DRepTalk
Sign in
Enter as DRepEnter as SPOEnter as CC memberEnter as proposerRegister as DRep
Governance ActionsDiscussionsDRepsTreasury
Sign in
More ways to sign in
Enter as SPOEnter as CC memberEnter as proposerRegister as DRep

Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade

System2mo ago1 post
DReps 184SPOs 0

184 DReps voted · 67 with a rationale · 9 changed their vote

Open a row to read the rationale.

  • YUTA
    No435.8M ₳Rationale

    I am voting NO to "Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade."

    This upgrade offers a larger keynote address and booth space compared to the premium plan, but in my opinion, the proposal does not adequately support the claim that there is a significant difference. If there is, I will reconfirm it. I will decide on the premium plan later.

    —

    私は「Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade」にNOを投票します。

    これはプレミアムプランと比較して、基調講演＋ブースの広さを広げるものですが、私の考えでは、ここに大きな差をがあることを裏付ける主張は提案書にありません。仮にそれがある場合、私はそれを再確認します。プレミアムプランについては後ほど判断します。

  • Blockdaemon
    YesChanged332.2M ₳History

    Earlier votes

    No1mo agoSuperseded

  • CryptoCrow
    YesRevoted254.7M ₳History

    Earlier votes

    Yes2mo agoSuperseded

  • Eternl DRep Committee
    Abstain222.9M ₳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
    Abstain174.6M ₳No rationale
  • 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
    Abstain92.2M ₳No rationale
  • CardanoYoda (MANDA Pool)
    No91.5M ₳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: Top-Up 'Title' Sponsorship Upgrade: changing from NO to YES (with explicit reconciliation expectations).

    Context: On 2026-05-13, SIPO voted NO on this Top-Up — the strongest NO among the three resubmissions — on the grounds that the Title-tier upgrade represented the most pure brand-marketing premium and the structurally weakest case for treasury funding. On 2026-05-24, IOG CEO Charles Hoskinson posted a public commitment on his official X account (https://x.com/IOHK_Charles/status/2058553026382606787) directly relevant to this Top-Up. CF CEO Frederik Gregaard publicly endorsed the message in the same thread on 2026-05-25. SIPO has independently reassessed and is changing its vote from NO to YES, with explicit reconciliation expectations regarding the relationship between Hoskinson's stated personal contribution and the treasury draw.

    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 Top-Up to become.

    The broader judgment

    SIPO views this Top-Up 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. A unified Cardano mainstage presence with publicly demonstrated founding-entity coordination has public value beyond branding. Better evaluated as a real-world execution signal for Cardano's next phase, conditioned on transparent reconciliation between personal and treasury contributions. SIPO.TOKYO publishes the full strategic rationale separately.

    Why SIPO changes its vote to YES on Top-Up specifically

    The Top-Up's evaluation environment is most directly affected by Hoskinson's 2026-05-24 public commitment.

    Hoskinson wrote on his official IOG CEO X account: "I am also personally committing to partially top up our Token2049 sponsorship to Title level. Being on that main stage is where Cardano and Midnight need to be heard."

    This is a publicly verifiable, on-the-record public intention by IOG's CEO to make a personal partial contribution toward upgrading Cardano's TOKEN2049 sponsorship to Title level. SIPO treats this as a public intention, not as a defined contractual commitment — the precise scope, amount, and reconciliation method with the treasury Top-Up draw are not yet publicly defined.

    Implications for the four pillars:

    • Pillar 2: a non-treasury funding contribution toward the Title upgrade has been publicly intended, reducing — but not removing — reliance on the treasury for the brand premium.
    • Pillar 3: the brand premium is partially shared with personal contribution rather than fully treasury-funded.
    • Pillar 4: IOG's CEO is publicly committing personal effort and contribution to a unified Cardano presence at TOKEN2049 — a direct public signal addressing the disclosure concern.

    The Top-Up's evaluation environment has materially changed even though the proposal text itself has not been formally amended. Reconciliation between personal and treasury contributions becomes the central operational question.

    Pillar 1 reassessment

    Pillar 1 (EMURGO three-way conflict) remains formally unresolved. EMURGO's reported management fee waiver applies primarily to the Baseline proposal's operational fee; the Top-Up itself does not carry a separate management fee, so the fee-waiver signal is treated here as supportive context rather than a direct mitigation specific to the Top-Up.

    Central reconciliation expectation for Top-Up

    Given that Hoskinson's public intention to make a personal partial contribution and the treasury Top-Up draw will fund the same Title-tier upgrade, transparent reconciliation is essential. SIPO expects:

    1. Actual Title-tier upgrade cost (Baseline → Title delta) publicly disclosed before September 2026.
    2. Hoskinson's personal contribution amount publicly disclosed and verifiable, separately from the treasury Top-Up draw.
    3. If Hoskinson's personal contribution + treasury Top-Up exceed the actual upgrade cost, the difference is returned to the treasury within 30 days of TOKEN2049 closure (Reconciliation Expectation, extending the precedent-setting logic of the original Top-Up Atomic Dependency Clause).
    4. The Reconciliation Expectation is publicly committed by EMURGO before any treasury Top-Up funds are drawn.

    Overall judgment

    With Pillar 4 materially addressed by public signal, Pillars 2 and 3 partially mitigated by Hoskinson's publicly intended personal contribution, Pillar 1 partially mitigated by the publicly discussed fee-waiver context, and a clear Reconciliation Expectation protecting against double-funding, SIPO judges that the Top-Up — as a potential co-funding pathway with clear reconciliation expectations and as part of Cardano's real-world execution signal at a critical juncture — qualifies for YES.

    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) — summary

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

    1. Reconciliation Expectation: Hoskinson personal contribution + treasury Top-Up draw ≤ actual Title-tier upgrade cost, with overage returned to treasury within 30 days of TOKEN2049 closure.
    2. Title-tier upgrade cost (Baseline → Title delta) publicly disclosed before September 2026.
    3. Hoskinson personal contribution amount publicly disclosed and verifiable, separately from treasury draw.
    4. EMURGO formalizes 15% management fee waiver on Baseline via official channels before TOKEN2049; for Top-Up, EMURGO publicly confirms no additional management fee on the Top-Up draw.
    5. TOKEN2049 mainstage Title-tier presence (Hoskinson keynote, Midnight presence, or equivalent visible Title-tier participation) made concrete in publicly listed Program & Agenda by September 2026.

    For these reasons, SIPO DRep changes its vote from NO to YES on the Top-Up Title Sponsorship Upgrade.

    SIPO DRep として、本提案「Cardano at TOKEN2049 Singapore 2026: Top-Up 'Title' Sponsorship Upgrade」への投票を NO から YES へ変更します（明確な精算期待事項付き）。

    背景：2026-05-13、SIPO は本 Top-Up を「Title ティアアップグレードが最も純粋なブランドマーケティング premium であり、Treasury 資金提供の構造的根拠が最も弱い」として 3 件再提出のうち最も強い 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 Top-Up 提案に直接関連する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 は独立に再評価し、Hoskinson 氏個人拠出と Treasury 引出の精算に関する明示的期待事項付きで 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 Top-Up 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 Top-Up を、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の一部として捉えています。創設エンティティ間の coordination が公的に示された統合 Cardano メインステージプレゼンスは、ブランディングを超えた公益価値を持ちます。個人拠出と Treasury 拠出の透明な精算を条件に、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 Top-Up を特に YES に変更する理由

    本 Top-Up の評価環境は Hoskinson 氏の 2026-05-24 公的コミットメントによって最も直接的に影響を受けます。

    Hoskinson 氏は IOG CEO 公式 X で次のように投稿しました：「私は Token2049 スポンサーシップを Title レベルへアップグレードする分を個人的に一部負担することにコミットします。メインステージこそ Cardano と Midnight が語られるべき場所です」。

    これは IOG CEO による publicly verifiable・on-the-record な公的意向であり、Cardano の TOKEN2049 スポンサーシップを Title レベルへアップグレードする分に個人的に一部貢献するというものです。SIPO はこれを「公的意向」として扱い、確定した契約的コミットメントとしては扱いません — 正確な scope・金額・Treasury Top-Up 引出との精算方法は公的にはまだ確定していません。

    4 本柱への含意：

    • 柱 2：Title アップグレードへの非 Treasury 資金拠出が公的に意向表明された — ブランド premium 部分に対する Treasury 依存を縮小（完全除去ではない）
    • 柱 3：ブランド premium 部分が個人拠出と部分的に共有され、Treasury 全額負担ではなくなる
    • 柱 4：IOG CEO が TOKEN2049 における統合 Cardano プレゼンスへの個人的努力と個人的拠出を公的にコミット — 開示懸念に対する直接的な公的シグナル

    提案テキスト自体は正式 amend されていないものの、本 Top-Up の評価環境は実質的に変化しました。個人拠出と Treasury 拠出の精算が中心的な operational 論点となります。

    柱 1 の再評価

    柱 1（EMURGO 三重利益相反）は formal には未解消です。EMURGO の報じられているマネジメントフィー無料化は主として Baseline 提案の operational fee に適用され、Top-Up 自体は別途マネジメントフィーを持たないため、フィー無料化シグナルを Top-Up に対する直接的緩和ではなく文脈的 supportive 要因として扱います。

    精算に関する中心的期待事項（Top-Up 固有）

    Hoskinson 氏の公的意向としての個人一部拠出と Treasury Top-Up 引出は同じ Title ティアアップグレードに資金提供することになるため、両者の透明な精算が essential です。SIPO は以下を期待します：

    1. Title ティアアップグレード実費（Baseline → Title 差額）を 2026 年 9 月までに公開開示
    2. Hoskinson 氏個人拠出額を Treasury 引出と分離して公開開示・verifiable とする
    3. Hoskinson 氏個人拠出 + Treasury Top-Up が実 Title アップグレード費用を超える場合、差額を TOKEN2049 終了後 30 日以内に Treasury 返却（Reconciliation Expectation、原 Top-Up Atomic Dependency Clause の precedent-setting ロジックを extend）
    4. Reconciliation Expectation は Treasury Top-Up 資金引出前に EMURGO が公的にコミット

    総合判断

    柱 4 が公的シグナルにより実質的に対応され、柱 2 と 3 が Hoskinson 氏の公的意向としての個人拠出で部分的に緩和され、柱 1 が公開議論されているフィー無料化文脈で部分的に緩和され、明確な Reconciliation Expectation が double-funding を防護する状況で、SIPO は Top-Up — 明確な精算期待を伴う潜在的 co-funding pathway として読み、重要局面における Cardano real-world execution signal の一部として読むとき — が YES に値すると判断します。

    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）— 要約

    1. Reconciliation Expectation：Hoskinson 氏個人拠出 + Treasury Top-Up 引出 ≤ 実 Title ティアアップグレード費用、超過分は TOKEN2049 終了後 30 日以内に Treasury 返却
    2. Title ティアアップグレード費用（Baseline → Title 差額）を 2026 年 9 月までに公開開示
    3. Hoskinson 氏個人拠出額を Treasury 引出と分離して公開開示・verifiable
    4. EMURGO が Baseline 15% マネジメントフィー無料化を TOKEN2049 (2026 年 10 月) 前に公式チャネル経由で正式化；Top-Up 固有として、EMURGO が Top-Up 引出に追加マネジメントフィーが上乗せされないことを公的確認
    5. TOKEN2049 メインステージ Title ティアプレゼンス（Hoskinson keynote / Midnight presence / または同等の可視的 Title ティア参加）を 2026 年 9 月までに公開 Program & Agenda で具体化

    以上の理由により、SIPO DRep として本 Top-Up Title Sponsorship Upgrade 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: Top-Up 'Title' Sponsorship Upgrade.

    Governance Action ID: gov_action1kj6ghzuz9wcq88f3y72cyyeekdcemlq0dqk4zpjd4eck5assuypqq0pckkw
    DRep: drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
    Date: 2026-05-13

    Context: This is the resubmission of the upgrade-to-Title portion of the combined Cardano Summit 2026 + TOKEN2049 proposal, on which SIPO voted NO (with explicit principle-based reasoning) on 2026-04-18. The original combined ask was ₳14,076,539 ($3.66M). EMURGO restructured into three independent proposals — Summit, TOKEN2049 Baseline (Platinum), and this Top-Up to Title — with an atomic dependency clause (if this Top-Up is ratified without the Baseline being ratified, EMURGO commits to return 100% of funds within 30 days). SIPO has reviewed all three resubmissions and votes NO on each individually.

    To be explicit: we appreciate EMURGO's atomic dependency clause as a structurally responsible safeguard — Top-Up alone has no underlying sponsorship to upgrade, and the auto-refund mechanism prevents stranded treasury funds. This is a constructive structural element.

    However, of the three resubmissions, the Top-Up has the weakest public-goods case, and SIPO's April 18 NO doctrine applies most strongly to this proposal.

    Why SIPO votes NO

    1. The Top-Up is essentially a pure brand-marketing premium. The $424k upgrade unlocks: a larger booth (144sqm vs 108sqm), a 15-minute Mainstage Keynote, event press release inclusion, branded lanyards worn by attendees, a branded protein shake station, and additional event tickets / Speakers Reception invites. These are textbook brand-marketing deliverables — visibility maximization, premium positioning, attendee impression management. Builder-direct deliverables in the Top-Up incremental scope are negligible.

    2. SundaeLabs treasury-contracts framework was designed for public goods, infrastructure, and direct builder support. A premium brand-marketing upgrade does not fit this framework, regardless of the atomic dependency safeguard. The framework's purpose is not just preventing fund misallocation; it is funding work that produces non-rivalrous, non-excludable ecosystem value.

    3. Three-way conflict-of-interest still unaddressed. EMURGO (DRep with approximately ₳297m delegated) remains simultaneously the proposer, beneficiary as facilitator, and active DRep. The proposal does not publicly pre-commit EMURGO to Abstain on its own action.

    4. IOG absence and "Cardano core narrative" mainstage framing. The Mainstage Keynote slot is positioned to "deliver Cardano's core narrative directly to the largest possible audience" of 25,000+. The proposal does not identify who delivers this keynote, whether IOG is invited to participate in delivering the unified-Cardano narrative, or whether the keynote will reflect the views of all three founding entities. If the Cardano keynote is mainstage-grade but is unilaterally developed and delivered by EMURGO, the "unified Cardano" framing does not hold.

    Consistency with SIPO's prior votes

    SIPO has consistently voted YES on public goods, infrastructure, and ecosystem growth capital — and consistently voted NO on brand-marketing-premium treasury withdrawals from well-capitalized proposers with unresolved conflict-of-interest structure. This Top-Up sits squarely in the second category. Even with the atomic dependency safeguard, a NO here is the principled continuation of the April 18 line.

    Constructive alternatives (extension of April 18)

    • EMURGO funds the Title-tier upgrade through commercial partnership funding (sponsors specifically targeting mainstage exposure, co-branding deals, allocation from EMURGO's existing enterprise revenue).
    • If treasury funding of premium brand exposure for Cardano is desired in the future, structure it as: (a) a multi-entity joint proposal (CF + EMURGO + IOG) with explicit roles, (b) the mainstage keynote delivered by a community-elected or community-nominated representative rather than the proposer, (c) pre-committed Abstain from proposer DReps, (d) clear disclosure of how the brand-marketing investment connects to measurable ecosystem outcomes beyond impression counts.
    • The atomic dependency clause structure (100% refund within 30 days if dependency fails) is a useful precedent SIPO would welcome in other proposals; we encourage EMURGO to bring it to other treasury work going forward.

    We thank EMURGO for the responsible atomic dependency structure and the explicit response to community feedback. We look forward to supporting future TOKEN2049 work structured with clearer public-goods justification, multi-entity participation, and explicit conflict-of-interest mitigation.

    For these reasons, SIPO DRep votes NO.

    SIPO DRep として、本提案「Cardano at TOKEN2049 Singapore 2026: Top-Up 'Title' Sponsorship Upgrade」に反対（NO）を投じます。

    Governance Action ID: gov_action1kj6ghzuz9wcq88f3y72cyyeekdcemlq0dqk4zpjd4eck5assuypqq0pckkw
    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（₳14,076,539 / $3.66M）のうち Title tier 部分への upgrade を担う再提出です。EMURGO は 3 独立提案（Summit / TOKEN2049 Baseline (Platinum) / 本 Top-Up to Title）に再構成し、atomic dependency clause（本 Top-Up が Baseline 不承認のまま承認された場合、EMURGO は 30 日以内に 100% 返却する）を含めています。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：EMURGO の atomic dependency clause を構造的に責任ある safeguard として評価します — Top-Up 単独では upgrade すべき下位 sponsorship が存在せず、auto-refund メカニズムは stranded treasury funds を防ぎます。これは建設的な構造的要素です。

    しかし、3 再提出のうち Top-Up は public-goods 性質が最も弱く、SIPO 4 月 18 日 NO ドクトリンが最も強く適用される提案です。

    SIPO が NO を投じる理由

    1. Top-Up は本質的に純粋なブランドマーケティング premium。$424k upgrade で unlock されるのは：より大きなブース（144sqm vs 108sqm）、15 分のメインステージ基調講演、event press release inclusion、attendee 着用ロゴ入りネックストラップ、ブランディングされたプロテインスタンド、追加 event tickets / Speakers Reception 招待。これらは textbook なブランドマーケティング deliverables — visibility maximization、premium positioning、attendee impression management。Top-Up incremental scope の builder-direct deliverables は無視できるレベルです。

    2. SundaeLabs treasury-contracts framework は公共財・インフラ・ビルダー直接支援のために設計されました。premium ブランドマーケティング upgrade は、atomic dependency safeguard があってもこの framework には fit しません。framework の目的は単に fund misallocation を防ぐことではなく、non-rivalrous で non-excludable なエコシステム価値を生む仕事に資金提供することです。

    3. 三重利益相反が依然として未対応。EMURGO（DRep 委任額 約 ₳297m）は本提案でも提案者、facilitator としての受益者、active DRep 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. IOG 不在と「Cardano core narrative」mainstage framing。Mainstage Keynote slot は「deliver Cardano's core narrative directly to the largest possible audience」（25,000+ 観衆）と positioning されています。本提案は、この keynote を誰が deliver するのか、IOG が unified-Cardano narrative の delivery 参加に招待されているのか、keynote が創設 3 エンティティすべての views を反映するのかを特定していません。Cardano keynote が mainstage-grade でありながら EMURGO 単独で developed・delivered されるのであれば、「unified Cardano」framing は成立しません。

    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に一貫して YES を投じ、未解決の利益相反構造を持つ十分資本化された提案者からの brand-marketing premium Treasury Withdrawal には一貫して NO を投じてきました。本 Top-Up はまさに後者のカテゴリに属します。atomic dependency safeguard があっても、本 NO は 4 月 18 日に引いた線の原則的継続です。

    建設的代替案

    • EMURGO は Title-tier upgrade を商業パートナーシップ資金（mainstage exposure を狙う sponsors、co-branding deals、EMURGO 既存 enterprise revenue 配分）で funding する。
    • 将来 Cardano への premium brand exposure に Treasury 資金提供を行う場合は、(a) multi-entity 合同提案（CF + EMURGO + IOG）で役割を明示、(b) mainstage keynote を提案者ではなく community-elected または community-nominated 代表が deliver、(c) 提案者 DRep の Abstain 事前表明、(d) brand-marketing 投資が impression counts を超える測定可能なエコシステム成果にどう繋がるかの明確な開示、を含めるべきです。
    • atomic dependency clause 構造（dependency 不成立時に 30 日以内 100% 返却）は SIPO が歓迎する有用な precedent です — EMURGO がこれを今後の他の treasury work でも持ち込むことを推奨します。

    EMURGO の責任ある atomic dependency 構造とコミュニティフィードバックへの明示的な対応に敬意を表します。今後、明示的な公共財正当化、multi-entity 参加、明示的な利益相反緩和を伴う構造の TOKEN2049 work 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 a Cardano sponsorship at this level. 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. 260 Cardano wallet signups in the case of this top up sponsorship upgrade proposal). I'm sure Emurgo would do a great job for us managing this sponsorship. 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.

  • Dumpling🥟
    No77.7M ₳No rationale
  • Phil UPLC
    Yes76.8M ₳Rationale

    Support this as external business-development presence, not generic ecosystem branding.

    A PDF version of this rationale is also made available.

    Support this as external business-development presence, not generic ecosystem branding. TOKEN2049 can reach liquidity providers, institutions, exchanges, and non-Cardano builders in a way Cardano-only events cannot, and the relationship context around the sponsorship matters. 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
    No74.5M ₳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
    No73.1M ₳Rationale

    I am voting NO. Since I voted NO on the baseline proposal, it makes no sense for me to support this top-up. However, I want to credit EMURGO for the modular approach. Splitting the request is excellent practice, and I really like that it allows DReps to make an isolated decision.

    A PDF version of this rationale is also made available.

    I am formally registering a NO vote on this upgrade. Since I voted NO on the baseline proposal, it makes no sense for me to support a top-up proposal that adds an extra 1.76 million ADA to the event budget.

    However, I want to explicitly credit EMURGO for this modular approach. Splitting the request into a baseline and an upgrade is excellent practice, and I really like that it allows DReps to make a clear, isolated decision on premium marketing spend.

  • Martin Lang
    No69.4M ₳No rationale
  • Hermes Stakepool Germany (HRMS)
    No66M ₳Rationale

    same as for the baseline budget: hard no from me.

  • Peter Bui
    NoChanged62.7M ₳Rationale

    I am voting NO on the Token2049 title sponsorship top-up.

    I support Cardano having a strong presence at Token2049. I am also voting YES on the base proposal because I believe Cardano should be visible in Singapore and represented properly in front of investors, institutions, builders, exchanges and enterprise decision makers.

    However, I do not believe the additional title sponsorship top-up is necessary.

    The base proposal already gives Cardano meaningful exposure and a credible presence at one of the most important crypto events in Asia. In my view, the extra spend required to move from that level of presence to title sponsorship does not provide enough additional impact to justify the cost to the treasury.

    This is where we need to be disciplined.

    The treasury should fund activities that create strong ecosystem value, but we should also look for savings where similar outcomes can be achieved with a lower spend. In this case, I believe Cardano can still be present, visible and taken seriously at Token2049 without paying the additional premium for title sponsorship.

    The current market conditions also matter. ADA is low, the treasury is being asked to fund many competing priorities, and every extra allocation should clear a high bar. I do not think this top-up clears that bar.

    This is not a vote against marketing, events or Cardano being seen globally. It is a vote for a more cost-effective version of the same strategy.

    Support the base presence. Save the additional ADA. Use the treasury more carefully.

    For those reasons, I am voting NO.

    Earlier votes

    Yes2mo agoSuperseded

    Abstain2mo agoSuperseded

  • 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/

  • AdaStat
    Yes50M ₳Rationale

    I decided to vote Yes, since I believe the long-term value for the ecosystem outweighs the requested funds.

  • Chris-O
    No49.5M ₳No rationale
  • PoolTool
    No47.6M ₳No rationale
  • HISAI
    No42.9M ₳No rationale
  • Patrick_Tobler
    Abstain40.1M ₳No rationale
  • drep1yffcjs0njfe...
    No38.1M ₳No rationale
  • Linda - Cryptofly
    No37.8M ₳No rationale
  • Liqwid DAO
    Yes36.9M ₳No rationale
  • MUEN
    No34.6M ₳No rationale
  • Socious
    Abstain34.3M ₳Rationale

    Socious abstains. This proposal is an incremental 1,768,167 ADA (about $424,360) top-up that would upgrade Cardano's TOKEN2049 sponsorship from "Platinum" to "Title" — a larger booth, a 15-minute mainstage keynote, and additional branding and media access. It is explicitly dependent on the baseline "Platinum" proposal, which Socious supports.

    Socious's abstention is a considered position, not indifference. The baseline proposal secures Cardano's presence; this top-up buys purely discretionary premium exposure on top of it. Socious does not hold an evidenced view that the marginal return on the "Title" tier justifies the additional spend over the already-substantial "Platinum" presence — and equally, it does not consider the upgrade unreasonable. This is a judgement call about discretionary marketing, and EMURGO deliberately split it out so DReps could decide it on its own merits.

    On a question of that nature, Socious prefers to defer to broader DRep consensus rather than cast a decisive vote in either direction. Abstaining records that the baseline matters and the upgrade is genuinely optional — which is precisely how the proposal was designed to be read.

    ソーシャスは棄権します。本提案は1,768,167 ADA（約42万4,360ドル）の追加的なトップアップで、CardanoのTOKEN2049スポンサー枠を「Platinum」から「Title」へ引き上げるものです。内容は、より大きなブース、15分のメインステージ基調講演、追加のブランディングとメディア露出などです。本提案は基本提案である「Platinum」に明確に依存しており、その基本提案にはソーシャスは賛成しています。

    ソーシャスの棄権は熟慮した立場であって、無関心ではありません。基本提案はCardanoの出展そのものを確保します。一方このトップアップは、その上に積み増す純粋に裁量的な上位露出を購入するものです。ソーシャスは、「Title」枠の限界的な効果が、すでに十分な「Platinum」出展に対する追加支出を正当化するという、根拠のある見解を持っていません。同時に、このアップグレードが不当だとも考えていません。これは裁量的なマーケティングをめぐる判断であり、EMURGOはDRepがその是非を単独で判断できるよう、意図的に提案を分割しています。

    こうした性質の論点については、ソーシャスはいずれの方向にも決定的な票を投じるよりも、より広いDRepの合意に委ねることを選びます。棄権は、基本提案が重要であり、アップグレードはあくまで任意であるという認識を記録するものです。それはまさに、本提案が読まれることを意図して設計された形でもあります。

  • Aichi/Tokai_DRep
    No31.4M ₳Rationale

    I am voting No on this proposal.

    While this top-up upgrade increases Cardano’s visibility at TOKEN2049, the event remains heavily investor‑focused with relatively few developers present. As a result, the expected impact on real adoption—such as attracting new builders or expanding actual usage of Cardano—appears limited.

    The additional 1.76M ADA requested for the Title Sponsorship does not present a clear or measurable return on investment, especially when compared to more balanced, chain‑neutral events where both developers and investors are present in meaningful numbers.

    Given the weak adoption pathway and the unclear cost‑effectiveness of this upgrade, I cannot support the proposal.

  • NEDSCAVE.IO
    No30.7M ₳No rationale
  • Cerkoryn
    No27.9M ₳Rationale

    Since this proposal is designed as an extension to the baseline Token2049 proposal, I will also be voting NO on this one for the same reasons.

  • 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 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)
    Abstain26.1M ₳No rationale
  • Kyle Solomon
    No25.3M ₳Rationale

    I am voting NO on supporting the Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade proposal.

    Showing up is enogh if we do it right

  • wolf31o2 (Chris Gianelloni)
    No23.5M ₳No rationale
  • Duc Tiger
    No22M ₳Rationale

    If the Baseline Platinum proposal was financially bloated, this "Modular Top-Up"
    is the definition of corporate vanity spending.

    We are being asked to withdraw an additional $424,360 USD (₳1.76 Million) from
    the Treasury. What does this massive sum actually buy the Cardano ecosystem?

    • A 15-minute mainstage keynote speech.
    • Logos on lanyards and a "protein shake station."
    • 36 square meters of extra booth space.

    From a purely financial standpoint, the Treasury is being asked to pay approximately $28,000 USD per minute for speaking time. The projected impact of this $424k upgrade is an additional 60 wallet sign-ups and 6 strategic partnerships. The Return on Investment (ROI) is catastrophically low.

    For $424,000 USD, the Cardano Treasury could fully fund the deployment of critical Layer 2 infrastructure, or subsidize real-world adoption pilots that onboard tens of thousands of actual users into our ecosystem.

    We must enforce strict fiscal discipline. Spending half a million dollars for 15 minutes of stage time and lanyard logos is unacceptable. I strongly urge all dReps to reject this upgrade and protect the Treasury's Net Change Limit (NCL) for projects that deliver tangible, lasting utility.

    So, I am voting NO.

  • DINO
    No21.5M ₳No rationale
  • Hephaestus Stake Pool [HEPHY]
    Abstain21.5M ₳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

    I say YES to the the price delta between ‘Platinum’ (Baseline) and ‘Title’ (Top-Up) tiers.

    The additional benefits include a 15-minute mainstage keynote, premium media access (press release inclusion and introductions), expanded branding via lanyards, a high-traffic engagement point through the protein shake station, and a larger booth footprint. All of which will enhance Cardano’s visibility and reach across the event.

    This is the first time we combine Cardano Summit with Token2049 in a year with lots of interoperability topics when there is no Token2049 in Dubai which will give Token2049 in Singapore this year extra attention. We should really make a splash on this first entry to get all eyes on Cardano when we are about done with the roadmap, so this extra expenditure seems a steal to me for what we are getting.

  • Rodrigo-[CHIL]
    Abstain17.3M ₳Rationale

    Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship Upgrade

  • Cardanians
    No16.7M ₳Rationale

    NO on the upgrade. We support the baseline Platinum proposal, but we are not convinced that the additional 1,768,167 ADA / $424,360 for the Title upgrade is justified. The baseline already provides the core value: builder access, booth/stage presence, lead scanning, content support, and TOKEN2049 exposure.

    The top-up mainly adds premium visibility: a 15-minute mainstage keynote, larger booth, press/media benefits, branded lanyards, a protein shake station, and a few extra invites/tickets. These may help, but the marginal ROI over Platinum is too uncertain for additional treasury spend. Therefore, we vote NO.