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Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal

System2mo ago1 post
DReps 184SPOs 0

184 DReps voted · 66 with a rationale · 12 changed their vote

Open a row to read the rationale.

  • Yoroi W₳llet
    Yes584.2M ₳Rationale

    Summary
    Yoroi DRep votes YES on "Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship Proposal", following updates to the proposal that have addressed our core concerns as a related entity.

    Rationale
    Governance integrity upheld
    EMURGO is the proposer of this action, and Yoroi's initial inclination was to abstain on that basis. EMURGO has since waived its 15% management fee in full, committing to return it to the Treasury, which means every ada requested reflects true third-party vendor costs and EMURGO derives no financial benefit from this proposal passing. That revision, alongside Charles Hoskinson's personal commitment to amplify Cardano's presence, gives us sufficient confidence to move from abstention to support.

    Built for Cardano builders
    The core purpose of this activation is to put the people actually building on Cardano in front of the right audiences. TOKEN2049 Singapore is the premier gathering of institutional investors and enterprise decision-makers in the Asian Web3 market, and the Platinum tier gives Cardano builders a stage at one of the most important events in the industry.

    Accountability mechanisms are in place
    All funds flow through Intersect's audited smart contract infrastructure, with milestone-based disbursements, a public dashboard, and a full post-event report committed within 60 days of the event. Any surplus resulting from ADA price appreciation is contractually committed to return to the Treasury within six months.

    Conclusion

    Yoroi supports this proposal as a community-first activation that directly benefits Cardano builders, structured with appropriate accountability and delivered by an entity with a proven track record at TOKEN2049. With the administration fee removed and additional personal resources committed, the basis for abstention no longer holds, and Yoroi votes YES.

  • YUTA
    YesChanged435.8M ₳Rationale

    Voting YES on "Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship Proposal."
    I have confirmed from Charles that additional funding will be directed to this and that IO will participate.
    With the cancellation of Token2049 Dubai, it is reasonable to focus on this event.
    I also confirmed that EMURGO has eliminated labor costs.
    Furthermore, each time the explanation was repeated that "we distributed X units of SWAG, obtained Y contacts, and therefore the event was a success," I felt disappointed that the outcomes beyond that remained invisible. However, we were able to have a discussion about working toward the real results beyond merely achieving formal KPIs such as whether or not SWAG was distributed. I believe the formal KPIs written in the proposal can be achieved, but at the very least, commitment toward the adoption, collaboration, and on-chain effects that this event truly aims to achieve beyond those KPIs is expected.

    「Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal」にYESを投票します。

    チャールズよりこれにさらに資金が投下されること、IOの参加を確認しました。

    Token 2049ドバイのキャンセルもあり、このイベントに注力することは合理的です。

    EMURGOが人件費を放棄したことも確認しました。

    また、私はKPI通りにX件SWAGを配った、Y件連絡先を入手した、だからイベントは成功した、という説明が繰り返されるごとに、その先の成果が見えないことに残念な気持ちを持っていましたが、単にSWAGを配った配らないと言う形式的なKPIの達成ではなくその先の本物の成果について取り組むと言う点についての話し合いができました。提案書に書かれている形式的なKPIは達成できると思いますが、少なくともその先にあるこのイベントで本当に達成したい採用やコラボレーションやオンチェーン効果に向けて取り組むことが期待されます。

    Earlier votes

    Abstain2mo agoSuperseded

    I am voting Abstain on "Revised Cardano Summit 2026 Singapore" and "Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship Proposal."
    Given the cancellation of Dubai token 2049, it is reasonable to bet on this. Emurgo and CF will likely be able to achieve the KPIs stated in the proposals.
    However, looking at CF's and Emurgo's events from last year, I was unable to find convincing evidence as to whether these directly or indirectly succeeded in driving transactions, ADA purchases, or sustained developer onboarding—and, if they didn't, what has been improved this time around.
    On the other hand, I also agree that it would be a mistake to take pride in doing no promotion at all, and that TOKEN2049 is a good venue for it. There is also no alternative team.
    Taking all of this into account, I find it hard to firmly say YES but also hard to firmly say NO, so I am voting Abstain. I may still change my vote going forward based on feedback from everyone.

    ーーー

    私は「Revised Cardano Summit 2026 Singapore」「Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal」にAbstainを投票します。

    ドバイのキャンセルを加味するとここに賭けることは合理的です。emurgoとcfは提案書に書かれたKPIを達成することは可能でしょう。

    ただし、cfとemurgoの去年のイベントで、これが直接的、間接的にTxや ADAの購入、継続的な開発者のオンボードに成功しているかどうか、そして、それがうまくいかなかった場合、今回は何が改善されているのかについて、自信を持てる証拠を見つけることができませんでした。

    一方で私たちは何も宣伝しないことを誇ることは誤りであり、token2049はそのための良い場所であることにも同意します。また他に代替チームありません。

    これらを踏まえてYESと断言しづらいがNOとも断言しづらいと考え、abstainを投票します。今後皆さんのフィードバックでさらに投票を変える可能性があります。

  • Blockdaemon
    Yes332.2M ₳No rationale
  • EMURGO
    Yes293M ₳Rationale

    Summary

    EMURGO as a DRep votes YES on the treasury withdrawal titled "Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship Proposal", with rationale outlined below.

    Rationale
    EMURGO is the proposer of this governance action, and we want to be transparent about how we arrived at a YES vote. Our initial position was to abstain, recognising the conflict of interest that comes with voting on a proposal we ourselves submitted. Two developments have since changed that position.
    First, EMURGO has waived the 15% management fee that was originally included in the proposal and will refund it in full to the Treasury. Every ada requested now represents true third-party vendor costs, covering the sponsorship package, booth build, and community support, with zero economic benefit accruing to EMURGO. This decision reflects our full alignment with the community's interests: we are here as a facilitator, not a beneficiary. Second, Charles Hoskinson has personally committed his own resources to amplify Cardano's presence at the event, a signal that reflects genuine conviction in this initiative beyond any organisational interest.
    At its core, this proposal exists for one purpose: to give Cardano builders a world-class stage. TOKEN2049 Singapore is the largest gathering of institutional capital, enterprise decision-makers, and Web3 builders in Asia, and the Platinum tier secures the second-largest booth footprint at the event, putting the people actually building on Cardano in front of the audiences that matter most. All funds are administered through Intersect's audited smart contract infrastructure, with milestone-based disbursements and a full post-event report committed within 60 days. For these reasons, EMURGO votes YES.

  • CryptoCrow
    Yes254.7M ₳No rationale
  • Eternl DRep Committee
    Yes222.9M ₳Rationale

    Overview of EDC vote on CD + Emurgo marketing spending:

    ➖ Revised Cardano Summit 2026 Singapore
    ✅ Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal
    ➖ Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade

    Singapore in that particular week is exceptionally expensive. Cardano must be at TOKEN2049, we can't miss that. We don't want stand in the way by voting NO, so ABSTAIN it is. But especially for the CF, which is a foundation with own funds and not a commercial entity, the summit could be paid them, which we deem to be their mandate.

  • Sebastien Guillemot セバ
    YesChanged174.6M ₳Rationale

    Changing from Abstain to YES, as

    • There seems to be a fairly broad interest in different projects and members of the community in attending the event
    • Charles and other notably members have decided to attend
    • I've attended Token2049 before, and I think it's generally a good event
    • Last year had a very metric-driven approach to the booth, which was encouraging to monitor ROI
    • Consensus Miami had really good conversion rates based on our data at the Midnight Foundation, which makes me feel that events right now, esp. around institutional conversations, has a higher ROI than previous events in general at this given time

    based on this, and the new lowered cost for the event, I think voting YES can bring benefit to the ecosystem

    Earlier votes

    Abstain2mo agoSuperseded

  • Everstake
    Yes165.7M ₳No rationale
  • Cardano Foundation
    Yes120.2M ₳Rationale

    The Cardano Foundation votes YES on both the Baseline 'Platinum' Sponsorship and the Top-Up 'Title' Sponsorship Upgrade. This proposal provides important visibility at TOKEN2049 Singapore and ensures Cardano achieves significant reach in the Asian market.

    A PDF version of this rationale is also made available.

    Securing a sponsorship at TOKEN2049 is an important opportunity to promote Cardano’s visibility, extend its reach and provide a critical platform for ecosystem builders. As with the Summit, this proposal represents a counter-cyclical investment which we believe will support Cardano’s momentum. This proposal has been evaluated together with the complementary proposal for the 'Title' sponsorship at TOKEN2049:

    1. The Baseline 'Platinum' Sponsorship: Establishing a footprint at the largest industry event of 2026 ensures Cardano remains visible and highly competitive in the Web3 market. Covering 30 conference tickets and providing exhibition space for community projects empowers the teams building the network to represent Cardano directly to institutional audiences.

    2. The Top-Up 'Title' Upgrade: We maintain our strong conviction in the Title sponsorship’s strategic value. Upgrading to the Title tier unlocks a Mainstage Keynote and guaranteed premium media reach, giving Cardano access to a completely different level of exposure. We believe that going "all in" on this event is a net-positive that maximizes the treasury's return on investment.

    Budget and Execution: Although the unbundled cost includes new administrative fees for Intersect, this decentralized setup supports transparency and accountability. We find this slightly higher overall cost acceptable, especially given the proportional reduction in other management fees.

    The Cardano Foundation votes YES on these proposals.

    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.

  • JAZZ
    YesChanged92.2M ₳History

    Earlier votes

    Abstain2mo agoSuperseded

  • CardanoYoda (MANDA Pool)
    Yes91.5M ₳Rationale

    As a DRep, I have decided to vote on the three crypto event proposals as follows:

    • Revised Cardano Summit 2026 Singapore: ABSTAIN
    • TOKEN2049 Singapore 2026 Baseline “Platinum” Sponsorship proposed by EMURGO: YES
    • TOKEN2049 Singapore 2026 Top-Up “Title” Sponsorship Upgrade: NO

    Given that DReps have to process a large number of proposals in the coming weeks, I will provide one short rationale for all three proposals.

    My rationale:

    First of all, thank you to both the Cardano Foundation and EMURGO for accepting feedback and resubmitting proposals.

    I do not oppose the idea of a Cardano Summit. My concern is primarily about treasury allocation and long-term sustainability. Cardano Foundation owns and manages the Cardano brand and remains one of the strongest-capitalized entities in the ecosystem. According to its 2025 financial report, the Foundation held approximately $361M in assets at the end of 2025, including roughly $280M in crypto assets and approximately $80M in fiat and traditional financial assets.

    If the Foundation believes the Summit is strategically critical for Cardano, I believe it should be willing to finance a larger portion of the event from its own resources.

    My second concern is that the Foundation previously communicated that the Summit should become increasingly sustainable over time.

    The current proposal does not provide enough clarity on what that actually means. I still do not know whether future Summits will require treasury funding, how much funding may be requested in future years, or when the Summit is expected to become financially self-sustaining.

    The proposal mentions that revenue from the 2026 Summit will help fund future events, but it does not clearly state that future treasury requests will stop. Given the large funding requirements from IO, Intersect, infrastructure teams, and builders across the ecosystem, I am not comfortable approving both major event proposals.

    At the same time, I recognize that other DReps support the Summit and consider it strategically important. My current position is somewhere between NO and ABSTAIN.

    That is why I decided to abstain rather than vote NO.

    I decided to support the baseline TOKEN2049 Singapore 2026 proposal because it gives Cardano exposure beyond its own ecosystem. Unlike the Summit, which is naturally more focused on existing Cardano community members, TOKEN2049 puts Cardano in front of a much broader audience that includes investors, exchanges, market makers, media, founders, developers, enterprises, and builders from other ecosystems.

    I believe Cardano still needs stronger external visibility, and this proposal addresses that more directly.

    For approximately $792,900, the baseline proposal gives Cardano a large booth at the event, a dedicated builder stage, live product demonstrations, lead generation tools, networking access, ecosystem tickets, and post-event reporting requirements.

    More importantly, it gives Cardano builders direct access to people who are not already part of the ecosystem. That is a much stronger value proposition than spending significantly more money to create a separate event in the same city just two days earlier.

    I understand that EMURGO has faced criticism from parts of the community in the past. However, DReps should evaluate proposals based on current execution plans and expected outcomes. I appreciate that EMURGO recently addressed concerns related to DRep selection in Yoroi Wallet, and I am willing to give them a second chance.

    I want to make a pragmatic decision.

    In this case, EMURGO is leveraging an existing global event, which significantly reduces operational complexity. The proposal also includes concrete deliverables such as builder showcases, live demos, partnership targets, media exposure, and measurable post-event reporting. While some KPIs should always be viewed critically, I believe the overall direction is pragmatic and focused on external ecosystem growth.

    I do not support the Top-Up proposal because I do not believe the additional $424,360 is justified. The extra spending mainly buys a larger booth, a keynote slot, lanyard branding, protein shake branding, and additional media exposure.

    In my view, the baseline proposal already captures most of the meaningful value, and the upgrade feels like diminishing returns and unnecessary prestige spending.

    This is ultimately a pragmatic treasury allocation decision. Cardano should not disappear from major crypto conversations, media, and broader crypto audiences. I believe supporting one meaningful external-facing marketing initiative is reasonable.

    At the same time, treasury resources remain limited, and I do not believe it is responsible to fund multiple overlapping event proposals.

    If one of these events is approved, I will likely be significantly more conservative when evaluating other marketing-related proposals.

    I may still change my mind before voting closes. If it becomes clear that the EMURGO proposals have no realistic path to approval while the Foundation proposal does, I may reconsider my position and adjust my votes accordingly.

    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

  • BTBF_XSP
    Yes88.6M ₳Rationale

    TOKEN2049 deserves to be the title sponsor. Unfortunately, Cardano hasn't gained much recognition within the blockchain community. By becoming the title sponsor, the company can improve its reputation and increase the likelihood of securing major commercial deals.

  • SIPO
    YesChanged86M ₳Rationale

    SIPO DRep re-vote on Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship: changing from NO to YES.

    Context: On 2026-05-13, SIPO voted NO with principle-based reasoning anchored in four structural concerns about Treasury Fit. On 2026-05-24, IOG CEO Charles Hoskinson posted a public commitment on his official X account (https://x.com/IOHK_Charles/status/2058553026382606787) that materially changes the public information available about this proposal's strategic framing. Cardano Foundation CEO Frederik Gregaard publicly endorsed the message in the same thread on 2026-05-25. SIPO has independently reassessed all three resubmissions and is changing its vote from NO to YES on each.

    This re-vote is not a retreat from SIPO's prior reasoning. SIPO's four-pillar Treasury Fit framework remains intact. What changed is the public information against which that framework is now being applied — and what that information enables this unified Cardano presence at TOKEN2049 to become.

    The broader judgment

    SIPO views this Baseline not in isolation but as part of whether Cardano can use TOKEN2049 Singapore — one of the world's most important blockchain conferences — to project an integrated next-phase strategy into the real world at a time of broad market and geopolitical uncertainty. With Hoskinson's commitment and CF's endorsement, a unified Cardano presence with publicly demonstrated founding-entity coordination becomes possible in a way that was not on 2026-05-13. Better evaluated as a real-world execution signal for Cardano's next phase, not only as a brand-marketing event with a treasury cost. SIPO.TOKYO publishes the full strategic rationale separately.

    Why SIPO changes its vote to YES

    Pillar 4 (IOG absence and unified-Cardano framing disclosure gap) is materially addressed by public signal.

    On 2026-05-13, SIPO's voteContext noted that this Baseline proposal was signed by EMURGO only, with IOG's position on the booth program, Cardano Showcase, or the broader Cardano presence at TOKEN2049 not disclosed.

    On 2026-05-24, Hoskinson posted on his official IOG CEO X account a public commitment to attend Cardano Summit 2026, to be on stage, and to make a personal partial contribution toward Title-level upgrade. He invited the Pentad (IOG / EMURGO / Cardano Foundation / Midnight Foundation / Intersect) to formalize coordination. CF CEO Frederik Gregaard publicly endorsed this in the same thread.

    This is a publicly verifiable, on-the-record signal from IOG's CEO and CF's CEO that materially reduces the IOG-absence disclosure concern Pillar 4 surfaced. Concrete Program participation at TOKEN2049 itself remains to be made public, but the founding-entity coordination intent is now publicly stated.

    Reassessment of the remaining three pillars

    Pillar 1 (EMURGO three-way conflict): EMURGO remains proposer, beneficiary, and DRep, and has not publicly pre-committed Abstain. EMURGO's intent to waive its 15% management fee on this Baseline proposal has been emerging through public discussion and reporting (Learn Cardano Podcast featuring CF and EMURGO representatives, among others). SIPO treats this fee-waiver signal as supportive but not load-bearing, pending EMURGO's formal announcement via its official channels.

    Pillar 2 (commercial-funding alternatives): EMURGO's commercial partnership capacity remains the principled alternative funding path. If the reported fee-waiver signal is formalized, EMURGO's role moves closer to a facilitator rather than a fee-extracting service provider, consistent with SIPO's 2026-04-18 alternative.

    Pillar 3 (builder-direct support ratio): partially mitigated by the proposal's 30 builder tickets, sub-stage slot, and "Top 20 Cardano builders" booth program.

    Overall judgment

    SIPO's framework is unchanged; the public information against which the framework is applied has changed. With Pillar 4 materially addressed via public signal, Pillar 1 partially mitigated by the publicly discussed fee-waiver signal, and the TOKEN2049 Baseline contextualizable as part of a Pentad-coordinated Cardano presence and a real-world execution signal at a critical juncture, SIPO judges that the public-goods value of a unified Cardano presence at TOKEN2049 Singapore outweighs the residual structural concerns.

    This is the Constructive NO → public-channel improvement → independent reassessment → YES pathway — not a concession of the framework, and not a response to private-channel persuasion.

    SIPO expectations (public accountability)

    SIPO is a DRep and does not impose legal conditions. Tracked publicly:

    1. EMURGO formalizes the 15% management fee waiver via official channels (EMURGO X / press release / Cardano Forum) before TOKEN2049 (October 2026).
    2. TOKEN2049 booth program publicly lists Top 20 Cardano builders and IOG / Midnight presence with concrete agenda items by September 2026.
    3. Post-event report disclosing 30 builder ticket allocation outcomes, audience-conversion metrics, and commercial sponsorship revenue offsetting treasury draw.
    4. EMURGO moves toward per-proposal disclosure of DRep Abstain intent on its own self-submitted Treasury proposals — a voluntary norm SIPO will continue to advocate.

    Consistency with SIPO's prior votes: this re-vote does not modify SIPO's consistent line of voting YES on public goods, infrastructure, and ecosystem growth capital. It reflects that, with Pentad coordination intent publicly disclosed and EMURGO's reported fee-waiver positioning, the Baseline Platinum qualifies as a coordination-infrastructure moment and real-world execution signal for Cardano's next phase.

    With appreciation to the proposers and to the Pentad principals who responded to community feedback through public channels, SIPO DRep changes its vote from NO to YES.

    SIPO DRep として、本提案「Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship」への投票を NO から YES へ変更します。

    背景：2026-05-13、SIPO は Treasury Fit に関する 4 つの構造的懸念に基づき原則ベースの NO を投じました。2026-05-24、IOG CEO Charles Hoskinson 氏が公式 X (https://x.com/IOHK_Charles/status/2058553026382606787) で本提案の戦略的 framing に実質的な変化をもたらす公的コミットメントを表明し、2026-05-25、CF CEO Frederik Gregaard 氏が同スレッドで公開支持を表明しました。SIPO はこれらの公開情報を踏まえ、3 件再提出案を独立に再評価し、それぞれ NO から YES へ投票変更します。

    本再投票は SIPO 従来主張からの撤回ではありません。SIPO の 4 本柱フレームワーク自体は維持され、変化したのはそのフレームワークが適用される公開情報と、その情報が本 TOKEN2049 における統合 Cardano プレゼンスに何をもたらし得るかという評価環境です。

    より大きな判断

    SIPO は本 Baseline 提案を単独でなく、Cardano が TOKEN2049 Singapore — 世界で最も重要なブロックチェーンカンファレンスの一つ — を「市場・地政学的不確実性の中で統合された次段階戦略を現実世界へ投射する moment」として活用できるか、という問いの一要素として捉えています。Hoskinson 氏のコミットメントと CF の支持により、創設エンティティ間 coordination が公的に示された統合 Cardano プレゼンスが 2026-05-13 時点では不可能だった形で可能になりました。Treasury 負担を伴う単なるブランドマーケティングイベントよりも、Cardano 次段階の real-world execution signal として評価する方が適切です。詳細な戦略的論証は SIPO.TOKYO で別途公開します。

    SIPO が YES に変更する理由

    柱 4（IOG 不在および統合 Cardano framing への開示不足）は公的シグナルにより実質的に対応されました。

    2026-05-13 SIPO voteContext は、本 Baseline 提案が EMURGO 単独署名であり、IOG のブースプログラム・Cardano Showcase・TOKEN2049 における広範な Cardano プレゼンスへの立場が開示されていない点を指摘しました。

    2026-05-24、Hoskinson 氏は IOG CEO 公式 X で Cardano Summit 2026 への出席とステージ登壇、Title レベルアップグレードへの個人的部分貢献の公的意向、Pentad への coordination 正式化対話招集を公的にコミットしました。CF CEO Frederik Gregaard 氏は同スレッドで公開支持を表明しました。

    これは IOG CEO と CF CEO による publicly verifiable・on-the-record なシグナルであり、柱 4 が顕在化させた IOG 不在開示懸念を実質的に緩和します。TOKEN2049 自体での具体的 Program 上の参加内容は今後の公開待ちですが、創設エンティティ間の coordination intent は公的に表明されました。

    残る 3 柱の再評価

    柱 1（EMURGO 三重利益相反）：EMURGO は依然として提案者・受益者・DRep を兼ね、自己提案 Abstain 事前表明を公開していません。EMURGO の本 Baseline 提案における 15% マネジメントフィー無料化方針は Learn Cardano Podcast (CF + EMURGO 代表登壇) など公開議論・報道を通じて確認されつつあり、SIPO はこれを支持的だが load-bearing でない要因として扱い、EMURGO 公式チャネル経由の正式アナウンスを期待します。

    柱 2（商業資金代替可能性）：EMURGO の commercial partnership 能力は依然として原則的代替資金源です。報じられているフィー無料化シグナルが正式化されれば、EMURGO の役割は facilitator により近い位置へ移り、SIPO 2026-04-18 代替案の精神と整合的になります。

    柱 3（ビルダー直接支援比率）：本提案は 30 ビルダーチケット、sub-stage 出演枠、「Top 20 Cardano builders」ブースプログラムにより部分的に緩和されています。

    総合判断

    SIPO のフレームワークは不変です。柱 4 が公的シグナルにより実質的に対応され、柱 1 が公開議論されているフィー無料化シグナルで部分的に緩和され、TOKEN2049 Baseline が Pentad coordinated Cardano プレゼンスの一部 + 重要局面における real-world execution signal として contextualize 可能になった現在、SIPO は世界で最も重要なブロックチェーンカンファレンスの一つである TOKEN2049 Singapore における統合 Cardano プレゼンスの公共財価値が、残存する構造的懸念を上回ると判断します。

    これは「Constructive NO → 公開チャネルでの改善 → 独立再評価 → YES」のパスウェイです。SIPO の投票変更はこのパスウェイを反映するものであり、基礎フレームワークの譲歩でも、私的チャネル説得への応答でもありません。

    SIPO の期待事項（公開アカウンタビリティ）

    SIPO は DRep であり、法的条件を課す立場ではありません。以下は公開トラックします：

    1. EMURGO が 15% マネジメントフィー無料化を TOKEN2049 (2026 年 10 月) 前に公式チャネル (EMURGO X / press release / Cardano Forum) 経由で正式化
    2. TOKEN2049 ブースプログラムで Top 20 Cardano builders と IOG / Midnight プレゼンスを 2026 年 9 月までに公開
    3. 事後レポートで 30 ビルダーチケット配分結果・audience-conversion 指標・商業スポンサーシップ収益開示
    4. EMURGO が自己提出 Treasury 提案に対する DRep Abstain 意向の提案ごと開示の方向へ進むこと

    過去 SIPO 投票との整合性：本再投票は SIPO の公共財・インフラ・エコシステム成長資本に整合する Treasury Withdrawal への一貫した YES 線を修正するものではありません。Pentad coordination 意図の公開開示と EMURGO の報じられているフィー無料化 positioning の後、Baseline Platinum が Pentad coordinated 統合 Cardano プレゼンスの coordination インフラ moment + real-world execution signal として qualify することを反映しています。

    提案者および公開チャネルでコミュニティフィードバックに応答してくれた Pentad principals に感謝しつつ、SIPO DRep は本提案への投票を NO から YES へ変更します。

    Earlier votes

    No2mo agoSuperseded

    SIPO DRep votes NO on Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship.

    Governance Action ID: gov_action18u8lpkzge2csxe3plynn9lh4agwtv3nrqkyfwalwj4ykjv7l68jqqzmul9z
    DRep: drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
    Date: 2026-05-13

    Context: This is the resubmission of the TOKEN2049 baseline sponsorship portion of the combined Cardano Summit 2026 + TOKEN2049 proposal, on which SIPO voted NO (with explicit principle-based reasoning) on 2026-04-18. EMURGO responded to community feedback by submitting three independent resubmissions — Summit (CF-led), TOKEN2049 Baseline (this proposal), and TOKEN2049 Top-Up — reducing the tier from Title to Platinum and reducing the combined ask. SIPO votes NO on each individually.

    To be explicit: we are not opposed to Cardano having a presence at TOKEN2049 Singapore. We acknowledge EMURGO's good faith response to community feedback — the restructuring from Title to Platinum tier (lower-cost), the explicit dedication of 30 builder tickets (10 procured + 20 included), the dedicated sub-stage presentation slots for ecosystem builders, and the structural separation that allows DReps to make an isolated decision on the baseline versus the upgrade. These are responsible adjustments.

    However, SIPO's April 18 NO was principle-driven, anchored in four structural concerns about the Treasury Fit of this kind of withdrawal. The resubmitted Baseline addresses some surface concerns (tier downgrade, builder ticket explicit) but does not materially address the structural issues.

    Why SIPO votes NO

    1. EMURGO three-way conflict-of-interest unaddressed. EMURGO (DRep with approximately ₳297m delegated) remains simultaneously (a) the proposer, (b) the direct beneficiary as facilitator (despite the "100% pass-through" framing), and (c) an active DRep voting on the outcome. The proposal does not publicly pre-commit EMURGO to Abstain on its own action. SIPO's April 18 constructive alternative named this as a minimum disclosure requirement; the resubmission does not adopt it.

    2. Self-funding alternative (EMURGO commercial partnership) not explored. EMURGO is a commercial entity with global enterprise partnerships. The April 18 SIPO alternative explicitly suggested EMURGO pursue Title sponsorship through commercial partnership funding (sponsors, co-branding, enterprise revenue allocation) rather than treasury withdrawal. The resubmission does not address why commercial partnership funding cannot cover this — even at the lower Platinum tier ($793k USD).

    3. Public-goods vs brand marketing ratio. The Baseline includes meaningful builder elements (30 dedicated builder tickets, sub-stage time, on-site coordination) — which we appreciate as movement in the right direction. However, the headline allocation of $793k for a Platinum tier sponsorship (108 sqm booth, networking, lead generation positioning) still has the character of brand marketing rather than direct public-goods support. SIPO's April 18 critique that "builder direct allocation should not be a small fraction of an event budget" has been partially addressed in spirit but the per-dollar builder-direct ratio remains low.

    4. IOG absence and "unified Cardano" framing. The proposal frames the TOKEN2049 presence as "putting Cardano builders at the forefront" and "the Cardano ecosystem on the global stage", but is signed by EMURGO only. IOG's participation is not addressed. The community-first / unified-Cardano framing requires disclosure of IOG's position — declined / not invited / pursuing separately — for the community to evaluate whether this is genuinely an ecosystem-wide initiative.

    Consistency with SIPO's prior votes

    SIPO has consistently voted YES on treasury withdrawals for public goods, infrastructure, ecosystem growth capital, and governance institutions. Event sponsorship at industry conferences, even with builder-focused elements, falls outside those categories when (a) the proposer is a well-capitalized commercial entity, (b) conflict-of-interest mitigation is absent, and (c) the public-goods justification is not the headline of the proposal. A NO here continues to clarify, rather than contradict, the April 18 line.

    Constructive alternatives (extension of April 18)

    • EMURGO pursues TOKEN2049 sponsorship through commercial partnership funding (sponsors, co-branding, allocation from EMURGO's existing enterprise revenue), as suggested in the April 18 SIPO NO voteContext.
    • If treasury funding for a TOKEN2049 builder showcase is genuinely needed, restructure as a builder-direct grant program (e.g., a Catalyst-style sub-allocation for ecosystem projects to attend / present / showcase), with EMURGO as logistical facilitator only (zero proposer financial benefit), CF / EMURGO / IOG joint disclosure of positions, and pre-committed Abstain from proposer DReps.
    • For future cycles, separate the "Cardano logistical presence" (operational) from the "Cardano sponsorship branding" (marketing) — the former can be a public-goods-aligned grant; the latter should be commercial.

    We thank EMURGO for the responsible response to community feedback. We look forward to supporting future TOKEN2049 ecosystem presence proposals structured with explicit conflict-of-interest mitigation and clearer builder-direct allocation as headline rather than supplement.

    For these reasons, SIPO DRep votes NO.

    SIPO DRep として、本提案「Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship」に反対（NO）を投じます。

    Governance Action ID: gov_action18u8lpkzge2csxe3plynn9lh4agwtv3nrqkyfwalwj4ykjv7l68jqqzmul9z
    DRep: drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
    Date: 2026-05-13

    背景：本提案は、2026-04-18 にSIPOが原則に基づき NO を投じた当初の Cardano Summit 2026 + TOKEN2049 一括提案のうち TOKEN2049 baseline sponsorship 部分の再提出です。EMURGO はコミュニティフィードバックを反映し 3 独立提案（Summit / TOKEN2049 Baseline 本提案 / TOKEN2049 Top-Up）に分割再提出、tier を Title から Platinum に変更し、合計請求額を削減しました。SIPO は 3 件すべてに対して個別に NO を投じます。

    明確にします：私たちは Cardano が TOKEN2049 Singapore に presence を持つこと自体に反対ではありません。EMURGO がコミュニティフィードバックに対して誠意ある対応をしたこと — Title から Platinum への tier 引き下げ、30 builder tickets（10 procured + 20 included）の明示的確保、エコシステムビルダー向け sub-stage 出演枠の明示、Baseline と Top-Up を分離して DRep が個別判断可能とした構造的分離 — は責任ある調整として認識・評価します。

    しかし、4 月 18 日 SIPO NO 投票は原則ベースの判断であり、このタイプの Treasury Withdrawal に対する 4 つの構造的懸念に基づいていました。再提出 Baseline は表層的懸念（tier 引き下げ、builder ticket 明示）には部分的に対応していますが、構造的論点には実質的に対応していません。

    SIPO が NO を投じる理由

    1. EMURGO 三重利益相反が未対応。EMURGO（DRep 委任額 約 ₳297m）は本提案において、(a) 提案者、(b) facilitator としての直接受益者（「100% pass-through」と framing しているが組織として活動コスト・人件費等を吸収）、(c) 投票権を行使する DRep の三者を兼ねたままです。本提案は EMURGO DRep の自己提案に対する Abstain 事前表明を含んでいません。4 月 18 日 SIPO 建設的代替案で最低限の情報開示要件として明示しましたが、再提出版は採用していません。

    2. 自己資金代替案（EMURGO commercial partnership）が検討されていない。EMURGO は global enterprise partnerships を持つ商業エンティティです。4 月 18 日 SIPO 代替案で「EMURGO は商業パートナーシップ資金（sponsors、co-branding、enterprise revenue 配分）で TOKEN2049 sponsorship を pursue する」ことを明示的に示唆しました。再提出版は、なぜ commercial partnership 資金で（より低価格の Platinum tier $793k USD でも）カバーできないのかを論じていません。

    3. 公共財 vs ブランドマーケティング比率。Baseline は意味のあるビルダー要素（30 builder tickets 専属確保、sub-stage 時間、on-site coordination）を含み、これは方向性として評価できます。しかし、Platinum tier sponsorship $793k の headline 配分（108 sqm ブース、networking、lead generation positioning）は依然としてブランドマーケティング性質が強く、direct public-goods support とは言えません。4 月 18 日 SIPO 批判「event budget に対する builder direct allocation 比率」は精神的には部分対応されていますが、$ あたりの builder-direct 比率は依然として低いままです。

    4. IOG 不在と「統合 Cardano」framing。本提案は TOKEN2049 presence を「putting Cardano builders at the forefront」「the Cardano ecosystem on the global stage」と framing していますが、署名者は EMURGO のみです。IOG の参加は触れられていません。community-first / unified-Cardano framing には、IOG の立場（declined / not invited / pursuing separately）の開示が必要です — コミュニティがこれを真にエコシステム全体のイニシアチブとして評価できるためには。

    過去 SIPO 投票との整合性

    SIPO は公共財・インフラ・エコシステム成長資本・ガバナンス制度に一貫して YES を投じてきました。業界カンファレンスでのイベント sponsorship は、ビルダー focused 要素を含んでいても、(a) 提案者が十分資本化された商業エンティティ、(b) 利益相反緩和が欠如、(c) 公共財正当化が headline でない、という条件下では上記カテゴリ外です。本 NO は 4 月 18 日に引いた線を矛盾なく明確化します。

    建設的代替案

    • EMURGO は TOKEN2049 sponsorship を商業パートナーシップ資金（sponsors、co-branding、EMURGO 既存 enterprise revenue 配分）で pursue する（4 月 18 日 SIPO NO voteContext で提示済）。
    • TOKEN2049 ビルダー showcase に Treasury 資金提供が真に必要であれば、ビルダー直接 grant プログラム（例：Catalyst-style sub-allocation でエコシステムプロジェクトが attend / present / showcase）として再構成、EMURGO は logistical facilitator のみ（提案者財務利益ゼロ）、CF / EMURGO / IOG 立場の合同開示、提案者 DRep の Abstain 事前表明 を備える。
    • 将来サイクル分は、「Cardano logistical presence（運用）」と「Cardano sponsorship branding（マーケティング）」を分離する — 前者は公共財整合 grant、後者は商業的に位置づけるべき。

    EMURGO のコミュニティフィードバックに対する責任ある対応に敬意を表します。今後、明示的な利益相反緩和と builder-direct 配分を headline（補足ではなく）とした構造の TOKEN2049 ecosystem presence 提案については、積極的に支持してまいります。

    以上の理由により、SIPO DRep として本提案に反対（NO）を投じます。

  • Army of Spies
    No84.3M ₳Rationale

    We, as a community, should be appreciative that we have a founding entity in Emurgo that is willing to manage our exposure at an event like this. However, I am ever-weary of expenditure levels that would exhaust the Cardano Treasury inside of 10 years. Interest in crypto is also currently incredibly low. These types of events seem like we're marketing to already-converted crypto insiders when we need to reach the mainstream. We need to present a value prop to soccer moms, not Solana bros. I also cannot reconcile the price tag with some of the KPIs (e.g. 200 Cardano wallet signups). I'm sure Emurgo would do a great job for us at this event. But I am unpersuaded there is sufficient ROI. For those reasons, I am unconvinced that this would be a wise use of funds at this time.

  • Phil UPLC
    Yes76.8M ₳Rationale

    Support the platinum TOKEN2049 sponsorship because it is one of the stronger external-event categories for reaching serious crypto audiences outside Cardano.

    A PDF version of this rationale is also made available.

    Support the platinum TOKEN2049 sponsorship because it is one of the stronger external-event categories for reaching serious crypto audiences outside Cardano. Separate from brand spend; the real value is the access to liquidity, builder, exchange, institution, and partnership conversations that internal ecosystem events do not provide. Must track impact and outcomes through meetings, qualified leads, partnership follow-up, and liquidity or builder conversations.

  • ranket
    No75.2M ₳No rationale
  • SASA_nagamaru_ながまる
    Yes74.5M ₳Rationale

    I evaluated the three proposals — Cardano Summit 2026, TOKEN2049 Platinum Sponsorship, and the TOKEN2049 Title Upgrade — as part of one broader strategic direction.

    First, I strongly support Cardano having a presence at TOKEN2049. At this stage, I believe Cardano’s biggest challenge is no longer purely technology or research, but external adoption, business development, liquidity, institutional relationships, and attracting new builders into the ecosystem. TOKEN2049 represents one of the few global venues where over 25,000 participants — including investors, enterprises, exchanges, developers, and media — are already concentrated in one place. This makes it an extremely valuable opportunity for Cardano to expand beyond its existing ecosystem.

    In particular, the Platinum Sponsorship proposal appears relatively practical and cost-conscious while still preserving the core strategic value. The builder stage, ecosystem booth presence, networking access, and builder ticket allocation provide direct opportunities for ecosystem exposure, relationship building, and potential onboarding. Given the current market conditions and the broader treasury environment, I believe this proposal has a reasonable chance of generating measurable external impact.

    However, I am more cautious regarding the Title Upgrade proposal. While the keynote slot, additional branding exposure, and media positioning certainly have value, I do not believe Cardano’s highest priority right now is maximizing prestige or brand visibility alone. The ecosystem’s larger issue is converting attention into real adoption, partnerships, liquidity, and users. Because of this, I am not fully convinced that the additional cost of the upgrade delivers proportional ROI at the current stage.

    Regarding Cardano Summit 2026, I understand and respect the overall vision behind the event. Community building, governance discussions, education, and ecosystem identity are all important for Cardano’s long-term health. However, I also believe there is a real risk of becoming too internally focused. Cardano already has strong technology, strong research, and a strong governance culture, but it still struggles with market penetration and external growth. In the current environment, I believe the higher priority should be attracting external participants rather than primarily reinforcing internal branding.

    Overall, my position is:

    TOKEN2049 Platinum Sponsorship → Support
    TOKEN2049 Title Upgrade → Cautious / leaning unnecessary at this stage
    Cardano Summit 2026 → Worth reconsidering if there is sufficient remaining NCL capacity. However, a further reduction in scope and budget would make the proposal significantly easier to support

    For Cardano to reach the next phase, it must evolve from being simply a technically strong blockchain into an ecosystem that naturally attracts capital, enterprises, developers, and users. In my view, external connection and market expansion should be prioritized right now.

    僕は、Cardano Summit 2026、TOKEN2049 Platinum Sponsorship、そしてTOKEN2049 Title Upgradeの3提案を一体として検討しました。

    まず、TOKEN2049への参加自体には強く賛成です。現在のCardanoに最も必要なのは、内側での認知や結束だけでなく、外部市場との接続、流動性、企業連携、そして新規ビルダーや機関投資家を引き込むための導線だと考えているからです。TOKEN2049は、25,000人規模のグローバル参加者が集まる数少ない場であり、Cardanoを「外」に届けるための非常に重要な機会だと考えています。

    特にPlatinum Sponsorship proposalは、Builder Stage、ブース展開、ネットワーキング、Builder ticket提供など、比較的コストを抑えながらも、実際の流入や事業開発につながる現実的な構成になっていると感じます。現在の市場環境やNCLの状況を踏まえても、一定の費用対効果は期待できると考えています。

    一方で、Title Upgrade proposalについては慎重です。メインステージ keynote、ランヤード、追加ブランド露出などは確かに価値がありますが、現時点のCardanoにおいて最優先なのは「ブランドを大きく見せること」より、「実際に人や企業を引き込むこと」だと考えています。追加コストに対するROIには疑問が残るため、現段階ではPlatinumのみで十分ではないかと感じています。

    また、Cardano Summit 2026についても、方向性や思想には共感しています。特にコミュニティ形成、ガバナンス、教育、ブランド構築という観点では重要な役割を持つイベントだと思います。ただし、現在の市場環境では、どうしても“内輪で固まりやすい構造”になるリスクも感じています。今のCardanoは、技術力や研究力は非常に高い一方で、事業開発や市場への浸透に課題を抱えているため、優先順位としては、まず外部流入を強化するべきフェーズだと考えています。

    そのため総合的には、

    TOKEN2049 Platinum Sponsorship → 支持
    TOKEN2049 Title Upgrade → 慎重 / 現時点では不要寄り
    Cardano Summit 2026 → NCLに余裕がある場合は検討余地あり。ただし、規模や予算をさらに縮小することで、より支持しやすい提案になると考えています

    という立場です。

    Cardanoが次のフェーズへ進むためには、「強い技術を持つチェーン」から、「人・資本・企業・開発者が自然に集まるチェーン」へ進化する必要があると考えています。その意味で、今最も重要なのは“外に向けた接続”だと感じています。

  • Dave
    NoRevoted73.1M ₳Rationale

    I know this passed, but I want to log my NO vote. The proposal benefits builders, and I credit EMURGO's zero profit structure. However, a 3.3M ADA ask with an 85% upfront drawdown conflicts with my principles. Historically, I cannot easily tie this event spend back to clear KPI value.

    A PDF version of this rationale is also made available.

    I know this proposal has already passed, but I wanted to still formally register my NO vote and share my rationale for transparency.

    Singapore is a great location, and I credit EMURGO for a zero profit, Platinum tier pass through structure that directly responds to community feedback. The proposal easily demonstrates clear benefits to Cardano by providing free tickets, dedicated stage time, and critical networking access directly to ecosystem builders.

    However, a 3.3 million ADA ask paired with an 85% upfront drawdown conflicts too deeply with my core fiscal principles. This is an exceptionally high amount for an event where, historically, I am unable to easily tie the spend back to clear value on Cardano in the form of KPIs. Ideally, I would prefer we focus on treasury replenishment initiatives, growing our treasury and on chain usage, before we have the luxury of spending out at events to join other blockchains that do have utility generating further on chain usage. Even though the community heavily favors this presence, as a DRep I must prioritize strict treasury discipline, and I cannot in good conscience support these specific financial parameters.

    As this has since passed, I would welcome EMURGO to demonstrate this proposal's value, and I look forward to seeing this during the event, especially across social media, which will in turn assist my position for future funding.

    Earlier votes

    No1mo agoSuperseded

    Test

    A PDF version of this rationale is also made available.

    Test

  • Martin Lang
    Yes69.4M ₳No rationale
  • Hermes Stakepool Germany (HRMS)
    No66M ₳Rationale

    nearly 800k USD for a sponsoring is a hard no from me

  • Peter Bui
    YesChanged62.7M ₳Rationale

    I am voting YES on the Token2049 base proposal.

    This is still a significant treasury ask, so I do not take the vote lightly. In the current market, every ADA spent needs a clear reason, and event funding should be held to a high standard.

    For me, the base Token2049 proposal is justified because it puts Cardano in front of the right audience at the right time.

    Token2049 Singapore is one of the most important crypto and fintech events in the region. It attracts investors, exchanges, infrastructure providers, founders, institutions, funds, enterprise teams and decision makers who are actively looking at where the industry is going next.

    Cardano needs to be visible in those rooms.

    The ecosystem has spent years building core infrastructure. We are seeing momentum around stablecoins, Bitcoin DeFi, partner chains, real-world assets, governance, developer tooling and deeper integrations. If we want that work to turn into adoption, partnerships and liquidity, Cardano needs to show up where those conversations are already happening.

    I also support the more practical approach of taking a strong but not excessive presence. The base proposal gives Cardano exposure, builder representation and a credible presence at the event without stretching the treasury ask further than necessary.

    The success of this proposal should not only be judged by short-term on-chain metrics. A major industry event should be measured through qualified leads, builder participation, meetings, media reach, institutional conversations, follow-up partnerships and transparent post-event reporting.

    My support is based on the expectation that the teams involved will publish clear outcomes after the event and show what was achieved with treasury funds.

    For those reasons, I am voting YES.

    Earlier votes

    Abstain2mo agoSuperseded

  • Goofycrisp
    Yes50.5M ₳Rationale

    I previously abstained on the larger bundled events proposal because the total ask was too high. This revised baseline proposal is more focused and more reasonable to assess on its own merits. From personal experience, TOKEN2049 was a real success for Cardano last year. It is one of the biggest crypto conferences in the world, and I believe maintaining Cardano’s presence there matters. Cardano and Snek were both well represented, and despite the current ADA price, I think it is still worth the investment to return this year. It is also a great opportunity to attract people from outside the ecosystem to Cardano and broaden awareness beyond the existing community. Showing up in the current market environment is also positive for the ecosystem’s image. I also appreciate the commitment that if ADA appreciates materially between submission and execution, any resulting surplus will be returned to the Cardano Treasury.

  • hix_coffeepool
    No50.4M ₳Rationale

    I am voting No on this proposal. As a DRep, I evaluate all treasury withdrawal governance actions against my published voting framework, with a focus on the healthy development and long-term sustainability of the ecosystem. This proposal does not meet the framework's requirements, and I am voting No on that basis. 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。私はすべてのトレジャリー出金ガバナンスアクションを、公開済みの投票フレームワークに基づいて、エコシステムの健全な発展と持続可能性を重視して評価しています。本提案はフレームワークの要件を満たさないため、反対票を投じます。参照: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem-jp/

  • Chris-O
    No49.5M ₳No rationale
  • Tempo.Vote
    Yes48.6M ₳No rationale
  • PoolTool
    No47.6M ₳No rationale
  • Patrick_Tobler
    YesChanged40.1M ₳History

    Earlier votes

    Abstain2mo agoSuperseded

  • drep1yffcjs0njfe...
    Abstain38.1M ₳No rationale
  • Linda - Cryptofly
    Yes37.8M ₳No rationale
  • Liqwid DAO
    Yes36.9M ₳No rationale
  • MUEN
    No34.6M ₳No rationale
  • Socious
    Yes34.3M ₳Rationale

    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。

  • Aichi/Tokai_DRep
    No31.4M ₳Rationale

    I am voting No on this proposal.

    While TOKEN2049 provides visibility among investors and media, it does not offer a balanced environment for both developers and investors. The event is heavily investor‑focused, with relatively few developers present, which limits its potential to drive meaningful adoption or attract new builders to the Cardano ecosystem.

    Given the high cost of the Platinum sponsorship and the lack of clear, measurable return on investment—especially compared to more balanced, developer‑inclusive, chain‑neutral events—I do not believe this proposal provides sufficient external value to justify Treasury funding.

    For these reasons, I cannot support the proposal.

  • NEDSCAVE.IO
    Abstain30.7M ₳No rationale
  • Cerkoryn
    No27.9M ₳Rationale

    I appreciate that this proposal is more compelling than a Cardano-only event because TOKEN2049 gives Cardano visibility in front of the broader crypto industry. However, I still do not believe this is the best use of treasury funds at this point in time. While increased visibility is valuable, I feel Cardano needs to focus more heavily on its unique selling points and finding product market fit first.

    In my view, marketing and event sponsorships are most valuable when they amplify strong momentum that already exists. Right now, I think we still need to spend more time building the infrastructure and business applications that give Cardano a clearer commercial story to tell when we show up at major industry events.

    For that reason I am voting NO on this proposal.

  • TERA DRep
    No27.9M ₳No rationale
  • Drep One
    Yes27.5M ₳No rationale
  • Florian Volery
    No26.3M ₳Rationale

    Such an event should prioritize giving existing dApps and builders booth free space at the summit to showcase what they have built.

    Too many Cardano events have been organized without creating opportunities for actual builders to present their products, which misses a key part of the ecosystem.

    A summit can only succeed if the spotlight is placed on the existing products and the builders already creating on Cardano.

  • Blockjock (James Meidinger)
    YesChanged26.1M ₳History

    Earlier votes

    Abstain2mo agoSuperseded

  • wolf31o2 (Chris Gianelloni)
    Yes23.5M ₳Rationale

    Let's go!

  • Duc Tiger
    No22M ₳Rationale

    I am voting NO on the Baseline 'Platinum' Sponsorship for TOKEN2049.

    Let me be unequivocally clear: I strongly agree that Cardano must have a powerful, professional presence at TOKEN2049 Singapore. It is a critical hub for institutional adoption and RWA projects. However, the necessity of the event cannot be used to justify an exorbitant and inefficient budget.

    We are being asked to approve a base cost of nearly $800,000 USD (₳3.3 Million) for a two-day event.

    1. Unsustainable Budgeting: Allocating $250,000 USD purely for "Booth Build and Logistics" (on top of the $400,000 sponsorship fee) is astronomically high, even for Singapore standards. Furthermore, charging the Treasury a $97,000 (15%) "Management Fee" to coordinate an event that fundamentally serves EMURGO’s own
      strategic interests as a founding entity is an inappropriate extraction of community capital.

    2. Poor ROI on KPIs: The projected metrics—such as 200 wallet sign-ups and 20 partnerships—do not mathematically justify a near-million-dollar expenditure. This equates to spending nearly $4,000 to acquire a single wallet sign-up. This is not marketing; this is capital destruction.

    The Cardano Treasury is an investment vehicle, not a corporate marketing slush fund. I urge EMURGO to renegotiate with their vendors, eliminate the management fee markup, and submit a leaner, more capital-efficient proposal. Until the pricing reflects open-market realities, my vote is NO.

  • DINO
    YesChanged21.5M ₳History

    Earlier votes

    No2mo agoSuperseded

  • Hephaestus Stake Pool [HEPHY]
    Yes21.5M ₳No rationale
  • Ha-Nguyen
    Abstain21.4M ₳No rationale
  • SIDAN Lab
    Yes21.1M ₳No rationale
  • Moonstake
    Yes20.4M ₳No rationale
  • CTEC-Stake-Pool
    No20.3M ₳No rationale
  • Chris [STR8] - Straightpool
    Yes19.9M ₳Rationale

    Can you imagine the effect of the Cardano Summit and Token2049 combined together this year? To have a a large portion of the 1,200 expected Cardano native attendees of the Cardano Summit 2026 move over energized to Token2049 to a large Cardano presence there with 25.000 other people from many other ecosystems?
    This will make a major impression and is a must to push Cardano, especially with all the strong interoperability topics we can talk about this year like Bitcoin DeFi with the DeFi Kernel, Leois, Midnight and Filecoin integration, ....
    Clear YES vote!

  • Rodrigo-[CHIL]
    Yes17.3M ₳Rationale

    Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal

  • Cardanians
    Yes16.7M ₳Rationale

    This is not an automatic YES. We were leaning between ABSTAIN and YES, because this is still a sizeable marketing/BD spend and it is difficult to prove in advance that conference presence will translate into concrete adoption, partnerships, users, or on-chain activity.

    That said, this revised proposal is much more focused and proportionate than the earlier bundled version. The ask is 3,303,750 ADA / $792,900, the sponsorship was reduced from Title to Platinum, and the proposal is now directly centered on giving Cardano builders access to TOKEN2049 through up to 30 builder tickets, booth/stage presence, lead scanning, media/content support, and exposure to a 25,000+ attendee audience.

    We also appreciate the defined KPIs, Intersect-administered smart-contract funding, third-party assurance, oversight, dashboard reporting, and refund conditions. While some KPIs are still proxy metrics, the structure is materially improved.

    Cardano needs to be visible where serious builders, investors, exchanges, institutions, and partners already gather. Given the reduced scope, clear builder focus, and EMURGO’s Singapore presence and prior TOKEN2049 experience, we are willing to give this proposal the benefit of the doubt and vote YES.