Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade
7 of 7 committee members voted
- Ace Alliance71aa5b3a…8f04YesActive · term ends epoch 726Rationale
Ace Alliance finds the proposed "Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade" Treasury Withdrawals Governance Action Constitutional. Rationales are archived at https://github.com/ace-alliance/ace-voting/
This Treasury Withdrawals Governance Action (TWGA) requests 1,768,167 ada (approximately USD 424,360 at an assumed rate of USD 0.24 per ada) as a modular top-up that, if combined with the separately submitted Baseline ‘Platinum’ Sponsorship Proposal, upgrades Cardano's TOKEN2049 Singapore 2026 presence from a ‘Platinum’ to a ‘Title’ sponsorship. The incremental scope covers a 15-minute mainstage keynote, expansion of the booth footprint from 108 sqm to 144 sqm, lanyard and protein-shake-station branding, press release inclusion, facilitated media introductions, and additional access invitations. EMURGO is named as the operational facilitator and direct recipient of pass-through funds, with Intersect designated as the administrator operating on behalf of the Cardano Development Holdings (CDH). The withdrawal flows to Intersect's 2025 Treasury Reserve Smart Contract (TRSC), thereafter to a Project-Specific Smart Contract (PSSC) for EMURGO, with a single-milestone disbursement structure. The proposal is explicitly contingent on the approval of the Baseline ‘Platinum’ TWGA (
gov_action18u8lpkzge2csxe3plynn9lh4agwtv3nrqkyfwalwj4ykjv7l68jqqzmul9z); EMURGO commits to a 100 percent refund to the Treasury within 30 days of enactment in the event the Baseline action does not pass. Our review concerns the constitutionality of the action as posted, not the merits of the underlying sponsorship strategy or the negotiated commercial terms.Under Article II.6, governance actions must use a standardized format, include an immutable URL and hash, and provide sufficient rationale. This TWGA satisfies these requirements.
Article II.6.1 (Metadata Format). The metadata is served from immutable IPFS (
ipfs://bafkreifl24qjwnj4qa2vqaun3wfwg7z4lzcgg3okdpdbqoa4oiouwfwdsi) with a matching anchor hash referenced on-chain (a235127bf795ab8f141a9e115f79fe9102ed5ec086135ea0c3e087b9e2d61a92), and conforms to CIP-0108. Content-addressed IPFS storage forecloses post-submission alteration.Article II.6.2 (Metadata Structure). The metadata contains a title, abstract, motivation, rationale, an explicit constitutional self-assessment, a budget breakdown limited to the price delta between the ‘Platinum’ baseline and ‘Title’ upgrade tiers, a tier-comparison table, key performance indicators incremental to those of the Baseline proposal, and risk and mitigation discussion that addresses the dependency on the Baseline action.
Under Article II.7, TWGAs must meet six specific requirements. This TWGA satisfies all of them.
Article II.7.1 (Terms of the Withdrawal). Purpose is stated (upgrading the TOKEN2049 sponsorship tier to ‘Title’, unlocking the mainstage keynote, expanded booth, branding upgrades, and media access). The delivery period is specified (October 7 to 8, 2026, with a post-event report committed within 60 days). Relevant costs are itemized as the price delta only: ‘Title’ Sponsorship Upgrade USD 300,000, additional booth build and logistics USD 100,000, Compliance and Governance at 3 percent USD 12,000, plus Intersect's 3 percent administrative fee of USD 12,360, totaling USD 424,360. The proposer explicitly excludes a duplicate management fee, noting that operational management is already funded under the Baseline TWGA. Refund circumstances are enumerated across four cases: failure of the Baseline ‘Platinum’ proposal to pass (100 percent return within 30 days of enactment), cancellation of TOKEN2049 before vendor payments are due, surplus from unspent ada returned within six months, and surplus arising from ada price appreciation returned within six months.
Article II.7.2 (Prior Funding Disclosure). EMURGO discloses two prior 2025 Treasury receipts: the "Unveiling the First Unified Global Events Marketing Strategy for Cardano" TWGA (still in delivery for activities scheduled in 2026) and the "Cardano Summit 2025 and regional tech events" TWGA (India Hackathon component, reported as having met KPIs). The Constitution requires disclosure, not absence, of prior funding; the disclosure obligation is satisfied.
Article II.7.3 (Net Change Limit Compliance). A 350,000,000 ada NCL covering epochs 613 to 713 is in force. The 1,768,167 ada requested here is well within that headroom. The proposer also discloses the combined scenario in which both this Top-Up and the Baseline ‘Platinum’ Proposal pass simultaneously (5,071,917 ada combined), which remains well within the remaining NCL balance.
Article II.7.4 (Audits and Oversight). The budget allocates USD 12,000 (3 percent) for legal review, audit provisions, and tax compliance. The proposal additionally commits to a public Intersect dashboard tracking on-chain TRSC and PSSC state, milestone disbursements, and KPI delivery, and to a post-event report within 60 days. These provisions satisfy the requirement that ada be allocated for periodic independent audits and that oversight metrics be implemented. The Constitution requires that ada be allocated; it does not prescribe a minimum percentage.
Article II.7.5 (Administrator). The proposal designates Intersect as administrator, operating on behalf of the CDH under a forthcoming legal agreement. Intersect's published administrative structure (three administrative roles, two leadership roles, and a five-member external Oversight Committee composed of Sundae Labs, the Cardano Foundation, DQuadrant, Xerberus, and NMKR) is referenced and is consistent with the administrator-plus-oversight pattern previously accepted by the Constitutional Committee.
Article II.7.6 (Custody). Withdrawn ada flows to the Intersect 2025 TRSC at stake address
stake17xzc8pt7fgf0lc0x7eq6z7z6puhsxmzktna7dluahrj6g6ghh5qjr, with later migration to a 2026 TRSC and downstream funding of a project-specific PSSC for EMURGO. The proposal states explicitly that neither the TRSC nor the PSSCs will be delegated to an SPO; both are delegated to the predefined auto-abstain DRep; this has been confirmed. The Sundae Labs treasury contract architecture has been audited by TxPipe and MLabs, with a mainnet validation transaction (0f591dc544ae14102dbb4a74d5311a6acffc1772b163d8b7a9656b9525950b17) referenced for public verification. Funds remain auditable by the Cardano Community for the duration of administration.Appendix I (Guardrails). TREASURY-01a: the 350M ada NCL was set on-chain by the DReps via the "Net Change Limit (Epoch 613 to Epoch 713)" Info Action, treated as definitively set per our precedent. TREASURY-02a: the 1,768,167 ada requested does not exceed the 350M ada NCL, and remains within the remaining NCL balance in the combined scenario where both the Baseline ‘Platinum’ and this Top-Up are enacted. TREASURY-03a: the withdrawal is denominated in ada.
Ace Alliance finds the proposed "Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade" Treasury Withdrawals Governance Action Constitutional.
- Cardano Curia84feba94…6bd5YesActive · term ends epoch 799Rationale
Cardano Curia (Constitutional Committee) judges this governance action constitutional.
This governance action is assessed by the Constitutional Committee solely for consistency with the Cardano Constitution and applicable Guardrails.
A governance action is constitutional when (1) it follows the Constitution’s governance action standards (including clarity and stable/immutable referencing), and (2) for treasury-related actions, it includes sufficient specification for stewardship: purpose, delivery period, costs/budget basis, administration/oversight, auditability/reporting, and refund/close-out mechanics.
On the information available via the governance action record, Cardano Curia finds no facial conflict with the Constitution’s tenets and governance standards. Provided that the canonical off-chain proposal materials referenced by the action are immutable (URL + hash) and match the final submitted text (preventing post-vote alteration), the Committee judges the action procedurally and substantively consistent with the Constitution.
Accordingly, Cardano Curia finds this governance action constitutional.
Cardano Curia finds this governance action constitutional.
- Cardano Japan Council725d4d44…7b31YesExpired · term ends epoch 653Rationale
We consider this governance action to be constitutional.
This proposal is a Treasury Withdrawal Governance Action to withdraw ₳1,768,167 from the Cardano Treasury to fund EMURGO’s “Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade.” Regarding Article 2, Section 6, Paragraphs 1 and 2 of the Cardano Constitution, this proposal adopts an immutable off-chain reference using IPFS. Furthermore, the proposal text includes the title, summary, rationale, event objectives, KPIs, event program, budget, milestones, management structure, audit and reporting framework, risks, and a Constitutional Self-Assessment; we therefore determine that it presents information sufficient for evaluation as a Governance Action. Regarding Article 2, Section 7, Paragraphs 1 and 2, this proposal aims to upgrade to “Title” sponsorship at TOKEN2049 Singapore 2026. It outlines plans to enhance the Cardano ecosystem’s visibility, facilitate networking, foster partnerships, and drive ecosystem growth through mainstage keynotes, media introductions, branding expansion, and a larger booth footprint. Additionally, the proposal details the event dates (October 7–8, 2026), budget breakdown, refund conditions, and the conditions for returning unused funds and surplus ADA in the event of an ADA price increase. Furthermore, the proposal specifies that it is a top-up proposal based on the “Baseline ‘Platinum’ Sponsorship Proposal” and includes a condition that 100% of the funds will be returned to the Treasury if the baseline proposal is not approved. Furthermore, the proposal details the history of past Treasury funding received. Regarding Article 2, Section 7, Paragraph 3, the requested amount for this proposal is ₳1,768,167, which falls within the 350M ADA Net Change Limit applicable to Epochs 613–713 at the time of submission. The proposal also confirms that even when combined with the baseline proposal, the total amount is ₳5,071,917, which remains within the remaining NCL limit. Furthermore, the requested amount for this proposal is stated in ADA, and the proposal also includes a USD equivalent based on an estimated ADA price at the time of writing. Article 2, Section 7, Paragraphs 4 and 5 describe treasury administration with Intersect as the administrator; the Treasury Reserve Smart Contract (TRSC) and Project-Specific Smart Contracts (PSSC); the Oversight Committee; third-party guarantees; audits; reporting obligations; and the visualization of KPIs, fund transfers, and smart contract management status via a public dashboard. It also describes the use of treasury management smart contracts by Sundae Labs. Furthermore, Article 2, Section 7, Paragraph 6 describes fund management using TRSC and PSSC, non-delegation to SPOs, and delegation to the auto-abstain DRep. We determine that this structure is intended to align with the requirements of “auditable by the Cardano Community,” “separate accounts,” “not delegated to a SPO,” and “delegated to a predefined abstain voting option.” Therefore, as no clear conflict with the Cardano Constitution has been identified, we determine that this proposal is constitutional.
For the reasons stated above, we determine that it is constitutional.
- Eastern Cardano Council2ea7a78e…10ecYesActive · term ends epoch 726Rationale
We have determined that this treasury withdrawal governance action is constitutional.
The governance action with ID "gov_action1kj6...0pckkw" and title "Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade" is a Treasury Withdrawal, and is therefore subject to the following sections and guardrails in the Cardano Constitution.
ARTICLE II, Section 6 of the Cardano Constitution states that governance actions must follow a standardized and legible format, including a URL hosting an immutable document and a corresponding hash, and must provide sufficient rationale including a title, abstract, justification, and supporting materials.
This governance action includes a valid URL and hash, which matches the hash of the off-chain documentation referenced. The rationale also meets the minimum content specified in this section.
ARTICLE II, Section 7 specifies that Treasury Withdrawal governance actions must include the following:
1. Purpose, Delivery Period, Costs, and Refund Conditions
This governance action specifies:
- The purpose of the withdrawal is “to fund a ‘Title’ Sponsorship Upgrade at TOKEN2049 Singapore to increase Cardano's presence and foster ecosystem growth.”
- The period for delivery of proposed activities is “from October 7–8, 2026.”
- The relevant costs and expenses under the heading "Budget Breakdown"
- The circumstances under which funds may be refunded to the Cardano Treasury as “1. The failure of the baseline ‘Platinum’ proposal to pass 2. Cancellation of TOKEN2049 before vendor payments are due, with the balance returned to the Treasury. 3. Successful execution of the event with total expenses falling under the requested amount, in which case unspent ada will be returned within six months; or 4. Realization of a profit on withdrawn ada due to ada price appreciation, which will be refunded within six months of the event.”
These elements fulfil the requirements of Article II, Section 7(1).
2. Prior Treasury Funding Disclosure
ARTICLE II, Section 7(2) requires disclosure of whether the prospective recipient has received ada from the Cardano Treasury within the last 24 months.
This governance action states that "EMURGO received ada during 2025 treasury withdrawals under the "Unveiling the First Unified Global Events Marketing Strategy for Cardano" proposal for conducting various global events...". This fulfils the requirement of ARTICLE II, Section 7(2).
3. Net Change Limit (NCL)
ARTICLE II, Section 7(3) requires that Treasury Withdrawals must not exceed the Net Change Limit.
The Net Change Limit in effect at the time of submission of this vote on-chain is the governance action with ID "gov_action1m3x...4jsr7q".
- A. Current NCL Amount: 350000000 ada
- B. Current NCL Time Period: Epoch 613 to Epoch 713 (Inclusive)
- C. Total of Treasury Withdrawals within the Current NCL Time Period: 199352090 ada
- D. Amount of this Treasury Withdrawal: 1768167 ada
- E. "C" plus "D" = 201120257 ada
- F. "A" minus "E" = 148879743 ada
As the value of "F" is greater than or equal to zero, this governance action fulfils the NCL requirement.
4. Audit Allocation and Oversight Metrics
ARTICLE II, Section 7(4) states "Treasury Withdrawals actions shall require an allocation of ada as a part of such funding request to cover the cost of periodic independent audits and the implementation of oversight metrics as to the use of such ada."
This governance action states that "This proposal makes provisions for periodic independent audits under the "Management and Administration" budget category, and progress will be publicly available through the Intersect dashboard to track and monitor the smart contract instance used to administer the funding and to view updates to KPIs.", which fulfils the requirements of ARTICLE II, Section 7(4).
5. Designated Administrators
ARTICLE II, Section 7(5) requires that one or more administrators are designated to monitor fund usage and ensure deliverables are achieved.
This governance action states that "This proposal designates Intersect as the administrator, operating on behalf of the CDH, as detailed in the "Accountability" section.", which fulfils this requirement.
6. Fund Management Requirements
ARTICLE II, Section 7(6) states "Any ada received from a Cardano Blockchain treasury withdrawal, so long as such ada is being held by an administrator prior to further disbursement to the Treasury Withdrawal Recipient, must be kept in one or more separate accounts that can be audited by the Cardano Community, and such accounts shall not be delegated to an SPO but must be delegated to the predefined abstain voting option."
This governance action specifies the following withdrawal address, which at the time of assessment is not delegated to an SPO and is delegated to the auto abstain voting option:
- stake17xzc8pt7fgf0lc0x7eq6z7z6puhsxmzktna7dluahrj6g6ghh5qjr
Finally, the guardrails that require consideration for this governance action are TREASURY-01a, TREASURY-02a, and TREASURY-03a. These are addressed as follows:
- TREASURY-01a - The net change limit with governance action ID "gov_action1m3x...4jsr7q" is currently in effect, after being "agreed by the DReps via an on-chain governance action with a threshold of greater than 50% of the active voting stake".
- TREASURY-02a - As per the above assessment, this treasury withdrawal does not exceed the current Net Change Limit.
- TREASURY-03a - This treasury withdrawal is denominated in ada.
We therefore find this governance action Constitutional.
This governance action sufficiently fulfils the criteria specified for treasury withdrawals in the Cardano Constitution, so is deemed constitutional.
- KtorZ64f97568…3a49YesExpired · term ends epoch 653Rationale
Ok 👍
The proposal is constitutional in the usual points pertaining to withdrawals, albeit very shallow regarding the accordance to the core tenets. This last point is better left as a mission for DReps.
- Phil_uplc68bb0b42…8746YesActive · term ends epoch 799Rationale
This proposal is constitutional as it doesn't violate any of the binary requirements set forth in the constitution.
A PDF version of this rationale is also made available.
This proposal is constitutional as it doesn't violate any of the binary requirements set forth in the constitution.
- Tingvard646d1b3a…be43YesActive · term ends epoch 726Rationale
Tingvard judges the “Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade” treasury withdrawal governance action constitutional.
This governance action satisfies the procedural requirements for a treasury withdrawal under Article II, Section 6 and Article II, Section 7.
The proposal includes a title, abstract, rationale, supporting materials, and specifies the purpose, delivery period, costs, oversight structure, refund conditions, and prior treasury receipts as required under Article II, Section 7, §1 and §2.
The proposal designates Intersect as administrator, operating on behalf of Cardano Development Holdings, with fund management through treasury smart contracts and an Oversight Committee, satisfying Article II, Section 7, §5.
The proposal allocates funding for independent audits, legal review, compliance, and oversight mechanisms, satisfying Article II, Section 7, §4.
The proposal further states that administrator-held funds will be kept in auditable accounts, will not be delegated to SPOs, and will be delegated only to the predefined auto-abstain DRep option, satisfying Article II, Section 7, §6.
The governance action states that the withdrawal is denominated in ada and does not exceed the active Net Change Limit at the time of submission, in accordance with TREASURY-02a and TREASURY-03a.
The proposal includes immutable hosting, a document hash, and supporting references in accordance with Article II, Section 6, §1.
Tingvard therefore finds that the governance action procedurally satisfies the constitutional requirements applicable to treasury withdrawal governance actions.Tingvard finds this governance action constitutional.