5am.earth Trust Layer Targeting Vision 2030 KPIs

203 DReps voted · 72 with a rationale

Open a row to read the rationale.

• Yoroi W₳llet

  Yes 592.3M ₳ Rationale

  Summary
  Yoroi DRep votes YES on "5am.earth Trust Layer Targeting Vision 2030 KPIs", recognising this proposal as one of the stronger real-world adoption cases currently before the community, backed by live operational evidence and a credible path to self-sustainability.

  Rationale

  • Already operational on Cardano Mainnet
  Project Swaminathan is live on Cardano Mainnet today, registering farmers and farms at 500 per day with a 100% blockchain success rate. This is a scale-up of proven infrastructure, not a speculative build, which significantly reduces delivery risk.

  • Credible consortium with field distribution at scale
  The Syngenta Foundation India AE network already reaches 2.6 million farmers, and three named application paths are backed by partners with signed engagements. The 2030 projections of 3 million farmers and 112.5 million annual on-chain transactions are grounded in distribution infrastructure that already exists.

  • Well-structured financial accountability
  The 10,000,000 ADA hard cap is milestone-gated at 5/2/3 ADA, with surplus above $3.5M returned to the Treasury and a hard commitment to self-sustainability by 2028. Yoroi is satisfied that the risk-to-impact ratio justifies this allocation.

  Conclusion

  Yoroi supports this proposal as a meaningful real-world adoption initiative that directly advances Cardano's 2030 goals across transaction volume, TVL, and active users. The combination of live operational proof, institutional distribution scale, and a clear exit from Treasury dependency makes this one of the more compelling proposals in the current cycle, and Yoroi votes YES.

• YUTA

  Abstain 428.5M ₳ Rationale

  I'm changing my vote on "5am.earth Trust Layer Targeting Vision 2030 KPIs" to Abstain.

  Honestly, I still feel a smaller pilot test would be the wiser first step before scaling.

  That said, through our ongoing back-and-forth I've confirmed that the team is working seriously on driving on-chain transactions with real expertise in this domain — and that, in a success scenario, it could indeed contribute to real-world transaction growth.

  I can't quite get to a YES, but it doesn't reach a NO either — so for now I'm moving my vote to Abstain.

  My detailed analysis is compiled below, refined through more than three rounds of review with them:
  https://adatool.net/5am-earth-deep-9k3x7m

• Blockdaemon

  Abstain 328.3M ₳ No rationale
• EMURGO

  Yes 297.4M ₳ Rationale

  EMURGO as a DRep votes YES on the treasury withdrawal titled "5am.earth Trust Layer Targeting Vision 2030 KPIs", with rationale outlined below.

  Rationale
  This proposal stands apart from most treasury requests in one important respect: the infrastructure it proposes to scale is already operational on Cardano Mainnet. Project Swaminathan has registered 10,500 farmers and farms on-chain as of May 2026, at 500 registrations per day, with a 100% blockchain success rate. The work being funded is integration and scaling, not greenfield development.

  The scale opportunity is credible. The Syngenta Foundation India network of 26,000 Agri-Entrepreneurs already reaches 2.6 million farmers, and the three named application paths, AE certification via Andamio, traceability and compliance via Zengate Global, and finance and credit via Seedstars SIGMA, are specific, partner-backed, and gated on observable evidence at each milestone. The 10,000,000 ADA hard cap is milestone-gated at 5/2/3 ADA, surplus above $3.5M returns to the Treasury, and the Foundation commits to operating on commercial revenue by 2028 without returning to the Treasury. For these reasons, EMURGO votes YES.

• CryptoCrow

  Yes 240.8M ₳ No rationale
• Eternl DRep Committee

  Yes 221.8M ₳ Rationale

  EDC votes YES on this business development use case implemented on Cardano.

• Sebastien Guillemot セバ

  Abstain 174.4M ₳ Rationale

  although I generally don't vote on commercial projects, I think this is a serious team trying to do good work and generally have a good understanding of the technology they need to achieve their goals.

• Everstake

  Yes 160.5M ₳ No rationale
• Cardano Foundation

  Yes 135.1M ₳ Rationale

  The Cardano Foundation votes YES. The proposal advances a use case where Cardano can deliver value beyond the ecosystem itself, building on an operational Mainnet deployment.

  A PDF version of this rationale is also made available.

  We commend the 5am.earth team, Syngenta Foundation India, and the wider consortium for the work already delivered through Project Swaminathan and for tackling a problem, verifiable identity, land, crop, and credit information for smallholder farmers, where Cardano is genuinely well placed to contribute. The cited Mainnet address is active, the Catalyst Fund 13 baseline is real, and the integration cohort (Veridian, Andamio, NMKR, AIQuant, Anastasia Labs) comprises components that already exist on Cardano rather than greenfield builds. The proposal's "verify once, use many times" principle is effectively demonstrated through its integrated application paths, which include stablecoin-rail credit, EUDR-compliance supported traceability, and AE credentialing.

  Our decision is driven by the following factors:

  • Strategic alignment with Cardano's purpose: Agricultural identity, traceability, and access to finance for smallholder farmers are real-world use cases where Cardano can create value beyond the ecosystem itself, in line with the principles set out in "Our Cardano". The trust-layer architecture is designed as shared, open infrastructure rather than a single commercial product, which we view as the appropriate posture for a Treasury-funded establishment phase.
  • Live operational foundation: Unlike many proposals at this scale, the program is not a concept. Registration transactions are accruing on Cardano today, and the consortium has a credible distribution mechanism through the existing Agri-Entrepreneur network. This reduces execution risk relative to a clean-sheet build.
  • Constitutional compliance and administration: The proposal is administered by Intersect on standard terms via the audited Sundae Labs Treasury Reserve and Project-Specific Smart Contract framework, with milestone-gated disbursements, an independent third-party assurer procured at M1, and an explicit refund regime. These are positive signs that the CC will consider this proposal constitutional.

  We nonetheless have reservations that we encourage the proposers to consider:

  • Budget granularity: For a 10,000,000 ada withdrawal, the proposal provides categories rather than partner-level allocations, FTE counts, rates, or milestone-level costs. We would encourage the proposers to include more granularity in the Legal Contract administered by Intersect and in the public dashboard.
  • Payment structure: A 5/2/3 schedule front-loads 5,000,000 ada on approval and releases the final 3,000,000 ada at M2, which means M3, Self-Sustaining, is not itself a payment gate. We would have preferred a meaningful holdback tied to the final audit and to credible evidence of post-Treasury sustainability.
  • Subsidised on-chain activity: The allocation toward on-chain transaction costs is acceptable as a bootstrap, but subsidized transactions do not demonstrate organic demand for blockspace. We expect the M2 and M3 reporting to make clear who pays these fees once the subsidy ends, and how the 2028 self-sustaining target is being underwritten.
  • Delineation from prior funding: The proposal should distinguish more clearly which components are already delivered under Catalyst Fund 13 and which deliverables this withdrawal funds, so the marginal value of Treasury support is unambiguous.

  The Cardano Foundation votes YES. Our support is grounded in the strategic value of the use case and the operational maturity of the underlying Cardano integration. We look forward to the M1, M2, and M3 evidence and the public KPI dashboard, and we encourage the consortium to use the funded period to demonstrate that the trust layer can sustain itself on commercial and institutional backing beyond Treasury support.

  ---

  NOTE on 'Internal Voting':
  The fields constitutional and unconstitutional below reflect the CF governance teams' individual opinions whether they are for or against the proposal. Reason for this inconsistency is, that CIP-136 is at the moment only applicable to CC rationales, but we want to record the internal opinions of our DRep assessment transparently as well.

• CardanoYoda (MANDA Pool)

  No 93.3M ₳ Rationale

  As a DRep, I decided to vote NO on proposal: 5am.earth Trust Layer Targeting Vision 2030 KPIs

  My rationale:

  I see clear potential value in decentralized identity, traceability, stablecoin rails, credit access, and real-world data anchored to Cardano. These are exactly the types of use cases that could help Cardano become useful outside the crypto-native ecosystem.

  However, I cannot support this proposal in its current form because I believe it creates too much risk for the Treasury and leaves too many important economic questions unanswered.

  My main concern is that the proposal appears to use public Treasury funds to scale infrastructure that may later become a monetized commercial platform. The proposal does not clearly explain what the Cardano Treasury receives in return if that model succeeds.

  There is no clear repayment mechanism. There is no concrete explanation of how future commercial value would flow back to the Cardano ecosystem beyond indirect benefits such as transactions, TVL, stablecoin usage, or reputation.

  To be clear, those benefits matter, but they are not the same as repayment or value capture for the Treasury.

  This creates an asymmetric risk/reward structure. The Treasury is being asked to fund the expensive early phase, while the Foundation, partners, or application providers may capture the future commercial upside.

  If this is intended to be public infrastructure, then the proposal should clearly define which parts are open, whether other Cardano builders can access it on fair and transparent terms, and whether the Treasury receives any direct benefit if the platform becomes commercially successful.

  I am also concerned about the budget transparency.

  The proposal gives a strategic budget structure, but not a sufficiently detailed operational budget. It names categories such as farmer growth, satellite data, oracle infrastructure, Cardano integration, foundation support, administration, and audit, but it does not provide enough line-item allocation for DReps to judge whether the 10M ADA request is reasonable.

  The proposal mixes very different cost profiles. For example, low-cost field work in countries such as India, Cambodia, and Kenya. This contrasts with international coordination and Swiss-based project coordination.

  Without a detailed budget, it is difficult to know whether Treasury funds are mainly paying for farmer onboarding, third-party data providers, software vendors, or expensive managers.

  The proposal says the Foundation should become self-sustaining through commercial partnerships and institutional backing by 2028 and should not return to the Treasury for operating costs.

  A sustainability claim is not the same as signed contracts. DReps should understand who is expected to pay after Month 18 and what happens if those revenues do not materialize.

  A 10M ADA Treasury withdrawal should have a much clearer budget, stronger public-good guarantees, better risk controls, and a more explicit explanation of Cardano’s value capture.

  For these reasons, I consider this a high-risk proposal for the Treasury. In its current form, I cannot support approval.

  I might support the proposal if the team provides a detailed operational budget, clear ownership and access terms, evidence of committed commercial revenue, and a stronger mechanism ensuring that Cardano and the Treasury benefit if the platform succeeds.

  If you'd like to support my work, consider delegating to the MANDA pool and backing me as a DRep. Your support is the only way I can get time for governance.

  MANDA Pool ID:
  pool1c3fjkls7d2aujud8y5xy5e0azu0ueatwn34u7jy3ql85ze3xya8

  My DRep ID:
  drep1y2m0g4r66pyaw3p7u454wc0p4f0ygm8ueaev0mgd3tvwm7sskqwqp

• JAZZ

  Yes 92.1M ₳ No rationale
• SIPO

  Yes 89.8M ₳ Rationale

  SIPO DRep votes YES, with expectations, on the 5am.earth Trust Layer (Vision 2030 KPIs).

  Governance Action ID: gov_action142ndnn9hycuuwld5ddemash2l709ln06qjgfeudq77z45nf3fpdqqn7pwux
  Legacy Governance Action ID (CIP-105): aaa6d9ccb72639c77db46b73bec2eaff9e5fcdfa04909cf1a0f7855a4d31485a#0
  DRep: drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
  Date: 2026-06-12

  5am.earth Foundation requests ₳10,000,000 (a hard cap) to build an open, Cardano-anchored trust layer for agricultural supply chains: Veridian self-sovereign identity for farmers and Agri-Entrepreneurs, combined with an on-chain satellite oracle delivering verified farm and crop data. The 18-month programme spans India, Cambodia, and Kenya, targets 500,000 registered farmers, and operates three named application paths — AE certification with Andamio, traceability and compliance with Zengate, and finance and credit with Seedstars SIGMA, where the Treasury funds the rails and partners provide the loan capital. This is not a greenfield bet: Project Swaminathan already operates on Cardano mainnet with 10,500 cumulative farmer and farm registrations, and the distribution network behind it — Syngenta Foundation India's 26,000+ Agri-Entrepreneurs and the Global AE Academy co-founded with IFC / The World Bank Group — already exists at scale.

  This is the strongest social-implementation fit in the current proposal set. SIPO's doctrine prioritises exactly this: real-world adoption infrastructure — identity, verification, supply chains, credit — with named institutional partners, regulatory relevance, and measurable usage KPIs (registered farmers, on-chain transactions, stablecoin lending volume) rather than awareness metrics. The fiscal structure is disciplined: the ₳10,000,000 cap is hard with no top-up if ADA falls; surplus above $3.5M returns to the Treasury if ADA rises; unspent funds return proportionally; and the programme is an 18-month establishment phase with a stated path to self-sustainability by 2028 on commercial revenue and institutional backing — not a recurring Treasury cost. Treasury protection meets the standard SIPO has endorsed throughout this cycle: the recipient is a script credential under the Intersect-administered Treasury Reserve Smart Contract framework, with milestone-gated disbursement (₳5M / ₳2M / ₳3M), an independent Oversight Committee, a third-party assurer at M1, independent audits at M2 and M3, and a public on-chain KPI dashboard.

  SIPO engaged the proposer directly before voting, and shares the exchange with the proposer's consent. SIPO asked two questions. First, whether the community and the Treasury could share structurally in the trust layer's success. The answer was substantive: the Foundation layer must remain non-profit — its neutrality is what makes partnership with lenders, governments, and institutions possible, and value returns to Cardano through protocol fees as verified farmers and applications grow. But two openings matter. The proposer supports, in principle, a community-elected seat in the Foundation's governance as a public accountability mechanism. And the proposer identified the application layer — the commercial businesses building on the trust layer — as exactly the right place for the Treasury to hold equity or revenue-share in exchange for preferential access terms. SIPO regards this as a meaningful refinement of the Treasury-as-shareholder thesis SIPO has advanced publicly: neutral infrastructure should not be owned; the businesses it enables can be. Second, SIPO questioned the front-loaded first tranche (₳5M on approval, before the first evidence gate). The answer was credible: roughly half the budget is USD-denominated — satellite contracts, field infrastructure, and onboarding operations committed at launch — and in Catalyst Fund 13 the team absorbed a sharp ADA decline at its own loss to honour commitments; the front-loading is the lesson learned. Books are open to the Foundation board and the Intersect-appointed administrator, with material variance escalated through governance. The proposer has also established daily open hours on X for community and DRep questions — a transparency practice SIPO notes positively.

  SIPO names the remaining risks rather than waving them through: executing 500,000 verified farmers across three countries in 18 months is ambitious; at current ADA prices the programme receives materially less in dollar terms than its planning ceiling, which adds delivery pressure the hard-cap commitment absorbs; and field activity is verified by mixed evidence, of which not everything can sit on-chain. SIPO therefore votes Yes with the following expectations: (1) that the community-elected governance seat be concretised in the Foundation's charter at M1, as supported in principle; (2) that as application-layer businesses structure commercial deals on the trust layer, Treasury participation — equity or revenue-share in exchange for preferential access — be developed from the framework the proposer itself articulated; (3) that the public on-chain KPI dashboard operate from the start of the funded period, with the field-evidence verification methodology published; and (4) that the deployment and spend-down of the front-loaded first tranche, including its USD conversion, be reported through the administrator in the milestone reporting cycle. Cardano needs business-adoption infrastructure alongside protocol engineering, and this proposal — measured by usage, anchored by working deployments, disciplined in its fiscal structure — is the kind of real-world investment SIPO's doctrine exists to support. This vote is SIPO DRep's recorded position.

  ---

  SIPO DRep として、本提案「5am.earth Trust Layer (Vision 2030 KPIs)」に期待事項付きで賛成（YES）を投じます。

  Governance Action ID: gov_action142ndnn9hycuuwld5ddemash2l709ln06qjgfeudq77z45nf3fpdqqn7pwux
  Legacy Governance Action ID (CIP-105): aaa6d9ccb72639c77db46b73bec2eaff9e5fcdfa04909cf1a0f7855a4d31485a#0
  DRep: drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
  Date: 2026-06-12

  5am.earth Foundation は、農業サプライチェーンのための開かれた Cardano アンカー型 trust layer の構築に ₳10,000,000（hard cap）を求めています。農家と Agri-Entrepreneur（AE）への Veridian 自己主権 ID と、検証済みの農場・作物データを届けるオンチェーン衛星オラクルの組み合わせです。18 ヶ月のプログラムはインド・カンボジア・ケニアにまたがり、登録農家 50 万人を目標に、3 つの応用経路 — Andamio による AE 認証、Zengate によるトレーサビリティとコンプライアンス、Seedstars SIGMA による与信と融資（Treasury はレールを資金提供し、融資原資はパートナーが提供します）— を運用します。これはゼロからの賭けではありません。Project Swaminathan は既に Cardano メインネットで稼働し、農家・農場登録は累計 10,500 件。その背後の流通網 — Syngenta Foundation India の 26,000 人超の AE ネットワークと、IFC／世界銀行グループと共同設立された Global AE Academy — は既に大規模に存在しています。

  本提案は、現行提案セットの中で最も強い社会実装適合です。SIPO のドクトリンが優先するのはまさにこれです — ID・検証・サプライチェーン・与信という現実世界の採用インフラを、実名の機関パートナー・規制との関連性・認知指標ではなく測定可能な利用 KPI（登録農家数・オンチェーントランザクション・ステーブルコイン融資額）とともに築くこと。財政構造は規律的です。₳10,000,000 の cap は hard で、ADA が下落しても追加要求はなく、ADA が上昇すれば $3.5M を超える余剰は Treasury に返還され、未使用分は比例返還されます。そして本プログラムは 18 ヶ月の establishment フェーズであり、2028 年までに商業収益と機関資金で自立する道筋が明示された、恒常的 Treasury コストではない構造です。トレジャリー保護は SIPO が今期支持してきた基準を満たします。引き出し先は Intersect 管理の Treasury Reserve Smart Contract フレームワーク下の script credential であり、マイルストーン条件付き disbursement（₳5M / ₳2M / ₳3M）・独立 Oversight Committee・M1 の第三者検収・M2/M3 の独立監査・公開オンチェーン KPI ダッシュボードを伴います。

  SIPO は投票前に提案者と直接対話し、提案者の同意を得てそのやり取りを共有します。SIPO は 2 つの質問をしました。第一に、コミュニティと Treasury が trust layer の成功を構造的に共有できないか。回答は実質的でした — Foundation 層は非営利のままでなければならない。その中立性こそが、金融機関・政府・機関との提携を可能にするものであり、価値は検証済み農家と応用の成長に伴うプロトコル手数料を通じて Cardano に還る、と。しかし 2 つの開口部が重要です。提案者は、public accountability メカニズムとしての Foundation ガバナンスへのコミュニティ選出席を原則として支持しました。そして提案者は、application layer — trust layer の上に建つ商業ビジネス — こそが、Treasury が優先アクセス条件と引き換えに equity や revenue share を持つべき正しい場所だと特定しました。SIPO はこれを、SIPO が公開で展開してきた「Treasury = 株主」テーゼの意味ある精緻化と受け止めます — 中立インフラは所有されるべきでなく、それが可能にするビジネスは所有され得る、と。第二に、SIPO は front-load された第 1 トランシェ（承認時に ₳5M・最初の証拠ゲートの前）を質しました。回答には説得力がありました — 予算の約半分は USD 建て（ローンチ時にコミットされる衛星契約・フィールドインフラ・オンボーディング運用）であり、Catalyst Fund 13 ではチームが ADA の急落を自らの損失で吸収してコミットメントを履行した。front-loading はその教訓だ、と。帳簿は Foundation board と Intersect 任命の administrator に開かれ、重大な乖離は governance にエスカレーションされます。提案者はまた、コミュニティと DRep の質問のための X 上の毎日のオープンアワーを常設しました — SIPO が肯定的に記録する透明性の実践です。

  SIPO は残るリスクを曖昧にせず明記します。3 ヶ国で 18 ヶ月・50 万人の検証済み農家という遂行は野心的です。現在の ADA 価格では、プログラムが受け取るドル換算額は計画上限を大きく下回り、hard cap のコミットメントが吸収するとはいえデリバリーへの圧力になります。そしてフィールド活動は mixed evidence で検収され、そのすべてをオンチェーンに置くことはできません。したがって SIPO は、以下の期待事項とともに賛成します：(1) 原則支持されたコミュニティ選出ガバナンス席を、M1 で Foundation charter に具体化すること、(2) application layer のビジネスが trust layer 上で商業契約を構築する際、提案者自身が示したフレームワーク — 優先アクセスと引き換えの equity / revenue share — から Treasury 参加を発展させること、(3) 公開オンチェーン KPI ダッシュボードを資金期間の開始から運用し、フィールド証跡の検証手法を公開すること、(4) front-load された第 1 トランシェの展開と支出（USD 転換を含む）を、マイルストーン報告サイクルの中で administrator を通じて報告すること。Cardano にはプロトコルエンジニアリングと並んで、ビジネス採用のインフラが必要です。利用で測定され、稼働中のデプロイに錨を下ろし、財政構造に規律を持つ本提案は、SIPO のドクトリンが支持するために存在する種類の、現実世界への投資です。本投票は SIPO DRep の記録上の立場表明です。

• Army of Spies

  No 89.3M ₳ Rationale

  While my interest was piqued by the reference to Zengate Global, this proposal was not persuasive enough to me to justify the price. There seem to be many different moving parts, many different parties engaging in different tasks, and I can't tell who's actually running this thing. Doesn't seem like a good recipe for justification of the large price tag.

• BTBF_XSP

  No 89.2M ₳ Rationale

  I recognize that increasing adoption is an important challenge for Cardano. However, I believe that treasury funds should primarily be allocated to Cardano core development, research, and large-scale marketing initiatives. Especially in the current bear market, treasury resources should be used as effectively as possible. Commercial adoption-focused projects should seek funding through conventional startup fundraising mechanisms, just as any other startup would.

• Dumpling🥟

  Abstain 77.3M ₳ No rationale
• drep1yg343cyuckg...

  Yes 76.1M ₳ No rationale
• ranket

  Yes 74.7M ₳ No rationale
• Dave

  Yes 71.3M ₳ Rationale

  I am voting YES. This proposal delivers proven real-world impact, actively operating on Mainnet with over 10,500 verified farmers, and reaffirms Cardano's ability to improve real-life processes globally. I believe this is an exceptional use-case to showcase the blockchain's core benefits.

  A PDF version of this rationale is also made available.

  I am formally registering a YES vote on the 5am.earth Foundation treasury withdrawal request on behalf of my delegates.

  This proposal delivers what our ecosystem critically requires: tangible, large-scale real-world impact. Project Swaminathan is actively operating on Mainnet with over 10,500 verified farmers and is uniquely positioned to scale via established institutional pipelines. This initiative powerfully reaffirms that the Cardano blockchain possesses the genuine ability to improve real-life processes globally. Furthermore, I believe this is an exceptional use-case to showcase the blockchain's core benefits: transparency, immutability, reliability, global availability, and security.

  Beyond raw adoption, this open infrastructure targets core metrics, projecting an ambitious path toward $900 million in Total Value Locked (TVL) by establishing the verifiable data foundation required for on-chain credit and lending.

  Crucially, whilst it lacks a direct capital repayment mechanism, its architecture drives structural treasury replenishment. By targeting 112.5 million annual on-chain transactions, this sheer scale of network utility will yield substantial, compounding protocol fee revenue. Securing this massive transaction volume is also essential to properly utilize and economically support our upcoming high-throughput Ouroboros Leios upgrade, and it's this kind of usage and adoption that is the foundation for the long-term sustainability of Cardano.

• Martin Lang

  Yes 70.8M ₳ No rationale
• SASA_nagamaru_ながまる

  No 68M ₳ Rationale

  I have decided to vote NO on this proposal.

  I highly appreciate the vision and social impact behind this initiative. Project Swaminathan is already operational, and I believe the effort to bring decentralized identity, traceability, and financial access to the agricultural sector demonstrates an interesting long-term opportunity for Cardano.

  However, when considering the current Treasury environment and the Net Change Limit (NCL), I believe there are higher-priority areas that should be addressed first.

  At this stage, I believe Cardano's most urgent needs are expanding liquidity, increasing user adoption, accelerating business adoption, and growing real economic activity on the network. In my view, these areas provide the foundation that naturally attracts developers, enterprises, and long-term ecosystem growth.

  While I recognize the long-term potential of this proposal, I do not believe the current request of 10 million ADA is sufficiently justified. Before supporting an investment of this scale, I would like to see a clearer value-capture model for the ecosystem, stronger evidence of long-term self-sustainability, and a more compelling case for why this initiative should take priority over other opportunities competing for limited Treasury resources.

  For these reasons, I have decided to vote NO on this proposal.
  This should not be interpreted as opposition to the vision itself, but rather as a question of prioritization under the current Treasury constraints.

  僕はこの提案のビジョンや社会的意義を高く評価しています。実際にProject Swaminathanは既に稼働しており、農業分野におけるDID、トレーサビリティ、金融アクセスの実現はCardanoの長期的な可能性を示す興味深い取り組みだと考えています。

  一方で、現在のTreasury環境とNCLを考慮すると、私はより優先順位の高い分野が存在すると考えています。

  現時点のCardanoにとって最も重要なのは、流動性の拡大、ユーザー獲得、事業採用、実際の経済活動の増加であり、それらが結果的に開発者や企業を引き寄せる基盤になると考えています。

  本提案には将来性を感じるものの、10M ADAという規模のTreasury支出を正当化するには、より明確な価値還元モデル、自立性の証明、そして現在の優先課題との比較における優位性が必要だと判断しました。

  そのため、今回はNOで投票します。
  これは、構想そのものへの反対と解釈されるべきではなく、むしろ現在のトレジャリーの制約下での優先順位付けの問題として捉えて頂きたいです。

• Hermes Stakepool Germany (HRMS)

  Yes 65.7M ₳ No rationale
• Peter Bui

  Yes 62.7M ₳ No rationale
• Dori

  No 53.8M ₳ Rationale

  I'm voting No on the 5am.earth Trust Layer Targeting Vision 2030 KPIs proposal.

  I recognize Syngenta Foundation India's track record in Indian agriculture and Project Swaminathan's mainnet registration progress. That said, I'm voting No for three reasons.

  1. The preparation falls short of the promised scale, and even with full preparation this work is fundamentally difficult.

  The Foundation is not yet registered, and the pre-Foundation co-promoters that would control the 5M ADA (Elk GmbH and HashPoint Consulting Sàrl) cannot be publicly verified. There are no disclosed country-level operational plans or buyer commitments for the three-country rollout. India, Cambodia, and Kenya are markets with entirely different regulatory, language, and payment infrastructures, and standing up a multi-sided marketplace that requires both supply (verified farmers) and demand (buyers) to mature in parallel within 18 months is fundamentally hard.

  1. The actual demand for the problem being solved is not demonstrated.

  The "verify once, use many times" vision is attractive, but there is no clear evidence of the demand side actually paying to use that verified information. EUDR compliance, credit scoring, insurance, and carbon markets are all mentioned as potential markets, but no specific buyer commitments are presented. The proposal references "anchor-brand pilots" in WP4, but no specific brands or LOIs are named. The solution's vision is running ahead of demonstrated demand.

  1. The funding case is weak from a Cardano ecosystem priority standpoint.

  Rather than allocating ₳10M (about 2.86% of NCL) to a single vertical project whose feasibility and demand are not demonstrated, the limited treasury budget should flow to more urgent work that strengthens Cardano's fundamentals, such as protocol-layer infrastructure, core tooling maintenance, and work by builder teams with verified track records. That would be a more responsible treasury allocation for this cycle.

• Goofycrisp

  Abstain 51.1M ₳ Rationale

  After further consideration, I am changing my vote from NO to ABSTAIN.

  My original concern remains: for a Treasury request of this size, especially one connected to future commercial revenue and institutional growth, I believe there should ideally be a clearer value-return mechanism for the Cardano Treasury, such as repayment, revenue sharing, equity, or another enforceable structure.

  That said, I also recognize the strong engagement this proposal has generated across the community, the team’s visible effort to communicate and respond to feedback, and the broad acknowledgment from many community members regarding the potential benefits of the project.

  Given how closely divided the vote is, I do not want to dismiss the community’s support or the potential strategic value of the proposal. At the same time, I am not fully comfortable voting YES without a more direct Treasury return structure.

  For these reasons, I believe ABSTAIN is the most appropriate position.

• Chris-O

  Yes 50.5M ₳ Rationale

  Since Catalyst Fund 8, Cardano has made sustained investments in both technological development and strategic business partnerships. The current on-chain proposal marks a decisive milestone, propelling the project into its next phase of meaningful scale. Rather than following the conventional venture capital path, the initiative is establishing the 5AM Foundation to safeguard the core technology as a neutral, open public good—ensuring it remains decentralized, accessible, and aligned with the long-term interests of the entire ecosystem.

  TLDR: This is a commercialization and adoption proposal and aligns with my voting priorities

• AdaStat

  Abstain 49.8M ₳ Rationale

  I haven't had the chance to review this proposal yet, and I'm going to do that a bit later. For now, I'm voting Abstain in case I don't manage to get to it before the deadline, just to allow the proposal to move forward.

• hix_coffeepool

  No 49.7M ₳ Rationale

  I am voting No on this proposal. As a DRep, I evaluate all treasury withdrawal governance actions against my published voting framework. This proposal is classified as Tier 4 — Application Layer: a domain-specific DApp targeting agricultural supply chains in India, Cambodia, and Kenya. This classification is not a judgment on the quality or importance of the work — it reflects the type of initiative and the appropriate funding source. Application-layer projects generate direct value for their users and operators and should be funded by those who benefit, through revenue models, venture capital, and similar market mechanisms. The proposal itself outlines a "Self-Sustaining" milestone at Month 18, acknowledging that a market funding path is achievable. Treasury funding is not the appropriate source for application-layer projects, regardless of their social impact. Reference: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem/
  [Japanese version follows]
  本提案に反対票を投じます。DRepとして、私はすべてのトレジャリー引き出しガバナンスアクションを、公開している投票フレームワークに基づいて評価しています。本提案は、インド・カンボジア・ケニアの農業サプライチェーンを対象とした特定産業向けDAppで、Tier 4 — アプリケーション層に分類されます。この分類は提案の質や重要性への評価ではなく、プロジェクトの種類と適切な資金調達手段を示すものです。アプリケーション層のプロジェクトはユーザーや運営者に直接価値を提供するものであり、恩恵を受ける人々が収益モデル・ベンチャーキャピタルなどの市場メカニズムを通じて資金を負担すべきです。提案自身がMonth 18での「自走可能（Self-Sustaining）」マイルストーンを明示しており、市場での資金調達が実現可能であることを認めています。社会的インパクトの大小にかかわらず、アプリケーション層のプロジェクトはトレジャリーの対象ではありません。参考: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem-jp/

• Tempo.Vote

  Yes 48.4M ₳ No rationale
• PoolTool

  Yes 42.4M ₳ No rationale
• drep1ygm9wxzrrdq...

  Yes 40M ₳ No rationale
• drep1yffcjs0njfe...

  No 38.1M ₳ No rationale
• Linda - Cryptofly

  Yes 36.8M ₳ No rationale
• MUEN

  Yes 34.4M ₳ Rationale

  実現可能性の高さに期待。カルダノの技術が、暗号資産の世界の中だけでなく、発展途上国の農業や金融という現実世界の課題解決に直接使われる事例。透明性も担保されていて実社会での実装に期待。

• Socious

  Yes 34.3M ₳ Rationale

  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。

• drep1yf2jzhuc4f7...

  Yes 32.3M ₳ Rationale

  Yes. 10M ADA hard cap for an open Cardano-anchored agricultural trust layer reaching 500k farmers across India, Cambodia, and Kenya, already live on Mainnet via Project Swaminathan. Milestone-gated 5/2/3 through Intersect's TRSC, five-entity oversight, surplus returns.

  A PDF version of this rationale is also made available.

  Vote: Yes

  10,000,000 ADA, hard cap, to fund an open agricultural trust layer that turns farmer identity, land, crop, and satellite data into verifiable on-chain records, with three concrete application paths (certification, traceability, credit) built on top during the funded period. The money buys infrastructure and integration, not loan capital or speculative greenfield code.

  The Cardano First framework reads strongly here. The lead is Adoption: this is real-world utility at a scale the ecosystem rarely sees in a Treasury ask, and it is already running on Mainnet rather than promised on a slide.

  Pillar Analysis

  Adoption (lead pillar)

  The mechanic is "verify once, use many times." A shared, Cardano-anchored record of farmers, farms, crops, and credentials that lenders, insurers, buyers, certifiers, and government programmes can all build against, instead of each one re-onboarding the same smallholder from scratch. That is a network-effect play, and the demand for it pre-exists the infrastructure: roughly 500 million smallholder farmers sit outside formal trust infrastructure today.

  What moves this from thesis to evidence is Project Swaminathan. It is live on Cardano Mainnet now, 10,500 registrations at 500 a day, a pilot that validated over a thousand farms at full success and absorbed a same-day production patch with zero downtime. The funded-period KPIs (500,000 registered farmers, 2 million on-chain transactions, $2 million in lending disbursed over Cardano stablecoin rails by M3) are concrete and gated. The 2030 projections sit further out, but the base case for this vote rests on the funded-period numbers, and those are credible because the pipeline already works.

  Governance Transparency

  This is the strongest part of the structure and the reason I am comfortable with a ten-million-ADA grant. Funds route through Intersect's standard TRSC/PSSC framework on the Sundae Labs contracts, audited by TxPipe and MLabs, with a five-entity independent Oversight Committee (Sundae Labs, Cardano Foundation, Dquadrant, Xerberus, NMKR) co-signing the meaningful actions. Disbursement is milestone-gated against mixed evidence, on-chain artifacts for what is on-chain, field reports and independent audit for what is not. There is a public, monthly-refreshed on-chain KPI dashboard, independent audits at M2 and M3, quarterly DRep-facing reports, and monthly Forum updates. The accountability surface is wide and the disbursement controls are enforceable.

  Economic Sustainability (contested)

  This is a grant, not a loan, so the Treasury does not recover principal on a contractual schedule. That is the honest mark against the pillar. What pulls it back to positive: a hard 10M cap with no price-driven top-up, surplus above the $3.5M scope-elasticity band returning to Treasury, unspent funds sweeping back at contract level, and a credible self-sustaining path by 2028 where the Foundation runs on commercial and institutional revenue rather than returning to the well. The proposers also held the line through a 50%+ ADA drawdown mid-delivery on their Catalyst Fund 13 work without coming back for more, which is the behaviour you want to see priced in. Treasury value returns here as ecosystem activity and projected protocol revenue, not as repaid capital, and for an infrastructure build of this type that trade is acceptable.

  Scalability

  Engagement is indirect but real. The trust layer drives genuine demand-side load onto L1, with funded-period throughput in the millions of transactions and a satellite-oracle and attestation path that other applications can reuse without rebuilding. The integration patterns (DID stack, oracle, smart-contract substrate, tokenisation) are designed to be consumed by future use cases (insurance, carbon, government delivery) rather than rebuilt per project. That is throughput growth tied to actual utility, not synthetic volume.

  Decentralization (mixed)

  The design point is a neutral Foundation stewarding an open trust layer that no single commercial actor captures, with a multi-vendor consortium and an open source layer, all of which cut toward distribution of control. The offsetting concern is the same one every TRSC withdrawal carries: Intersect as the named administrator concentrates administrative power in an incumbent. The five-entity Oversight Committee and the multi-signature permission thresholds are the structural answer to that concern, and they are the same controls I have accepted on prior administered withdrawals.

  The administrative pattern here matches precedent I have already voted Yes on: the Pebble TypeScript-core withdrawal (Yes, 2026-05-29), milestone-gated escrow on audited contracts with independent oversight and contract-level sweep of undelivered funds. The shape is familiar and the controls are sound.

  Risks I'm Accepting With This Yes

  Front-loaded first tranche

  5,000,000 ADA, half the ask, releases on approval before any milestone is evidenced. If the Foundation under-delivers after that draw, the Treasury's recourse on the first tranche is weaker than on M1 and M2. I am accepting this because the first tranche funds exactly the stand-up work (Foundation registration, partner procurement, architecture lock) that has to happen before any milestone can exist, the funds sit in the TRSC under multi-signature control and auto-abstain delegation until Funded to a PSSC, and the remaining 5M is hard-gated on observable evidence.

  Grant economics, no principal recovery

  The Treasury does not get its 10M back on a schedule. Return comes as ecosystem utility and projected protocol revenue, both of which are real but neither contractually guaranteed. I am taking the grant trade because the deliverable is shared open infrastructure, the hard cap and surplus-return mechanics bound the downside, and the self-sustaining-by-2028 design means this is establishment funding, not a recurring line.

  Forward projections and an unregistered Foundation

  The 2030 headline numbers (3 million farmers, $900M TVL, 16-20M ADA annual protocol revenue) are forward-looking and not the gate for this vote, and the 5am.earth Foundation is not yet a registered legal entity (it registers at M1, carried until then by co-promoters Elk GMBH and HashPoint Consulting). I am accepting both because the vote rests on the funded-period KPIs rather than the 2030 figures, and because legal-entity transfer is itself an M1 acceptance condition with the contract held by Cardano Development Holdings and administered by Intersect in the interim.

  Bottom Line

  Real-world adoption already live on Mainnet, the strongest transparency and oversight structure in the current Treasury queue, a hard cap with surplus return, and milestone gating on audited contracts. The grant economics and the front-loaded first tranche are the costs, and the structure prices them in. Yes.

• Liqwid DAO

  Abstain 31.3M ₳ No rationale
• drep1y2xacakh0g8...

  No 31M ₳ Rationale

  I am voting NO.
  While this proposal is well‑designed and potentially impactful in the long term, my voting framework supports Treasury spending only for infrastructure that is essential to Cardano’s ongoing operation.
  Although valuable, this proposal does not address operational continuity risks for Cardano itself, and therefore does not meet my criteria for Treasury funding.

• Cerkoryn

  Abstain 28.2M ₳ Rationale

  I am loosely in favor of this proposal simply due to the large number of transactions it is expected to generate on the Cardano L1. However there are two things holding me back from voting YES. The first is that the ask is quite large and I would like to see a smaller pilot program if possible. The second is that it doesn't seem to give back to the treasury in any notable way and is potentially feeding public funds into a private, commercial enterprise. For now I will be voting ABSTAIN, but would consider switching my vote to YES if this proposal is resubmitted with these small changes.

• TERA DRep

  No 27.4M ₳ No rationale
• Blockjock (James Meidinger)

  Yes 26.1M ₳ Rationale

  Header

  This proposal is not really about agriculture. It’s about turning real-world trust and economic activity into Cardano-native infrastructure.

  1. Constitutional Gate (2.4(a)(d))

  Assessment: PASS (High Ambition, Real-World Utility Focused)

  Strong alignment with:
  Adoption
  Utility
  Long-term sustainability
  Clear:
  milestones
  governance structure
  audit requirements
  Treasury usage justified as:
  infrastructure for real-world economic coordination

  1. Decision Declaration

  Vote: YES (High Potential, Execution Intensive)
  This is one of the strongest real-world adoption proposals reviewed so far, but execution risk remains substantial due to scale and coordination complexity.

  1. Context Framing

  The proposal builds a:

  Cardano-anchored agricultural trust layer

  Using:

  Veridian DID identity
  Satellite oracle infrastructure
  On-chain farm verification
  Stablecoin payment rails
  Compliance + traceability systems

  Core thesis:

  “Verify once, use many times.”

  Instead of:

  every lender
  insurer
  buyer
  certifier

  rebuilding onboarding independently.

  1. Core Evaluation
     4A. Strategic Alignment

  This aligns directly with:

  Real-world adoption
  Emerging market utility
  Institutional and government integration

  Strong alignment with:

  Vision 2030 utility goals
  Identity infrastructure
  Stablecoin payment expansion

  Most importantly:

  This is usage tied to actual economic activity—not speculative loops

  4B. Economic / Market Impact
  Near-Term
  500,000 registered farmers
  2M on-chain transactions
  Stablecoin loan/payment rails
  2030 Projection
  3M farmers
  112.5M annual transactions
  $900M TVL
  16–20M ADA annual protocol revenue

  Critical Insight:
  This is one of the few proposals attempting to create:

  recurring real-world transaction demand
  outside traditional crypto-native behavior
  4C. Execution & Accountability

  Major Strengths:

  Existing operational base:
  Project Swaminathan already live on Cardano Mainnet
  10,500 registrations completed
  Named implementation partners:
  Syngenta Foundation India
  Seedstars SIGMA
  Zengate
  Andamio
  Multi-country rollout:
  India
  Cambodia
  Kenya

  Notable Strength:
  This is not greenfield R&D:

  Many core components already operational
  4D. Risk Assessment

  Primary Risks:

  Massive coordination complexity across:
  governments
  NGOs
  financial institutions
  field operators
  Aggressive scaling assumptions
  Dependence on partner execution

  Secondary Risks:

  Political/regulatory changes
  Field adoption variability
  Oracle/data quality challenges

  Mitigation:

  Existing live pilot infrastructure
  Milestone gating (5M / 2M / 3M ADA)
  Independent audits at M2 + M3
  Multi-country diversification
  4E. End-User Impact
  Farmers
  Digital identity
  Credit access
  Payment rails
  Compliance portability
  Financial Institutions
  Verified underwriting data
  Reduced onboarding costs
  Buyers / Supply Chains
  Traceability + compliance
  Cardano Ecosystem
  Massive increase in:
  real-world transactions
  stablecoin/payment usage
  5. Governance Quality Signal

  This proposal demonstrates unusually strong governance maturity:

  Named milestones
  Mixed-evidence acceptance model
  Public KPI dashboard
  Independent assurance
  Explicit constitutional mapping

  Strong separation between:

  builders
  administrators
  oversight entities
  6. Decision Justification

  This decision is based on:

  Existing operational proof rather than theoretical architecture
  Strong alignment with real-world utility and adoption
  Potential to create persistent transaction demand beyond speculation
  7. Conditions to Change Vote
  Failure to demonstrate:
  scaling beyond pilot phase
  operational adoption across countries
  Weak stablecoin/payment rail execution
  Breakdown in:
  audit transparency
  milestone reporting
  8. Forward Impact
  If successful

  Cardano gains:

  One of the largest real-world identity + payment networks in blockchain
  Persistent transaction demand
  Stablecoin and DID utility at scale
  If unsuccessful
  Treasury funds absorbed into:
  fragmented pilot systems
  difficult-to-scale operational overhead
  9. Stablecoin Utilization

  Assessment: STRONG

  This is one of the best stablecoin utility integrations reviewed so far.

  The proposal explicitly includes:

  Stablecoin loan rails
  Wallet settlement infrastructure
  Farmer-to-buyer payments
  On-chain repayment monitoring

  Important distinction:

  Treasury funds:
  infrastructure + rails
  NOT:
  loan capital itself

  This is structurally sound.

  1. End-User Lens

  This matters because:

  Farmers gain:
  identity
  financing access
  payment infrastructure
  Cardano gains:
  real-world utility
  real transaction demand
  non-speculative usage growth
  Assessment Summary
  Category: Real-World Utility / Identity / Payment Infrastructure
  Strength: Existing operational base + real-world demand path
  Weakness: Extremely coordination-heavy execution
  Risk Level: Medium–High
  Conviction: Positive, contingent on scaling execution
  Key Distinction

  This proposal is fundamentally different from most treasury asks:

  It is attempting to onboard an existing real-world economic network onto Cardano

  Not:

  creating synthetic demand
  or recycling crypto-native liquidity
  Blunt Take

  Most “real-world adoption” proposals:

  promise future users

  This one:

  already has distribution

  That alone materially changes the evaluation.

• drep1yguh6dsgx0g...

  Yes 25.9M ₳ Rationale

  I support this project, as it is connecting established players and seek to provide real added value for the Cardano Blockchain.

  There is always a probability of failure, but I estimate it to marginal, and overall, the money is well spent in case of success.

• Kyle Solomon

  Yes 25.2M ₳ No rationale
• wolf31o2 (Chris Gianelloni)

  Yes 22.7M ₳ Rationale

  Yoram has already been onboarding. Let's support this.

• DINO

  No 22M ₳ No rationale
• Ha-Nguyen

  Yes 21.3M ₳ No rationale
• Hephaestus Stake Pool [HEPHY]

  Yes 21.2M ₳ Rationale

  I vote YES on the proposal “5am.earth Trust Layer Targeting Vision 2030 KPIs“ (aaa6d9ccb72639c77db46b73bec2eaff9e5fcdfa04909cf1a0f7855a4d31485a#0).

  According to the Transaction Leaderboard on Cardano.org (https://cardano.org/apps/leaderboard/) this project is already ranking among the top 10-15 on-chain activity drivers with 10,215 transactions over the past 30 days (as of 2026-06-18). This transaction count would also place it top 20 for the past year, although I am not sure why the site does not reflect this.

  If Cardano as an ecosystem keeps funding infrastructure while denying any transaction generating project any support to grow here then it will build itself into oblivion. The community on X recently marked the 100,000+ transaction milestone of the Trivolve Forensic Management System (https://x.com/trivolvetech/status/2064732150935560238). A project that was made possible thanks to Catalyst funding, demonstrating what can be possible when we give real world adoption a chance.

  I have read and understand some of the concerns from other DReps regarding this proposal but I feel signalling that Cardano is open for business and willing to support meaningful transaction generating projects is of much greater value in this instance than continuing to shun anyone attempting to build something here.

• SIDAN Lab

  Yes 21.1M ₳ No rationale
• drep1yfp4qmp8492...

  No 21.1M ₳ No rationale
• drep1y24xr6m4mkg...

  No 20.3M ₳ No rationale
• Chris [STR8] - Straightpool

  Yes 19.9M ₳ Rationale

  Strong team working to bring more real world transactions on chain. I wish best of luck to the team!