Withdraw ₳3,126,000 for Ecosystem Exchange Listing and Market Making service...
209 DReps voted · 60 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ Rationale
Summary
Yoroi has voted YES on the governance action to fund Ecosystem Exchange Listing and Market Making service pool by Flowdesk based on the rationale provided below.Rationale
Exchange Exposure: Listing CNTs on top-tier CEXs helps bring Cardano assets to a broader market, unlocking new liquidity and visibility.
Trusted Facilitator: Flowdesk’s proven track record, combined with their commitment to neutrality (no direct treasury payments), makes them a reliable partner.
Liquidity Boost: MMAAS ensures that once listed, CNTs have sustainable trading volume and price stability, which is vital for investor confidence and DeFi utility.
Yoroi sees this as a strategic leap toward closing Cardano’s liquidity gap and is happy to support this initiative.
- Yes 428.5M ₳ Rationale
I have changed my vote to YES because I have confirmed the following two points:
There are now clear baseline KPI targets and setting up a cash return plan is now mandatory.
While supporting the Cardano ecosystem through CNT, the return of funds plan will mitigate the impact of competitive unfairness. The team has experience working on the Snek team.
(1) Base KPI targets
https://x.com/KevinSoobratty/status/1954084058134458408(2) Projects that are asking for exchange listing withdrawal will have to commit to a full repayment plan. It will be at their discretion to pay back the treasury.
https://x.com/KevinSoobratty/status/1955471135832940680
以下の2点を確認したため、賛成票を「YES」に変更しました。
明確なベースラインKPI目標が設定され、資金返還計画の設定が必須となりました。
CNTを通じてCardanoエコシステムを支援する一方で、資金返還計画は競争上の不公平性の影響を軽減します。チームはSnekチームでの活動経験を有しています。
(1) ベースKPI目標
https://x.com/KevinSoobratty/status/1954084058134458408(2) 取引所上場引き出しを申請するプロジェクトは、全額返済計画を策定する必要があります。
https://x.com/KevinSoobratty/status/1955471135832940680 - Yes 328.3M ₳ No rationale
- Yes 297.4M ₳ Rationale
Summary
EMURGO as DRep votes YES on the governance action to fund Ecosystem Exchange Listing and Market Making service pool submitted by Flowdesk.Rationale
This proposal addresses two key bottlenecks in Cardano’s growth: the lack of Cardano Native Tokens (CNTs) on Tier 1 exchanges and the absence of institutional-grade market-making. Without access to these critical components, many CNTs remain illiquid and isolated from broader market participation.Flowdesk, a well-established market infrastructure provider recently backed by BlackRock and HV Capital, proposes a service model that is transparent, non-custodial, and results-driven. The company will not receive any funds from the Intersect treasury for facilitating the listings. Instead, it will act as a gatekeeper, ensuring that only projects with verified agreements and adequate on-chain liquidity qualify for support. Treasury funds will be used to pay exchanges directly or fund MMAAS for eligible projects.
EMURGO believes that increasing CNT presence on major exchanges and ensuring sustained liquidity through MMAAS will not only improve token accessibility but also drive more users, capital, and confidence into the Cardano ecosystem. The value it promises in strategic market access, if executed with strong oversight, is worth supporting.
- Yes 240.8M ₳ No rationale
- Yes 221.8M ₳ Rationale
TL;DR: EDC changed its vote from ABSTAIN to YES on gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpcdq823y;
Thanks to YUTA following up with the proposers it's now mandatory for token projects to provide a repayment plan to be considered for a listing through this proposal. Successful token projects will be repaying the treasury, so this proposal has way less impact on the treasury.
Link:
https://x.com/KevinSoobratty/status/1955471135832940680
https://x.com/KevinSoobratty/status/1954084058134458408 - Abstain 174.4M ₳ No rationale
- Abstain 160.5M ₳ No rationale
- Yes 135.1M ₳ 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_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh).
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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqz6d98zp 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpwywvhcq 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzqhm6e8q 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp2tyw3h6 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp5u7pqqr 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqudh2k4c 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpjq3z9u5 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpsn5rx0e 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqkqx0ecg 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp730y0dn 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpcdq823y 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpuz29v77 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqqfgyy3v 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpk0mqrnw 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqyxzxz7k 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqwtnrdnx 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp679xfzf 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzxt5eumh 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq77jt4x4 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpz4s2af8 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpx66gmxa 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq5nrw6t9 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpvhtd5td 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpqx4t762 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqczags6z 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqx488pdm 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzyc3clg6 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqj0vdlhj 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpyflfc4s 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq63cfnf0 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqsufvuyl 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq2yeptuu 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqghuqg03 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpgcp0jyh 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzzy7m65d 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqvckzwqt 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_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzgf074ea 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_action193leqzml768nz7nmpepzx822a5mzyanqhtewaxjtul5gp6uhwvfsqgl2qg0 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_action18nefry4qacd80xzs2srjahxm2e4vz3c8wvrr03rrtk8mdqfuknysq66459t 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.
- No 93.3M ₳ 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:
- Cost compared to similar proposals:
- Personal or community usage and benefit:
Total score:
- Yes 92.1M ₳ No rationale
- Yes 89.8M ₳ Rationale
SIPO voted “Yes” on this proposal because it provides a strategic, structured, and accountable mechanism to significantly improve liquidity and visibility for Cardano Native Tokens (CNTs), enhancing Cardano’s integration into global Web3 markets.
Clear Problem Definition and Practical Solution
• As of now, no CNT is listed on tier-1 exchanges such as Binance, Coinbase, or Kraken, and only Snek and Iagon have top-tier market makers.
• This proposal directly addresses these two critical challenges by deploying Market Making as a Service (MMAAS) provided by Flowdesk, a specialist in liquidity infrastructure.Transparent and Accountable Model
• Flowdesk does not receive any funds directly from the treasury, which avoids conflicts of interest.
• All exchange listing fees will be paid directly from Intersect to the exchange, ensuring transparency in fund allocation and traceability.Dual Pool Structure for Listing and Market Making
• A total of ₳3,000,000 is allocated to an Exchange Listing Pool for CNTs such as MIN, HOSKY, and others.
• ₳126,000 is allocated for MMAAS, targeting both non-stable and stable CNTs including SNEK, IAG, USDM, DJED, and KINKA, with a focus on liquidity, price discovery, and external investor access.Proven Track Record
• Flowdesk has already formed partnerships with Snek (Nov 2024), Iagon (Dec 2024), and DexHunter (Dec 2024).
• Their active engagement and infrastructure readiness demonstrate their capability to deliver meaningful outcomes in the Cardano ecosystem.Secure Governance and Oversight
• The entire process is governed under the Intersect smart contract-based framework, with a multisig structure and oversight from a committee of five independent entities including Cardano Foundation, NMKR, and Sundae Labs.
• This ensures that funds are disbursed only under rigorous, auditable conditions.
Conclusion
SIPO believes that this proposal is a decisive step toward resolving key liquidity and exchange-access challenges in the Cardano ecosystem. The clear use of funds, robust governance, and direct support for strategic token listings make this a high-impact initiative aligned with Cardano’s long-term objectives. Therefore, SIPO has voted in favor of this proposal.
⸻⸻⸻⸻⸻⸻⸻⸻⸻
SIPOは、本提案がカルダノのネイティブトークン（CNT）の流動性と認知度を飛躍的に向上させ、エコシステムの外部展開を加速させる極めて実用的かつ戦略的な取り組みであると評価し、「Yes」として投票しました。
課題の明確な定義と実行力ある解決手段
• 現状、SnekとIagonを除いて、トップティアのマーケットメイカーを持つプロジェクトは皆無であり、BinanceやCoinbase等の主要取引所に上場したCNTも存在しないという構造的課題に対し、解決に特化した予算が提案されています。
• 提案は、流動性提供と取引所上場支援を専門的に担うFlowdeskを軸とした「Market Making as a Service（MMAAS）」という形で展開されます。透明性と説明責任のある構造
• Flowdeskは本予算から直接の報酬を受け取らず、利害の衝突を回避した立場から、取引所との条件交渉・審査・推薦プロセスを担います。
• 実際の支払いは、Intersectが直接、上場対象となる取引所に対して行う構造であり、資金流出先の透明性が確保されています。上場支援プールとマーケットメイキング支援プールの二段構え
• 最大₳3,000,000が、Kraken・Binance・Bybit・OKXなどの主要取引所への上場支援費として設定。
• 一方、SNEKやIAG、USDM、DJED、KINKAなど戦略的CNTに対するMMAAS支援（₳126,000）も明記されており、Cardano経済圏の価格発見・流動性安定・外部投資家の呼び込みを目的とした包括的アプローチです。実績と信頼性
• Flowdeskは既に**Snek（2024年11月）、Iagon（12月）、DexHunter（12月）**とのパートナーシップ実績があり、実運用能力とCardanoエコシステムへの理解を備えています。ガバナンスと監視体制の堅牢性
• Intersectによるスマートコントラクトベースの資金管理、およびCardano Foundation・NMKR・Sundae Labs等による外部監視委員会が設置されており、恣意的な操作や不正使用のリスクは最小化されています。
結論
SIPOは、本提案がカルダノのトークン経済におけるボトルネックを解消し、外部市場との橋渡しを実現することによって、Cardanoの持続的成長とグローバル戦略において不可欠な一手であると判断しました。資金の使途が明確であり、監査・執行体制も信頼に値するため、SIPOはこの提案に賛成票を投じました。
- No 89.3M ₳ No rationale
- No 89.2M ₳ Rationale
This is the only proposal that I felt offers limited cost-effectiveness.
この提案だけは唯一費用対効果が薄いと感じました - Yes 77.3M ₳ No rationale
- Yes 74.7M ₳ No rationale
- No 71.3M ₳ Rationale
I am voting NO. I have concerns about the high cost and the potential infrastructure dependency on DexHunter. A treasury-funded service should be open to all native assets and leverage open tools like Rosetta for a more decentralized and cost-effective path for the entire ecosystem.
A PDF version of this rationale is also made available.
I appreciate the goal here, but I will be voting NO due to concerns about the proposed approach.
A key issue is the potential dependency on a single project like DexHunter for infrastructure. Furthermore, any treasury-funded service should be open to all native assets, not a curated few. For true decentralization and fairness, we should prioritize open standards like Rosetta, which provide a more cost-effective and permissionless path for the entire ecosystem.
- Yes 70.8M ₳ No rationale
- Yes 68M ₳ Rationale
In the Ekklesia vote, I initially voted No. However, after a deeper review, I have decided to change my vote to Yes.
This proposal tackles two long-standing challenges in the Cardano ecosystem: the absence of top-tier market makers, and the lack of CNT listings on major centralized exchanges like Binance or Kraken. These have limited liquidity, visibility, and institutional trust in Cardano-based tokens.
While I was initially concerned about the high listing budget and the lack of specific recipients, I now understand that this is not a direct grant to a single project, but rather a vetted listing support pool. Flowdesk will not receive any funds unless a Cardano project qualifies and passes the listing process.
Additionally, MMAAS (Market Making as a Service) is structured as a results-based model—Flowdesk is only compensated if measurable outcomes are achieved, which helps ensure responsible use of treasury funds.
With the inclusion of third-party oversight and smart contract-based fund management, I believe this proposal represents a meaningful step toward strengthening liquidity and credibility in the Cardano ecosystem.
Ekklesia投票ではNo票を入れていましたが、精査を重ねた結果、Yes票に変更する判断をしました。
この提案は、Cardanoエコシステムが長年抱えてきた2つの課題に取り組むものです。すなわち「一流マーケットメイカーの不在」と「CNTがBinanceやKrakenなどの主要取引所に上場していない問題」です。これらは、流動性の拡大、可視性の向上、機関投資家からの信頼獲得を阻んできました。
当初は、上場費用の規模感や、対象プロジェクトが未定である点に不透明さを感じていました。しかし、実際にはこれは**プロジェクト単体への資金提供ではなく、「審査付きの上場支援プール」**であることが確認できました。Flowdeskは直接資金を受け取るのではなく、Cardanoプロジェクトが条件を満たし、上場プロセスを通過した場合にのみ、支払いが発生します。
さらに、**MMAAS（Market Making as a Service）**についても、結果に基づく報酬型であり、業務成果に対する支払いが前提となっているため、予算の適正使用を担保する構造となっています。
また、第三者監査とスマートコントラクトによる資金管理体制も整っており、Cardano全体の信頼性と成長性を高める一歩になると判断しました。
- Yes 65.7M ₳ Rationale
Beneficial for the whole cardano ecosystem in the long run - worth it imho
- Yes 62.7M ₳ No rationale
- No 53.8M ₳ No rationale
- Yes 51.1M ₳ No rationale
- Yes 50.5M ₳ No rationale
- Yes 49.8M ₳ Rationale
This is one of the two budget proposals (the second one is 'Expanding Stablecoin / Cardano Native Asset Support / Fiat Ramps') I initially voted Abstain on, based on the previously mentioned approach - I was unable to determine whether the potential benefit to the ecosystem would outweigh the amount requested from the treasury.\n\nHowever, after careful consideration and weighing all the pros and cons, I came to the conclusion that although exchange listings and other activities described in the proposal are unlikely to directly increase the ADA price (as we've seen many times recently that this doesn't tend to happen), they will likely have a positive long-term impact on the ecosystem. This would come through greater brand recognition, improved user experience through easier access to native stablecoins on centralized exchanges, and so on.\n\nSo, in the end, I decided to change my vote to Yes.
- Yes 49.7M ₳ Rationale
Following the previous vote on Ekklesia.
- No 48.4M ₳ Rationale
We believe Treasury Funding is better focused on Scaling, Developers experience and dapps that will drive more transactions on chain, these dapps will naturally produce high quality token which will then drive investors demand to be listed on CEX & market maker.
- Yes 42.9M ₳ No rationale
- Yes 42.4M ₳ No rationale
- Yes 40M ₳ Rationale
At first I was sceptical of this proposal but after further reading, I have to say i'm impressed by the very clear definitions of eligible Tokens & Exchanges + budget outlines. Even though my own project is not part of it, I still believe this can be a great net positive for Cardano as a whole.
- No 38.1M ₳ No rationale
- No 36.8M ₳ No rationale
- Yes 34.4M ₳ No rationale
- Yes 34.3M ₳ 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.
- No 32.3M ₳ Rationale
While this proposal lists HOSKY as an eligible token for treasury funded market making, the principle of Cardano First means prioritizing the long term health and responsible use of community resources over short term gains even if those gains could directly benefit my own project
Exchange listing fees and market making costs are primarily a private benefit to the projects being listed as they stand to gain the most from the liquidity exposure and trading opportunities such listings provide. These costs should therefore be borne by the projects themselves their investors or their communities and not by the Cardano Treasury which exists to fund initiatives that deliver broad ecosystem wide benefits
Using public funds to subsidize exchange listings risks setting a precedent for the treasury to cover corporate and market access expenses for individual projects regardless of their private funding capacity. This is fiscally irresponsible and does not align with the HOSKY DRep Platform’s commitment to fiscal conservatism and responsible treasury management
For these reasons I will vote NO on this proposal. The Cardano Treasury should not carry the burden of exchange listing costs for individual projects no matter how prominent or beneficial they may b.
- Yes 31M ₳ No rationale
- No 28.2M ₳ Rationale
I appreciate the need to get Cardano Native Assets listed on major exchanges and to improve liquidity in our ecosystem. However, I'm concerned with the selection process for identifying which assets should be considered. Ultimately I think stablecoins should be our primary focus for exchange listings at this time.
- No 27.4M ₳ No rationale
- No 25.9M ₳ No rationale
- Yes 25.2M ₳ Rationale
I am updating my vote to YES on the current proposal to fund Ecosystem Exchange Listing and Market Making. My original objection was due to overlooking the specific native asset projects this proposal would help.
- No 22.7M ₳ No rationale
- Yes 22M ₳ No rationale
- No 21.3M ₳ Rationale
I vote NO on this proposal because:
– Lack of transparency in token selection: DReps do not participate in selecting which tokens receive listings, raising concerns over arbitrariness and fairness.
– No treasury repayment plan: The proposal requests millions of ADA for commercial activities without a clear repayment or measurable ecosystem benefits.
– Misaligned priorities: Treasury funds should prioritize infrastructure, developer experience, and dApps that naturally increase on-chain activity and organic demand for listings.
Vietnamese
Tôi bỏ phiếu KHÔNG cho đề xuất này vì:
– Không rõ cơ chế chọn token: DRep không tham gia vào việc quyết định token nào sẽ được niêm yết, khiến quá trình lựa chọn có nguy cơ thiên vị hoặc tùy tiện.
– Không có kế hoạch hoàn trả ngân quỹ: Đề xuất chi hàng triệu ADA cho hoạt động mang tính thương mại nhưng không có kế hoạch hoàn vốn hoặc phân tích tác động cụ thể lên hệ sinh thái.
– Sai lệch ưu tiên của ngân quỹ: Tôi tin rằng công quỹ nên tập trung cho hạ tầng, trải nghiệm lập trình viên, và dApps thúc đẩy giao dịch on-chain — từ đó tạo nhu cầu tự nhiên cho CEX và market making.
Japanese
以下の理由により、この提案には反対（NO）票を投じます：
トークン選定の透明性が欠如：
DRepが上場トークンの選定に関与しないため、選定プロセスが恣意的になるリスクがあります。返済計画が不明：
商業的な活動に対して多額のADAを要求しているにもかかわらず、財務への返済計画や具体的なエコシステムへの影響が示されていません。資金配分の優先順位がずれている：
財務資金はインフラ整備、開発者体験、オンチェーン取引を増やすdAppなどに優先的に使うべきです。これらの要素が自然なCEX上場やマーケットメイキングの需要を生み出します。
- No 21.2M ₳ 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. Using treasury funds for exchange listings in this way could set a dangerous precedent whereby any future CNT looking to be listed on any and all exchanges finds that exchanges, having seen this precedent, then demand the same funding for any CNT listings going forward. The treasury should be used for ecosystem tooling, development and improving the user experience for ada holders, not as a cash cow for exchanges who see a few projects listed via treasury funding and then in turn attempt to make that the new norm in the listing process for the Cardano ecosystem alone due to its particular treasury and on-chain governance system.
- Yes 21.1M ₳ Rationale
We changed our position after the proposer added requirements for projects to repay treasury funds and clarified selection criteria. These changes demonstrate transparency and significantly reduce treasury expenditure while maintaining the proposal's ecosystem impact.
A PDF version of this rationale is also made available.
We initially assessed a no vote for this proposal due to opaque process despite strong track record of proposal to support CNTs in exchange listing and market making context. We changed the vote to yes due to 2 reasons. First, the proposer promised a new requirement for Cardano projects selected to have a repayment plan for the listing fee to treasury, which significantly lower the spending of the treasury which is our core reason of changing vote. Second, the proposer clearly listed out the internal selection criteria in the public discussion which shows the attitude towards transparency. Overall, we believe the tokens selected is likely to be reputable projects in Cardano which has thick skin in the game to behave honestly in repaying treasury or otherwise will lose all reputation in Cardano ecosystem, which mitigates most part of the credit risk involved. So the net spend is considered efficient to achieve the impact stated in the proposal.
- Yes 21.1M ₳ No rationale
- Yes 20.3M ₳ No rationale
- No 17.4M ₳ No rationale
- Yes 17.1M ₳ No rationale
- Abstain 16.7M ₳ Rationale
Long-Term Sustainability
Improving exchange listings and liquidity may offer reputational and market access benefits to Cardano-native projects. However, these are off-chain, externally controlled outcomes that don’t materially contribute to the protocol’s sustainability or infrastructure.Builder and Ecosystem Growth
This proposal aims to assist a limited number of token projects—not the broader developer community. There’s no clear path for open participation, nor assurances that the supported listings will result in measurable ecosystem growth.Decentralization and Community Engagement
The proposal does not offer community governance, public token selection, or decentralized oversight in how the services are allocated. While the administration is technically neutral (through Intersect), the process lacks transparency and public input.Responsible Treasury Spending
₳3.1M is a high-cost proposal with minimal on-chain deliverables or reusable infrastructure. While we recognize the goal of improving liquidity, the execution lacks accountability, detailed budgeting, or broad benefit.
We choose to Abstain, as the intent may align with ecosystem goals, but the design falls short of the standards required for treasury funding. A clearer, transparent, and community-guided alternative would be more appropriate.