Socious votes Yes. Mithril is Cardano's stake-based multi-signature protocol: it lets a quorum of stake pool operators collectively certify snapshots of chain state, so that nodes, wallets, and tools can bootstrap and verify data in minutes instead of syncing the full chain for days. That capability now sits under a growing share of the ecosystem's infrastructure — fast node bootstrapping, light-client patterns, and verifiable data access all depend on it — which makes continued maintenance and development a core-infrastructure spend rather than a speculative one. The proposal was vetted and approved through the Intersect community budget process and is disbursed under its milestone-based, smart-contract-controlled administration; consistent with Socious's policy of supporting budget-process withdrawals, we vote Yes.

Sociousは賛成します。MithrilはCardanoのステークベース多重署名プロトコルであり、ステークプールオペレーターの定足数がチェーン状態のスナップショットを共同で証明することで、ノード・ウォレット・各種ツールが数日かかるフル同期の代わりに数分でブートストラップとデータ検証を行えるようにします。この機能は高速ノード起動、ライトクライアント、検証可能なデータアクセスなど、エコシステムのインフラのますます多くの部分を支えており、その保守・開発の継続は投機的支出ではなく中核インフラへの支出です。本提案はIntersectのコミュニティ予算プロセスで審査・承認され、マイルストーンベースのスマートコントラクト管理下で執行されます。予算プロセスを経た引き出しを支持する方針に沿い、賛成します。

Socious votes Yes. This 1,310,960 ADA withdrawal funds hardware wallet maintenance for 2026 — keeping Cardano's hardware-wallet integrations current as the protocol evolves, so that signing support for new transaction features (including governance actions themselves) keeps working across device firmware and API changes. Hardware wallets are how the most security-conscious holders — often the largest ones — custody ADA and vote; if this integration layer lags a hard fork, those users are locked out of new protocol features or pushed onto hot wallets, which is a security regression for exactly the wrong cohort. This is unglamorous, security-critical maintenance, vetted and approved through the Intersect community budget process and disbursed under its milestone-based administration. Consistent with Socious's policy of supporting budget-process withdrawals, we vote Yes.

Sociousは賛成します。本引き出し（1,310,960 ADA）は2026年のハードウェアウォレット保守に資金を供給します。プロトコルの進化に合わせてCardanoのハードウェアウォレット統合を最新に保ち、新しいトランザクション機能（ガバナンスアクション自体を含む）への署名対応がデバイスのファームウェアやAPIの変更をまたいで機能し続けるようにするものです。ハードウェアウォレットは、最もセキュリティ意識の高い保有者 — 多くの場合最大の保有者 — がADAを管理し投票する手段であり、この統合レイヤーがハードフォークに遅れれば、そうした利用者は新機能から締め出されるかホットウォレットへの移行を強いられ、まさに最も望ましくない層でのセキュリティ後退となります。地味だがセキュリティ上重要な保守であり、Intersectのコミュニティ予算プロセスで審査・承認され、マイルストーンベースの管理下で執行されます。予算プロセスを経た引き出しを支持する方針に沿い、賛成します。

Socious votes Yes. This 3,961,538 ADA withdrawal funds an integration with Wirex to bring real-world payments to Cardano — connecting Cardano assets to consumer payment rails so ADA and Cardano-native assets become spendable in everyday commerce rather than only tradable. Socious weighs this one differently from the infrastructure asks in this batch: it is adoption spend, not core plumbing, and its payoff depends on commercial execution we cannot verify from the outside. What carries the vote is process: the proposal was scrutinized and approved through the Intersect community budget process alongside the rest of this batch, and funds are disbursed under milestone-based, smart-contract-controlled administration, so payment is tied to delivery. Consistent with Socious's policy of supporting the outcomes of that vetting process, we vote Yes.

Sociousは賛成します。本引き出し（3,961,538 ADA）は、Wirexとの統合により実世界の決済をCardanoにもたらすもので、Cardanoの資産を消費者向け決済レールに接続し、ADAとCardanoネイティブ資産を「取引できるだけ」でなく日常の商取引で「使える」ものにすることを目指します。Sociousは本件を同バッチのインフラ案件とは異なる性質のものと見ています。中核的な配管ではなく普及への投資であり、その成果は外部から検証できない商業的実行力に依存します。賛成の決め手はプロセスです。本提案はバッチの他案件とともにIntersectのコミュニティ予算プロセスで精査・承認され、資金はマイルストーンベースのスマートコントラクト管理下で執行されるため、支払いは成果物に紐づきます。この審査プロセスの結果を支持する方針に沿い、賛成します。

Socious votes Yes. Dolos is TxPipe's lightweight data node: a slimmed-down node built in Rust that serves chain data to applications without the memory and compute footprint of a full cardano-node deployment. For dApp backends, indexers, and integrations that only need to read the chain, this materially lowers the cost of running Cardano infrastructure — exactly the kind of unglamorous plumbing that decides whether building on Cardano is cheap or expensive in practice. At 540,750 ADA this is a maintenance-scale, year-two continuation, vetted and approved through the Intersect community budget process and disbursed under its milestone-based administration. Consistent with Socious's policy of supporting budget-process withdrawals, we vote Yes.

Sociousは賛成します。DolosはTxPipeの軽量データノードです。Rustで構築されたスリムなノードで、フルのcardano-nodeが要求するメモリ・計算資源なしにアプリケーションへチェーンデータを提供します。チェーンの読み取りだけを必要とするdAppバックエンド、インデクサー、各種連携にとって、Cardanoインフラの運用コストを実質的に引き下げるものであり、Cardano上での開発が実務上安価か高価かを左右する、地味だが重要な配管部分です。540,750 ADAの保守規模・2年目継続案件で、Intersectのコミュニティ予算プロセスで審査・承認され、マイルストーンベースの管理下で執行されます。予算プロセスを経た引き出しを支持する方針に沿い、賛成します。

Socious votes Yes. This 25,400,000 ADA withdrawal funds Intersect's core operations: coordinating network upgrades across Cardano's environments, incident response and security coordination, stewardship of critical repositories, and the committee structure — Technical Steering, Open Source, Civics, Product, and Budget — through which the ecosystem currently deliberates, sets technical direction, and budgets. This is the operational backbone of the very governance and budget process that vetted this cycle's vendor proposals, and defunding it mid-cycle would create coordination risk far out of proportion to the cost; the funds are disbursed under the smart-contract-controlled, milestone-based administration that governs the whole budget batch. Socious supports the Intersect budget process and votes Yes on the withdrawals that came through it.

Sociousは賛成します。本引き出し（25,400,000 ADA）はIntersectの中核業務 — Cardano全環境にわたるネットワークアップグレードの調整、インシデント対応とセキュリティ調整、重要リポジトリの管理、そしてエコシステムが審議・技術方針決定・予算編成を行う委員会機構（Technical Steering、Open Source、Civics、Product、Budget） — に資金を供給するものです。これは、今期のベンダー提案を審査した予算プロセスそのものを支える運営基盤であり、サイクル途中で資金を絶つことはコストに見合わない調整リスクを生みます。資金は予算バッチ全体に適用されるスマートコントラクト管理・マイルストーンベースの執行で支出されます。SociousはIntersectの予算プロセスを支持し、同プロセスを経た引き出しに賛成票を投じます。

Socious votes Yes. Pallas is TxPipe's collection of Rust-native building blocks for Cardano — implementations of the ledger data structures, network mini-protocols, and cryptographic primitives that anything written in Rust needs before it can speak Cardano at all. It is the foundation under TxPipe's own tools (Dolos, Oura) and a long tail of third-party indexers, wallets, and services, which means an unmaintained Pallas quietly breaks a whole layer of the ecosystem at every hard fork. At 540,750 ADA this is a maintenance-scale, year-two continuation ask, vetted and approved through the Intersect community budget process and disbursed under its milestone-based administration. Consistent with Socious's policy of supporting budget-process withdrawals, we vote Yes.

Sociousは賛成します。PallasはTxPipeによるCardano向けRustネイティブの基盤ライブラリ群であり、台帳データ構造、ネットワークミニプロトコル、暗号プリミティブの実装を提供します。Rustで書かれるあらゆるCardanoソフトウェアの前提となる存在で、TxPipe自身のツール（Dolos、Oura）に加え、多数のサードパーティ製インデクサー・ウォレット・サービスの土台でもあります。Pallasが保守されなければ、ハードフォークのたびにエコシステムの一層が静かに壊れることになります。540,750 ADAという保守規模の2年目継続案件であり、Intersectのコミュニティ予算プロセスで審査・承認され、マイルストーンベースの管理下で執行されます。予算プロセスを経た引き出しを支持する方針に沿い、賛成します。

Socious votes Yes. This Info Action sets a Net Change Limit of 500,000,000 ADA on total treasury withdrawals for the period from epoch 613 (February 13, 2026) through epoch 713 (on or about July 3, 2027), with withdrawals already debited during the period counting toward the cap. A hard aggregate ceiling is what makes individual withdrawal votes meaningful: it forces proposals to compete within a known budget instead of each being judged against an unbounded treasury, it gives ADA holders a predictable worst-case outflow, and it is the fiscal guardrail the Cardano Constitution's treasury provisions contemplate for withdrawals. Whatever one's view of any single spending proposal, agreeing a defined, binding envelope for the period is basic fiscal discipline, and Socious supports it.

Sociousは賛成します。本Info Actionは、エポック613（2026年2月13日）からエポック713（2027年7月3日頃）までの期間について、トレジャリーからの引き出し総額に500,000,000 ADAのNet Change Limit（純変動上限）を設定するもので、期間中に既に執行された引き出しも上限に算入されます。総枠の上限があってこそ、個々の引き出しへの投票は意味を持ちます。各提案は無制限のトレジャリーに対してではなく既知の予算枠の中で競争を強いられ、ADA保有者は最悪ケースの流出額を予見でき、Cardano憲法のトレジャリー条項が引き出しの前提として想定する財政上のガードレールとなります。個別の支出提案への賛否がどうであれ、期間に対して明確で拘束力のある枠を合意することは基本的な財政規律であり、Sociousはこれを支持します。

Socious abstains. This proposal is not a grant but a 12-month "productive treasury" deployment: 9,000,000 ADA would be sold for USDM and deployed as liquidity into Strike Finance V2's perpetual-futures infrastructure, with yield accruing to the Treasury. Strike's traction figures (over $1.13B cumulative volume per the proposal) are notable, but converting treasury ADA into a stablecoin position concentrated in a single protocol raises market, smart-contract, and accountability questions — who bears drawdown risk, how the position is unwound, how performance is verified — that we have not independently assessed.

Socious votes Yes. Eternl is one of Cardano's most-used non-custodial wallets — the infrastructure many holders rely on every day for payments, staking, DRep delegation, and on-chain voting. This 1,680,000 ADA request (about $420,000) funds twelve months of operations, maintenance, and improvements from August 2026 through July 2027: frontend (55%), backend (25%), support, audits, and administration.

Two things make this a Yes rather than a reluctant one. First, the governance tooling itself. Improving DRep dashboards and voting flows inside the wallet most delegators already use is a direct investment in participation — the scarcest resource Cardano governance has. Second, and more important, the proposal is named "Path to Sustainability" for a reason: Eternl commits to a Pro subscription model ($96/year personal, $384/year company) designed to replace treasury dependence over time and to repay the treasury from surplus revenue. That is exactly the discipline DReps should reward — a public-good team with a credible plan to stop drawing on the treasury, not one returning to it indefinitely.

We weigh the trade-offs honestly. The withdrawal is self-administered through Tastenkunst GmbH rather than milestone-administered through Intersect, which is weaker on accountability than we would prefer. We set that against Eternl's multi-year track record of shipping, the modest size of the ask for a team maintaining a wallet across extension, web, iOS, and Android, and the explicit commitment to wean off treasury funding. On balance, Socious supports this proposal.

ソーシャスは本提案に賛成します。Eternlは、Cardanoで最も利用されているノンカストディアル・ウォレットの一つであり、多くの保有者が決済、ステーキング、DRepへの委任、オンチェーン投票に日々用いている基盤です。本提案は1,680,000 ADA（約42万ドル）を投じ、2026年8月から2027年7月までの12か月間の運用・保守・改善を支えます。内訳はフロントエンド55%、バックエンド25%、サポート、監査、運営管理です。

これを消極的な賛成ではなく明確な賛成とする理由は二つあります。第一に、ガバナンス機能そのものへの投資です。多くの委任者が既に使っているウォレットの中でDRepダッシュボードや投票フローを改善することは、Cardanoガバナンスにとって最も不足している資源、すなわち参加そのものへの直接的な投資です。第二に、より重要な点として、本提案が「Path to Sustainability（持続可能性への道筋）」と名付けられていることです。Eternlは、トレジャリーへの依存を段階的に解消し、余剰収益からトレジャリーへ返済することを目指すPro課金モデル（個人向け年96ドル、法人向け年384ドル）の導入を表明しています。これはまさにDRepが評価すべき規律です。公共財を担うチームが、トレジャリーに依存し続けるのではなく、依存から抜け出す現実的な計画を示しているのです。

トレードオフについても率直に記します。本引き出しはIntersectによるマイルストーン管理ではなく、Tastenkunst GmbHによる自己管理であり、説明責任の面では私たちが望む水準より弱いものです。それでも、Eternlが拡張機能・ウェブ・iOS・Androidにわたってウォレットを維持してきた複数年の実績、ウォレットチームの要求額として控えめな規模、そしてトレジャリー依存からの脱却という明確な表明を重く見ます。総合的に判断し、ソーシャスは本提案を支持します。

Socious votes Yes. This action requests 5,100,781 ADA (about $816,000 at the proposal's $0.16/ADA reference rate) to fund production hardening and performance work on Hydra v2, Cardano's Layer-2 state-channel protocol, across four workstreams: performance optimization (IO targets 2–10x faster snapshot signing and lower on-chain settlement costs), operational excellence (operator runbooks, simpler configuration, observability and logging), ecosystem support (features requested by live integrators, the Hydra Working Group, developer relations), and maintenance and developer experience. About 86% funds development and personnel; the remainder covers infrastructure, security and audits, legal, ecosystem engagement, operations, and governance. The withdrawal is milestone-gated and administered by Intersect under the Treasury Reserve Smart Contract Framework, with independent third-party assurance signing off each milestone and a five-entity Oversight Committee (Sundae Labs, Cardano Foundation, DQuadrant, Xerberus, NMKR).

This is the most defensible kind of scaling spend: hardening infrastructure that teams already run in production, not funding a protocol still looking for users. By IO's account — verifiable on-chain in several cases — Hydra already carries live workloads: Delta DeFi's perpetual DEX, Masumi's agent-to-agent commerce, Intersect's own governance voting infrastructure, and Blockfrost's zero-fee SPO payments, with VTech Labs, Midgard, and others building on it. The strategic gap it addresses is real: Cardano L1's multi-minute finality and roughly $0.17 fees lead high-performance builders — DeFi, AI-agent micropayments, gaming, consumer payments — to exclude Cardano at the selection stage, before they ever weigh its security and eUTXO strengths. L1 upgrades like Leios and Peras will widen the base layer but, by the scaling trilemma, cannot reach the sub-second, near-zero-fee envelope an L2 provides. For an impact lens, those same properties — near-zero fees and instant settlement — are what make micropayments, point-of-sale, and machine-to-machine commerce viable, the real-economy long-tail uses that L1 economics price out today.

We weigh the trade-offs honestly. The ask is large and lands on top of substantial prior treasury support: the proposal discloses 130,708,860 ADA allocated to IO and affiliated entities, of which 84,909,073 ADA has been withdrawn — a fair DRep can ask whether core L2 development should still draw on the treasury rather than IO's own balance sheet. Roughly 86% sits in a single development bucket, and the headline economics (Hydra "grows the pie" and routes a share of L2 fees back to L1) are directionally sound but second-order and unproven at the scale claimed; some cited deployments (Hydra Doom, the Vending Machine) are demonstrations rather than sustained production. Set against that, the accountability here is materially stronger than a self-administered withdrawal — milestone-gated drawdowns, independent assurance per milestone, the Intersect and Oversight-Committee multi-sig, funds held auto-abstain and unstaked, and unused balances returned to the treasury — and the action is compliant with the 350M Net Change Limit at submission. On balance the case holds: Hydra is Cardano's most mature L2, real teams depend on the hardening this funds, and the oversight is adequate. Socious votes Yes, and will judge any follow-on by the independent milestone sign-offs and whether the promised performance gains (the 2–10x signing throughput and reduced L1 settlement cost) and unused-fund returns actually materialize.

ソーシャスは本提案に賛成します。本アクションは5,100,781 ADA（提案の参照レート$0.16換算で約81.6万ドル）を求めるもので、Cardanoのレイヤー2ステートチャネルであるHydraについて、v2の本番環境向けの堅牢化と性能改善を四つのワークストリームで進めます。すなわち、性能最適化（IOはスナップショット署名の2〜10倍の高速化とオンチェーン決済コストの低減を目標としています）、運用面の成熟（オペレーター向け手順書、設定の簡素化、可観測性とログ）、エコシステム支援（稼働中の統合事業者からの要望対応、Hydraワーキンググループ、デベロッパーリレーション）、そして保守と開発者体験の改善です。約86％が開発と人件費に充てられ、残りはインフラ、セキュリティと監査、法務、エコシステム関与、運営、ガバナンスに配分されます。引き出しはマイルストーン連動で、IntersectがTreasury Reserve Smart Contract Frameworkのもとで管理し、各マイルストーンは独立した第三者の検証を経て、5者からなる監督委員会（Sundae Labs、Cardano Foundation、DQuadrant、Xerberus、NMKR）が監督します。

これは、スケーリングへの支出として最も筋の通る類型です。利用者を探している段階のプロトコルに資金を投じるのではなく、既に本番で稼働しているインフラを堅牢化するものだからです。IOの説明によれば、その多くはオンチェーンで確認でき、Hydraは既に実運用の負荷を担っています。Delta DeFiの無期限DEX、Masumiのエージェント間コマース、Intersect自身のガバナンス投票基盤、BlockfrostのゼロフィーなSPO決済などであり、VTech LabsやMidgardなども開発を進めています。Hydraが埋めようとする戦略的な空白は現実のものです。CardanoのL1は確定に数分を要し、手数料も約0.17ドルかかるため、高い性能を求めるビルダー、すなわちDeFi、AIエージェントのマイクロペイメント、ゲーム、消費者向け決済などは、Cardanoの安全性やeUTXOの強みを検討する前の選定段階で除外してしまいます。LeiosやPerasといったL1のアップグレードは基盤層を広げますが、スケーリングのトリレンマゆえに、L2が提供するサブ秒・ほぼゼロ手数料の領域には到達できません。インパクトの観点でも、このほぼゼロ手数料と即時決済という同じ性質こそが、マイクロペイメント、店頭決済、機械間取引といった、L1の経済性では今日成り立たない実体経済のロングテール用途を可能にします。

トレードオフも率直に記します。要求額は大きく、しかも相当規模の過去のトレジャリー支援の上に重なります。提案は、IOおよび関連事業体への配分が130,708,860 ADA、うち84,909,073 ADAが引き出し済みであることを開示しており、中核的なL2開発を依然としてトレジャリーに依存させるべきか、IO自身の財務で賄うべきかを問うDRepがいても当然です。約86％が単一の開発カテゴリに集中しており、また「パイを大きくする」「L2の手数料の一部をL1へ還流させる」という中心的な経済的論拠は、方向性としては妥当でも二次的であり、主張される規模での実証はこれからです。引用された一部の事例（Hydra Doomや自動販売機）は、継続的な本番運用というより実証デモの段階にあります。それでも、ここでの説明責任は自己管理型の引き出しより明確に強固です。マイルストーン連動の引き出し、マイルストーンごとの独立検証、Intersectと監督委員会によるマルチシグ、auto-abstainで委任されSPOには委任されない形で保有される資金、未使用残高のトレジャリーへの返還があり、提出時点で350M Net Change Limitにも準拠しています。総合すると、HydraはCardanoで最も成熟したL2であり、本資金が支える堅牢化に実際のチームが依存しており、監督体制も妥当です。ソーシャスは賛成します。今後の判断は、独立したマイルストーン検証の結果、そして約束された性能改善（署名スループットの2〜10倍化とL1決済コストの低減）および未使用資金の返還が実際に実現するかどうかに基づいて行います。

Socious votes Yes. Eternl is one of Cardano's most-used non-custodial wallets — the infrastructure many holders rely on every day for payments, staking, DRep delegation, and on-chain voting. This 1,680,000 ADA request (about $420,000) funds twelve months of operations, maintenance, and improvements from August 2026 through July 2027: frontend (55%), backend (25%), support, audits, and administration.

Two things make this a Yes rather than a reluctant one. First, the governance tooling itself. Improving DRep dashboards and voting flows inside the wallet most delegators already use is a direct investment in participation — the scarcest resource Cardano governance has. Second, and more important, the proposal is named "Path to Sustainability" for a reason: Eternl commits to a Pro subscription model ($96/year personal, $384/year company) designed to replace treasury dependence over time and to repay the treasury from surplus revenue. That is exactly the discipline DReps should reward — a public-good team with a credible plan to stop drawing on the treasury, not one returning to it indefinitely.

We weigh the trade-offs honestly. The withdrawal is self-administered through Tastenkunst GmbH rather than milestone-administered through Intersect, which is weaker on accountability than we would prefer. We set that against Eternl's multi-year track record of shipping, the modest size of the ask for a team maintaining a wallet across extension, web, iOS, and Android, and the explicit commitment to wean off treasury funding. On balance, Socious supports this proposal.

ソーシャスは本提案に賛成します。Eternlは、Cardanoで最も利用されているノンカストディアル・ウォレットの一つであり、多くの保有者が決済、ステーキング、DRepへの委任、オンチェーン投票に日々用いている基盤です。本提案は1,680,000 ADA（約42万ドル）を投じ、2026年8月から2027年7月までの12か月間の運用・保守・改善を支えます。内訳はフロントエンド55%、バックエンド25%、サポート、監査、運営管理です。

これを消極的な賛成ではなく明確な賛成とする理由は二つあります。第一に、ガバナンス機能そのものへの投資です。多くの委任者が既に使っているウォレットの中でDRepダッシュボードや投票フローを改善することは、Cardanoガバナンスにとって最も不足している資源、すなわち参加そのものへの直接的な投資です。第二に、より重要な点として、本提案が「Path to Sustainability（持続可能性への道筋）」と名付けられていることです。Eternlは、トレジャリーへの依存を段階的に解消し、余剰収益からトレジャリーへ返済することを目指すPro課金モデル（個人向け年96ドル、法人向け年384ドル）の導入を表明しています。これはまさにDRepが評価すべき規律です。公共財を担うチームが、トレジャリーに依存し続けるのではなく、依存から抜け出す現実的な計画を示しているのです。

トレードオフについても率直に記します。本引き出しはIntersectによるマイルストーン管理ではなく、Tastenkunst GmbHによる自己管理であり、説明責任の面では私たちが望む水準より弱いものです。それでも、Eternlが拡張機能・ウェブ・iOS・Androidにわたってウォレットを維持してきた複数年の実績、ウォレットチームの要求額として控えめな規模、そしてトレジャリー依存からの脱却という明確な表明を重く見ます。総合的に判断し、ソーシャスは本提案を支持します。

We are voting YES. This withdrawal funds open-source public goods at two layers Cardano structurally depends on: better smart-contract developer ergonomics (Pebble) and ongoing maintenance of the TypeScript core that a large share of the ecosystem builds and runs on.

A PDF version of this rationale is also made available.

We are voting YES. This withdrawal funds open-source public goods at two layers Cardano structurally depends on: better smart-contract developer ergonomics (Pebble) and ongoing maintenance of the TypeScript core that a large share of the ecosystem builds and runs on (libraries, tooling, and the TypeScript node). These are exactly the kind of infrastructure the treasury exists to fund, because no single commercial actor has a direct incentive to pay for them. We weighed the concerns raised in earlier deliberation on the related work — packaging, FTE accounting, and the Constitutional Committee's posture — and concluded they argue for tighter reporting and milestone-gated disbursement, not for defunding the work.

What this funds
Pebble — a strongly-typed smart-contract DSL (a first-class language with its own syntax and compiler) that compiles to UPLC (Untyped Plutus Core) and exposes onchain/offchain type ecosystems for contract and dApp integration. It lowers the barrier to writing correct on-chain code on Cardano.
TypeScript core / ecosystem maintenance — continued upkeep of the TypeScript libraries, tooling, and node work (including the Gerolamo TypeScript node) that a large part of the builder community relies on. This is the unglamorous, high-leverage maintenance layer that keeps the application ecosystem healthy.
Why we support it

1. Maintenance of shared infrastructure is a treasury-shaped cost. The TypeScript stack is a commons: many teams depend on it, but its upkeep is under-provided by markets because no one team captures the full benefit of maintaining it. Funding it from the treasury is precisely the gap community funding is meant to fill.

2. Client and tooling diversity is a resilience requirement. A maintained TypeScript node and toolchain reduces the network's dependence on a single canonical implementation and a single language community. Diversity at the node and tooling layer lowers correlated-failure risk — one bug or supply-chain issue affecting every node at once.

3. Developer ergonomics drive the application layer. Cardano's EUTXO model is powerful but has a steeper on-ramp than account-based chains. A type-safe DSL that compiles to UPLC (Pebble) eliminates a class of on-chain bugs and widens the funnel of developers who can ship safely. Tooling that makes the platform easier to build on compounds over years.

4. Meets the world's largest developer population where it is. TypeScript is one of the most widely used languages globally. Lowering the language barrier to building and running Cardano infrastructure is among the higher-leverage uses of ecosystem funding.

5. Accountable, known builder. The work continues existing, inspectable open-source output from a named team (Harmonic Labs / Michele Nuzzi) rather than a speculative proposal from an unproven group. Treasury money is lower-risk when it extends work that already lives in public.

Concerns we weighed
An honest YES has to address the issues raised in deliberation on the related action:

Packaging / scope clarity. The earlier bundled version (Pebble + Gerolamo — HLabs 2026 Budget, GA95) drew valid criticism for combining distinct workstreams under one budget, which blurs accountability. We support funding each deliverable against its own milestones and budget line, and read the "TypeScript core maintenance" framing as a step toward clearer scoping — provided the line items are itemized.
FTE accounting / potential double-counting. Reviewers flagged possible double-counting of full-time-equivalents across workstreams. This is a reporting-quality problem that warrants a transparent staffing breakdown and milestone-tied disbursement — it does not establish that the work lacks value.
Constitutional Committee posture. A CC body previously raised an unconstitutionality finding on the related action, and HLabs published a public response. We read this as a governance-process dispute about scope and documentation standards rather than a judgment that the deliverables are without merit. We weight the substance heavily while backing the CC's push for tighter proposal hygiene.
Conditions we'd attach (and watch)
Itemized budget: Pebble and the TypeScript-core maintenance lines scoped and costed separately.
Milestone-gated disbursement rather than a single up-front withdrawal.
A transparent staffing/FTE table that resolves the double-counting question.
Public, inspectable deliverables (repos, releases) tied to each milestone.
Bottom line
Cardano needs maintained core tooling and more than one language community building on it — and both are hard to fund through normal market incentives, which is exactly why the treasury should. The objections to this work are about how the spend is packaged and reported, not whether it is worth doing. We vote YES on the substance and back the call for itemized, milestone-gated funding.

Socious votes Yes. 5am.earth requests 10M ADA to build an open Cardano trust layer for global agriculture — already live on Mainnet (10,500 farmers), scaling to 500K in 18 months and 3M by 2030. Net-new users and transactions on Cardano L1, not redistribution. The adoption Cardano needs.

A PDF version of this rationale is also made available.

Socious votes Yes. 5am.earth Foundation requests 10,000,000 ADA (about $2.4M, hard cap) to build an open, Cardano-anchored trust layer for global agricultural supply chains — Veridian-based self-sovereign identity for farmers and Agri-Entrepreneurs (AEs), an on-chain satellite oracle for farm and crop data, and three named application paths during the 18-month delivery: AE certification (Andamio), traceability and compliance (Zengate Global), and finance and credit on Cardano stablecoin rails (Seedstars SIGMA). Funding is milestone-gated at 5/2/3 ADA millions.

Cardano needs adoption, and this is one of the clearest paths to it the Treasury has seen. Project Swaminathan is already operating on Cardano Mainnet today — 10,500 farmer and farm registrations as of 5 May 2026, scaling at 500 per day across six districts of Maharashtra, with a 100% blockchain success rate during pilot and a same-day patch deployed during Phase 3 with zero downtime. The distribution rails sit with Syngenta Foundation India's 26,000+ AE network reaching 2.6M+ smallholders, and through the Global AE Academy (co-founded with IFC / The World Bank Group) the path scales to tens of millions across emerging markets. The funded period delivers 500,000 verified farmers across India, Cambodia, and Kenya with first finance loans disbursed through Cardano stablecoin rails by M2. By 2030 the programme projects 3 million farmers, 112.5 million annual on-chain transactions, $900M TVL, and 16–20M ADA in annual protocol revenue. That is net-new utility on Cardano L1 — real-world users and real-world transactions — not redistribution of existing ADA.

The "verify once, use many times" thesis is the right shape for Treasury funding. A neutral, governed trust layer compounds value with every new application that builds on top of it — lending, parametric insurance, carbon and biodiversity markets, government programmes, cooperative governance — and breaks the fragmentation that has kept agricultural use cases stuck in narrow pilots. Governance is structurally separated: Intersect administers on standard terms via the Sundae Labs Treasury Reserve / Project-Specific Smart Contract framework; a five-entity external Oversight Committee (Sundae Labs, Cardano Foundation, Dquadrant, Xerberus, NMKR) holds the checks and balances; independent audits land at M2 and M3; a public on-chain KPI dashboard refreshes monthly. The 10,000,000 ADA cap is hard with no top-up if ADA falls, surplus above the $3.5M scope-elasticity threshold returns to Treasury, and the Foundation is designed to be self-sustaining on commercial and institutional revenue by 2028 — not returning to the Treasury for operating costs. Socious supports it, and will judge later tranches on M1 and M2 evidence.

ソーシャスは本提案に賛成します。5am.earth Foundationは10,000,000 ADA（約240万ドル、ハードキャップ）を求めるもので、グローバルな農業サプライチェーンのために、Cardanoをアンカーとするオープンなトラストレイヤーを構築します。内容は、Veridianを用いた農家とAgri-Entrepreneur（AE）向けの自己主権型ID、農地と作物データを扱うオンチェーン衛星オラクル、そして18か月の提供期間に並走する三つのアプリケーション・パス——Andamioによる AE 認証、Zengate Globalによるトレーサビリティと法令遵守、Seedstars SIGMAによるCardanoステーブルコイン・レール上の融資——です。資金はマイルストーン制で5/2/3百万ADAに分割されます。

Cardanoに今いちばん必要なのは採用であり、本提案はその最も明快な道筋のひとつです。Project Swaminathanはすでにメインネット上で稼働しており、2026年5月5日時点で10,500件の農家・農地登録、マハーラーシュトラ州の6地区で1日500件のペースで拡大しています。パイロット期間中のオンチェーン成功率は100%、フェーズ3では即日パッチをダウンタイムなしで適用しました。流通基盤はSyngenta Foundation Indiaの26,000人以上のAEネットワーク（小規模農家260万人以上にリーチ）が支え、IFC／世界銀行グループと共同設立したGlobal AE Academyを通じて、新興国全体で数千万人規模への拡大が見込まれます。本提案の資金期間中に、インド・カンボジア・ケニアで500,000人の検証済み農家が積み上がり、M2までにCardanoステーブルコイン・レール経由で最初の融資が実行されます。2030年の計画は、農家300万人、年間オンチェーン取引1億1,250万件、TVL 9億ドル、年間プロトコル収益1,600万〜2,000万ADA。これは既存ADAの再配分ではなく、Cardano L1上の純粋な新規ユーティリティ——実在のユーザーと実在の取引——です。

「一度検証して、何度も使う」という考え方は、トレジャリー資金の使い方として筋が良いものです。中立でガバナンスされたトラストレイヤーは、その上に新しいアプリケーション（融資、パラメトリック保険、カーボンや生物多様性のマーケット、行政プログラム、協同組合ガバナンス）が乗るたびに価値を複利的に積み上げ、農業ユースケースを狭いパイロットに留めてきた断片化の問題を解消します。ガバナンスは構造的に分離されています。IntersectがSundae Labs開発のトレジャリー・スマートコントラクト・フレームワークを用い、標準条件で管理者を務めます。外部5者からなる独立オーバーサイト委員会（Sundae Labs、Cardano Foundation、Dquadrant、Xerberus、NMKR）がチェック&バランスを担い、M2・M3で独立監査、公開のオンチェーンKPIダッシュボードが毎月更新されます。10,000,000 ADAのキャップはハードで、ADA価格が下落しても追加要求はせず、350万ドルを超える余剰は明示的にトレジャリーへ返還されます。Foundation自体も2028年までに商業収益と機関出資による自立を目指し、運営費目的でトレジャリーへ戻る計画はありません。ソーシャスは本提案を支持し、今後のトランシェについてはM1・M2の実績に基づいて判断します。

Socious votes Yes. Cardano Vision 2026 is a 32,916,000 ADA (about $7.9M) research programme funding the front of Cardano's innovation pipeline: 42 planned outputs across papers, problem statements, prototypes, and CIPs, delivered by a nine-partner consortium of 36 researchers under Aggelos Kiayias.

Research is where Cardano's long-term advantage compounds. The post-quantum workstream is long-horizon insurance almost no other chain funds seriously; the human-centred and scalability tracks feed directly into protocol roadmaps that the engineering proposals later turn into shipped features. Defunding the upstream stage of that pipeline to save against a single budget cycle would be a short-sighted economy.

The proposal also brings the structural elements Socious looks for at this scale: a named principal investigator with a long track record on Cardano, a distributed academic consortium rather than a single dependency, an explicit prior cycle (CV25) to compare against, and Intersect-administered milestone disbursement with unspent balances returned to the Treasury. The reasonable concern about a research line item this large is assessment difficulty, not direction — and on balance Socious believes the right answer is to fund it and tighten the reporting and independent evaluation of CV26 outputs as the work proceeds, rather than to withhold support for the research mission itself.

ソーシャスは賛成票を投じます。Cardano Vision 2026は32,916,000 ADA（約790万ドル）の研究プログラムで、Cardanoのイノベーション・パイプラインの入り口を担います。資金は、論文、課題提起、試作、CIPにわたる42件の成果に充てられ、Aggelos Kiayiasのもと、9つのパートナーからなる連合体の36名の研究者が実施します。

研究はCardanoの長期的な優位性が積み上がる場です。ポスト量子のワークストリームは、他のほとんどのチェーンが本気で資金を投じていない長期的な備えであり、ヒューマンセンタードとスケーラビリティの研究は、後にエンジニアリング提案が実装機能として世に出す土台となります。単一の予算サイクルの節約のためにこの上流を細らせることは、目先しか見ない判断です。

提案の構造面もソーシャスが本規模で求める要件を満たしています。Cardanoでの長い実績を持つ主任研究者が名指しで責任を負い、依存先が一点に集中しない学術連合体の体制をとり、比較対象となる前サイクル（CV25）を明示し、資金はIntersectがマイルストーンに基づき管理して未使用分はトレジャリーへ返還します。これだけの規模の研究費に対する正当な懸念は、評価のしにくさであって方向性ではありません。総じて、研究という使命そのものへの支持を留保するのではなく、まず資金を付け、その上でCV26の成果に対する報告と独立評価をより厳格に求めていくことが、適切な判断だと考えます。

Socious votes No. OriLife × TonFarm requests 2,400,000 ADA to deploy tamper-evident durian traceability across 12,000 hectares in Đắk Lắk, Vietnam, ahead of a December 2026 compliance deadline under Vietnamese law.

This is not a No on quality. The proposal is unusually well-prepared — a working proof of concept, roughly $500,000 of prior self-investment by the proposers, escrow and clawback protections, and an ADA-price hedge — and the supply-chain fraud problem it addresses is real and well-documented.

The objection is fit. This is one alliance's commercial deployment — a single crop, a single province, driven by a specific national regulation — and end-users, not this withdrawal, already cover its on-chain running costs. A legally-mandated traceability product serving a $3.36B export market has clear paths to private capital and to Project Catalyst, the mechanism built to fund ecosystem applications of exactly this kind. The withdrawal returns nothing to the Treasury beyond a small locked balance, and the headline "180 million durians" is off-chain Bio-ID identification — the compliance-required on-chain core settles as only a few thousand Cardano L1 transactions a year.

Socious holds that treasury withdrawals of this size should be reserved for platform-level and ecosystem-wide capability that many builders draw on; the proposal's MIT-licensed SDK is closer to that than its regional rollout. For a single-vertical commercial deployment, however well-executed, the Treasury is not the right funder. Socious votes No.

ソーシャスは反対します。OriLife × TonFarmは、ベトナム・ダクラク省の12,000ヘクタールのドリアン農地に、改ざんを検知できるトレーサビリティを展開するため、2,400,000 ADAを求めています。背景には、ベトナムの法令が定める2026年12月の遵守期限があります。

これは品質を理由とした反対ではありません。本提案は非常によく練られています。実際に動作する概念実証があり、提案者は事前に約50万ドルを自己投資し、エスクローとクローバックによる保護やADA価格のヘッジも組み込まれています。対象とする産地偽装の問題も、現実に起きた、十分に裏づけのあるものです。

反対の理由は、トレジャリー資金との適合性にあります。本件は一つのアライアンスによる商業展開であり、対象は一つの作物、一つの省に限られ、特定の国内規制によって動いています。さらに、オンチェーンの運用にかかる費用は、本引き出しではなく、すでに利用者が負担しています。法的義務を背景に約34億ドル規模の輸出市場を相手にするトレーサビリティ製品には、民間資本や、まさにこの種のエコシステム向けアプリケーションを支援するために設けられたProject Catalystという、明確な資金調達の道があります。一方この引き出しは、わずかなロック残高を除けばトレジャリーに何も還元しません。また、「1億8,000万個のドリアン」という見出しの大半は、オンチェーンではなくオフチェーンのBio-ID識別であり、法的に必須となるオンチェーンの中核部分は、年間でCardano L1上の数千件の取引にとどまります。

ソーシャスは、この規模のトレジャリー引き出しは、多くの開発者が共通して頼れる、プラットフォーム全体・エコシステム全体に資する能力にこそ充てるべきだと考えます。本提案のなかでそれに近いのは、地域的な展開そのものではなく、MITライセンスで公開されるSDKです。一つの分野に特化した商業展開については、その完成度がいかに高くとも、トレジャリーは適切な資金提供者とは言えません。ソーシャスは反対します。

Socious abstains. This proposal is an incremental 1,768,167 ADA (about $424,360) top-up that would upgrade Cardano's TOKEN2049 sponsorship from "Platinum" to "Title" — a larger booth, a 15-minute mainstage keynote, and additional branding and media access. It is explicitly dependent on the baseline "Platinum" proposal, which Socious supports.

Socious's abstention is a considered position, not indifference. The baseline proposal secures Cardano's presence; this top-up buys purely discretionary premium exposure on top of it. Socious does not hold an evidenced view that the marginal return on the "Title" tier justifies the additional spend over the already-substantial "Platinum" presence — and equally, it does not consider the upgrade unreasonable. This is a judgement call about discretionary marketing, and EMURGO deliberately split it out so DReps could decide it on its own merits.

On a question of that nature, Socious prefers to defer to broader DRep consensus rather than cast a decisive vote in either direction. Abstaining records that the baseline matters and the upgrade is genuinely optional — which is precisely how the proposal was designed to be read.

ソーシャスは棄権します。本提案は1,768,167 ADA（約42万4,360ドル）の追加的なトップアップで、CardanoのTOKEN2049スポンサー枠を「Platinum」から「Title」へ引き上げるものです。内容は、より大きなブース、15分のメインステージ基調講演、追加のブランディングとメディア露出などです。本提案は基本提案である「Platinum」に明確に依存しており、その基本提案にはソーシャスは賛成しています。

ソーシャスの棄権は熟慮した立場であって、無関心ではありません。基本提案はCardanoの出展そのものを確保します。一方このトップアップは、その上に積み増す純粋に裁量的な上位露出を購入するものです。ソーシャスは、「Title」枠の限界的な効果が、すでに十分な「Platinum」出展に対する追加支出を正当化するという、根拠のある見解を持っていません。同時に、このアップグレードが不当だとも考えていません。これは裁量的なマーケティングをめぐる判断であり、EMURGOはDRepがその是非を単独で判断できるよう、意図的に提案を分割しています。

こうした性質の論点については、ソーシャスはいずれの方向にも決定的な票を投じるよりも、より広いDRepの合意に委ねることを選びます。棄権は、基本提案が重要であり、アップグレードはあくまで任意であるという認識を記録するものです。それはまさに、本提案が読まれることを意図して設計された形でもあります。

Socious votes Yes. This proposal funds Cardano's baseline presence at TOKEN2049 Singapore — 3,303,750 ADA (about $792,900) for the second-largest booth, a dedicated Cardano stage, conference access, and post-event coverage, framed around the ecosystem's builders. TOKEN2049 is one of the industry's highest-traffic venues, and a builder-centric presence there is a reasonable use of marketing budget.

As with the Summit proposal, the process matters. After community concern about a larger combined budget, EMURGO restructured this as an independent request and stepped the sponsorship down from "Title" to "Platinum", reducing the ask while keeping the core presence intact. EMURGO is headquartered in Singapore and has been a TOKEN2049 partner for several years, so execution risk is low.

Socious supports this baseline proposal. Its view on the separate "Title" upgrade is set out in that proposal's own rationale and is deliberately different — support for the baseline does not extend automatically to the premium tier.

ソーシャスは本提案に賛成します。本提案は、TOKEN2049シンガポールにおけるCardanoの基本的な出展に資金を充てるもので、3,303,750 ADA（約79万2,900ドル）により、二番目に大きいブース、Cardano専用ステージ、カンファレンス参加枠、イベント後の記録撮影などを、エコシステムの開発者を中心に据えた形で確保します。TOKEN2049は業界でも有数の集客力を持つ場であり、開発者を軸とした出展はマーケティング予算の妥当な使い道です。

サミット提案と同様、ここでも過程が重要です。より大きな合算予算への懸念を受けて、EMURGOはこれを独立した要求へと組み直し、スポンサー枠を「Title」から「Platinum」へ一段下げ、中心的な出展を保ちつつ要求額を抑えました。EMURGOはシンガポールに本社を置き、数年にわたりTOKEN2049のパートナーを務めてきたため、実行リスクは低いと見ています。

ソーシャスはこの基本提案を支持します。別途提案されている「Title」へのアップグレードに対する見解は、その提案自身の議決理由に記したとおりで、意図的に異なります。基本提案への賛成は、上位枠への賛成に自動的に及ぶものではありません。

Socious votes Yes. This is the Cardano Foundation's revised proposal for the 2026 Summit in Singapore (5–6 October): 7,800,000 ADA (about $1.95M), a budget cut by 22% — $550,000 — after community feedback, decoupled from EMURGO's separate TOKEN2049 request, with the stage count reduced from three to two and the Foundation's own in-kind contribution increased.

The flagship Summit is a primary venue for reaching institutions, enterprises, and media at a moment when Cardano's interoperability and institutional readiness are advancing. Socious sees clear value in that.

What converts the Yes from "reasonable" to "earned" is the process. The Foundation took explicit DRep concern about bear-market spending, returned with a materially smaller and restructured ask, and tied this one to measurable targets — enterprise leads, post-event strategic meetings, developer participation, and hackathon submissions captured in a KPI framework. Rewarding proposers who listen and add accountability is good governance in itself. Socious supports this proposal.

ソーシャスは本提案に賛成します。本提案はCardano Foundationによる2026年サミット（シンガポール、10月5〜6日）の修正案で、金額は7,800,000 ADA（約195万ドル）です。コミュニティからの意見を受けて予算を22%、額にして55万ドル削減し、EMURGOによる別のTOKEN2049提案から切り離し、ステージ数を3から2に減らすとともに、Foundation自身の現物拠出を増やしています。

旗艦イベントであるサミットは、機関投資家、企業、メディアに届く主要な場であり、Cardanoの相互運用性と機関対応の準備が進むこの時期において、その価値は明確だとソーシャスは考えます。

賛成を「妥当」から「相応」へと変えるのは、その過程です。Foundationは弱気相場での支出に対するDRepの懸念を正面から受け止め、規模を実質的に縮小し再構成した案として戻し、今回の提案を測定可能な目標に結びつけました。具体的には、企業リード、イベント後の戦略的ミーティング、開発者の参加、ハッカソンへの応募といった指標をKPIの枠組みに落とし込んでいます。声を聞き、説明責任を加えた提案者を評価することは、それ自体が良いガバナンスです。ソーシャスは本提案を支持します。

Socious votes Yes. This 7,920,000 ADA (about $1.9M) proposal addresses a risk that gets little attention: the centralisation of Cardano's data-serving infrastructure. Today, running a service like Blockfrost means indexing the entire chain, which is expensive — and the cost will rise sharply as Leios scales throughput. That economics quietly prices out smaller operators and concentrates infrastructure around a few providers.

Project Cayley ($1M of the ask) tackles this directly with decentralised slice indexing, letting SPOs and node operators index and serve only the portions of the chain they choose, plus a modular architecture that serves Cardano, Midnight, and Bitcoin through one API. The remaining $900K subsidises the free-tier infrastructure that Blockfrost has funded on its own since inception.

Socious sees both halves as reasonable. Keeping data infrastructure decentralised as the chain scales is a public good worth funding, and a free tier that many builders depend on should not rest indefinitely on one company's balance sheet. With milestone-based administration through Intersect, Socious supports this proposal.

ソーシャスは本提案に賛成します。本提案は7,920,000 ADA（約190万ドル）を投じ、あまり注目されないリスク、すなわちCardanoのデータ提供基盤の中央集権化に対処します。現状、Blockfrostのようなサービスを運用するにはチェーン全体のインデックス作成が必要で、その負担は大きく、Leiosによってスループットが拡大すれば費用はさらに急増します。この経済性が、小規模な事業者を静かに締め出し、基盤を一部の提供者に集中させています。

要求額のうち100万ドルを充てるProject Cayleyは、この問題に正面から取り組みます。分散型のスライス・インデックスにより、SPOやノード運用者が自ら選んだチェーンの一部分だけをインデックスし提供できるようにし、さらにモジュール型の設計でCardano、Midnight、Bitcoinを一つのAPIから扱えるようにします。残る90万ドルは、Blockfrostが当初から自社で負担してきた無料枠の基盤を支えるものです。

ソーシャスは双方とも妥当だと考えます。チェーンの拡大に合わせてデータ基盤を分散させ続けることは、資金を投じる価値のある公共財です。また、多くの開発者が頼る無料枠を、一社の財務に無期限に依存させ続けるべきではありません。Intersectによるマイルストーン管理も踏まえ、ソーシャスは本提案を支持します。

Socious votes Yes. This 13,103,039 ADA proposal funds three initiatives that each remove a concrete economic constraint. CIP-159 Account Address Enhancement lets wallets collect micro-fees and makes DeFi cheaper for end users while providing building blocks for Layer 2. Multi-Asset Treasury begins the design work for the Cardano Treasury to hold stablecoins and other native assets alongside ADA. Babel Fees lets users pay transaction fees in any native asset, removing the long-standing requirement to hold ADA before transacting at all.

Of the three, Multi-Asset Treasury is the one Socious weighs most heavily. A treasury denominated entirely in a volatile asset exposes the whole funding process — including every proposal in this cycle — to price swings; design work toward diversification is prudent stewardship, not a luxury. Babel Fees, meanwhile, addresses a real onboarding barrier that quietly costs Cardano new users.

The initiatives are coherent, the friction points they target are genuine, and Intersect administers the funds on milestones with unspent balances returned. Socious supports this proposal.

ソーシャスは本提案に賛成します。本提案は13,103,039 ADAを投じ、それぞれが具体的な経済的制約を取り除く三つの取り組みに資金を充てます。CIP-159によるアカウントアドレスの改良は、ウォレットによる少額手数料の徴収を可能にし、利用者にとってのDeFiのコストを下げるとともに、Layer 2のための部品を提供します。マルチアセット・トレジャリーは、CardanoのトレジャリーがADAに加えてステーブルコインなどのネイティブ資産を保有できるようにするための設計作業に着手します。Babel Feesは、利用者が任意のネイティブ資産で取引手数料を支払えるようにし、取引のためにまずADAを保有しなければならないという長年の前提を取り除きます。

三つのうちソーシャスが最も重く見るのはマルチアセット・トレジャリーです。トレジャリーを変動の大きい単一資産だけで構成することは、今サイクルのすべての提案を含む資金プロセス全体を価格変動にさらします。分散化に向けた設計作業は、贅沢ではなく堅実な資産管理です。またBabel Feesは、Cardanoが新規利用者を静かに取りこぼしている実際の参入障壁に対処するものです。

各取り組みは一貫しており、対象とする摩擦は現実のものです。Intersectがマイルストーンに基づき資金を管理し、未使用分が返還されることも踏まえ、ソーシャスは本提案を支持します。

Socious votes Yes. This 13,103,039 ADA proposal funds three initiatives that each remove a concrete economic constraint. CIP-159 Account Address Enhancement lets wallets collect micro-fees and makes DeFi cheaper for end users while providing building blocks for Layer 2. Multi-Asset Treasury begins the design work for the Cardano Treasury to hold stablecoins and other native assets alongside ADA. Babel Fees lets users pay transaction fees in any native asset, removing the long-standing requirement to hold ADA before transacting at all.

Of the three, Multi-Asset Treasury is the one Socious weighs most heavily. A treasury denominated entirely in a volatile asset exposes the whole funding process — including every proposal in this cycle — to price swings; design work toward diversification is prudent stewardship, not a luxury. Babel Fees, meanwhile, addresses a real onboarding barrier that quietly costs Cardano new users.

The initiatives are coherent, the friction points they target are genuine, and Intersect administers the funds on milestones with unspent balances returned. Socious supports this proposal.

ソーシャスは本提案に賛成します。本提案は13,103,039 ADAを投じ、それぞれが具体的な経済的制約を取り除く三つの取り組みに資金を充てます。CIP-159によるアカウントアドレスの改良は、ウォレットによる少額手数料の徴収を可能にし、利用者にとってのDeFiのコストを下げるとともに、Layer 2のための部品を提供します。マルチアセット・トレジャリーは、CardanoのトレジャリーがADAに加えてステーブルコインなどのネイティブ資産を保有できるようにするための設計作業に着手します。Babel Feesは、利用者が任意のネイティブ資産で取引手数料を支払えるようにし、取引のためにまずADAを保有しなければならないという長年の前提を取り除きます。

三つのうちソーシャスが最も重く見るのはマルチアセット・トレジャリーです。トレジャリーを変動の大きい単一資産だけで構成することは、今サイクルのすべての提案を含む資金プロセス全体を価格変動にさらします。分散化に向けた設計作業は、贅沢ではなく堅実な資産管理です。またBabel Feesは、Cardanoが新規利用者を静かに取りこぼしている実際の参入障壁に対処するものです。

各取り組みは一貫しており、対象とする摩擦は現実のものです。Intersectがマイルストーンに基づき資金を管理し、未使用分が返還されることも踏まえ、ソーシャスは本提案を支持します。

Socious votes Yes. Throughput is the binding constraint on Cardano's real-world adoption, and Leios is the credible answer. This 27,714,342 ADA proposal funds the path from Leios's public testnet to a mainnet-ready release candidate, targeting a 10–65x increase in transaction capacity. The need is concrete: Cardano's 2030 strategy contemplates growth from roughly 800,000 to over 27 million monthly transactions, and Leios is engineered to deliver that headroom by enhancing Ouroboros Praos with endorser blocks and committee-based validation — without compromising decentralisation or stake-pool viability.

Two things strengthen the case beyond the technology. First, the proposal scopes itself honestly: it explicitly excludes events outside IO's control, such as the community hard-fork vote, from its acceptance criteria, recording them as risks rather than promising them. Second, it budgets for adversarial red-teaming and load testing, not just implementation — confidence-building is treated as part of the deliverable.

The amount is among the largest in this cycle, but it funds Cardano's single most important scaling milestone. With milestone-based administration through Intersect, Socious supports it.

ソーシャスは本提案に賛成します。スループットはCardanoの実用的な普及を縛る最大の制約であり、Leiosはその現実的な解です。本提案は27,714,342 ADAを投じ、Leiosの公開テストネットからメインネット投入可能なリリース候補までの工程に資金を充て、取引処理能力の10〜65倍の向上を目標とします。必要性は具体的です。Cardanoの2030年戦略は、月間取引数を約80万件から2,700万件超へ伸ばす成長を想定しており、Leiosはエンドーサーブロックと委員会型の検証によってOuroboros Praosを強化し、その伸びしろを、分散性やステークプール運営の成り立ちを損なうことなく実現するよう設計されています。

技術面以外にも、賛成を後押しする点が二つあります。第一に、提案が自らの範囲を誠実に定めていることです。コミュニティによるハードフォーク投票など、IOの制御が及ばない事象を受け入れ基準から明確に除外し、約束ではなくリスクとして記録しています。第二に、実装だけでなく、敵対的なレッドチーム検証や負荷試験にも予算を割いていることです。信頼性の確認が成果物の一部として扱われています。

金額は今サイクルでも最大級ですが、その対象はCardanoにとって最も重要なスケーリングの節目です。Intersectによるマイルストーン管理も踏まえ、ソーシャスは本提案を支持します。

Socious votes Yes. At 3,601,926 ADA this is the smallest of IO's requests in this cycle, and arguably the highest-leverage. Cardano has roughly 550 active developers and little growth, while Ethereum has added on the order of 2,000 developers a year over the past six years. Developer count is the leading indicator of an ecosystem's future: more builders mean more applications, more users, and more protocol revenue, which in turn attracts more builders.

The proposal sets a measurable target — a 30%+ improvement in the developer growth rate within twelve months — and funds five concrete outcomes, including a one-command project setup tool, an OpenZeppelin-style library of ready-to-use contracts, a unified onboarding experience in the Developer Portal, and a bounty programme aimed at the tooling pain points builders actually report.

Socious particularly values that the proposal commits to a quantified outcome rather than vague "ecosystem growth". A small, accountable, well-targeted investment in the top of the developer funnel is exactly the kind of spending the Treasury should favour. Socious supports it.

ソーシャスは本提案に賛成します。3,601,926 ADAという金額は今サイクルのIOの要求のなかで最も小さく、それでいて投資効果は最も高い部類に入ります。Cardanoの活発な開発者はおよそ550人で伸び悩んでいる一方、Ethereumはこの6年間で年あたり2,000人規模の開発者を増やしてきました。開発者数はエコシステムの将来を映す先行指標です。作り手が増えればアプリケーションが増え、利用者とプロトコル収益が増え、それがさらに作り手を呼び込みます。

本提案は測定可能な目標、すなわち12か月以内に開発者の増加率を30%以上改善することを掲げ、五つの具体的な成果に資金を充てます。そこにはコマンド一つで使えるプロジェクト初期設定ツール、OpenZeppelin型のすぐ使える契約ライブラリ、Developer Portalでの一貫したオンボーディング、そして開発者が実際に挙げるツールの不満点に的を絞ったバウンティプログラムが含まれます。

ソーシャスが特に評価するのは、曖昧な「エコシステムの成長」ではなく、数値で示した成果に踏み込んでいる点です。開発者の入り口に対する、小規模で、説明責任が明確で、的の絞られた投資は、まさにトレジャリーが優先すべき支出です。ソーシャスは本提案を支持します。

Socious votes Yes. This proposal funds Cardano's core maintenance and operational support from Q3 2026 through Q1 2027 — a 62,134,630 ADA withdrawal covering nine functional areas, from bug fixing and security review to infrastructure operations, mainnet monitoring, release management, and component maintenance across Plutus Core, DB-Sync, the APIs, and CLI tools.

Maintenance is the easiest line item to underfund and the most expensive to neglect. Every feature, upgrade, and scaling initiative on Cardano's roadmap depends on a stable platform beneath it; withholding this support would not save money, it would convert deferred maintenance into outages, security exposure, and slower delivery elsewhere. The proposal also funds the Cardano Blueprint — implementation-independent specifications that lower the barrier for alternative node implementations — which is structurally good for decentralisation.

The ask is large, and Socious does not treat that lightly. Two things make the Yes clear: the work is genuinely non-discretionary, and Intersect administers the funds through milestone-based smart contracts with independent assurance, returning any unspent balance to the Treasury. Socious will track delivery against the published on-chain dashboards.

ソーシャスは本提案に賛成します。本提案は、2026年第3四半期から2027年第1四半期にかけてのCardanoのコア保守と運用支援に充てるもので、62,134,630 ADAの引き出しを求めています。対象は、不具合修正やセキュリティレビューからインフラ運用、メインネット監視、リリース管理、そしてPlutus Core・DB-Sync・各種API・CLIツールのコンポーネント保守まで、九つの機能領域に及びます。

保守は予算の中で最も削られやすく、そして怠ったときの代償が最も大きい項目です。Cardanoのロードマップにある新機能・アップグレード・スケーリングは、いずれも安定した土台があって初めて成立します。ここで支援を絞っても費用が浮くわけではなく、先送りした保守が障害やセキュリティリスク、他領域での開発の遅れとなって表れるだけです。本提案はCardano Blueprint（実装に依存しない仕様策定）にも資金を充てており、代替ノード実装の参入障壁を下げる点で分散化にも資します。

要求額は大きく、ソーシャスもそれを軽視しません。それでも賛成の判断は明確です。第一に、この作業は裁量の余地がない必須の保守であること。第二に、資金はIntersectがマイルストーン連動のスマートコントラクトと独立した検証のもとで管理し、未使用分はトレジャリーへ返還されることです。ソーシャスは、公開されるオンチェーンのダッシュボードで進捗を確認していきます。

Socious votes Yes. Pogun requests 12,290,000 ADA (about $2.95M) to build a Bitcoin liquidity and credit engine on Cardano — an oracle-free peer-to-peer credit market, a yield layer, and a BitVM-based bridge — delivered in stages through 2026.

The opportunity is real and largely uncontested: Bitcoin is a roughly $1.5T asset with very little native DeFi, and no ecosystem has yet won that market. Pogun is positioned to bring external Bitcoin liquidity onto Cardano rather than redistribute existing ADA, which is the kind of net-new value the Treasury should be willing to seed.

Socious weighed this proposal carefully, because treasury funding of a market-facing commercial venture is a different category from funding core infrastructure, and the execution and competitive risk is genuine. Two features tip the balance to Yes. First, the staged delivery through 2026 means funding tracks demonstrated progress rather than arriving as a single lump. Second, Pogun's commitment to return 20% of EBITDA to the Treasury until repaid, then 5% in perpetuity, reframes the withdrawal as closer to an investment than a grant — and sets a precedent worth encouraging for commercially-oriented proposals. Socious supports it, and will judge later tranches on delivery against the quarterly roadmap.

ソーシャスは本提案に賛成します。Pogunは12,290,000 ADA（約295万ドル）を求めるもので、Cardano上にBitcoinの流動性・信用エンジンを構築します。内容は、オラクルに依存しないピアツーピアの信用市場、利回りレイヤー、そしてBitVMを用いたブリッジで、2026年を通じて段階的に提供されます。

機会は現実のものであり、競合もまだ少ない領域です。Bitcoinはおよそ1.5兆ドルの資産でありながら、ネイティブなDeFiがほとんど存在せず、その市場をまだどのエコシステムも取れていません。Pogunは、既存のADAを再配分するのではなく、外部のBitcoin流動性をCardanoに取り込む狙いであり、これはトレジャリーが進んで初期投資すべき、純粋な新規価値の創出にあたります。

ソーシャスは本提案を慎重に検討しました。市場と向き合う商業的な事業へのトレジャリー出資は、コアインフラへの出資とは性格が異なり、実行リスクと競争リスクも現実に存在するからです。それでも賛成へと傾けたのは二つの点です。第一に、2026年を通じた段階的な提供により、資金が一括ではなく実績に沿って投入されること。第二に、資金回収まではEBITDAの20%を、その後は恒久的に5%をトレジャリーへ還元するという約束が、この引き出しを助成というより投資に近いものへと位置づけ直し、商業性のある提案について後押しに値する前例となることです。ソーシャスは本提案を支持し、今後の資金分配については四半期ロードマップに対する実績で判断していきます。

Socious votes Yes. This 11,877,575 ADA proposal strengthens Plutus, Cardano's smart contract platform, across three connected fronts: language capabilities (new syntactic forms and primitives that lower script costs and unlock more efficient contract patterns), formal correctness (specification, conformance testing, and structured security review), and developer experience (a better compiler, lower setup friction, and clearer error reporting).

These are the right priorities. Script cost and developer friction are concrete, recurring complaints from teams building on Cardano, and correctness work matters more — not less — as node diversity grows and alternative implementations appear. Funding all three together rather than in isolation is sensible, because they reinforce each other: cheaper scripts are only safe if correctness keeps pace.

Structuring the work as a collaboration between IO and VacuumLabs distributes Plutus stewardship across expert teams rather than concentrating it, which is healthy for the platform's long-term resilience. With Intersect administering funds on milestones and unspent balances returning to the Treasury, Socious supports this proposal.

ソーシャスは本提案に賛成します。本提案は11,877,575 ADAを投じ、Cardanoのスマートコントラクト基盤であるPlutusを、相互に関連する三つの側面から強化します。すなわち、言語機能の拡張（スクリプトコストを下げ、より効率的な契約パターンを可能にする新しい構文と組み込み関数）、形式的な正しさ（仕様策定、適合性テスト、体系的なセキュリティレビュー）、そして開発体験の改善（コンパイラの向上、導入時の手間の削減、より分かりやすいエラー表示）です。

これらは妥当な優先順位です。スクリプトコストと開発者の負担は、Cardano上で開発するチームから繰り返し挙がる具体的な不満です。また正しさの検証は、ノード実装の多様化と代替実装の登場に伴い、重要性をむしろ増しています。三つを個別にではなくまとめて手当てするのは理にかなっています。スクリプトを安く動かせても、正しさが追いついていなければ安全とは言えないからです。

この作業をIOとVacuumLabsの共同体制とすることで、Plutusの維持管理を一つのチームに集中させず、専門チームに分散できます。これは基盤の長期的な堅牢性にとって望ましい形です。Intersectがマイルストーンに基づき資金を管理し、未使用分はトレジャリーに返還されることも踏まえ、ソーシャスは本提案を支持します。

Socious abstains. This 10,425,871 ADA proposal bundles three things under one vote: shared L2-agnostic data availability infrastructure, production hardening of Hydra, and the mainnet launch of Midgard, a new permissionless optimistic rollup targeting 10,000+ TPS.

Socious does not question the goal. Cardano's base layer — roughly two-hour finality, fees near $0.17, and 7–10 TPS — genuinely needs a Layer 2 path, and the Hydra hardening work, with named adopters in Delta DeFi and Masumi, is the kind of incremental, evidence-backed delivery a DRep can readily support.

The difficulty is the bundle. The same vote that funds proven Hydra work also funds the mainnet launch of a brand-new rollup whose throughput targets and treasury-revenue mechanism are still unproven, and an all-or-nothing governance action gives a DRep no way to back the mature workstream without also underwriting the speculative one. Socious is not willing to vote No and slow Cardano's L2 progress, but neither can it fully endorse a request that ties low-risk maintenance to an unproven new-protocol launch. Whether that packaging is acceptable is a reasonable judgement for the wider DRep community to make, and Socious abstains so that consensus, rather than its own decisive vote, settles it.

ソーシャスは棄権します。本提案は10,425,871 ADAを投じるもので、一つの票のなかに三つの内容を束ねています。すなわち、L2に依存しない共有データ可用性基盤、Hydraの本番品質への強化、そして毎秒1万件超を目標とする新しいパーミッションレス・オプティミスティック・ロールアップMidgardのメインネット公開です。

ソーシャスはその目的を疑ってはいません。Cardanoのベースレイヤーは、ファイナリティが約2時間、手数料が0.17ドル前後、処理能力が毎秒7〜10件という水準で、Layer 2への道筋を実際に必要としています。なかでも、Delta DeFiやMasumiといった具体的な採用者を伴うHydraの強化作業は、段階的で実績に裏づけられた取り組みであり、DRepとして支持しやすい内容です。

問題は、その束ね方にあります。実績あるHydraの作業に資金を充てる同じ票が、スループット目標もトレジャリーへの収益還元の仕組みもまだ実証されていない新規ロールアップのメインネット公開にも資金を充てます。一括での可否しか問えないガバナンスアクションでは、DRepは成熟したワークストリームだけを支持し、投機的な部分への出資を避けることができません。ソーシャスは、反対票を投じてCardanoのL2の前進を遅らせるつもりはありません。しかし同時に、低リスクの保守と未実証の新規プロトコル公開を一つに結びつけた要求を、全面的に支持することもできません。この束ね方が受け入れられるかどうかは、より広いDRepコミュニティが判断するにふさわしい論点であり、ソーシャスは自らの決定的な票ではなく合意がそれを決するよう、棄権します。

Socious DRep votes YES on the HLabs 2026 budget proposal. This is a high-leverage infrastructure investment that directly advances three Cardano 2030 priorities the ecosystem has already endorsed: client diversity (Gerolamo as a TypeScript node), developer onboarding from Web2/EVM communities (Pebble as an imperative smart-contract language), and continuity of critical TypeScript tooling that a large share of Cardano dApps already depend on, directly or transitively. The proposal is well-scoped, transparently costed against an industry-comparable FTE benchmark already accepted by the community (the Amaru precedent), and constrained by best-in-class on-chain escrow and oversight controls.

Project Catalyst is one of the largest decentralized grant programs in the blockchain industry, having funded over 2,200 projects with more than 500 still active. Continuity of operations for these active grantees is paramount. The transition of the Catalyst team from IOG to the Cardano Foundation ensures that existing commitments are honored, milestone payments continue, and grantees are not left without administrative support.
The Cardano Foundation is a non-profit entity whose mission is explicitly focused on the long-term stewardship and adoption of the Cardano ecosystem. Moving Catalyst management from a commercial entity (IOG) to the Foundation aligns the program’s governance structure with its public-goods purpose. This separation also strengthens the argument for Cardano’s decentralization from a regulatory perspective, as the funding mechanism is no longer directed by a single private company.
The decision to pause Fund15 and Fund16 and return unallocated ada to the treasury demonstrates responsible capital management. Rather than continuing to deploy funds through a system undergoing structural transition, the Foundation is choosing to stabilize operations first and redesign the process before committing new capital. This is a sign of governance maturity.
The transition also creates an opportunity to address long-standing community criticisms of Catalyst, including concerns about accountability, the impact of funded projects, and the need for independent audits. The Foundation has signaled a more rigorous, high-assurance approach to grant administration, which should improve the quality of funded projects and strengthen community trust in the program.
Both IOG and the Cardano Foundation support this transition, and community forums show active discussion and broad acknowledgment that change was needed. Voting YES enables a smooth handover that protects existing grantees, strengthens governance, and positions Catalyst for a more transparent and accountable future under Foundation stewardship.

Cardano is one of the few major Layer-1 networks that has never achieved $1 billion in TVL, currently sitting below $500 million. This structural gap limits Cardano’s competitiveness. The Orion Fund directly addresses this by deploying capital toward startups that will build applications, increase on-chain activity, and grow TVL toward a target of $3 billion or more.
The fund operates as a professional venture vehicle, not as a grant program. Venture-style returns flowing back to the treasury create a potentially self-sustaining funding model, far more capital-efficient than non-recoverable grants. This aligns with Charles Hoskinson’s publicly stated vision of shifting the treasury from a grant-issuing mechanism to an investment engine.
Draper Dragon provides Cardano access to institutional-grade asset management expertise, global investor networks, and a proven track record in blockchain venture investing. Tim Draper’s involvement brings significant credibility and visibility that can attract external capital, enterprise partnerships, and top-tier founders to the Cardano ecosystem.
The fund is structured across three strategic areas covering the full startup lifecycle: direct investments, growth capital (marketing, exchange listings, liquidity provision, technical mentorship), and educational accelerator programs. The total withdrawal amount is capped at 175 million ada across three tranches, with this first tranche targeting $15 million in value.
The Cardano Foundation has publicly expressed support for this proposal. Voting YES is a vote for strategic ecosystem growth, institutional credibility, and a more sustainable treasury model.

Dingo represents the third independent node implementation for Cardano (after the Haskell cardano-node and the Rust-based Amaru), written in Go – one of the most widely used systems programming languages in the world. Go’s popularity among infrastructure engineers, cloud-native developers, and DevOps professionals means Dingo dramatically expands the potential contributor base for Cardano’s core node software. This is essential for long-term ecosystem sustainability.
Having three independent node implementations across three different programming languages (Haskell, Rust, Go) provides exceptional resilience against implementation-specific bugs, supply-chain attacks, and compiler vulnerabilities. If a critical bug affects one implementation, the network can continue to operate through the others. This multi-implementation model is proven in mature blockchain ecosystems like Ethereum (Geth, Nethermind, Besu, Erigon).
Blink Labs has a strong track record in the Cardano ecosystem, having built and maintained numerous open-source Go libraries and tools including gouroboros (Ouroboros protocol implementation in Go), Adder, Bursa, and others. Their deep familiarity with Cardano’s protocol internals from the Go perspective gives confidence in their ability to deliver a production-grade node. Dingo already supports full chain sync, 41 UTXO validation rules, Plutus execution across all versions, block production, and multiple API interfaces.
Dingo’s built-in API servers (Blockfrost-compatible, UTxO RPC) and native Mithril bootstrap support make it especially attractive for infrastructure operators and application developers who want a single binary that serves both consensus and data access needs. This integrated approach reduces operational complexity compared to running separate node and indexer stacks.
Some community voices, such as SnekArmy, have raised concerns about whether Cardano needs more infrastructure spending in current market conditions. However, node diversity is a long-term strategic investment that cannot be paused and resumed easily – the teams, knowledge, and codebases require sustained investment. Voting YES ensures continuity of a critical infrastructure project that strengthens Cardano’s competitive position against multi-client ecosystems.

Dingo represents the third independent node implementation for Cardano (after the Haskell cardano-node and the Rust-based Amaru), written in Go – one of the most widely used systems programming languages in the world. Go’s popularity among infrastructure engineers, cloud-native developers, and DevOps professionals means Dingo dramatically expands the potential contributor base for Cardano’s core node software. This is essential for long-term ecosystem sustainability.
Having three independent node implementations across three different programming languages (Haskell, Rust, Go) provides exceptional resilience against implementation-specific bugs, supply-chain attacks, and compiler vulnerabilities. If a critical bug affects one implementation, the network can continue to operate through the others. This multi-implementation model is proven in mature blockchain ecosystems like Ethereum (Geth, Nethermind, Besu, Erigon).
Blink Labs has a strong track record in the Cardano ecosystem, having built and maintained numerous open-source Go libraries and tools including gouroboros (Ouroboros protocol implementation in Go), Adder, Bursa, and others. Their deep familiarity with Cardano’s protocol internals from the Go perspective gives confidence in their ability to deliver a production-grade node. Dingo already supports full chain sync, 41 UTXO validation rules, Plutus execution across all versions, block production, and multiple API interfaces.
Dingo’s built-in API servers (Blockfrost-compatible, UTxO RPC) and native Mithril bootstrap support make it especially attractive for infrastructure operators and application developers who want a single binary that serves both consensus and data access needs. This integrated approach reduces operational complexity compared to running separate node and indexer stacks.
Some community voices, such as SnekArmy, have raised concerns about whether Cardano needs more infrastructure spending in current market conditions. However, node diversity is a long-term strategic investment that cannot be paused and resumed easily – the teams, knowledge, and codebases require sustained investment. Voting YES ensures continuity of a critical infrastructure project that strengthens Cardano’s competitive position against multi-client ecosystems.

The 2025 budget cycle, while successful as Cardano’s first full-scale decentralized budget process, revealed significant pain points. DReps experienced “voting fatigue” due to inconsistent proposal formats, multiple submission tools, and a lack of structured review periods. The 2026 framework directly addresses each of these issues with standardized templates, clear timelines, and staged review processes.
Without a coordinated budget process, treasury spending risks becoming fragmented and ad hoc. Individual Treasury Withdrawal governance actions submitted without coordination can lead to duplicative funding, misaligned priorities, and inefficient use of limited treasury resources. The framework ensures proposals are evaluated in the context of each other and ranked by DRep support before proceeding to on-chain votes.
The framework explicitly ties proposals to the Cardano 2030 Vision strategic framework and measurable ecosystem KPIs. This is a significant improvement that ensures treasury spending is guided by shared long-term strategy rather than individual narratives. DReps can compare proposals on expected contribution to measurable ecosystem outcomes, not just qualitative pitch quality.
Critically, the framework is opt-in. Proposers may still submit Treasury Withdrawals independently through standard governance channels. This preserves permissionless access to the treasury while offering a structured path that reduces friction and improves quality for those who choose to participate.
Multiple Intersect committees, community members in Tokyo and beyond, and governance stakeholders have contributed to the framework’s design through several rounds of consultation. Voting YES signals that the community supports an organized, transparent, and strategic approach to managing Cardano’s most important shared resource.

Socious votes YES on the "Cardano DeFi Liquidity Budget - Withdrawal 1" proposal. We recognize this as a critical foundational step to safely manage the community-approved Stablecoin Liquidity Budget. The proposed Cayman Islands Foundation Company structure offers a robust legal wrapper that aligns with DAO principles, ensuring limited liability and separate legal personality without centralized ownership. We value the strong security measures, including the 5-of-9 multisig Interim Committee, professional oversight, and the allocation of 75,000 ADA for an independent smart contract audit by Invariant0 LLC. This approach ensures operational readiness and constitutional compliance—specifically regarding fund management and non-delegation to SPOs—before substantial assets are deployed.

Sociousは、「Cardano DeFi Liquidity Budget - Withdrawal 1」提案に賛成（YES）します。私たちは、これをコミュニティが承認したステーブルコイン流動性予算を安全に管理するための重要な基礎的ステップであると認識しています。提案されているケイマン諸島財団法人（Foundation Company）の構造は、DAOの原則に合致した堅牢な法的枠組みを提供し、中央集権的な所有権を持たずに有限責任と独立した法人格を保証するものです。9名中5名の承認を必要とするマルチシグ暫定委員会、専門家による監督、そしてInvariant0 LLCによる独立したスマートコントラクト監査への75,000 ADAの割り当てなど、強力なセキュリティ対策が講じられている点を高く評価します。このアプローチにより、多額の資産が展開される前に、運用体制の整備と（特にSPOへの委任を行わないという資金管理に関する）憲法の順守が確実に保証されます。

Socious votes YES on the proposal to increase Plutus Script Memory Units. We support this update as a low-risk, high-impact measure that significantly improves the developer experience by allowing for more complex script logic without requiring manual optimization. Extensive benchmarking by the IOE Performance and Tracing team confirms that this increase fits comfortably within the network's capacity, ensuring that critical Praos timing guarantees and block propagation standards are maintained. Furthermore, we recognize this governance action as the necessary first step of a two-part strategy to sustainably enhance Cardano's scalability and block utilization while adhering to constitutional guardrails.

Sociousは、Plutusスクリプトのメモリユニット増量（パート1）の提案に賛成（YES）を投じます。この変更は、開発者が手動で最適化を行う負担を減らし、より複雑なロジックの実装を可能にすることで開発者体験を大幅に向上させる、低リスクかつ効果の高い施策です。IOEパフォーマンスチームによる広範なベンチマーク調査により、この増量はネットワークの許容範囲内に収まっており、重要なPraosのタイミング保証やブロック伝播の基準が維持されることが確認されています。さらに、私たちはこのガバナンスアクションを、憲法上のガードレール（安全策）を遵守しつつ、Cardanoのスケーラビリティとブロック利用効率を持続的に高めるための2段階戦略の不可欠な第一歩として認識しています。

Socious votes “Yes” to **Name Protocol Version 11 hard fork - van Rossem, because** Max was a great contributor to the ecosystem and it’s a great idea to honor his life by naming a hard fork after him.

ソーシャスは**Name Protocol Version 11 hard fork - van Rossemに賛成します。**Maxはエコシステムに大きく貢献した人物であり、彼の人生を称えてハードフォークに彼の名前を冠することは素晴らしいアイデアです。

Socious votes YES to “Net Change Limit (Epoch 613 to Epoch 713)” to ensure that ecosystem funding continues uninterrupted after February 2026, as a valid Net Change Limit is constitutionally required for treasury withdrawals. This proposal strategically shifts the budget cycle to mid-year, avoiding low participation during the holiday season. Furthermore, the 350 million ADA ceiling is fiscally responsible; it accommodates previous commitments (such as the unspent Stablecoin Liquidity budget) and, by spreading the amount over 16.5 months, effectively lowers the annualized spending limit compared to the previous year.

ソーシャスは、2026年2月以降もエコシステムへの資金提供を途切れさせないため、Net Change Limit (Epoch 613 to Epoch 713)に賛成します。財務省からの引き出しを行うには、憲法上、有効な純増減限度額（Net Change Limit）の設定が不可欠だからです。この提案は、予算サイクルを参加率が低下しやすい年末の休暇シーズンから年半ばへと戦略的に移行させるものです。さらに、3億5000万ADAという上限は以前のコミットメント（未消化のステーブルコイン流動性予算など）を考慮した責任ある数字であり、期間を16.5ヶ月に設定することで、実質的な年間支出上限は前年と比較して引き下げられます。

English: Socious DRep will vote "Yes" on the DeltaDeFi Budget Info Action. We recognize the critical need for CEX-grade, low-latency trading infrastructure on Cardano and value the team's strong track record. However, our support comes with significant reservations regarding the eventual Treasury Withdrawal:

KPI Budget Efficiency: The ₳300,000 (20%) allocation for reporting and dashboards is high. We expect a rigorous audit to ensure these funds drive ecosystem value rather than administrative overhead.

Direct Treasury ROI: As an L2 solution with a 200:1 L2-to-L1 efficiency ratio, the direct protocol revenue back to the Treasury is low. We seek a clearer path for how this ₳1.5M investment provides a tangible return to ADA holders.

Infrastructure Neutrality: We expect the project to remain a public good. The final proposal must ensure the matching engine and data infrastructure are sufficiently decentralized to avoid private vendor lock-in.

We signal support for Hydra-based DeFi development, but will apply much stricter scrutiny to the subsequent withdrawal milestones.

Japanese (日本語): Socious DRepは、DeltaDeFiのHydra予算案に対し「賛成」を投じますが、重大な懸念事項を伴う条件付きの支持であることを明記します。将来の財務資金（Treasury）引き出しアクションにおいては、以下の点を厳格に審査します：

指標報告コストの妥当性: レポートとダッシュボード作成に割り当てられた**30万ADA（予算の20%）**は高額すぎると考えます。管理コストではなく、エコシステムの実利に直結する形での運用を監査で求めます。

財務への直接的な投資対効果 (ROI): 200:1の効率性を誇るL2ソリューションとして、L1への手数料還元は限定的です。150万ADAの投資がどのようにADA保有者に具体的利益をもたらすか、より明確な説明を求めます。

インフラの公平性: 公共性の高いインフラとして、特定の企業に依存しない（ベンダーロックインを避ける）分散化されたマッチングエンジンおよびデータ基盤の構築を期待します。

Hydraを活用したDeFiの方向性には賛成しますが、実際の資金放出に関しては極めて厳格な基準で判断します。

Socious DRep supports the adoption of Cardano Constitution v2.4 to bring greater clarity and rigor to our decentralized governance. Our support is based on the following key refinements:
• Enforceability over Aspirations: By removing non-binding "expectations" and codes of conduct, the Constitution now focuses strictly on enforceable rules, reducing ambiguity for the Constitutional Committee and voters.
• Enhanced Security & Transparency: The requirement for immutable proposal documentation prevents post-submission changes, while universal audit safeguards ensure every Treasury withdrawal is held to the highest standard of accountability.
• Governance Simplification: Merging the Budget Info Action requirements directly into Treasury Withdrawal actions removes redundant layers, making the governance process more efficient without sacrificing oversight.
This update represents a necessary step in evolving Cardano’s foundational rules into a more mature and legally coherent document.

Socious DRep supports the Cardano 2030 Vision and Strategy Framework to provide the ecosystem with the strategic discipline required for mature decentralized governance. Our "Yes" vote is based on three key factors:
• A Strategic Measuring Stick: This framework provides DReps with a community-vetted filter to evaluate future treasury withdrawals. It ensures that resource allocation is prioritized for initiatives that drive measurable impact toward our 2030 goals.
• Community-Led Legitimacy: The proposal is the result of an exhaustive, bottom-up process involving over 700 participants. This inclusive foundation ensures the vision reflects the collective intent of the ecosystem, rather than a top-down mandate.
• Differentiation & Focus: By defining five clear pillars—Infrastructure, Adoption, Governance, Community, and Sustainability—Cardano moves beyond technical milestones toward a purpose-driven mission to power global economies and mission-critical applications.
This document serves as a vital "living" starting point that empowers the community to navigate the next decade with clarity, accountability, and unified purpose.

Socious DRep votes NO on the governance action: “Add Constitutional Committee Member – Christina.” While we hold the candidate in high regard and recognize her as exceptionally well-qualified for the Constitutional Committee (CC), we believe that structural changes to the committee must follow a legitimate and transparent process to maintain the integrity of Cardano’s governance.

Rationale

1. Candidate Merit vs. Procedural Integrity
We wish to state clearly that Christina is well-qualified, and we would likely support her candidacy in a standard election or a specifically designed expansion process. However, a "NO" vote is necessary here because the process used to propose her appointment bypasses established community expectations.

2. Adhering to the Election Mandate
The Intersect snap election was held to fill one specific vacancy. Cardano Curia was selected by the community through that competitive process. To appoint a second member from the same election—without a pre-defined "runner-up" rule—sets a precedent where the scope of an election can be changed retroactively.

3. Strategic Expansion Requires Consensus
If there is a strategic need to increase the CC size to mitigate operational risk, that decision belongs to the ecosystem. We believe an Info Action should be the first step to:

• Formally propose an increase in committee size.
• Gather community feedback on the criteria for such an expansion.
• Establish a fair and predictable process for filling those new seats.

Conclusion

Socious DRep remains supportive of qualified individuals like Christina joining the Constitutional Committee in the future. However, we cannot support a governance action that prioritizes expediency over a robust, community-aligned process. We encourage a return to a structured approach that ensures all structural changes are backed by a clear ecosystem mandate.

We vote yes, because the eight-epoch extension is reasonable and it is necessary to maintain the governance process uninterrupted.

I support the "Cardano Critical Integrations Budget" proposal to allocate ₳70,000,000 for essential ecosystem infrastructure. Establishing a dedicated fund to onboard tier-one stablecoins, cross-chain bridges, and institutional-grade oracles is a necessary step to unlock liquidity and drive large-scale DeFi adoption on Cardano. The proposed milestone-based funding structure and oversight by the Steering Committee provide the necessary accountability to ensure these resources are used effectively to close the gap with other mature ecosystems.

We vote "YES" for this GA because it's absolutely necessary to enact new GAs.

I support the "Cardano Critical Integrations Budget" proposal to allocate ₳70,000,000 for essential ecosystem infrastructure. Establishing a dedicated fund to onboard tier-one stablecoins, cross-chain bridges, and institutional-grade oracles is a necessary step to unlock liquidity and drive large-scale DeFi adoption on Cardano. The proposed milestone-based funding structure and oversight by the Steering Committee provide the necessary accountability to ensure these resources are used effectively to close the gap with other mature ecosystems.

We voted in favor of this proposal. This proposal addresses a technical issue that occurred during Cardano’s early governance phase and ensures fairness within the governance process. We understand that the additional 3,000 ADA requested represents reasonable compensation for staking rewards and minor opportunity costs from that period, though similar measures should be considered with appropriate caution in the future.

We abstained on this proposal. As this treasury withdrawal relates to the financial execution of a previously presented plan, we determined that maintaining neutrality and observing future developments would be the most appropriate course of action.

We voted in favor of this proposal. Securing the .ada and .cardano domains will help protect Cardano’s brand identity, improve discoverability, and ensure trusted representation of the ecosystem on the internet.

We abstained on this proposal. The compensation framework for Constitutional Committee members is an important governance matter. However, since some members of the Socious DRep are members of the Constitutional Committee, we determined that abstaining was the appropriate action to avoid any potential conflict of interest and to maintain impartiality.

We voted in favor of this proposal. This proposal clarifies definitions and processes, enhancing transparency and consistency. It is expected to help the overall governance process proceed in a more stable and understandable manner.

We abstained on this proposal. It presents a comprehensive regional strategy with clear accountability mechanisms. While recognizing its value, we chose to remain neutral at this stage to allow further community evaluation of its long-term impact.

We abstained on this proposal. It outlines a comprehensive framework with clear fund management, oversight, and KPIs. However, given the unprecedented scale and complexity of the initiative, we believe it is appropriate to remain neutral at this stage and monitor its implementation.

We abstained on this proposal. The vision and strategy for Cardano 2030 are important, but we believe further discussion and refinement are needed before expressing clear support or opposition. Abstaining leaves room for the community to continue shaping the direction together.

We abstained on this proposal. GovTool is an essential open-source foundation for governance, and clear milestones are outlined. However, we believe additional clarity on implementation and outcomes would provide greater assurance.

We abstained on this proposal. It introduces an innovative loan-based model with repayment and accountability mechanisms. While acknowledging its significance, we opted to remain neutral to observe how this new funding model will be received and assessed by the broader community.

We are abstaining on this proposal. Constitutional amendments are an important process for the community, but in our view this proposal has not undergone sufficient debate. We believe that rather than forcing a Yes or No, it is more appropriate to abstain, leaving room for further discussion and for the community at large to make its judgment.

We voted No. Please see our comment on the withdrawal proposal for details.

We are voting No on this proposal, as we believe it is not aligned with the current Cardano Constitution. As a DRep, we consider it important to exercise our judgment in line with the principles of responsible treasury use.

Abstained to maintain neutrality

Tempo.Vote is a reliable governance tool that is widely used and mobile-friendly, making on-chain participation more accessible to a broad range of users. To ensure maximum accuracy of governance voting data, it independently operates its own Cardano node and backend indexer. This setup requires ongoing operational costs to maintain stable and precise service.

This proposal requests a budget of 380,000 ADA over six months, covering infrastructure operations, improved user experience, and the development of a lending feature to support governance proposal submissions. The requested budget aligns with the scope of infrastructure and functional development, and considering the six-month period and Tempo’s proven track record, we find the amount to be balanced, realistic, and appropriate.

Based on these factors, we regard this proposal as an important initiative that strengthens Cardano’s decentralized governance.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.

We cast a YES vote on this proposal.

This proposal supports 12 months of maintenance and development for GovTool, a key public infrastructure enabling participation in Cardano’s on-chain governance. It has been jointly submitted by developers including LidoNation, ByronNetwork, WeDeliver, and DQuadrant, and takes into account interoperability with other governance tools.

Its tiered budget structure, provision for unused fund returns, and smart contract–based fund management and audit mechanisms coordinated by Intersect contribute to decentralization and transparency.

We believe this proposal is a vital step toward strengthening Cardano’s decentralized governance culture, while also encouraging wider interoperability and open contribution to governance tooling. Therefore, we support it.

We vote in favor of this proposal.

This proposal is based on the already approved budget plan, “Cardano Blockchain Ecosystem Budget: Amaru Node Development 2025”, and demonstrates clear consistency and continuity in its content.
We previously supported the Amaru project, which promotes a new Rust-based node implementation, as we believe it significantly contributes to the decentralization, stability, and sustainability of the Cardano network. We view this initiative as an important step toward achieving diverse node implementations within Cardano.
Based on these considerations, we regard this proposal as a key effort to advance the evolution and decentralization of the Cardano network, and we take a supportive position.

We support this proposal and will vote in favor.

This budget proposal allocates 275,269,340 ADA across 39 initiatives related to the maintenance, development, research, marketing, and governance of the Cardano ecosystem. It follows a community-driven submission process and was shaped by DRep support through a formal signaling process. Intersect will act as the Administrator and oversee the distribution of funds, with plans to introduce transparent mechanisms such as smart contracts and multi-signature controls where applicable. All treasury withdrawals will require approval through separate governance actions and must remain within the scope of the active Net Change Limit.

We believe this proposal represents an important step toward realizing Cardano’s 2025 roadmap. From the perspectives of transparency, sustainability, and decentralization, we find its structure sound and well-justified, and thus we support its approval.

We are voting "No" on this proposal due to invalid metadata.

We abstain from voting on this proposal. While we understand the intent of the proposal, we believe careful consideration is needed at this time, taking into account its relationship with other budget proposals and overall alignment with the comprehensive funding plan. We will continue to monitor the development of these discussions.

We are voting against this proposal. While this proposal covers a slightly longer period of 13 months and may appear flexible on the surface, we have already supported an NCL proposal for 350M ADA covering an equivalent period (epochs 532-604), and this proposal is inconsistent with that position. We have determined that it lacks fiscal policy consistency, as the cap has been lowered despite the extended period. Furthermore, Cardano is currently in a critical development phase involving the implementation of decentralized governance and scalability enhancements, requiring agility in strategic investments. Even with an extended spending period, maintaining strict caps could limit our ability to deploy necessary funds when needed, potentially reducing flexibility. Additionally, the proposal takes a conservative approach by setting the cap equal to expected treasury income, which raises concerns about constraints on contingency spending and emergency responses. For these reasons, Socious prioritizes sustainable and strategic fund management and takes a position against this proposal.

Socious Drep votes in favor of this proposal to diversify node implementations in Cardano. This initiative will enhance network stability and sustainability through multiple implementation options.

While Cardano has relied solely on Haskell implementation so far, introducing a Rust-based node - despite being unprecedented - helps mitigate the risks associated with single-implementation dependency.

The lower operating costs for SPOs will reduce barriers to entry, promoting greater network decentralization.

Subject to continued proper maintenance of development and quality control standards, we endorse this proposal as a positive step toward network decentralization and evolution.

2025 Cardano NCL - Vote NO on 200M ADA Limit

After careful consideration, Socious Drep have decided to vote NO on the proposed Net Change Limit (NCL) of 200 million ADA for the remainder of 2025.

Key Points Against 200M ADA NCL

1. Inconsistent with Previous Positions

• Already supported 350M ADA NCL
• 200M ADA is too restrictive for Cardano's current development stage

2. Strategic Investment Needs

• Critical ecosystem growth phase
• Essential development initiatives require funding:
  • Scalability upgrades (e.g., Leios)
  • Programmability enhancements
  • Interoperability and security improvements

3. Treasury Alignment

• Annual treasury inflow: ~350M ADA
• 200M limit risks underfunding critical initiatives
• Current growth phase requires maintained investment

Summary

While the cautious approach is appreciated, a 200M ADA NCL is too restrictive for Cardano's current needs. A limit closer to the annual inflow (350M ADA) better balances sustainability with necessary ecosystem investment.

Socious – Rationale for Voting Yes (350M ADA Proposal)

Socious voted Yes on the proposal to set the 2025 Net Change Limit at 350M ADA.

We support this proposal because it reflects a data-driven, forward-looking approach to Cardano’s treasury management. The limit is grounded in actual treasury inflow data from 2024 and represents a balanced plan to empower ecosystem growth while preserving financial sustainability.

Why we voted Yes:

• Aligned with past inflows: The 350M ADA limit is based on a well-modeled estimation of actual 2024 treasury inflows, making it a reasonable and informed cap.
• Supports innovation: By linking the Net Change Limit to real utility on the blockchain, this approach encourages projects to deliver meaningful value.
• Enables budget cycle stability: Setting the Net Change Limit allows the community to move forward with the 2025 budget and withdrawal actions in a transparent and structured way.
• Future-focused: This model also creates a natural incentive to grow treasury inflows, aligning project success with the network’s economic health.

We believe that well-governed treasury usage is key to Cardano’s long-term impact and sustainability. For a mission-driven project like Socious, this proposal helps ensure that funding remains available for impactful initiatives while maintaining accountability.

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Sociousの「Yes」投票理由（350M ADA 提案）

Sociousは、2025年のNet Change Limit（財務支出上限）を350M ADAに設定する提案に対し、賛成（Yes）で投票しました。

この提案は、実際のトレジャリー収入データに基づいた、現実的かつ未来志向のアプローチであると評価しています。2024年の実績データを元に設計されたこの上限は、カルダノの成長を支えつつ、財務の持続可能性も両立させる内容です。

賛成の理由：

• 過去の実績と整合している：350M ADAという上限は、2024年の実際のトレジャリー収入に基づいており、信頼性のある根拠に基づいています。
• プロジェクトの価値創出を促進：ブロックチェーン上での実用性やユーティリティが、今後の収入や支出枠に反映される設計で、建設的なインセンティブを生み出します。
• 予算サイクルの安定性を確保：支出上限を設定することで、2025年の予算やトレジャリーの申請プロセスが透明かつ秩序あるものになります。
• 将来への成長インセンティブ：収入とリンクした支出枠により、より多くの価値が生まれることで財務の健全性が保たれます。

Sociousは、責任ある財務運営こそが、カルダノの持続的な成長と社会的インパクトの基盤であると考えています。この提案はその実現に向けた、重要なステップだと捉えています。

Yes: 3. Abstain: 1. Not voted: 6

Socious – Rationale for Voting Yes

Socious voted Yes on the proposal titled

"Set 2025 Net Change Limit of 300M ADA, 2026 Net Change Limit of 250M ADA."

We believe this proposal presents a realistic and conservative approach to treasury management, aligned with the projected inflows for 2025 and 2026. Setting a Net Change Limit (NCL) is essential to ensure financial sustainability, transparency, and accountability in Cardano governance.

Our reasons for supporting this proposal are as follows:

• It contributes to long-term ecosystem stability by aligning spending with expected treasury inflows.
• It maintains flexibility, allowing future adjustments or alternative models (e.g., percentage-based NCL) to be proposed later.
• It strengthens responsible decision-making by establishing a clear and constitutional framework for treasury withdrawals.

At Socious, we believe that transparent and predictable financial governance forms the foundation for creating long-term social impact within the Cardano ecosystem. We see this proposal as an important step in that direction.

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Sociousの「Yes」投票理由

Sociousは本提案「Set 2025 Net Change Limit of 300M ADA, 2026 Net Change Limit of 250M ADA」に賛成（Yes）で投票しました。

今回の提案は、カルダノ財務の持続可能性と透明性を確保するための現実的かつ保守的なアプローチであり、2025年および2026年の予想されるトレジャリー収入と整合性の取れたNet Change Limit（支出上限）を設定するものです。

この提案に賛成する理由は以下の通りです：

• 財務の持続可能性と予測可能性を高めることで、長期的なエコシステムの安定と成長に貢献できると考えます。
• 将来的に、より高い上限や割合ベースへの移行など、柔軟な見直しが可能な設計である点を評価しています。
• 憲法に則った適切なガードレールを設けることで、責任ある意思決定の文化を支えることができると考えます。

Sociousは、カルダノ・エコシステムの中で透明性と信頼性のある財務運営が持続的な社会的インパクト創出の土台になると信じています。その第一歩として、本提案は意義深いものと捉えています。

Yes: 3. Abstain: 1. Not voted: 6.

Defining the Cardano Vision and Roadmap for 2025 and beyond

A clear and community-backed roadmap is essential for Cardano’s long-term growth and success. This governance info action provides a valuable opportunity for DReps to contribute their perspectives on the proposed roadmap, developed in consultation with key technical stakeholders.

This roadmap clarifies development priorities, technological advancements, and strategic goals, while also influencing future budget proposals. By voting, DReps help optimize resource allocation and ensure a well-defined direction for the ecosystem.

Additionally, we appreciate the iterative feedback process, where the roadmap will continue to evolve based on DRep input during the voting period. This ensures that the roadmap is not just a static plan but a living document that adapts to the needs and insights of the Cardano community.

Furthermore, we believe that every item in this roadmap contributes meaningfully to realizing Cardano’s vision. It supports innovation, strengthens decentralization, and fosters ecosystem growth—critical elements for Cardano’s long-term success.

A Yes vote on this proposal is a commitment to shaping Cardano’s future together. A clear vision and roadmap bring focus to development efforts and unify the ecosystem. Therefore, Socious supports this action and votes Yes.

Socious is committed to supporting the sustainable growth of the Cardano ecosystem. The Cardano Constitution states:

“Cardano is a decentralized ecosystem of blockchain technology, smart contracts, and community governance, aiming to improve economic, political, and social systems for everyone.”

To achieve this mission, continuous investment in research and development and a stable treasury are essential. The treasury supports innovation, infrastructure, and decentralization, and reducing it could weaken Cardano’s long-term competitiveness.

This proposal relies on the uncertain assumption that ADA’s price will rise, which makes it an unstable economic model. While short-term rewards may seem attractive, long-term financial stability is key to securing Cardano’s future.

Socious is actively involved in Cardano governance and prioritizes education and community growth. To ensure a strong and sustainable ecosystem, we vote No on this proposal.

We believe the new Constitution is significantly better than the Interim Constitution in both content and process, which led to our "yes" vote. The discussion had 10 participants, resulting in 6 yes votes, 4 abstentions, and 0 no votes.