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Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect

System1y ago1 post
DReps 245SPOs 28CC 7

7 of 7 committee members voted

  • Cardano Atlantic Council07e0eb70…5bde
    YesResigned · term ends epoch 580Rationale

    We find this governance action, as proposed, to be constitutional.

    The proposal titled "Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect" is constitutional. Per our constitutionality review, all relevant articles, guardrails, and other requirements of constitutionality were met.

  • Cardano Foundation6796d87d…c280
    YesExpired · term ends epoch 580Rationale unavailable
  • Eastern Cardano Council2ea7a78e…10ec
    YesExpired · term ends epoch 580Rationale

    We have determined that this budget Info governance action is constitutional.

    Article IV, Section 2 of the Cardano Constitution states "Cardano Blockchain budgets shall specify a process for overseeing use of funds from Cardano Blockchain treasury withdrawals including designating one or more administrators who shall be responsible for such oversight."

    The governance action with ID "e14de8d9dc4f4d...91ee#0" and title "Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect", as a budget Info governance action, designates "Intersect" as the administrator responsible for overseeing the use of funds. It also specifies a process for overseeing the use of funds from the Cardano Blockchain treasury withdrawals, including a list of "Safeguards" and the use of audited smart contracts with specified capabilities.

    We therefore find this governance action Constitutional.

    This governance action sufficiently fulfils the criteria specified for budgets in the Cardano Constitution, so is deemed constitutional.

  • Emurgodc2b0706…89b8
    YesExpired · term ends epoch 580Rationale

    EMURGO concludes to vote in favour of this Budget Info Action, based on the rationale provided below.

    After reviewing the proposal in light of the Cardano Blockchain Ecosystem Constitution, we find it compliant with the constitutional requirements:

    Article IV, Section 1:
    This proposal outlines a detailed plan for allocating treasury funds to support the continued development, maintenance, and strategic growth of the Cardano Blockchain. It meets the constitutional intent of enabling long-term ecosystem development through community-led input.

    Article IV, Section 2:
    The budget info explicitly specifies Intersect as administrator for the use of funds and describes a clear process for overseeing treasury disbursements.

    Article IV, Section 4:
    The proposal contains provisions for financial oversight and transparency, including mechanisms to ensure appropriate use of treasury funds. This aligns with the constitutional mandate for auditability and public accountability in budget execution.

    Article IV, Section 5
    This Budget Info Action serves as the constitutionally required checkpoint that must precede any treasury withdrawal. It complies with the rule that funds can only be accessed after passing through constitutional governance processes.

    Article III, Section 5
    The proposal is well-structured, legible, and includes all relevant links and documentation. It provides justification for the allocation based on community needs, past feedback, and strategic priorities, upholding standards of transparency and good governance.

    In conclusion, based on the rationales above we confirm that Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect is constitutional.

  • Input | Output3c9ebce6…1e4c
    YesExpired · term ends epoch 580Rationale

    Input Output finds “Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect” constitutional.

    Article VII, Section 4 of the Cardano Constitution mandates that for "Info actions that propose a Cardano Blockchain ecosystem budget, Constitutional Committee members shall record a vote on-chain that sets forth their opinion as to whether the proposed budget, if it were to be implemented in the form contained in the 'Info' action, would violate this Constitution."

    The procedure and aims described in this Info Action for the Cardano 2025 budget do not violate constitutional standards as stated in Article IV, the tenets, or elsewhere in the Constitution. It is, therefore, constitutional.

    The proposal aligns with the requirements for Cardano Blockchain ecosystem budgets as laid out in Article IV of the Constitution:

    • It proposes a budget for the "ongoing operation, maintenance and future development of the Cardano Blockchain ecosystem" and related governance costs, as encouraged by Article IV, Section 1.

    • The budget covers a defined period (73 epochs), which is consistent with the guidance in Article IV, Section 1.

    • The proposal clearly designates an administrator (Intersect) for the funds coming from the Cardano treasury and outlines a process for overseeing the use of these funds, including the intended use of smart contracts, to the extent possible and beneficial, and a multi-signature oversight body, fulfilling the requirements of Article IV, Section 2.

    • The proposal explicitly states that subsequent Treasury Withdrawals must comply with an approved and active Net Change Limit, aligning with Article IV, Section 3 and Guardrail TREASURY-02a.

    • The outlined fund management strategy, including planned use of smart contracts, to the extent possible and beneficial, for disbursements; multi-sig oversight involving independent third parties public reporting; and contractual terms that include milestone acceptance criteria as conditions to periodic payments, independent audit oversight and dispute resolution provisions; all collectively address the principles of transparency, auditing, and accountability expected under Article IV, Sections 2, 4, and 5.

    • The process described for arriving at this budget (community submissions, DRep signaling via Ekklesia) reflects the spirit of community participation and decentralized decision-making encouraged throughout the Constitution (e.g., Preamble and Article IV, Section 1).

    We want to note that our affiliate, Input Output Engineering (IOE), submitted a budget proposal that is included within this budget info action and, as such, would be eligible to receive funding from the Cardano treasury in accordance with the terms of a vendor contract to be entered into with IOE to give effect to IOE’s budget submission.

    We encourage DReps to scrutinize the decision and its rationale, and weigh its strength in their votes for subsequent treasury withdrawal actions, recognizing that Article VII, Section 4 of the Constitution requires us to assess budget info actions for constitutionality.

  • Intersect Constitutional Council85c47dd4…bf64
    YesExpired · term ends epoch 580Rationale

    The Intersect Constitutional Council votes that the budget info action, “e14de8d9dc4f4ddf3fe9250a8a926e20f10e99b86bd0610b77d7a054981591ee”, to be Constitutional.

    In accordance with Article III Section 4, this budget info action is in connection with a proposed ecosystem budget and as permitted in Article IV Section 1, this proposal relates to the maintenance and future development of the Cardano blockchain ecosystem.

    The proposal is submitted on behalf of Intersect and the Cardano Budget Committee and proposes a Cardano Blockchain Ecosystem Budget of 275,269,340 ada with a duration of 73 epochs spanning from the date that it is approved, should it be approved. This is also in-line with the currently active net change limit of 350 million ada.

    The proposal meets the standardized and legible format requirements as outlined in Article III Section 5. The rationale contains a title, abstract, reason for the proposal and relevant supporting materials.

    This budget info action is representative of 39 different projects budget proposals, aggregated through a series of off-chain processes. 194 projects applied through the initial process, which in turn were narrowed down to 40 projects following a vote using live DRep stake and the newly developed Ekklesia platform. 1 of these projects did not name Intersect as their administrator and so is not included in the final list proposed here. The process by which the proposer has arrived at their selection proposed here can be seen as in support of Article III Section 6, whereby “the Cardano Community is expected to support the creation, maintenance and ongoing administration of off-chain governance processes as may be necessary to give effect to this Constitution and to ensure that there is awareness of and an opportunity to debate and shape all future governance actions for the Cardano Blockchain”.

    The proposal outlines robust budget administration processes, including future treasury withdrawals and fund management, meeting Article IV Section 2 requirements. It is proposed in advance of any potential treasury withdrawal request, as per Article IV Section 3 “No withdrawals from the Cardano Blockchain treasury shall be permitted unless such withdrawals have been authorized and are being made pursuant to a budget for the Cardano Blockchain that is then in effect”.

    As part of the outlined administration processes the proposal acknowledges that although included in this budget, budgetary designations are not automatically guaranteed and as such, all projects listed remain subject to due diligence including KYC/KYB checks among others.

    The Intersect Constitutional Council considers this budget info action to be Constitutional. It is a thoroughly thought out submission, informed by a multi-stage off-chain process involving the Cardano community and proposes robust safeguards for any future treasury withdrawals and fund management requirements on any withdrawals made against this budget should it pass.

  • Cardano Japan Council (ICC)4012cab5…0755
    AbstainExpired · term ends epoch 580Rationale

    Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect --- > Abstain

    [Abstain] This governance action was reviewed in accordance with the Cardano Blockchain Constitution, with particular focus on fund management and oversight as described under Article IV, Section 2. The proposal demonstrates clear strengths in outlining the oversight process for disbursing funds to external organizations and includes a basic fund management framework. In particular, the sections on “Treasury Withdrawal & Fund Management” specify that Intersect will implement mechanisms such as independent audits, escrow arrangements, and progress reporting. However, members also noted concerns regarding the oversight of funds retained and managed by Intersect itself. As Intersect is both the recipient and the overseer of a significant portion of the proposed budget, there are inherent limitations to self-supervision, and the transparency of large-scale fund management requires further strengthening. Additionally, since this is an Info Action and not a direct treasury withdrawal action, some members considered the current level of detail in the proposal sufficient at this stage. The eventual implementation of appropriate oversight during actual fund withdrawals will be critical. In summary, while there is no direct constitutional violation, the concerns around self-supervision and transparency lead us to adopt an abstain position, with the expectation that third-party oversight mechanisms will be strengthened in future treasury-related governance actions.