Intersect's 2025 roadmap draws 87 yes votes in three epochs

Cardano’s constitution takes effect in epoch 542

Cardano Constitution to Replace the Interim Constitution took effect at the start of epoch 542, one epoch after the ratification covered in the review of epochs 538 to 541, its stored tally at 84.9% of DRep power and all seven committee members finding it constitutional. As in the interim text, the treasury cut, the share of each epoch’s rewards that goes to the treasury, has to stay between 10% and 30%. All seven committee members in place at epoch 544 hold interim terms that run through epoch 580, in September 2025, and the constitution proposal records that the community can then elect a new committee.

Intersect puts its 2025 roadmap to the DReps

Defining the Cardano Vision and Roadmap for 2025 and beyond, submitted in epoch 542, was the only proposal filed in the window and so the first under the new constitution. It is an information action from Intersect’s product committee, with its chair Samuel Leathers named as author, and puts to the DReps a roadmap drawn up from community survey results and with key technical stakeholders. Its priorities include scaling the main chain with parallel block production through Leios, bringing in liquidity from other chains, expanding layer two, better tools for developers, programmable assets and several independent node implementations. The document states that the vote would inform the budget proposals Intersect develops, including the budget conversations under way. Its deadline was the start of epoch 549.

The product committee would revise the roadmap while the vote ran, based on DRep feedback, and the document encourages DReps to attach rationales and to vote again as versions change. In its first three epochs it drew 87 yes votes across the three roles, 4 no and 6 abstain, superseded votes included. Among its yes votes by epoch 544, the DReps with the most delegated power were YUTA, JAZZ and Phil UPLC, with ₳403.0M, ₳119.0M and ₳76.8M at epoch 544.

YUTA voted yes in epoch 543 but wrote that it might change the vote after hearing “honest opposing opinions from developers and researchers”, having heard cautious opinions on Hydra, nested transactions and partner chains. CardanoYoda (MANDA Pool) voted yes the same epoch, writing that scalability “is addressed from three sides, which might be unnecessary”, and suggested focusing on two things. Martin Lang, also voting yes in epoch 543, found the roadmap solid, asked that work on several nodes not be overdone, and would have liked a mention of post quantum research. William Doyle voted no in epoch 543, calling the vote tentative, and wrote that adding post quantum research would be enough to change it to yes.

CryptoCrow and SIPO vote to halve the treasury cut

Decrease Treasury Tax from 20% to 10%, filed in epoch 539, asked for 10%, the lowest treasury cut the range allows, and was open through the window, with voting ending at the start of epoch 546. CryptoCrow voted yes in epoch 542, writing that “we have a substantial treasury already” and that higher staking rewards would help offset expenses in a bear market. SIPO voted yes the same epoch, putting the gain at approximately 12.5% more in staking rewards and calling the 20% rate arbitrary and never reassessed. Martin Lang voted yes in epoch 544, writing that the 20% rate had built a massive treasury and that a lower one would “put pressure on the expenses that are planned for the next year”.

Socious voted no in epoch 544 because continuous investment in research and a stable treasury are essential, and because the proposal “relies on the uncertain assumption” that the price of ada will rise. Wada DRep voted no the same epoch, writing that it would be more prudent to watch how the new governance structures manage funding for at least 12 months, and that a later cut, possibly smaller or staged, could be introduced more safely with the required reversion plan. In epoch 544 the Eastern Cardano Council found the proposal unconstitutional by a split decision, and the Cardano Atlantic Council found it constitutional.

The ten largest DReps fall to 42.94%

The power delegated to DReps rose ₳169.5M across the window, from ₳3.71B at epoch 542 to ₳3.88B at epoch 544, held by 792 DReps, both the highest readings since epoch 508. The ten largest held 42.94% of it at epoch 544, their smallest share up to then, down from 50.16% at epoch 522.

The Gini figure for the same 792 DReps rose to 0.9197 at epoch 544, the highest up to then. The two measures look at different parts of the distribution: the ten largest held less of the power, while the spread across all DReps holding some became more unequal.

Across the three epochs DReps cast 192 votes, committee members 3 and pools 3, superseded votes included, and 155 distinct DReps cast a final vote. The three pool votes were all yes votes on the roadmap. The count of DReps with a vote in the previous twelve epochs rose from 368 to 386, the most up to then. The treasury reading rose ₳8.7M to ₳1.69B, with nothing paid out of it.