Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal
7 of 7 committee members voted
- Ace Alliance71aa5b3a…8f04YesActive · term ends epoch 726Rationale
Ace Alliance finds the proposed "Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal" Treasury Withdrawals Governance Action Constitutional. Rationales are archived at https://github.com/ace-alliance/ace-voting/
This Treasury Withdrawals Governance Action (TWGA) requests 3,303,750 ada (approximately USD 792,900 at an assumed rate of USD 0.24 per ada) to fund a ‘Platinum' tier sponsorship at TOKEN2049 Singapore on October 7 to 8, 2026. EMURGO is named as the operational facilitator and direct recipient of pass-through funds, with Intersect designated as the administrator operating on behalf of the Cardano Development Holdings (CDH). The withdrawal flows to Intersect's 2025 Treasury Reserve Smart Contract (TRSC), thereafter to a Project-Specific Smart Contract (PSSC) for EMURGO, with a two-milestone disbursement structure. Our review concerns the constitutionality of the action as posted, not the merits of the underlying sponsorship strategy or the negotiated commercial terms.
Under Article II.6, governance actions must use a standardized format, include an immutable URL and hash, and provide sufficient rationale. This TWGA satisfies these requirements.
Article II.6.1 (Metadata Format). The metadata is served from immutable IPFS (
ipfs://bafkreibmdzs4o5samwbjct7j6ufjbvqfyqj7yudgrklnb2yi3yznle3yae) with a matching anchor hash referenced on-chain (0a6073c78fa07d0f8cd0db57a47b8e0e4569b906c80051a77afb28bac23ff119), and conforms to CIP-0108. Content-addressed IPFS storage forecloses post-submission alteration.Article II.6.2 (Metadata Structure). The metadata contains a title, abstract, motivation, rationale, an explicit constitutional self-assessment, a budget breakdown, key performance indicators, and risk and mitigation discussion.
Under Article II.7, TWGAs must meet six specific requirements. This TWGA satisfies all of them.
Article II.7.1 (Terms of the Withdrawal). Purpose is stated (securing a ‘Platinum' Sponsorship at TOKEN2049 Singapore to deliver a booth, builder substage, distributed conference tickets, and associated branding). The delivery period is specified (October 7 to 8, 2026, with a post-event report committed within 60 days). Relevant costs are itemized across four lines (Platinum sponsorship package USD 399,900, booth build and logistics USD 250,000, management and community support at 15 percent USD 97,485, compliance and governance at 3 percent USD 22,421) plus Intersect's 3 percent administrative fee of USD 23,094, totaling USD 792,900. Refund circumstances are enumerated in three cases: cancellation of TOKEN2049 before vendor payments are due, surplus from unspent ada returned within six months, and surplus arising from ada price appreciation returned within six months.
Article II.7.2 (Prior Funding Disclosure). EMURGO discloses two prior 2025 Treasury receipts: the "Unveiling the First Unified Global Events Marketing Strategy for Cardano" TWGA (still in delivery for activities scheduled in 2026) and the "Cardano Summit 2025 and regional tech events" TWGA (India Hackathon component, reported as having met KPIs). The Constitution requires disclosure, not absence, of prior funding; the disclosure obligation is satisfied.
Article II.7.3 (Net Change Limit Compliance). A 350,000,000 ada NCL covering epochs 613 to 713 is in force. Consistent with the precedent Ace Alliance established in the Amaru Treasury Withdrawal 2026 rationale and reaffirmed in the Cardano x Draper Dragon Orion Fund rationale, the 350M ada NCL is treated as definitively set and active. The proposal accurately enumerates prior withdrawals against this NCL (Amaru 10,142,000 ada; Dingo 6,900,000 ada; DeFi Liquidity Withdrawal 1 800,000 ada; Orion Fund 50,000,000 ada), leaving a stated remaining balance of 282,158,000 ada. The 3,303,750 ada requested here is well within that headroom.
Article II.7.4 (Audits and Oversight). The budget allocates USD 22,421 (3 percent) for legal review, audit provisions, and tax compliance. The proposal additionally commits to a public Intersect dashboard tracking on-chain TRSC and PSSC state, milestone disbursements, and KPI delivery, and to a post-event report within 60 days. These provisions satisfy the requirement that ada be allocated for periodic independent audits and that oversight metrics be implemented.
Article II.7.5 (Administrator). The proposal designates Intersect as administrator, operating on behalf of the CDH under a forthcoming legal agreement. Intersect's published administrative structure (three administrative roles, two leadership roles, and a five-member external Oversight Committee composed of Sundae Labs, the Cardano Foundation, DQuadrant, Xerberus, and NMKR) is referenced and is consistent with the administrator-plus-oversight pattern previously accepted by the Constitutional Committee.
Article II.7.6 (Custody). Withdrawn ada flows to the Intersect 2025 TRSC at stake address
stake17xzc8pt7fgf0lc0x7eq6z7z6puhsxmzktna7dluahrj6g6ghh5qjr, with later migration to a 2026 TRSC and downstream funding of a project-specific PSSC for EMURGO. The proposal states explicitly that neither the TRSC nor the PSSCs will be delegated to an SPO; both are delegated to the predefined auto-abstain DRep. The Sundae Labs treasury contract architecture has been audited by TxPipe and MLabs, with a mainnet validation transaction (0f591dc544ae14102dbb4a74d5311a6acffc1772b163d8b7a9656b9525950b17) referenced for public verification. Funds remain auditable by the Cardano Community for the duration of administration.Appendix I (Guardrails). TREASURY-01a: the 350M ada NCL was set on-chain by the DReps via the "Net Change Limit (Epoch 613 to Epoch 713)" Info Action, treated as definitively set per our precedent. TREASURY-02a: the 3,303,750 ada requested does not exceed the 350M ada NCL. TREASURY-03a: the withdrawal is denominated in ada.
Ace Alliance finds the proposed "Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal" Treasury Withdrawals Governance Action Constitutional.
- Cardano Curia84feba94…6bd5YesActive · term ends epoch 799Rationale
Cardano Curia (Constitutional Committee) judges this treasury withdrawal governance action constitutional.
This governance action is a Treasury Withdrawal. The Constitutional Committee’s role is limited to assessing whether the action is consistent with the Cardano Constitution and applicable Guardrails.
A treasury withdrawal is constitutional when it is properly specified and accountable, including: (i) a stated purpose and delivery period; (ii) a budget/cost basis; (iii) clear administration/oversight; (iv) auditability and reporting; and (v) refund/close-out mechanics.
On the information available for this governance action, the proposal frames the Summit as a visibility and presence-building initiative for Cardano, with the strategic intent of ensuring Cardano is present and in the room during TOKEN2049, described as a prime industry event where ecosystem adoption and partnerships are shaped. The Committee recognizes that building real-world presence, narrative clarity, and partner engagement can be a legitimate public-interest purpose for treasury spending when paired with strong stewardship controls.
Selecting Asia is a strategically coherent choice for expanding Cardano’s presence in a major growth region and can serve as a practical boost for community engagement and external reach. These considerations support the stated purpose of the withdrawal and are not, on their face, in conflict with any constitutional tenet.
The Committee further notes the importance of immutability for the canonical off-chain scope/budget document(s) referenced by the on-chain action (URL + hash). Provided the final submission includes immutable URIs and corresponding hashes for the canonical proposal text and any annexes (and that any translations are clearly labeled as translations referencing the canonical hash), the Committee finds the action procedurally consistent with the Constitution’s governance-action standards and treasury-withdrawal standards.
Accordingly, the Constitutional Committee finds no constitutional conflict on its face and judges the action constitutional.
Cardano Curia finds this governance action constitutional.
- Cardano Japan Council725d4d44…7b31YesExpired · term ends epoch 653Rationale
We consider this governance action to be constitutional.
This proposal is a Treasury Withdrawal Governance Action to withdraw ₳3,303,750 from the Cardano Treasury in support of EMURGO’s “Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum’ Sponsorship Proposal.” Regarding Article 2, Section 6, Paragraphs 1 and 2 of the Cardano Constitution, this proposal adopts an immutable off-chain reference using IPFS. Furthermore, the proposal text includes the title, summary, rationale, event objectives, KPIs, event program, budget, milestones, management structure, audit and reporting framework, risks, and a Constitutional Self-Assessment; we therefore determine that it presents information sufficient for evaluation as a Governance Action. Regarding Article 2, Section 7, Paragraphs 1 and 2, this proposal aims to support Cardano ecosystem builders, enhance ecosystem visibility, facilitate networking, partnerships, and ecosystem growth. It also details the event dates (October 7–8, 2026), budget breakdown, refund conditions, and conditions for returning unused funds and surplus ADA in the event of an ADA price increase. Furthermore, the proposal explains the event content—including builder tickets, substages, booth presence, and video coverage—as well as KPIs, audit and reporting systems, and management systems. Furthermore, the document details the history of past Treasury funding received. Regarding Article 2, Section 7, Paragraph 3, the requested amount for this proposal is ₳3,303,750, which falls within the 350M ADA Net Change Limit applicable to Epochs 613–713 at the time of submission. Additionally, the requested amount for this proposal is stated in ADA, and the proposal also includes a USD equivalent based on an estimated ADA price at the time of writing. Article 2, Section 7, Paragraphs 4 and 5 describe treasury administration with Intersect as the administrator; the Treasury Reserve Smart Contract (TRSC) and Project-Specific Smart Contracts (PSSC); the Oversight Committee; third-party guarantees; audits; reporting obligations; and the visualization of KPIs, fund transfers, and smart contract management status via a public dashboard. It also describes the use of treasury management smart contracts by Sundae Labs. Furthermore, Section 7, Paragraph 6 of Article 2 describes fund management using TRSC and PSSC, non-delegation to SPOs, and delegation to the auto-abstain DRep. We determine that this structure is intended to align with the requirements of “auditable by the Cardano Community,” “separate accounts,” “not delegated to a SPO,” and “delegated to a predefined abstain voting option.” Therefore, as no clear conflict with the Cardano Constitution has been identified, we determine that this proposal is constitutional.
For the reasons stated above, we determine that it is constitutional.
- Eastern Cardano Council2ea7a78e…10ecYesActive · term ends epoch 726Rationale
We have determined that this treasury withdrawal governance action is constitutional.
The governance action with ID “gov_action18u8...zmul9z” and title “Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal” is a Treasury Withdrawal, and is therefore subject to the following sections and guardrails in the Cardano Constitution.
ARTICLE II, Section 6 of the Cardano Constitution states that governance actions must follow a standardized and legible format, including a URL hosting an immutable document and a corresponding hash, and must provide sufficient rationale including a title, abstract, justification, and supporting materials.
This governance action includes a valid URL and hash, which matches the hash of the off-chain documentation referenced. The rationale also meets the minimum content specified in this section.
ARTICLE II, Section 7 specifies that Treasury Withdrawal governance actions must include the following:
1. Purpose, Delivery Period, Costs, and Refund Conditions
This governance action specifies:
- The purpose of the withdrawal is “to fund a ‘Platinum’ Sponsorship at TOKEN2049 Singapore to increase Cardano's presence and foster ecosystem growth.”
- The period for delivery of proposed activities is “from October 7–8, 2026.”
- The relevant costs and expenses under the heading "Budget Breakdown"
- The circumstances under which funds may be refunded to the Cardano Treasury as “Cancellation of TOKEN2049 before vendor payments are due, with the balance returned to the Treasury. Successful execution of the event with total expenses falling under the requested amount, in which case unspent ada will be returned within six months. Realization of a profit on withdrawn ada due to ada price appreciation, which will be refunded within six months of the event.”
These elements fulfil the requirements of Article II, Section 7(1).
2. Prior Treasury Funding Disclosure
ARTICLE II, Section 7(2) requires disclosure of whether the prospective recipient has received ada from the Cardano Treasury within the last 24 months.
This governance action states that “EMURGO received ada during 2025 treasury withdrawals under the "Unveiling the First Unified Global Events Marketing Strategy for Cardano" proposal for conducting various global events...” This fulfils the requirement of ARTICLE II, Section 7(2).
3. Net Change Limit (NCL)
ARTICLE II, Section 7(3) requires that Treasury Withdrawals must not exceed the Net Change Limit.
The Net Change Limit in effect at the time of submission of this vote on-chain is the governance action with ID “gov_action1m3x...4jsr7q”.
- A. Current NCL Amount: 350000000 ada
- B. Current NCL Time Period: Epoch 613 to Epoch 713 (Inclusive)
- C. Total of Treasury Withdrawals within the Current NCL Time Period: 199352090 ada
- D. Amount of this Treasury Withdrawal: 3303750 ada
- E. “C” plus “D” = 202655840 ada
- F. “A” minus “E” = 147344160 ada
As the value of “F” is greater than or equal to zero, this governance action fulfils the NCL requirement.
4. Audit Allocation and Oversight Metrics
ARTICLE II, Section 7(4) states “Treasury Withdrawals actions shall require an allocation of ada as a part of such funding request to cover the cost of periodic independent audits and the implementation of oversight metrics as to the use of such ada.”
This governance action states that "This proposal makes provisions for periodic independent audits under the "Management and Administration" budget category, and progress will be publicly available through the Intersect dashboard to track and monitor the smart contract instance used to administer the funding and to view updates to KPIs.", which fulfils the requirements of ARTICLE II, Section 7(4).
5. Designated Administrators
ARTICLE II, Section 7(5) requires that one or more administrators are designated to monitor fund usage and ensure deliverables are achieved.
This governance action states that “This proposal designates Intersect as the administrator, operating on behalf of the CDH, as detailed in the "Accountability" section. ” will be used as an administrator, which fulfils this requirement.
6. Fund Management Requirements
ARTICLE II, Section 7(6) states “Any ada received from a Cardano Blockchain treasury withdrawal, so long as such ada is being held by an administrator prior to further disbursement to the Treasury Withdrawal Recipient, must be kept in one or more separate accounts that can be audited by the Cardano Community, and such accounts shall not be delegated to an SPO but must be delegated to the predefined abstain voting option.”
This governance action specifies the following withdrawal address, which at the time of assessment is not delegated to an SPO and is delegated to the auto abstain voting option:
- stake17xzc8pt7fgf0lc0x7eq6z7z6puhsxmzktna7dluahrj6g6ghh5qjr
Finally, the guardrails that require consideration for this governance action are TREASURY-01a, TREASURY-02a, and TREASURY-03a. These are addressed as follows:
- TREASURY-01a - The net change limit with governance action ID “gov_action1m3x...4jsr7q” is currently in effect, after being "agreed by the DReps via an on-chain governance action with a threshold of greater than 50% of the active voting stake".
- TREASURY-02a - As per the above assessment, this treasury withdrawal does not exceed the current Net Change Limit.
- TREASURY-03a - This treasury withdrawal is denominated in ada.
We therefore find this governance action Constitutional.
This governance action sufficiently fulfils the criteria specified for treasury withdrawals in the Cardano Constitution, so is deemed constitutional.
- KtorZ64f97568…3a49YesExpired · term ends epoch 653Rationale
Ok 👍
A similar assessment than for the other Token2049 proposal; yes, although the compliance with the TENETs is unclear. In particular, the proposal promises to "deliver direct, traceable value to the Cardano ecosystem", yet fails to make apparent how. There are certainly measurable elements, but I fail to see how the proposal establish a convincing causal link between the activity happening and its outcome on the ecosystem.
- Phil_uplc68bb0b42…8746YesActive · term ends epoch 799Rationale
This proposal is constitutional as it doesn't violate any of the binary requirements set forth in the constitution.
A PDF version of this rationale is also made available.
This proposal is constitutional as it doesn't violate any of the binary requirements set forth in the constitution.
- Tingvard646d1b3a…be43YesActive · term ends epoch 726Rationale
Tingvard judges the “Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal” treasury withdrawal governance action constitutional.
This governance action satisfies the procedural requirements for a treasury withdrawal under Article II, Section 6 and Article II, Section 7.
The proposal includes a title, abstract, rationale, supporting materials, and specifies the purpose, delivery period, costs, oversight structure, refund conditions, and prior treasury receipts as required under Article II, Section 7, §1 and §2.
The proposal designates Intersect as administrator, operating on behalf of Cardano Development Holdings, with fund management through treasury smart contracts and an Oversight Committee, satisfying Article II, Section 7, §5.
The proposal allocates funding for independent audits, legal review, compliance, and oversight mechanisms, satisfying Article II, Section 7, §4.
The proposal further states that administrator-held funds will be kept in auditable accounts, will not be delegated to SPOs, and will be delegated only to the predefined auto-abstain DRep option, satisfying Article II, Section 7, §6.
The governance action states that the withdrawal is denominated in ada and does not exceed the active Net Change Limit at the time of submission, in accordance with TREASURY-02a and TREASURY-03a.
The proposal includes immutable hosting, a document hash, and supporting references in accordance with Article II, Section 6, §1.
Tingvard therefore finds that the governance action procedurally satisfies the constitutional requirements applicable to treasury withdrawal governance actions.Tingvard finds this governance action constitutional.