in providing the abnormal catalyst needed to rescue the ecosystem. We trust that the teams behind these proposals have the expertise required to deliver the results necessary to revive Cardano.

For the above reasons, we are voting YES to the 3 Cardano Summit and Token2049 proposals.

Vote: YES

Disclosure: SIDAN Lab is a named contributor — we are contributing the UI for the governance smart contract at zero cost to the treasury. DeltaDeFi would also benefit indirectly from deeper ecosystem liquidity.

SIDAN Lab is voting YES. We voted YES on the Stablecoin DeFi Liquidity Budget info action last year. This withdrawal sets up the infrastructure to execute it. Voting against setup for something we already approved would be inconsistent.

Seed liquidity solves the cold-start problem — every functioning market needs initial capital before organic participation follows. We have reservations on whether the 50M deployment will be used in the most capital-efficient way, but experiments like this are how the community learns. We're contributing services at no cost to help move it forward. Whether the deployment is effective is something we'll judge from actual data once capital is live.

This proposal meets every constitutional standard we've applied in past votes: named administrators, named auditor (Invariant0 LLC), 5-of-9 multisig, monthly reporting, refund conditions, and tDAO oversight with DRep impeachment power.

The 800K ADA is scoped and itemised. The 50M deployment will require a separate vote we'll evaluate independently.

For these reasons, SIDAN Lab votes YES.

SIDAN Lab — Vote Rationale: Cardano x Draper Dragon: Orion Fund

Vote: YES

Disclosure: SIDAN Lab operates DeltaDeFi, a Cardano-native DEX on Hydra. We are a potential beneficiary of this fund's ecosystem activities and disclose this accordingly.

SIDAN Lab is voting YES on Tranche 1.

We don't take this lightly. As a team that builds on Cardano daily, we've watched promising builders fade out or leave the ecosystem over the past year. We feel the same pressure ourselves. TVL sits below $500M. Existing funding serves important purposes, but none of it gives builders access to growth capital, exchange listings, or the kind of institutional networks needed to scale.

Other ecosystems — Solana, Sui, Avalanche — used foundation-backed investment vehicles to bootstrap this kind of infrastructure early. It's a proven approach across the industry. Cardano hasn't done it, and the gap shows.

This proposal isn't a grant. It's structured to return capital to the treasury, which is a model we think the treasury needs to move toward. We also see value in having a fund that can connect Cardano-native projects to external capital markets — something the ecosystem currently lacks entirely.

We acknowledge the concerns raised by No voters — GP discretion, deal confidentiality, and no named auditor. These are real. However, unlike proposals we've previously rejected on Article IV grounds (e.g. the 7.5M community builders budget), this one does designate administrators and allocates audit funding. The tranche structure also keeps DRep authority over future funding intact.

Our decision on Tranche 2 will be made independently from this vote. If the fund is approved, we will evaluate Tranche 1 execution on two fronts: (1) community commitment — whether audit, reporting, and oversight disclosures follow through as described in the proposal, and (2) investment decision quality — our team includes members with traditional finance backgrounds, and we are capable of forming an independent view on whether the risk-return profile of the fund's deployment justifies continued treasury support.

For these reasons, SIDAN Lab votes YES.

Generally if someone reaches the current limits, there are workarounds and improvements that can be made to stay within the limits. More efficient code or tricks to make on-chain computation less intensive. Relaxing the computation limits reduces this incentive. It doesn't feel like a 25% increase enables anything that wasn't previously possible.

SIDAN Lab is voting YES on adopting Constitution v2.4 because it improves clarity, enforceability, and governance integrity.
v2.4 removes non-binding aspirational clauses that are difficult to enforce, adds clearer defined terms, and strengthens trust by requiring proposal documents to be immutable after submission. It also consolidates accountability safeguards into Treasury Withdrawal standards, putting audit/oversight expectations where funds actually move. Finally, it incorporates major stakeholder feedback to preserve broad legitimacy while refining the Constitution based on early governance experience.

Please find the detailed rationale in the proposal's metadata.

We have attended the workshops and discussed with various community members. After careful consideration, we decided to vote yes for the proposal as we believe the KPIs specified are the key metrics for measuring the success of Cardano in upcoming years.

The document is too ambiguous. The lack of author on the documents further added ambiguity and uncertainty.

A PDF version of this rationale is also made available.

The document is too ambiguous. The lack of author on the documents further added ambiguity and uncertainty.

This action targets Cardano’s most practical bottleneck—stablecoin depth—by time-boxing ADA to seed liquidity across key venues, reducing slippage and improving UX. Execution includes staged releases and public reporting, enabling clear KPIs and accountable course-correction.

A PDF version of this rationale is also made available.

This action targets Cardano’s most practical bottleneck—stablecoin depth—by time-boxing ADA to seed liquidity across key venues, reducing slippage and improving UX. Execution includes staged releases and public reporting, enabling clear KPIs and accountable course-correction.

It is an abstain for us. Although the proposal supports pioneering CNT listing, which would help all CNTs in the future, there is no solid business model proving a meme coin project's repayment ability.

A PDF version of this rationale is also made available.

It is an abstain for us. Although the proposal supports pioneering CNT listing, which would help all CNTs in the future, there is no solid business model proving a meme coin project's repayment ability.

Our team has learnt more about this proposal during the time in rare evo lead to the change to yes.

A PDF version of this rationale is also made available.

Our team has learnt more about this proposal during the time in rare evo lead to the change to yes.

• In IOG governance workshop, we learnt about it is almost unanimous agreement that Cardano needs to set a new community vision as north star. This proposal offer supports in this direction
• We talk to product committee in person, and validated the impact of the works and commitment from the committee team.

We changed our position after the proposer added requirements for projects to repay treasury funds and clarified selection criteria. These changes demonstrate transparency and significantly reduce treasury expenditure while maintaining the proposal's ecosystem impact.

A PDF version of this rationale is also made available.

We initially assessed a no vote for this proposal due to opaque process despite strong track record of proposal to support CNTs in exchange listing and market making context. We changed the vote to yes due to 2 reasons. First, the proposer promised a new requirement for Cardano projects selected to have a repayment plan for the listing fee to treasury, which significantly lower the spending of the treasury which is our core reason of changing vote. Second, the proposer clearly listed out the internal selection criteria in the public discussion which shows the attitude towards transparency. Overall, we believe the tokens selected is likely to be reputable projects in Cardano which has thick skin in the game to behave honestly in repaying treasury or otherwise will lose all reputation in Cardano ecosystem, which mitigates most part of the credit risk involved. So the net spend is considered efficient to achieve the impact stated in the proposal.

This proposal fills ecosystem gap by funding high-impact applications with proven users. Its transparent governance, metrics-based funding approach, and smart contract enforcement create strong accountability while complementing existing funding structures and potentially increasing network usage.

The proposal addresses a critical ecosystem gap by providing sustainable funding to high-impact applications driving actual on-chain activity. With transparent governance, metrics-based funding, and smart contract enforcement, it creates accountability mechanisms that align with our guidelines on oversight. The project's focus on supporting launched dApps with proven users complements existing funding structures while potentially increasing network usage and TVL.

We initially access a no vote for this since the budget seems too high for an experimental project like this. We also acknowledge that even the chance of achieving all potential impacts is not as certain. However, upon further understanding, we eventually determined to cast a yes vote due to the fact that the proposal would attract external donations to the Cardano ecosystem, plus the feedback can be provided back to other projects like Catalyst to improve the system.

This initiative will actively include regional startups in major events like Token 2049, providing collaborative opportunities for ecosystem participants to gain exposure, we now support this proposal. This approach aligns with our guidelines prioritizing ecosystem growth.

A PDF version of this rationale is also made available.

Upon further review and additional information received, we now support this proposal. The initiative demonstrates strategic value for ecosystem visibility through unified marketing presence at major global events like Token 2049. We've received clarification that the marketing efforts will actively include regional startups and building teams, creating collaborative opportunities for ecosystem participants to gain brand exposure and business development connections. This approach aligns with our guidelines prioritizing ecosystem growth and developer visibility. The proposal now demonstrates sufficient alignment with ecosystem development priorities by creating platforms where building teams can showcase their work to broader audiences through coordinated event participation, ultimately supporting Cardano's adoption goals.

We have already addressed the decision of voting YES on this governance action. Reciting the rationale here: We support this proposal as it directly addresses a long-standing risk in the ecosystem — reliance on a single node implementation — by funding the development of a modular, high-performance alternative written in Rust.

We believe a second, independently maintained node:

• Strengthens the resilience and fault tolerance of the network
• Expands developer accessibility through modern tooling and better observability
• Enables platform interoperability with WebAssembly
• Empower Cardano core infrastructure to access to wider talent pool with alternative implementation of a more modern programming language

We also appreciate the proposal’s financial transparency:

• Clearly scoped per team member and responsibility
• Budget guarded by a smart contract with refund logic
• Quarterly public reporting and demo cadence already in practice

SIDAN Lab is also interested in the possibility of expanding works into alternative Hydra node, where our team can participate in maintenance and collaboration in the future.

For these reasons, SIDAN Lab votes YES.

SIDAN Lab is voting NO on governance action “Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect”

• Too large and bundled

39 proposals combined in one GA limits DRep discretion. We support some, not all.

• Sets risky precedent

Approving this signals that we’re comfortable with large, bundled budgets before proving the effectiveness of constitutional governance. DReps may have supported it to avoid blocking the budgeting process, rather than out of genuine support for a high spending limit.

We acknowledge the efforts Intersect has made and recognize its role within the ecosystem. However, based on past performance, there remain areas where execution has not fully aligned with community expectations. While we believe Intersect is continuing to grow in capacity and experience, we have reservations about its current readiness to administer a budget of this size and complexity effectively.

SIDAN Lab votes No on 2025 Cardano Blockchain Ecosystem Budget – 7.5M ₳ for Community Builders

• Bundling Risk and Coordination Complexity

  While the total requested funding (7.5M ₳) is relatively small, bundling proposals into a single governance action introduces risk. As the number of projects grouped together increases, so does the complexity of coordinating delivery timelines, reporting standards, and fund oversight. This approach may set an undesirable examples for future governance actions.

• Support for the Projects, But Reservations on Process

  We recognize the significance of the included projects and the strong community support they’ve received during prior temperature checks.

• Lack of Constitutional Compliance on Oversight

  The proposal does not meet the oversight standards required by the Cardano Constitution, Article IV, Section 2.

  It fails to outline any type of administrator or process for how oversight would be carried out.

  Due to the unresolved constitutional and structural concerns, we are unable to vote yes on the proposal in its current form. We would welcome a revised submission that provides clearer oversight mechanisms and better aligns with governance expectations.

SIDAN Lab is voting YES on the proposal to set a 300M ADA Net Change Limit (NCL) for Epochs 563–635.

🟦 Not ideal, but better than 350M

The previously approved 350M ADA NCL felt excessive given the current state of oversight. 300M ADA is still high, but more aligned with expected treasury inflows and far less aggressive. It reflects some moderation.

🟦 200M proposal was our first choice — but it didn’t pass

We previously supported the 200M NCL because it promoted discipline and encouraged focused spending. But with that option off the table, 300M is the more cautious choice left.

🟦 One-year scope makes sense

A fixed 12-month window provides predictability for proposers while allowing the community to reassess and adjust before locking in the future.

🟦 Governance is still early

Until we see stronger safeguards or maturity, lower limits should be the default.

We support this proposal as it directly addresses a long-standing risk in the ecosystem — reliance on a single node implementation — by funding the development of a modular, high-performance alternative written in Rust.

We believe a second, independently maintained node:

• Strengthens the resilience and fault tolerance of the network
• Expands developer accessibility through modern tooling and better observability
• Reduces hardware costs for SPOs, improving participation at the edge
• Enables platform interoperability with WebAssembly
• Empower Cardano core infrastructure to access to wider talent pool with alternative implementation of a more modern programming language

We also appreciate the proposal’s financial transparency:

• Clearly scoped per team member and responsibility
• Budget guarded by a smart contract with refund logic
• Quarterly public reporting and demo cadence already in practice

SIDAN Lab is also interested in the possibility of expanding works into alternative Hydra node, where our team can participate in maintenance and collaboration in the future.

SIDAN Lab is voting YES on this proposal to set the 2025 Net Change Limit at 200M ADA.
This decision reflects our belief that fiscal responsibility, clear prioritization, and trust-building are critical in this early phase of Cardano’s on-chain governance.
Why we support this proposal:

• Capping spending at 200M ADA remains within that safe range, ensuring we do not draw down reserves prematurely.
• The NCL is not a mandatory budget — it’s a maximum cap, and does not prevent the funding of high-quality proposals. It simply creates a ceiling that encourages discipline and focus.
• Governance is still stabilizing. At this stage, we believe it's better to proceed cautiously and prove the treasury model works with smaller, more transparent allocations.
• Without a cap, or with a higher cap, the treasury could be used inefficiently. A 200M limit forces the community to ask: What is essential? What delivers real value?
• If more funding is genuinely needed later, the NCL can be adjusted through a future governance action. We see this as a checkpoint, not a final lock.
  We understand this limit may not satisfy all funding ambitions for 2025. However, we believe it will strengthen confidence in the governance process, reduce potential ADA market impact, and provide a more structured budgeting environment for proposals moving forward.
  SIDAN Lab supports strategic investment in Cardano’s growth — but only when paired with clear, predictable, and measured spending limits. For that reason, we vote YES on this NCL proposal.

SIDAN Lab has chosen to abstain from voting on the 350M ADA Net Change Limit (NCL) proposal for 2025.
We recognize and agree with many of the key arguments in favor of this proposal:

• Sell pressure concerns are likely overstated, as treasury disbursement and proposal execution occur in phases over time.
• Setting an NCL is essential to unlock treasury funding and enable proposal review and budgeting under the new governance model.. A delayed NCL or failed vote could cause a 60-day funding freeze, stalling community innovation and disproportionately benefiting large entities with early proposal traction.
  At the same time, we share several concerns raised by those who voted NO:
• We believe more governance infrastructure is needed—including clearer treasury oversight, tracking, and community visibility—before approving higher NCLs.
  A Yes vote could be seen as endorsing the current treasury governance structure without addressing its known shortcomings.
  A No vote could unintentionally delay needed funding, harming the same community builders we aim to support.
  Given the above, SIDAN Lab is abstaining as a signal that:
• We value progress and funding continuity, but also expect clearer NCL modeling and stronger oversight mechanisms in future treasury actions.
• We will continue participating actively in treasury governance discussions, and support community-led initiatives to improve transparency, accountability, and access to funding.

SIDAN Lab will vote NO on this proposal—not because we disagree with its intent, but because we believe that including 2026 at this stage is premature.

We fully support the rationale behind setting a Net Change Limit (NCL) for 2025. Cardano’s governance and funding systems are still maturing, and setting a hard cap a full year in advance limits flexibility without the benefit of real-world learning from 2025.

We are also concerned that including a second year:

• Complicates implementation and creates constitutional uncertainty if multiple NCL proposals pass.
• May unintentionally lock us into figures that are no longer appropriate when 2026 planning begins.

We encourage a revised proposal that:

• Focuses on 2025 alone, based on current conditions and treasury projections.
• Defers the 2026 limit for a separate governance action, informed by actual data and ecosystem needs.

SIDAN Lab Votes YES on the Cardano 2025 Vision & Roadmap SIDAN Lab supports this governance action as it provides a clear direction for Cardano’s growth by focusing on scalability, developer experience, interoperability, and governance improvements. Key Rationale for Supporting the goernance action:

• L1 & L2 Scalability: Hydra, Leios and Midgard improve transaction throughput and efficiency.
• Developer & Ecosystem Support: Stronger APIs, tools, and funding for dApp growth.
• Governance & Decentralization: SPO incentives and multiple node implementations strengthen network resilience.

SIDAN Lab is voting YES on governance action Decrease Treasury Tax from 20% to 10%. Below are the key reasons supporting this decision:

Optimizing Treasury Management & Budget Efficiency

The Cardano treasury has accumulated significant funds, yet there is no proven track record of effective fund utilization. Without a clear, efficient use of treasury funds, continuing to accumulate excessive reserves is unnecessary.
Taxation should be set at the minimum level necessary to sustain the network while ensuring proper allocation of resources.

Enhancing Staking Incentives & Network Security

Increasing staking rewards encourages more ADA holders to participate in staking, reinforcing network decentralization and security.
A higher return on staking could attract new users to Cardano, strengthening overall ecosystem growth.
This change promotes a sustainable and decentralized governance model, ensuring that resources are distributed efficiently rather than centralized in the treasury.

By reducing the treasury cut to 10%, we strike a better balance between staking incentives and treasury sustainability.

The proposed increase in parameter k is expected to have the following effects:

• Stake pools will reach saturation more quickly, increasing the likelihood of ADA migration to smaller stake pools.
• The creation of new stake pools will improve the network's decentralization.
• Rewards received by stake pools will decrease, potentially impacting the incentives and sustainability of stake pool operators.
  Additionally, this governance action records information on-chain without producing any dire