Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal
184 DReps voted · 60 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ 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.
- Yes 428.5M ₳ 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。
- Yes 328.3M ₳ No rationale
- Yes 297.4M ₳ 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. - Yes 240.8M ₳ No rationale
- Yes 221.8M ₳ 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 UpgradeSingapore 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.
- Yes 174.4M ₳ 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
- Yes 160.5M ₳ No rationale
- Yes 135.1M ₳ 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. - Yes 93.3M ₳ 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:
pool1c3fjkls7d2aujud8y5xy5e0azu0ueatwn34u7jy3ql85ze3xya8My DRep ID:
drep1y2m0g4r66pyaw3p7u454wc0p4f0ygm8ueaev0mgd3tvwm7sskqwqp - Yes 92.1M ₳ No rationale
- Yes 89.8M ₳ 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:
- EMURGO formalizes the 15% management fee waiver via official channels (EMURGO X / press release / Cardano Forum) before TOKEN2049 (October 2026).
- TOKEN2049 booth program publicly lists Top 20 Cardano builders and IOG / Midnight presence with concrete agenda items by September 2026.
- Post-event report disclosing 30 builder ticket allocation outcomes, audience-conversion metrics, and commercial sponsorship revenue offsetting treasury draw.
- 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：
- 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
- 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
- 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
- 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。
- No 89.3M ₳ 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.
- Yes 89.2M ₳ 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.
- Yes 76.1M ₳ 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.
- No 74.7M ₳ No rationale
- No 71.3M ₳ 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.
- Yes 70.8M ₳ No rationale
- Yes 68M ₳ 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 supportFor 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。
- No 65.7M ₳ Rationale
nearly 800k USD for a sponsoring is a hard no from me
- Yes 62.7M ₳ No rationale
- Yes 51.1M ₳ 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.
- No 50.5M ₳ No rationale
- 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, 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/
- Yes 48.4M ₳ No rationale
- No 42.4M ₳ No rationale
- Yes 40M ₳ No rationale
- Abstain 38.1M ₳ No rationale
- Yes 36.8M ₳ No rationale
- No 34.4M ₳ No rationale
- Yes 34.3M ₳ 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。
- Yes 31.3M ₳ No rationale
- No 31M ₳ 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.
- Abstain 30.5M ₳ No rationale
- No 28.2M ₳ 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.
- Yes 27.9M ₳ No rationale
- No 27.4M ₳ No rationale
- Yes 26.1M ₳ No rationale
- No 25.9M ₳ 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.
- Yes 22.7M ₳ Rationale
Let's go!
- Yes 22M ₳ No rationale
- No 22M ₳ 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.
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.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.
- Abstain 21.3M ₳ No rationale
- Yes 21.2M ₳ No rationale
- Yes 21.1M ₳ No rationale
- Yes 21.1M ₳ No rationale
- No 20.3M ₳ No rationale
- Yes 19.9M ₳ 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! - Yes 17.1M ₳ Rationale
Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal
- Yes 16.7M ₳ 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.