Wistkey Lab

Wistkey Lab votes YES on the 300M ADA Net Change Limit.

The NCL defines the maximum potential treasury withdrawal for the period but does not authorize spending. Establishing this limit ensures governance continuity while allowing DReps to evaluate individual treasury withdrawal proposals on their merits.

We view the 300M ADA cap as a cautious and reasonable boundary, broadly aligned with the previous year’s treasury inflows and lower than the earlier 350M proposal. In the current market environment, fiscal discipline is important to protect ADA holders while still enabling necessary ecosystem investment.

Supporting this NCL does not imply support for increased spending. Wistkey Lab will continue to apply strict scrutiny to treasury withdrawal proposals and prioritize funding for neutral public infrastructure that delivers clear ecosystem-wide value.

WistkeyLab is voting YES for governance action Net Change Limit (Epoch 613 to Epoch 713). We view the NCL as a hard ceiling, not a spending target, and will continue to apply strict scrutiny to all individual treasury withdrawals.

Wistkey Lab appreciates the DeltaDeFi team’s technical work and exploration of Hydra. However, we do not support this proposal for Treasury funding. The Cardano Treasury should prioritize neutral, ecosystem-wide public infrastructure, not subsidize individual, privately operated DEX products competing in an open market. Core DEX activities—such as market making, API development, operational scaling, and ongoing maintenance—are commercial responsibilities that should be funded by the team through product revenue, venture capital, or Project Catalyst, rather than the Treasury.
Liquidity is the most critical success factor in DeFi, yet the proposal does not provide a concrete or credible strategy for sourcing and sustaining liquidity (e.g., initial providers, incentives, or market-maker commitments). Without this analysis, funding a business-driven proposal carries high risk and uncertain ecosystem impact. We believe this initiative is better suited for Catalyst or VC funding, where commercial viability can be properly evaluated and external investment can bring broader benefits to Cardano. For these reasons, Wistkey Lab DRep votes NO.

Wistkey Lab supports the adoption of Cardano Constitution v2.4 because it strengthens governance clarity, enforceability, and accountability in ways that directly align with our execution-focused DRep objectives. By removing non-binding expectations, clarifying definitions, and simplifying governance flows, the update reduces ambiguity and improves decision-making for DReps and the Constitutional Committee. The introduction of immutable proposal documentation and universal audit safeguards enhances transparency and responsible treasury usage, while the removal of redundant Budget Info Actions streamlines governance without weakening oversight or voter sovereignty.

Wistkey Lab appreciates the significant effort and community input invested in developing the Cardano 2030 Vision, Mission, Strategy Framework, and KPIs. We recognize the value of attempting to articulate a long-term direction for the ecosystem. However, we are voting NO at this stage due to several substantive concerns.
First, DReps must retain independent judgment when evaluating governance actions and funding decisions. Framing this document as a “community-vetted filter” for future proposals risks turning a strategic document into a soft policy or gatekeeping tool. Strategy should inform decision-making, not constrain it or condition votes against a static framework.
Second, the proposed KPIs are largely aspirational and difficult to measure or hold accountable in practice. Many outcomes described are influenced by external factors beyond direct governance control. We believe performance-based measures and clearly defined measures of effectiveness would provide a more practical and accountable way to assess progress over time.
Third, the Sustainability & Resilience pillar introduces a major strategic shift toward a managed, multi-asset treasury with yield generation and ROI targets. While this direction may be worth exploring, the proposal does not sufficiently address critical governance requirements such as risk management frameworks, accountability structures, conflict-of-interest protections, custody models, failure modes, or rollback mechanisms. Without these safeguards, the treasury strategy appears premature.
Finally, the framing of Cardano as “The World’s Operating System” is overly expansive and lacks focus. Such broad positioning risks diluting strategic clarity rather than reinforcing Cardano’s core strengths and differentiators.