Withdraw ₳3,000,000 for High-yield RWA Asset for Cardano: Tokenized Real Estate
211 DReps voted · 79 with a rationale · 8 changed their vote · 4 re-voted unchanged
Open a row to read the rationale.
Changed votes: 5 to yes, 1 to no, 2 to abstain, together voting with 151M ₳ of voting power.
- Yes457.4M ₳Rationale
Summary
Yoroi as DRep votes YES on the governance action to fund High-yield RWA Asset for Cardano: Tokenized Real Estate.Rationale
Driving TVL Growth through New Asset Classes:
By introducing a stable, asset-backed investment option, this project diversifies Cardano’s DeFi ecosystem and provides Yoroi users with new, credible ways to lock value, contributing directly to an increase in Cardano’s overall TVL.Demonstrating Cardano-Aligned Principles:
This project reflects the core principles of the Cardano ecosystem through its open-source nature, commitment to reinvesting into the treasury, and strong emphasis on transparency and inclusiveness.Confidence in execution:
Haus has a working product, a sizable waitlist, and regulatory groundwork already in motion. Yoroi is optimistic about its ability to deliver and help grow Cardano's RWA segment.Founders with Track Records of Billion-Dollar Outcomes:
Siddarth (CEO) and Rakesh Pullabhatla (COO) are seasoned operators with leadership experience at Microsoft, Amazon, Google, and Apple. Together, they’ve led IPOs, private equity exits, and built multi-billion-dollar businesses across AI, hardware, and blockchain.Advisors Anchored in Real Estate and Blockchain:
Eric Sussman (UCLA Professor) brings $2B+ in real estate experience and leads Clear Capital ($1.2B AUM). Ryan Terribilini has held senior roles at Algorand Ventures and Ripple Labs, with deep expertise in blockchain ecosystems. - No441.6M ₳Rationale
I voted based on the following seven criteria: Please refer to the PDF or spreadsheet for detailed reasons. 私は次の７つの投票基準を勘案して、投票を行いました。詳細な理由などはPDFまたはスプレッドシートを確認してください。
Roadmap Alignment（ロードマップとの整合）
Is it aligned with the Cardano roadmap? Cardanoのロードマップと整合していますか？Public Value（公共性・オープンソース性）Does it provide public value as an open and reusable resource? オープンで再利用可能な形で公共的価値を提供していますか？
Cost Effectiveness（費用対効果） Is the cost reasonable for the expected impact? 期待される成果に対して費用は妥当ですか？(Haggling can be difficult on timelines and exhausting for vendors./値切り交渉はタイムライン上困難かつベンダーを疲弊させる可能性があります。)
Feasibility（実行体制・リスク・スケジュール） Is the team capable and the plan feasible? チームは有能で、計画は実現可能ですか？
Socialization & Transparency（対話と説明責任） Has the proposal been openly discussed with the community? 提案はコミュニティと公開で議論されましたか？
No Conflict of Interest with Yuta（Yutaとの利益相反なし） Is there no conflict of interest with Yuta? Yutaとの利益相反はありませんか？
Alignment with Yuta’s voting policy（Yutaの投票ポリシーへの貢献） Does it contribute to Yuta’s voting policy and long-term vision? Yutaの投票ポリシーや長期ビジョンに貢献していますか？
ipfs://bafkreihwgw6xjnqzjaq5shmb6rn7amh7ba4urvwfh3iix53czf2b7q6m5i
https://docs.google.com/spreadsheets/d/1M8JAuAntJOa7Z6j3GfC2hWFl4kbZLkzEel_cN4-kymw/edit?usp=sharing
https://cardano.mypinata.cloud/ipfs/bafkreihwgw6xjnqzjaq5shmb6rn7amh7ba4urvwfh3iix53czf2b7q6m5i
- Abstain350.3M ₳No rationale
- YesRevoted304.6M ₳Rationale
Summary
EMURGO as DRep votes YES on the governance action to fund High-yield RWA Asset for Cardano: Tokenized Real Estate based on the rationale below
Rationale
This proposal introduces a meaningful real-world use case that aligns with Cardano’s vision of connecting blockchain with global financial systems. By tokenizing home equity, Haus unlocks liquidity for homeowners while offering new, stable investment opportunities for users. The project is backed by an experienced team, proven traction, and a clear roadmap, including legal and DeFi integration. EMURGO also appreciates the project’s open-source approach and its commitment to donating back to the treasury, signaling long-term alignment with Cardano’s sustainability goals. We see this as a powerful driver of ecosystem growth and RWA adoption on Cardano.Earlier votes
Yes1y agoSuperseded
Summary
Yoroi as DRep votes YES on the governance action to fund High-yield RWA Asset for Cardano: Tokenized Real Estate.Rationale
Real-world utility at scale: Haus addresses a global liquidity gap for homeowners, while creating new DeFi use cases on Cardano through tokenized real estate.
New asset class for users: Adds diversity to Cardano’s DeFi ecosystem and offers stable, asset-backed investment opportunities for Yoroi users.
Alignment with Cardano values: The project is open source, commits to giving back to the treasury, and embraces transparency and inclusivity.
Confidence in execution: Haus has a working product, a sizable waitlist, and regulatory groundwork already in motion. Yoroi is optimistic about their ability to deliver and help grow Cardano's RWA segment.
- Yes278.5M ₳Rationale
RWA is going to pick up the pace a lot between now and 2030. Lets get Cardano in front of it.
- Abstain216.7M ₳Rationale
TL;DR: EDC voted:
gov_action18ne...66459t: YES
gov_action13tf...qx0ecg: YES
gov_action13tf...nrw6t9: YES
gov_action13tf...0vdlhj: YES
gov_action13tf...ufvuyl: YES
gov_action13tf...tnrdnx: YES
gov_action13tf...ckzwqt: YES
gov_action13tf...yeptuu: YES
gov_action13tf...huqg03: YES
gov_action13tf...488pdm: YES
gov_action13tf...xzxz7k: YES
gov_action13tf...6d98zp: YES
gov_action13tf...fgyy3v: YES
gov_action13tf...f074ea: YES
gov_action13tf...t5eumh: ABSTAIN
gov_action13tf...c3clg6: YES
gov_action13tf...y7m65d: YES
gov_action13tf...hm6e8q: YES
gov_action13tf...30y0dn: YES
gov_action13tf...79xfzf: ABSTAIN
gov_action13tf...dq823y: ABSTAIN
gov_action13tf...0mqrnw: YES
gov_action13tf...u7pqqr: ABSTAIN
gov_action13tf...q3z9u5: YES
gov_action13tf...n5rx0e: YES
gov_action13tf...ywvhcq: YES
gov_action13tf...htd5td: ABSTAIN
gov_action13tf...tyw3h6: YES
gov_action13tf...cp0jyh: YES
gov_action13tf...66gmxa: YES
gov_action13tf...flfc4s: YES
gov_action13tf...4s2af8: ABSTAIN
gov_action13tf...x4t762: YES
gov_action13tf...7jt4x4: ABSTAIN
gov_action13tf...dh2k4c: YES
gov_action13tf...3cfnf0: YES
gov_action13tf...zags6z: YES
gov_action13tf...z29v77: ABSTAIN
gov_action193l...gl2qg0: YES;We refrained from voting NO on any of the actions, voted ABSTAIN where the majority of our team (7 people) determined that the impact wasn't high enough, the concept wasn't something we would want to support, or the action asked for too much.
Keep in mind, that voting ABSTAIN helps each effected proposal by lowering the absolute voting power needed to pass the action.
- Abstain185M ₳No rationale
- Abstain182.6M ₳No rationale
- Yes170.6M ₳Rationale
This document provides an aggregate rationale for the Cardano Foundation DRep’s votes on all Treasury Withdrawal GAs stemming from the approved “Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect” (gov_action1u9x...k2phgh).
A PDF version of this rationale is also made available.
Our approach is designed to ensure both transparency and efficiency, applying a consistent evaluation framework (see here; the “Evaluation Framework”) to each proposal while presenting our reasoning in a single, comprehensive document.
Our current assessment remains consistent with the principles previously outlined in our public communications and our evaluation during the Ekklesia off-chain signaling phase. As no material changes have been made to the individual proposals since the overarching budget was approved, our votes on these withdrawals reflect our original assessment of them. However, we have changed our previous abstention on the Intersect proposal and our previous “No” vote for the Discover Cardano proposal to a "Yes" vote.
Fund administration clarity is a crucial consideration for our voting decisions. While this budget is approved as a package, we expect Intersect, as administrator, to manage funds diligently, provide public transparency on contracts, and ensure robust oversight, holding recipients accountable for deliverables.
Our voting decisions on the 39 treasury withdrawals are presented in the table below. The "Vote" column displays our votes. For all proposals requesting 3 million ada or more, our assessment is included in the "Note" column.
Table A – Voting Record
Governance Action ID Title Requested ADA Vote Note gov_action13tf...6d98zp 2025 Input Output Engineering Core Development Proposal 96,817,080 ABSTAIN We abstain from both the TSC and IO Engineering proposals for the following different reasons: For the TSC proposal, we abstain due to the lack of a credible execution path. Although we support the intent and approach and while we recognise the significant work that went into this proposal, the recent sudden withdrawal of administrative support by the Intersect board makes the proposal unfeasible, even if funded at this time. For the IO Engineering proposal, we abstain as we are not confident that the current version offers sufficient transparency or accountability to justify endorsement. Our concerns stem from the lack of adjustments following constructive community feedback, particularly regarding scope, cost-effectiveness, and safeguards. View Cardano Foundation feedback from 11 May here. gov_action13tf...ywvhcq Catalyst 2025 Proposal by Input Output: Advancing Decentralised Community Innovation Funding & Infrastructure 69,459,000 YES We vote ‘yes’ on this proposal as it is important to ensure continuity for the main source of grant funding for the ecosystem during a transition year for governance, especially as Project Catalyst is a funding system that the Cardano ecosystem is familiar with. As the proposal did not fully account for CF's initial budget feedback nor propose activities linked to resolving known shortcomings, we will be monitoring these areas ahead of any subsequent budget proposals by Project Catalyst gov_action13tf...hm6e8q Input Output Research (IOR): Cardano Vision - Work Program 2025 26,840,000 ABSTAIN We abstain from this proposal because we view key components of the proposed budget as materially too high, and previous feedback regarding costs and scope, including specific points raised by the Cardano Foundation on March 11 were not adequately addressed. View Cardano Foundation feedback from 11 May here. gov_action13tf...tyw3h6 A member-based organization for the Cardano ecosystem: Intersect 15,750,000 YES We adjusted our vote from ‘abstain’ to ‘yes’ on this proposal. This reflects our acknowledgement of Intersect's revised 15.75M ada budget, recognizing Intersect's shift towards leaner operations. Our initial vote to abstain based on the discrepancy between the on-chain proposal and the updated off-chain figures, which has been remedied now. We emphasize the importance of having accurate and updated details reflected directly on the Ekklesia platform for all future proposals to ensure transparency and streamline the DRep voting process. gov_action13tf...u7pqqr Cardano Builder DAO 12,000,000 YES We vote ‘yes’ on this proposal as it mitigates the dependency of Cardano on grants by exploring convertible grants to incentivise projects better. The proposal identifies and addresses the gap in post-Catalyst funding for projects needing follow-up support in focusing on achieving product market fit instead of optimising towards grant writing. gov_action13tf...dh2k4c TWEAG’s Proposals for multiple core budget projects for Cardano 2025 11,070,323 YES We vote 'yes' on this proposal as we believe supporting diverse contributors increases the resilience of Cardano, and as the proposal demonstrates a collaborative approach, accountability, and an appropriate engagement framework. gov_action13tf...q3z9u5 Unveiling the First Unified Global Events Marketing Strategy for Cardano 6,000,000 YES We vote 'yes' on this proposal as it provides a clear value proposition for Cardano. This proposal was already assessed as part of the Marketing and Growth Budget. gov_action13tf...n5rx0e Cardano Summit 2025 and regional tech events 6,000,000 YES We vote 'yes' on this proposal as it provides a clear value proposition for Cardano. This proposal was already assessed as part of the Marketing and Growth Budget. gov_action13tf...qx0ecg OSC Budget Proposal - Paid Open Source Model for Sustainable Development 5,885,000 YES We vote 'yes' on this proposal as it aligns with the Cardano Vision and Roadmap for 2025 and beyond and contributes to a sustainable developer ecosystem for Cardano. However, we still believe additional details would have strengthened this proposal further. gov_action13tf...30y0dn Expanding Stablecoin / Cardano Native Asset Support / Fiat Ramps 4,000,000 YES We vote 'yes' on this proposal as it contributes to the growth in liquidity and DeFi, which we believe is an important value proposition. gov_action13tf...dq823y Ecosystem Exchange Listing and Market Making service pool 3,126,000 YES We vote 'yes' on this proposal in line with the GMC’s voting and according to previous viability assessments. gov_action13tf...z29v77 High-yield RWA Asset for Cardano : Tokenized Real Estate 3,000,000 YES We vote 'yes' on this proposal as it supports the expansion of the RWA topic. However, there is a lack of alignment with the roadmap, which we would expect to be enhanced afterwards. gov_action13tf...fgyy3v Midgard - Optimistic Rollups 2,162,096 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...0mqrnw Complement Catalyst: Extended Quadratic Funding—Zero Operational Costs 1,500,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...xzxz7k Blockfrost Platform community budget proposal 1,300,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...tnrdnx zkFold ZK Rollup 1,161,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...79xfzf Cardano Ecosystem Pavilions at Exhibitions 889,500 YES We adjusted our vote from ‘no’ to ‘yes’ on this proposal. This reflects our acknowledgement of the revised scope to avoid overlapping with other proposals. gov_action13tf...t5eumh Cardano Product Committee: Community-driven 2030 Cardano Vision and 2026 roadmap insights collection via workshops and structured product research 750,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...7jt4x4 ZK Bridge 700,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...4s2af8 Scalus - DApps Development Platform 657,692 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...66gmxa A free Native Asset CDN for Cardano Developers 605,000 NO We vote ‘no’ on this proposal as it does not align with the principles of the Evaluation Framework, specifically principle 3 on Financial and Funding Mechanics. gov_action13tf...nrw6t9 Complete Web3 developer stack to make Cardano the smart contract layer for Bitcoin 600,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...htd5td Beyond Minimum Viable Governance: Iteratively Improving on Cardano Voltaire 592,780 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...x4t762 Eternl Maintenance 583,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...zags6z Gerolamo - cardano node in typescript 578,571 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...488pdm Hardware Wallets Maintenance 424,800 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 2 on Committee Budget Proposals and Prior Feedback. gov_action13tf...c3clg6 PyCardano 314,800 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 3 on Financial and Funding Mechanics. gov_action13tf...0vdlhj Ledger App Rewrite 300,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...flfc4s Cexplorer.io – Developer-Focused Blockchain Explorer for Cardano 266,667 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...3cfnf0 MLabs Core Tool Maintenance & Enhancement: Plutarch 243,478 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...ufvuyl Dolos: Sustaining a Lightweight Cardano Data Node 220,914 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...yeptuu UTxO RPC: Sustaining Cardano Blockchain Integration 220,914 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...huqg03 Pallas: Sustaining Critical Rust Tooling for Cardano 220,914 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...cp0jyh AdaStat.net Cardano blockchain explorer 212,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...y7m65d OpShin - Python Smart Contracts for Cardano 199,911 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 3 on Financial and Funding Mechanics. gov_action13tf...ckzwqt Lucid Evolution Maintenance 130,903 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tf...f074ea MLabs Research towards Tooling for Elliptical Curves - GrumpleStiltSkin 104,347 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action193l...gl2qg0 BloxBean Java Tools Maintenance and Enhancement 99,600 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action18ne...66459t MLabs Core Tool Maintenance & Enhancement: Cardano.nix 45,217 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. Summary of Voting Approach
The Cardano Foundation’s votes on these 39 treasury-withdrawal governance actions are the direct execution of a single, comprehensive review process that began during the off-chain signaling phase. Although we present one aggregate rationale for efficiency, each proposal and governance action was individually assessed against a consistent framework anchored in our publicly stated principles.
Evaluation Framework
As outlined in our blog post, Navigating Budget Changes, our evaluation is guided by several core criteria. For these treasury withdrawals, our assessment focused on three primary areas:
- Strategic Alignment: We prioritized proposals that clearly align with the Cardano 2025 Vision & Roadmap and the principles of "Our Cardano." Proposals demonstrating a direct contribution to core infrastructure, ecosystem growth, decentralization, and sustainability scored highest in our assessment.
- Execution Viability & Financials: We assessed whether the requested funding was appropriate with the project’s scope and whether the team demonstrated the expertise and planning necessary for successful execution. This included a review of the budget breakdown, timelines, and risk considerations.
- Accountability and Delivery Assurance: A critical factor was the proposal’s commitment to transparency and accountability. We looked for clear deliverables, defined success metrics, and robust reporting plans. Given the significant value of Treasury funds, we placed a strong emphasis on frameworks that ensure what is promised is ultimately delivered.
The Cardano Foundation’s votes on these 39 treasury-withdrawal governance actions are the direct execution of a single, comprehensive review process that began during the off-chain signaling phase. Although we present one aggregate rationale for efficiency, each proposal and governance action was individually assessed against a consistent framework anchored in our publicly stated principles.
- Yes105.9M ₳Rationale
I cast a YES vote on this proposal with a forward-looking stance.
Currently, Cardano is somewhat behind other blockchains in the Real World Assets (RWA) sector. I believe active investment in this area is essential for the future growth of the ecosystem.
The tokenization of real estate by Haus presents a clear and compelling use case that is expected to increase transaction volume on Cardano and invigorate on-chain activity. This is not merely a proof of concept — it is the migration of a proven solution from Ethereum to Cardano, serving as a meaningful step toward building DeFi infrastructure that connects directly with the real world.
Furthermore, the project addresses the growing demand for stable, asset-backed investment options in DeFi, while also meeting the needs of U.S. homeowners who are asset-rich but cash-poor and seek liquidity without selling their homes. This alignment with real-world demand positions the project as a potential growth driver for Cardano.
For Cardano to evolve into a true public infrastructure platform, the implementation and expansion of real-world use cases such as this are crucial. I see this proposal as a pioneering example of that direction and fully support its execution.
本提案に対し、前向きな姿勢でYES票を投じます。
現在、Cardanoは他チェーンと比較してReal World Assets（RWA）の領域においてやや遅れをとっており、この分野への積極的な投資は今後のエコシステム拡大に不可欠だと考えています。
Hausによる不動産トークン化という明確なユースケースは、Cardanoに新たなトランザクションをもたらし、オンチェーン活動の活性化に寄与することが期待されます。これは単なる概念実証ではなく、既にEthereum上で実績を持つプロジェクトのCardano移植であり、現実社会との接点を持つDeFi基盤構築として非常に意義ある一歩です。
また、DeFiにおけるステーブルな資産の需要や、資産を保有しながらも流動性を得たいという米国住宅所有者のニーズに応える点でも市場適合性は高く、Cardanoにとっての新たな成長ドライバーとなる可能性を秘めています。
将来的にCardanoが公共インフラとして機能するためには、こうした現実経済と接続されたユースケースの実装と拡大が不可欠であり、本提案はその先駆けとなり得るものと評価しています。
- Abstain96M ₳No rationale
- No93.3M ₳Rationale
The vote for this withdrawal is NO. Details can be found in the rationale.
A PDF version of this rationale is also made available.
I plan to vote YES on most projects I’ve supported in Ekklesia. To stay transparent, I’ll rate each project across six categories, scoring 0 to 2 per category (max 12 points). Projects scoring below 6 won’t get my support. I’ll consider supporting those with 7–8 points, and will fully support any scoring 9 or more.
The categories are:
- Key infrastructure, research, or essential funding: 0
- Team strength, feasibility, and track record: 1
- Impact on the Cardano ecosystem: 1
- Value for money: 1
- Cost compared to similar proposals: 1
- Personal or community usage and benefit: 0
Total score: 4
- Yes89.4M ₳Rationale
私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote. - Yes89.1M ₳No rationale
- No88.1M ₳No rationale
- Yes83.9M ₳Rationale
SIPO voted “Yes” on the proposal titled “High-yield RWA Asset for Cardano: Tokenized Real Estate”.
Key Reasons
Advancement of RWA (Real World Asset) Utility on Cardano:
The Haus protocol provides a real estate-backed, high-yield token (HausCoin) that bridges traditional real estate markets with Cardano-based DeFi. This initiative represents a flagship use case for RWA adoption on Cardano.Proven Track Record and Market Demand:
Haus has already executed 36 tokenized real estate transactions on a private Ethereum instance, with $20 million TVL. Furthermore, it holds a 30,000-user waitlist representing over $4.1 billion in tokenizable home equity—clear validation of product-market fit and demand.Strategic Migration to Cardano:
By transitioning its infrastructure to Cardano, Haus aims to leverage the network’s scalability and low transaction costs. The launch of HausCoin and a real estate trading marketplace will enhance Cardano’s footprint in the RWA sector.Regulatory Alignment and Compliance Roadmap:
The project includes development of a compliant legal framework for U.S., EU, and global markets. HausCoin is already registered under SEC Reg D, indicating serious attention to regulatory compliance. Project governance will be executed under a legal contract with CDH via Intersect, ensuring transparency and accountability.Robust Technical and Treasury Management Setup:
Smart contract frameworks audited by TxPipe and MLabs, as well as an Oversight Committee consisting of Sundae Labs, Cardano Foundation, and others, provide strong safeguards for treasury disbursement and governance integrity.
SIPO sees this proposal as a major step toward connecting real-world economic assets with Cardano’s smart contract infrastructure, and expresses strong support for its delivery and expected ecosystem impact.
⸻⸻⸻⸻⸻⸻⸻⸻⸻
SIPOは、本提案「Tokenized Real Estateによる高利回りRWA資産のCardano導入」に賛成し、Yes票を投じました。
主な理由
CardanoにおけるRWA（実世界資産）拡張の推進：
Hausプロトコルは、不動産担保付きの高利回りトークン（HausCoin）を提供することで、従来の不動産市場とDeFiを接続します。これは、Cardanoチェーン上でのRWA活用の代表的ユースケースとなり得ると考えます。実績と市場ニーズの明確性：
HausはすでにEthereum上のプロトタイプで約$20MのTVLと36件の不動産取引実績を持ち、さらに30,000人の待機ユーザー（約$4.1Bの潜在TVL）を抱えています。これは、プロダクト・マーケット・フィット（PMF）と実需要の存在を示しています。カルダノへの移行の戦略的意義：
HausはCardanoの低コストかつスケーラブルなインフラを選択しており、HausCoinのローンチやトークン化された住宅資産の取引基盤構築が進むことで、CardanoのRWA基盤強化が期待されます。法規制対応と実装スキームの信頼性：
米国および国際市場に対応する法的枠組み構築に取り組み、SEC Reg DによるHausCoin登録など、規制対応にも具体的な進捗があります。IntersectおよびCDHとの法的契約管理のもと、透明な進捗モニタリングと支払が実施されます。技術・資金運用体制の整備：
Sundae Labs、Cardano Foundation等によるスマートコントラクト監査体制、Oversight Committeeの設置など、Treasury資金管理に関する信頼性と説明責任も確保されています。
SIPOは、CardanoにおけるRWAとDeFiの橋渡しとなるこの提案が、チェーンの実用性と経済圏拡大に資する重要な一歩であると判断しました。現実の経済資産とCardanoのスマートコントラクトを結び付ける実証性と構造的信頼性を備えたこのプロジェクトに、我々は支持を表明します。
- No78.6M ₳No rationale
- No75.5M ₳No rationale
- No75.3M ₳Rationale
I am voting NO. While I welcome high-quality projects, the treasury is for public goods, not to fund the expansion of a successful, for-profit company. The impressive track record of the Haus team is the very reason they should self-fund this move, not ask the community to pay for it.
A PDF version of this rationale is also made available.
I am voting NO, based on the strong principle that our treasury must fund public goods, not the expansion costs of successful, for-profit companies.
The Haus team's impressive track record is the very reason they should self-fund their migration to Cardano, not ask the community to pay for it. This proposal socializes their business risk while privatizing the profits, which is contrary to a fair and sustainable ecosystem. We should attract projects on our technical merits, not by giving grants to private ventures.
- No69.8M ₳No rationale
- Yes55.4M ₳Rationale
Following the previous vote on Ekklesia.
- No53.3M ₳No rationale
- Yes50.8M ₳Rationale
As a DRep, I voted for all projects in the 2025 budget vote based on a very simple principle:\n\n- Yes if I believe the long-term value to the Cardano ecosystem exceeds the requested amount;\n- No if it doesn't;\n- Abstain if I'm unsure.\n\nAll of my votes are consistent with my position in the May 2025 Ekklesia round.
- Yes43.3M ₳No rationale
- Abstain42.9M ₳No rationale
- Yes42.3M ₳Rationale
After speaking with the team myself I think this is a net positive for Cardano.
- Yes41.6M ₳No rationale
- YesChanged40.2M ₳History
Earlier votes
Abstain1y agoSuperseded
- No39.5M ₳No rationale
- No38.1M ₳No rationale
- Yes37M ₳No rationale
- No36.8M ₳No rationale
- No34.3M ₳Rationale
The Tokenized Real Estate proposal lacks demonstrated alignment with Cardano’s long-term goals, shows insufficient justification for treasury reliance, and presents unclear benefits for the ecosystem. For these reasons, I will vote against this proposal.
A PDF version of this rationale is also made available.
Tokenized Real Estate Treasury Withdrawal Rationale
Author: HOSKYSummary
The Tokenized Real Estate proposal lacks demonstrated alignment with Cardano’s long-term goals, shows insufficient justification for treasury reliance, and presents unclear benefits for the ecosystem. For these reasons, I will vote against this proposal.Rationale for Voting Against the Tokenized Real Estate Proposal
Cardano First: Ecosystem Commitment and Intent
The Haus project describes an ambitious plan to tokenize home equity and has highlighted interest from other blockchains. However, the team has stated they are “giving Cardano a chance” despite having received larger offers elsewhere. This framing signals an opportunistic approach rather than a committed partnership with Cardano.The dRep Platform supports builders who treat Cardano as their home base for innovation. Treasury funds should not be used to entice teams who may shift ecosystems based on funding size rather than long-term alignment.
Financial Position and Treasury Expectations
With over $25 million in assets under management and $150 thousand in annual recurring revenue, Haus has a proven business foundation. Yet the proposal requests three million ADA without clearly explaining why treasury funding is needed at this scale.The dRep Platform upholds responsible treasury stewardship. Public funds should be reserved for efforts where other financing options are limited or unavailable, not as a shortcut for scaling established ventures.
Ecosystem Value and Delivery Clarity
While the proposal outlines a technical migration and token launch, it lacks detail on how this effort will actively strengthen Cardano’s existing developer, user, or DeFi communities. There is no evidence of community engagement, partnerships with native projects, or infrastructure contributions beyond token deployment.The dRep Platform prioritizes initiatives that grow Cardano’s core capabilities and ecosystem resilience. Projects that treat Cardano as a utility layer without meaningful integration fall short of this standard.
Smart contract disbursement and milestone tracking are positive aspects, but delivery assurance is not enough on its own. Impact matters, and in this case, the long-term impact on Cardano remains vague.
Conclusion: A Vote Consistent with the dRep Platform
The dRep Platform commits to:Supporting builders who choose Cardano as their primary ecosystem
Promoting fiscal responsibility grounded in clear public benefit
Backing proposals that deliver measurable value to the community
Ensuring transparency and accountability in all funding decisions
This proposal does not meet those criteria.
For these reasons, I will vote against this proposal.
- No32.4M ₳No rationale
- Yes30.6M ₳Rationale
Socious has voted in favor of all 39 Treasury Withdrawal proposals submitted. These proposals were selected through a well-defined process, and we fully support them out of respect for the will of the broader Cardano community.
- No30.6M ₳No rationale
- No28.7M ₳Rationale
Cardano without a decentralized Oracle is not ready for RWA. Further mỏe, 3M ADA is nothing in the real estate market
- No28.7M ₳No rationale
- No28.1M ₳Rationale
I appreciate and supporting Haus's desire to build their Tokenized Real Estate platform on Cardano. However, I feel like the funding for this would be better allocated through Cardano Catalyst. At this time I am only supporting core/critical Cardano development projects for direct treasury funding.
- Yes27.5M ₳No rationale
- AbstainChanged25.9M ₳Rationale
I have updated my vote to ABSTAIN on the current proposal to fund Haus real estate market. I have updated my vote after meeting with Haus at Rare Evo in Las Vegas. I still believe Haus should be a VC play (or retroactive funding), and is not suitable for treasury funding. If Haus builds on Cardano (not 3M Ada hard to do) and show auditable market traction, I would certainly support the Cardano treasury helping scale those solutions.
Earlier votes
No1y agoSuperseded
- No25.8M ₳Rationale
Tokenization is easy, giving utility for it is another use case.
3M ADA for just the tokenization is too much.
- Yes25.4M ₳No rationale
- No23.6M ₳No rationale
- No22.4M ₳No rationale
- No21.7M ₳Rationale
This proposal was not originally one of my selections during the Ekklesia budget reconciliation process and I have decided to remain against funding this proposal at this time. It is a large ask for relatively unknown project in the ecosystem and I would consider an application to Cardano Use Cases: Partners and Products a better funding route for a pilot programme before graduating to a treasury withdrawal request of this size. I also attempted to read some of the supporting documentation only to find it sitting behind a request for an email address. Such information should be provided to the community and DReps openly in a publicly accessible format without any such barriers. This is the only proposal that I have come across so far that has linked further information in this manner.
- No21.5M ₳Rationale
Long-Term Sustainability
While real-world asset (RWA) tokenization is a promising narrative, this proposal lacks sufficient detail to prove it will deliver sustainable value to the Cardano ecosystem. The use of treasury funds to subsidize an unproven business model carries high strategic and reputational risk.Builder and Ecosystem Growth
The proposal does not offer infrastructure, tooling, or reusable components that benefit Cardano developers or projects. It primarily supports a single vertical use case with unclear technical, legal, or economic frameworks.Decentralization and Community Engagement
There is no transparency on how assets will be selected, who controls the platform, or how the community participates. The proposal is structurally centralized and offers no assurances of open access or governance input.Responsible Treasury Spending
₳3,000,000 is a massive ask for a speculative, profit-driven venture with limited ecosystem integration and unclear delivery terms. The risk-to-return ratio is far too high, and public funds should not serve as seed capital for opaque real estate projects. We strongly recommend voting NO. - Yes20.3M ₳Rationale
As a Drep, I vote yes on this proposal in line with my Ekklesia vote earlier this year.
- Yes20.3M ₳No rationale
- No17.2M ₳Rationale
Project Catalyst is the more appropriate mechanism to seek funding such a project.