Cardano Critical Integrations Budget
273 DReps voted · 102 with a rationale · 13 changed their vote
Open a row to read the rationale.
- Yes584.2M ₳Rationale
Summary
Yoroi DRep votes YES on the Cardano Critical Integrations Budget Info Action. We believe this proposal is the direct and timely way to close Cardano’s critical integration gaps and unlock the next phase of ecosystem growth.
Rationale
Ecosystem Critical Integrations
Yoroi believes this proposal establishes a strategic integration fund to onboard critical infrastructure Cardano needs for large-scale economic activity and external liquidity integration. The scope targets tier one stablecoins, oracle networks, cross-chain bridges, institutional digital asset custody and wallet infrastructures, and on-chain analytics platforms.
Impact on Adoption
These integrations strengthen Cardano’s ability to attract external capital, support advanced DeFi use cases, and accelerate efforts in Real World Assets and DePin. They also support Cardano’s path to profitability through stronger fee-generating activity.
Governance, safeguards, and urgency
The funds will be administered by Intersect under Article IV through publicly auditable addresses designated exclusively for this proposal and delegated to the Auto Abstain DRep, with milestone-based drawdowns, bi-annual reporting, and annual independent audits, which Yoroi believes are aligned with the Cardano Constitution and its requirements for transparent treasury administration. With negotiations already mature and the Net Change Limit expiring on 4 January 2026, progressing this budget now is timely.
Conclusion
Yoroi DRep supports this Budget Info Action because it is necessary, well-structured, and time-sensitive. Therefore, we strongly vote YES.
- Yes435.8M ₳Rationale
Conditional YES — Questions for Clarification
I would like to give a conditional YES to the “Cardano Critical Integrations Budget.” Because this is a very large request, I kindly ask for clarification on the following points. Given that this governance action places notable time pressure on both DReps and the CC, I would greatly appreciate it if these explanations can be provided before the Treasury Withdrawal Governance Action is submitted.- Justification for the 70M ADA amount Please explain why 70M ADA is the appropriate figure. Why would 65M ADA be insufficient, and why would 75M ADA be excessive?
- High-level breakdown of the 70M ADA Separate from (1), could you provide the most detailed breakdown possible for how the 70M ADA is expected to be allocated?
- More robust success metrics (KPIs) The current “live on mainnet” metrics seem insufficient. Could you include numerical KPIs such as increases in TVL, user numbers, external capital inflows, or transaction volume? These would help DReps evaluate success or failure more objectively.
- Specific gaps in existing Cardano infrastructure For each integration category (Custody/Wallet, Analytics, Bridge, Oracle), could you specify what is currently missing on Cardano? For example, regarding wallet infrastructure: what exactly is lacking today in Lace or Eternl, and what needs to be developed?
- Vendor lock-in risk Is there a risk that this budget creates strategic dependency on a specific vendor? Are there standardization or “exit” clauses to prevent lock-in?
- Required SLA/security levels What levels of SLA, availability, and security requirements are being set for Oracle, Bridge, Analytics, Custody, and Wallet integrations?
- Conditions for stopping or scaling down the program While unused funds will be returned after 24 months, could you clarify under what conditions the program can be paused, reduced, or stopped midway? Who has the authority to trigger such decisions?
- Precedents on other L1s Are there successful examples from other L1 ecosystems (e.g., Solana, Ethereum) that used a similar integration-budget model? If so, what were the success and failure factors?
- Timing and remaining NCL capacity This proposal appears close to the end of the current NCL and uses most of its remaining capacity. Could you clarify: (a) Why this was kept until now, and (b) Why it must be executed within this NCL, rather than splitting into phases across the next NCL?
- Balancing confidentiality and constitutional transparency While NDA-protected information is understandable, Cardano governance requires transparency. Can you disclose, at minimum: (a) Cost ranges per integration category (b) Number of vendors involved (c) Expected contract durations so that DReps can reasonably judge the appropriateness of the plan?
- Relationship with existing Cardano-native projects How will this budget interact with existing Cardano-native infra teams (e.g., Charli3)?
- Handling of underperformance (“failure rules”) If, after 24 months, the KPI targets (TVL, Tx volume, capital inflow, etc.) fall significantly short: (a) How will root-cause analysis be conducted? (b) How will learnings affect future large-scale infrastructure proposals? As DReps, we would like clarity not only on success criteria but also on how failure will be addressed.
条件付きYES — 確認したい事項
「Cardano Critical Integrations Budget」について、条件付きでYESを検討しています。 非常に大きな予算規模であるため、以下の点についてご説明いただけますと幸いです。 また、このガバナンスアクションは DRep と CC に時間的な負荷を与える構造になっているため、可能であれば トレジャリーウィズドローの提出前に 情報の公開をお願いできればと思います。- 70M ADA の妥当性について なぜ 70M ADA が適切な金額なのかご説明いただけますか？ 65M ADA では不足し、75M ADA では過剰となる理由を DRep が理解できる形で示していただけると助かります。
- 70M ADA の明細内訳について 上記(1)とは別に、可能な範囲で 70M ADA の高レベルな内訳をご提示いただけると幸いです。
- 成果指標（KPI）の強化について 「Mainnet で live する」という基準だけでは成功判定としては不十分に思われます。 TVL、ユーザー数、外部資本流入量、Tx 数など、数値ベースのKPIを設定していただくことは可能でしょうか？
- 既存インフラの不足点の具体化について 各統合（Custody/Wallet、Analytics、Bridge、Oracle）において、 現在のCardano上で何が具体的に不足しているのかを明確化していただけますか？ 例：Walletインフラで言及されている multi-asset management や seamless dApp interaction のうち、 Lace や Eternl のどの部分が不足しているのか など。
- ベンダーロックインのリスクについて 今回の予算が特定ベンダーへの依存を生まないよう、 標準化や脱出条項（exit clause）などを設ける計画はありますか？
- SLA・可用性・セキュリティ要件について Oracle / Bridge / Analytics / Custody / Wallet に対し、どのレベルのSLAや安全性を求めているのか、 基準値を事前に共有していただくことは可能でしょうか？
- 途中停止や縮小の条件について 未使用分の返還があることは理解していますが、 「中間時点での軌道修正・縮小・停止」が可能な条件を明確にしていただけますか？ また、その判断権限は誰が持ち、何をトリガーとして実行されますか？
- 他L1における前例の分析について Solana や Ethereum などで類似の統合モデルが存在する場合、 成功要因・失敗要因の分析を共有していただけますか？
- NCL期限直前での提出理由について 現行NCLの残枠をほぼ使い切る内容を、このタイミングまで温存していた背景を説明していただけますか？ また、次のNCLに跨ぐ形でフェーズ分割するのではなく、今回のNCL内で全額を処理する必要性についても、 より明確な理由をご説明いただけると助かります。
- 機密性と透明性の両立について NDAによる情報制限は理解しますが、一方でCardanoの憲法は透明性を求めています。 カテゴリ別のコストレンジ、ベンダー数、契約期間など、 DRepが予算妥当性を評価するうえで最低限必要な情報を事前に公開することは可能でしょうか？
- Cardanoネイティブプロジェクトとの関係について Charli3 など既存のCardanoネイティブプロジェクトとの競争・協調関係をどのように設計していますか？
- 24ヶ月後の未達時の扱いについて もし24ヶ月後にKPI（TVL、Tx数、外部資本流入など）が大きく未達だった場合、 (a) どのように原因分析を行い、 (b) 次の大規模インフラ提案にどのように反映するのか、 「失敗時のルール」を事前に示していただけますか？ DRepとしては、成功時だけでなく、未達時の説明責任の取り扱いも重要だと考えています。
- Yes332.2M ₳No rationale
- Yes293M ₳Rationale
Summary
EMURGO as a DRep votes YES for the Budget Info Action titled “Cardano Critical Integrations Budget” with the rationale provided below.
RationaleWe see this action as a proactive step to accelerate Cardano’s ecosystem maturity. The proposal focuses on critical integrations that Cardano needs for large-scale economic activity and external liquidity integration, including tier one stablecoins and the supporting infrastructure such as oracle networks, cross-chain bridges, institutional digital asset custody and wallet infrastructures, and on-chain analytics platforms.
Delivering these integrations at the ecosystem level will strengthen the shared foundations every dApp depends on, expand access to external capital, and position tier one stablecoin onboarding as a clear near-term milestone for DeFi growth.
We also place strong weight on Intersect’s leading role in this initiative. This Budget Info Action is submitted by Intersect, which will act as the Administrator under Cardano’s constitutional framework and administer the entire budget.
Input | Output Global, the Cardano Foundation, and EMURGO are supporting this pathway as co-authors, with the Midnight Foundation providing strong support in advancing all commercial discussions and negotiations. All five organizations are represented through a shared Steering Committee.
This structure, with Intersect leading as the Constitutional Administrator and the founding entities backing the program’s strategic direction, increases confidence in partner selection, execution readiness, and long-term ecosystem value. EMURGO’s direct involvement in the Steering Committee and negotiations reflects our commitment to ensuring these integrations deliver meaningful outcomes for Cardano.
EMURGO believes this budget is vital for onboarding critical integrations that Cardano requires for large-scale economic activity and external liquidity integration. We therefore endorse this Budget Info Action and cast a YES vote.
- Yes254.7M ₳No rationale
- Yes222.9M ₳Rationale
TL;DR: EDC voted YES on gov_action13a2dqgwxum7d6kjfprcs57cf9733ek2dkt5qnuhqd4ll5ntcwu7sqluwkxd;
This proposal is a grant for the three founding entities to partially cover the costs of integrating external providers. Fine, but then call it a grant. The Cardano community will contribute a total of 70m ADA of its rewards tax to something that should have been done a long time ago. This entire proposal is worded so manipulatively that is was unpleasant to read. Nontheless. Get this done, folks.
- Yes174.6M ₳No rationale
- Yes165.7M ₳No rationale
- Yes120.2M ₳Rationale
The Cardano Foundation, as a DRep, votes YES on this GA. As a member of the Steering Committee, we support this initiative. We see the 70,000,000 ada allocation as a necessary catalyst to integrate Cardano into the wider blockchain economy and secure the network's long-term economic sustainability.
A PDF version of this rationale is also made available.
Our support for this proposal is grounded in our strategic vision for Cardano and our commitment to advancing the ecosystem.
Strategic Alignment and Roadmap: This workstream complements and aligns with the Cardano Foundation’s new roadmap (https://cardanofoundation.org/blog/cardano-foundation-roadmap) announced in September 2025. In that roadmap, we prioritized "Boosting Cardano DeFi" and "Cardano x Web3" integrations as critical pillars for adoption. This budget effectively operationalizes those strategic goals, providing the necessary resources to close the infrastructure gap, specifically regarding stablecoins, oracles, and bridges, that currently limits our capacity in these areas.
A Catalyst for Sustainability: We believe this initiative is the trigger needed to transition Cardano from a technically robust network to a commercially thriving one. By onboarding foundational utilities, we unlock the potential for high-volume DeFi and Real World Asset (RWA) applications. This activity is essential for generating the transaction fees required to ensure the long-term economic sustainability of the Cardano treasury and the network as a whole.
Governance Mandate: We believe that obtaining a clear mandate from DReps through this Budget Info Action, followed by a treasury withdrawal, is the correct governance approach for negotiating and executing these high-stakes integration deals. It respects the community’s role in authorizing strategic direction while allowing the Steering Committee the necessary agility to execute.
Collaboration and Accountability: The Cardano Foundation is proud to stand shoulder-to-shoulder with Input | Output Global, EMURGO, Intersect, and the Midnight Foundation on this critical mission. We are fully committed to delivering on the goals outlined in this proposal. We will hold ourselves and our fellow Steering Committee members accountable to these shared objectives and expectations, and we invite the community and DReps to hold us accountable as well.
Disclosure of Involvement
The Cardano Foundation is a member of the Steering Committee and contributor to this proposal. Our vote as a DRep reflects our conviction that this is the right path for Cardano. The Cardano Foundation is a member of the Intersect Oversight Committee and responsible for data assurance and verification in assisting Intersect ensure that withdrawals from its smart contract framework are correctly made. If there is a conflict between this role and a smart contract disbursement under this budget, the Cardano Foundation will recuse itself from the affected decision in line with the Oversight Committee code of conduct.
The Cardano Foundation votes YES. We are committed to pushing the entire ecosystem forward to ensure a sustainable future for all participants. This budget provides the essential means to achieve that future, and we are ready to work alongside our partners to deliver these critical integrations.
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. - Yes92.2M ₳No rationale
- Yes91.5M ₳Rationale
As a DRep, I decided to vote YES for the Cardano Critical Integrations Budget proposal.
Although Cardano has superior technology, it turns out that bottom-up adoption is not the fastest path to success. We need to onboard not only crypto natives, but also new users from the top down. This is only realistic if we can establish new strategic partnerships. These will not be possible without the critical infrastructure that can be delivered through this proposal.
Our most pressing issues are the absence of a Tier-1 stablecoin (including liquidity) and integration with Chainlink. Many community members want a natively minted Tier-1 stablecoin, specifically USDC and/or USDT.
I am surprised by the need to invest in on-chain analytics platforms and cross-chain bridges. There were several such tools funded in Catalyst. In Fund14, the building of another Bridge was approved. There is Wanchain and others. I would like to see a more detailed explanation and justification for this investment in the withdrawal proposal.
There is no time to wait for a miracle. This proposal should have been submitted a year ago, right after the introduction of on-chain governance. I am excited that it is finally here.
The Steering Committee, consisting of the founding entities, Intersect, and the Midnight Foundation, is solid and trustworthy, although a significant part of the community is critical of individual entities. It is positive to see that they reflect the state of the ecosystem and have taken steps together to address it.
Milestone-based funding with oversight is an excellent choice and an example of what a proposal requesting such a large sum should look like. An external audit adds credibility.
The Committee is committed to returning unused funds to the Treasury. That is positive. 5% for administration seems quite a high amount to me. A detailed breakdown of planned expenses would help.
70M ADA is a huge amount. It would be desirable to see a more specific budget. The proposal only shows what is to be achieved, but we do not know if the budget is adequate. It may be low or unnecessarily high.
I would like to see EMURGO and the Cardano Foundation (CF) provide additional funding if necessary to achieve the goal. CF has promised to provide an 8-figure sum for the minting of stablecoins. I expect at least some of it to be used for liquidity for a Tier-1 stablecoin.
I am excited about this proposal because it can finally deliver what Cardano has been needing for years.
- Yes88.6M ₳Rationale
Cardano’s network is designed with future interoperability with other chains in mind. However, at present, Cardano lacks any Tier-1 stablecoins, which limits inflows from other chains and leaves the ecosystem isolated. For that reason, I believe that every item in this proposal carries significant importance for expanding and accelerating Cardano’s adoption in 2026. If we miss this opportunity, meaningful development and growth for Cardano will be difficult to expect.
- Yes86M ₳Rationale
SIPO supports this proposal because it provides the foundational infrastructure that Cardano has lacked for many years, and it addresses these gaps through an organized, neutral, and constitutionally compliant funding structure.
First, the proposal directly resolves Cardano’s most persistent structural limitation: the absence of core integrations that enable external liquidity, institutional participation, and large-scale economic activity. Tier-one stablecoin rails, global pricing oracles, cross-chain bridges, institutional custody solutions, advanced analytics, and scalable wallet infrastructures are essential public goods for any mature layer-one network. These components cannot be built piecemeal by individual teams. SIPO recognizes that without these integrations, Cardano’s DeFi activity, TVL, and ecosystem growth will continue to lag behind competing chains.
Second, the proposal is essential for Cardano’s long-term financial sustainability. Stablecoins, bridges, and institutional-grade infrastructure directly contribute to higher transaction volume and expanded fee revenue, enabling Cardano to operate as a financially sustainable blockchain. SIPO believes that economic viability is fundamental to the success of decentralized governance.
Third, the governance structure of the proposal maintains neutrality and transparency. A five-member Steering Committee representing IOG, the Cardano Foundation, EMURGO, the Midnight Foundation, and Intersect ensures balanced decision-making. Intersect administers funds under constitutional safeguards, with milestone-based disbursements, independent audits, and the return of unused funds. SIPO considers this a responsible and constitutionally aligned mechanism for deploying treasury resources.
Fourth, negotiations with integration partners are already at an advanced stage, allowing the budget to be deployed immediately. Given the speed at which competing ecosystems continue to expand their stablecoin and interoperability infrastructure, SIPO views timely execution as critical. Cardano must close the gap, especially in stablecoin readiness, where it is significantly behind other major networks.
Finally, SIPO regards this proposal as a strategic, long-horizon investment into Cardano’s future. By delivering the infrastructure required for institutional adoption and cross-ecosystem liquidity, this initiative will strengthen Cardano’s competitiveness, expand its economic surface area, and generate long-term value for all participants.
SIPO also fully recognizes the strategic value of this proposal and therefore supports it. At the same time, SIPO believes that ensuring transparency and auditability is essential for the success of this budget. SIPO will continue to monitor whether the proposal is executed appropriately and in alignment with the Constitution and community governance.
For these reasons, SIPO votes Yes.
SIPO は、本提案が Cardano の長期的な成長と競争力にとって極めて重要であると判断し、賛成票を投じる。
第一に、本提案は Cardano が長年抱えてきた核心的課題である「外部流動性とユースケースを引き込むための基盤インフラ不足」を体系的に解決する点で極めて意義深い。ティア1安定通貨、クロスチェーン、グローバルオラクル、カストディ、ウォレット基盤、分析プラットフォームは、成熟したレイヤー1にとって必須の公共財であり、個別チームでは構築できない性質のものである。SIPO は、この不足が TVL、DeFi 活動量、機関投資家の参入に長期的な制約を生み続けてきたと認識している。
第二に、提案は Cardano の財務的持続性に直結する。ステーブルコインやクロスチェーンが整備されなければ、取引手数料収入の拡大も困難であり、Cardano を自律的に維持するための経済基盤を構築することができない。SIPO は、レイヤー1としての持続的な収益性確保は、分散型ガバナンスの成立にも不可欠と考える。
第三に、本提案はガバナンスの透明性と中立性を担保している。統合優先順位は IOG、CF、EMURGO、Midnight、Intersect の5者によるステアリング委員会が担い、Intersect が資金管理を行う。これにより、単一企業の恣意性や偏りを排し、Cardano 憲法に沿った中立的な判断が保証されている。さらに、マイルストーンベースの支出管理と未使用資金の返還も明記され、財務ガバナンスの健全性が高い。
第四に、すでに複数の統合候補とは実務レベルの交渉が進んでおり、予算は即時活用される見込みである。これは時間価値の高い提案であり、他チェーンが先行する状況に対して迅速な対応が求められている。特にティア1ステーブルコインは、他チェーンでは既に標準装備となっており、Cardano だけが大きく遅れている。SIPO は、この遅れの解消を最優先事項と認識している。
最後に、提案の内容は Cardano を生態系として成熟させるための公共的投資であり、短期的ではなく中長期的な価値を生み出す。SIPO は、この投資が Cardano の TVL、ユーザー基盤、開発者数、ユースケース多様性を大幅に拡大し、将来のエコシステム全体の利益につながると判断する。
また上記の理由でSIPO は提案の戦略的価値を十分に理解し賛成する立場だが、同時に透明性と監査性の確保が本予算の成功に不可欠であると考える。SIPO は、提案が憲法およびコミュニティガバナンスに沿って適切に実行されるかを継続的に監視する。
以上より、SIPO は本提案に対して明確に賛成する。
- Yes84.3M ₳Rationale
See recent YouTube videos addressing this topic with detailed explanation.
- YesRevoted76.8M ₳Rationale
These integrations are critical for us to interface with the rest of the blockchain market.
A PDF version of this rationale is also made available.
These integrations are critical for us to interface with the rest of the blockchain market.
Earlier votes
Yes7mo agoSuperseded
My integration priority ranking for Cardano ranked by positive impact:
- T1 Bridge
- T1 Stablecoin
- T1 Oracle
The delivery of 1 & 2 alone will end isolationism for our chain. The impact will be analogous to the ending of isolationism of Japan in the mid 1800s and the subsequent immense economic growth.
- Yes75.2M ₳No rationale
- Yes74.5M ₳Rationale
Cardano has already constructed a massive and robust “skyscraper,” built on some of the most advanced technology in the world. Yet despite this remarkable structure, the current reality is that the inside of this building lacks sufficient foot traffic and economic activity. In other words, it stands as an impressive but largely empty skyscraper. The reason is simple: the entrances, roads, and utility lines needed to bring people inside—namely stablecoins, oracles, cross-chain connectivity, wallets, and analytics—are not yet in place.
This proposal allocates a budget to build those very “pathways” and “lifelines” that will remove this bottleneck all at once. It represents a decisive investment for Cardano to grow into a full-scale economic ecosystem. Once tier-one stablecoins, institutional custody solutions, cross-chain bridges, and reliable oracles are in place, external capital, developers, enterprises, and users will naturally flow in. The empty skyscraper will come alive, and Cardano—whose technology has long been ahead of its adoption—will finally become a true city that attracts people and activity.
The 70 million ADA requested here is not a “cost,” but an investment in Cardano’s future infrastructure. Delaying this would be the greatest opportunity loss of all, and would amount to building a ceiling over our own growth. To unlock Cardano’s full potential, integrating these critical infrastructures now is indispensable.
For these reasons, I strongly support this proposal as a DRep.
This investment is essential if we are to ensure that Cardano’s skyscraper does not remain empty, but instead transforms into a vibrant, global city filled with users, businesses, and real economic activity.Cardanoは、世界最高峰の暗号技術と厳密なガバナンスに基づいて、巨大で頑丈な「超高層ビル」をすでに建て上げています。しかし今の状態は、立派なビルが完成しているにもかかわらず、その内部には十分な人流も産業活動も存在していない、いわば“空のビル”のようなものです。理由は単純で、人を呼び込むための入口、道路、電力網──つまり ステーブルコイン、オラクル、クロスチェーン、ウォレット、アナリティクス といった基盤インフラがまだ整っていないからです。
今回の提案は、このボトルネックを一気に解消するための「導線」「ライフライン」を整備するための予算であり、Cardanoが本格的に経済圏として成長するための決定的な投資です。ティア1ステーブルコインの導入、機関投資家向けカストディ、クロスチェーン接続、信頼性の高いオラクル──これらが揃えば、外部からの資本、開発者、企業、ユーザーが自然と流れ込み、空のビルは一気に活気を帯びます。技術だけが先行していたCardanoが、本当の意味で“人を集める街”になる瞬間です。
この70M ADAは「コスト」ではなく「未来へのインフラ投資」です。これを遅らせることこそが最大の機会損失であり、成長の天井を自ら作る行為です。Cardanoの潜在力を解き放つには、今このタイミングでのインフラ統合が不可欠です。
以上を踏まえ、私はDRepとしてこの提案に 強く賛成 します。Cardanoのビルを空のままにするのではなく、世界中のユーザーと企業が集まる“本物の都市”へと成長させるために、この投資は必要不可欠です。
- Yes73.1M ₳Rationale
I'm voting YES. This 70M ADA investment is a strategic necessity. To remain competitive, we must invest in ourselves and close the infrastructure gap. Tier-1 stablecoins, oracles, and bridges are non-negotiable for growth. This unlocks the liquidity needed for our long-term sustainability.
A PDF version of this rationale is also made available.
I am voting YES. This was a tough decision given the cost, but to remain competitive, we must invest in ourselves. This proposal addresses the critical infrastructure gap—Tier-1 stablecoins, oracles, and bridges—that has held back our growth.
This is a strategic necessity to unlock liquidity and attract institutional capital, ensuring long-term sustainability and interoperability. With defined milestones for accountability, we must unite to execute this vision. Cardano is open for business, and we are strong competition, we will invest in our ecosystem.
- Yes69.4M ₳No rationale
- Yes62.7M ₳Rationale
This proposal finally tackles the big missing pieces that have held Cardano back – proper stablecoins, real oracles, solid custody and wallets, good analytics, and reliable bridges. Every major chain already has this stuff, and without it Cardano can’t grow the way it should. Getting these integrations in place will make it easier for new users, builders, and liquidity to actually come into the ecosystem, and that’s what we need right now.
The fact that the founding entities are putting in their own funds and covering any cost overruns is a huge bonus. It massively reduces the risk for the community and shows they’re serious about delivering.
That said, since this uses most of the remaining NCL, it still needs good transparency – rough budget breakdown, clearer KPIs than just “live”, and some clarity on how underperformance will be handled.
With that in place, this is the right move at the right time.
- Yes53.8M ₳No rationale
- Yes50.5M ₳Rationale
I have been battling for these things since I started working on Snek, and I couldn’t be happier to finally see the founding entities organized to make it happen. If they achieve everything outlined in this proposal, the impact on Cardano will be unquantifiable.
Stablecoins, institutional custody infrastructure, analytics platforms, bridges, and oracles are all fundamental pieces needed to unlock Cardano’s potential within the wider crypto space. These components are crucial to opening the liquidity gates. We have everything to gain and we need to act fast.
This is the biggest “yes” I’ve ever given — and probably ever will.
- No50.4M ₳Rationale
I am voting No on the Critical Integrations Budget Governance Action. While I acknowledge the strategic potential of investing in infrastructure to boost Cardano’s DeFi and TVL metrics, this proposal lacks sufficient transparency and operational detail to justify the requested ₳70M budget. Key information such as cost breakdowns and partner identities is currently undisclosed, citing strategic or competitive reasons. This lack of disclosure prevents the community from meaningfully evaluating the proposal prior to approval. The structure and responsibilities of the proposed steering committee also remain unclear, as do the criteria for prioritizing investments and measuring outcomes. Despite references to objectives like 'TVL expansion' or 'DeFi enablement', the absence of clear success metrics, ROI projections, and budget oversight mechanisms raise doubts about feasibility and impact. Proposals of this scale require more than aspirational goals—they demand accountable processes. Furthermore, although the proposal claims that the ₳70M will not be disbursed all at once, approval would effectively commit the treasury to this maximum amount without phased checkpoints or accountability layers. The Cardano Treasury is a shared resource intended to support sustainable and decentralized ecosystem growth. Any major allocation should be grounded in demonstrable need, measurable outcomes, and transparent governance. Based on the current state of the proposal, I cannot support it at this time. I hope to see a revised and more detailed version in the future, one that incorporates clearer structure, defined metrics, and phased execution mechanisms to gain broader community trust. [Japanese Version follows] 私はこの「Cardano Critical Integrations Budget」ガバナンスアクションに対して反対票（No）を投じます。DeFiの促進やTVL向上といった目的に対して、戦略的なインフラ投資が必要であるという主張には理解を示しますが、提案内容は₳70Mという大規模な予算を正当化するに足る透明性や運営詳細を欠いています。コストの内訳や提携先の情報など、評価に必要な重要情報が開示されていないため、コミュニティが意思決定を行ううえでの判断材料が不足しています。これらの非開示については「競争上の理由」「戦略的ポジショニング」などが理由として挙げられていますが、情報がない状態では正当な評価は不可能です。加えて、ステアリング・コミッティの構造や責任範囲、投資配分の基準、成果の測定方法も不明瞭です。「TVLの拡大」や「DeFi基盤の構築」といった目的自体は共有できますが、成功指標、費用対効果、資金管理手法などが明示されていないため、実現可能性やインパクトには懸念が残ります。この規模の提案においては、ビジョンだけでなく、アカウンタビリティのある仕組みが不可欠です。また、₳70Mが一括で支出されるわけではないと明記されているものの、承認されればその上限額までの支出が実質的に保証される構造となっており、段階的な審査や中間レビューなどの歯止めが存在しません。カルダノのトレジャリーは、持続可能で分散型のエコシステム成長を支えるための共有資源です。こうした巨額の予算配分は、具体的な必要性と成果指標、透明な統治構造に基づくべきです。現時点での提案内容では、それらの条件を満たしているとは判断できず、賛同することはできません。今後は、より具体的な構造・指標・段階的実行を備えた改善提案が提示され、広くコミュニティの信頼を得ることを期待します。
- Abstain50M ₳Rationale
I consider this vote unnecessary, since a 67% approval threshold will be required anyway for the actual treasury withdrawal. But since it's currently a mandatory part of the process, I'm voting Abstain just to let it proceed - the actual decision will be made at the final vote.
- Yes49.5M ₳No rationale
- Yes47.6M ₳No rationale
- Yes42.9M ₳No rationale
- Yes40.1M ₳Rationale
I would love to see some additional funds committed to this by the founding entities (mainly Emurgo & CF; not IO) but in general this is a good & important proposal that absolutely has to go through.
- Yes38.1M ₳Rationale
Yes — Tier-1 stablecoins and secure cross-chain interoperability are the most critical infrastructure gaps for Cardano. We must prioritize onboarding USDT/USDC and adopt zero-knowledge-based, trust-minimized bridge technology to connect with major ecosystems including Ethereum, Bitcoin, Solana, and Cosmos. Strict milestone-based reporting and transparent oversight are also required.
- Yes37.8M ₳No rationale
- Yes34.6M ₳No rationale
- Yes34.3M ₳Rationale
I support the "Cardano Critical Integrations Budget" proposal to allocate ₳70,000,000 for essential ecosystem infrastructure. Establishing a dedicated fund to onboard tier-one stablecoins, cross-chain bridges, and institutional-grade oracles is a necessary step to unlock liquidity and drive large-scale DeFi adoption on Cardano. The proposed milestone-based funding structure and oversight by the Steering Committee provide the necessary accountability to ensure these resources are used effectively to close the gap with other mature ecosystems.
- Yes31.4M ₳No rationale
- Yes31.1M ₳Rationale
It's great to see you guys working together. We're stronger together.
- Yes30.7M ₳No rationale
- Yes27.9M ₳Rationale
This budget covers many of the integrations the Cardano community has been asking for for a long time. Perhaps even more exciting though is that this is a joint effort that will have us see all the founding entities of Cardano working together.
My understanding is that the 70M price tag is well below the actual cost of these integrations, and the entities themselves will be covering the difference. To me this seems like a no-brainer.
However, my primary concern that needs to be stated is what this will mean for our native, homegrown stablecoin and Oracle teams: Moneta's USDM, Anzens' USDA, Charli3, and OrcFax. My worry is that subsidizing outsider tier-1 stablecoins and Oracle solutions will cause unfortunate side-effects to the businesses of these loyal Cardano teams. I will be voting YES on this proposal, but my only ask is that we consider these Cardano-native teams when brokering any deals with other tier-1 stablecoins and Oracles.
- Yes27.9M ₳No rationale
- Yes27.5M ₳No rationale
- Yes26.3M ₳Rationale
Cardano DeFi cannot fully bootstrap itself without having the essential building blocks in place. For more than two years, I have consistently advocated for stronger stablecoin infrastructure and enhanced wallet support—both of which are critical prerequisites for attracting institutional participants to this ecosystem.
The realisation of this proposal would grow significantly the Cardano DeFi (and Liqwid).
- Yes26.1M ₳Rationale
From the moment I started working with Matt on USDM, we both saw this moment as inevitable. We weren’t sure the founding entities would ever come together to make it real, and that was fine. With or without them, we were committed to doing whatever was necessary to help this ecosystem grow. Even after Matt’s passing, the team kept pushing forward in the spirit of what he intended.
We need scalable stable coins, institutional-grade custody, analytics, bridges, and oracles. These are the components that open liquidity, attract enterprises, and give developers the confidence to build without hesitation. This is not a theory. This is the minimum architecture required for any blockchain that expects to compete.
The only area where I would caution the community is expectation. Liquidity alone does not guarantee success. Algorand is a reminder of that. What we need is an ecosystem that grows alongside the liquidity, supported by native stable coins, lending and borrowing protocols, synthetics, algorithmic models, and DEXs capable of handling real flow.
This feels like the beginning I’ve been waiting for, going all the way back to the early days of smart contracts and naming a Lobster as our first act of the Basho era. Maybe now the timing is finally right. But it will take more than the founding entities to make Cardano viable for enterprise and commercial use. It will take everyone building, supporting, and relying on this chain to bring the full vision to life.
- Yes25.3M ₳Rationale
I am voting YES on the Cardano Critcal Integrations budgets and withdrawal. It's good to see the founding stakeholders strengths coming together to solve significant problems for the ecosystem. This will be a good demonstration of the founding entities' abilities to collectively execute
- Yes23.5M ₳No rationale
- Yes22M ₳Rationale
I totally agree with Charles Hoskinson's call.
- Yes21.5M ₳Rationale
- Yes21.5M ₳Rationale
I vote YES on the Critical Integrations Budget info action. I do so with some reservations regarding how the Cardano governance process currently being carried out at the end of 2025. After listening to the recent X Space held with the entities behind this proposal, I respect that a renewed, co-ordinated approach by Input Output, Cardano Foundation, Emurgo and Midnight Foundation with oversight from Intersect, can help prevent a duplication of effort. It’s great to finally see a mature approach to fixing the issues of missing integrations that have held the ecosystem back to date. If this is what it takes to finally get everyone working together and in turn saves both time and money by reducing the risks of duplicate effort and duplicate spend where multiple entities may have inadvertently sought the same deals independently previously, then that is a positive. Between this and conversations with delegators, I am voting YES at this time.
My reservations, for the record. While I appreciate that all of the critical integrations listed within this budget info action are desperately needed for the Cardano ecosystem, I am uneasy at the level of speedrunning of governance that appears to be happening at the close of 2025. With 72,968,493 ada of the currently agreed NCL for 2025 remaining, this budget proposal comes across as a last-minute move to hoover up the remaining NCL. I have always viewed the Net Change Limit as a spending cap and not a spending target.
If this proposal were put forth by anyone other than the founding entities, then I imagine it would be subject to much more scrutiny than it has been so far. What’s more concerning with regards to this speedrunning of governance is that the timing was miscalculated and we now have another info action requesting an NCL extension just to accommodate any treasury withdrawal that would be linked to this proposal.
As we are in the first year of on-chain governance I have so far adopted a “fool me once / fool me twice” approach whereby I am willing to consider voting “yes” in favour of founding entities having access to their sometimes exorbitant asks, in spite of poor delivery histories, because on-chain governance does finally put a name on treasury withdrawals and provides more accountability than we have had historically. With that in mind, if another similar proposal arrives during the next NCL and I am not happy with the progress made with the funds requested here, then I will simply vote “no”. It’s time to “put up or shut up” as the saying goes.
This is a combined DRep/SPO rationale, while SPO votes are not socially considered with regards to budget info actions, the ledger nonetheless allows SPOs to vote on all info actions. An SPO vote is submitted here to maintain the on-chain record, in the past this would reference the DRep vote transaction hash, but this is not possible when submitted in the same transaction.
- Yes21.4M ₳Rationale
As a DRep, I vote YES on this governance action.
I support this initiative and believe the 70M ADA allocation will fund critical integrations that strengthen the Cardano ecosystem and help lay the foundation for its next phase of growth and long-term economic sustainability.
- Yes21.1M ₳No rationale
- Yes20.4M ₳No rationale
- Yes20.3M ₳No rationale
- Yes19.9M ₳Rationale
We absolutely need this. Love this re-discovered unity of founding entities! Together we will get this done. Let's go!