Withdraw 3,810,423 ada for Mithril Protocol
162 DReps voted · 50 with a rationale · 2 changed their vote
Open a row to read the rationale.
- Yes584.2M ₳Rationale
Yoroi DRep votes YES on Withdraw 3,810,423 ada for Mithril Protocol. The Cardano community has spoken clearly through the Hydra off-chain voting platform, and Yoroi is committed to honouring that voice.
- Honouring the Community Mandate: With a supermajority of over 67% in the off-chain governance process, this proposal carries a strong and unambiguous signal of community support. Yoroi votes Yes in alignment with that collective decision.
- Abstain435.8M ₳Rationale
Please check the following link for the reasons for the vote.（投票理由は次のページを参照してください。)
- Abstain332.2M ₳No rationale
- Yes293M ₳Rationale
EMURGO as a DRep votes YES on Withdraw 3,810,423 ada for Mithril Protocol, with rationale outlined below.
This proposal successfully completed the off-chain community governance process on the Hydra voting platform, crossing the required 67% approval threshold. EMURGO respects the legitimacy of this community-led process and votes YES in recognition of the mandate that the Cardano community has clearly expressed. For these reasons, EMURGO votes yes.
- Yes254.7M ₳Rationale
Fast, trustless sync is what makes light clients and cheap node operation possible, and with IOG narrowing its scope, someone independent has to carry Mithril forward. That's healthy decentralization, not a red flag. 81% in the prioritization round. My one ask of Teragone: report milestones like the community is watching, because we are.
- Yes222.9M ₳Rationale
We vote on Intersect budget items as we did on Ekklesia.
- Yes174.6M ₳No rationale
- Yes165.7M ₳No rationale
- Yes120.2M ₳Rationale
This document includes the Cardano Foundation’s voting decisions and individual voting rationales for the 11 Treasury Withdrawal governance actions submitted following the Intersect-facilitated budget process.
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 the “Cardano Foundation Voting Decisions for the 2026 Intersect Budget Process”) to each proposal and presenting our reasoning in a single, comprehensive document.
No material changes have been made to the individual proposals since the budget proposals were approved in Hydra Voting, therefore our votes on these withdrawals reflect our original assessment and vote. Our voting decisions on the 11 treasury withdrawals are made available in the table below.
Fund administration clarity is an important consideration for our voting decisions. Our expectation is that expect Intersect, as administrator, will manage funds diligently, provide public transparency on contracts, and ensure robust oversight, holding recipients accountable for deliverables.
Conclusion
The Cardano Foundation’s votes on these 11 treasury withdrawal governance actions are the direct execution of a single, comprehensive review process that began during the Hydra Voting 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.
Voting Record
Governance Action ID Title Vote Rationale gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8sqcw2nc5 Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex YES The Wirex proposal credibly contributes to adoption and utility because the deliverables provide card-based financial services and open payment rails linked to on-chain balances. The proposal is expected to expand real-world payment utility and leverage Wirex's established scale to create a plausible path toward increased ecosystem usage to justify treasury investment. The budget justification would benefit from establishing explicit Cardano-specific user migration volumes, ADA spending targets, and a delineation of open-source components. However, the team demonstrates a strong operational history and extensive multi-jurisdictional transaction experience. Based on this, CF votes Yes. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8sztttste Withdraw 540,750 ada for by TxPipe Dolos: Maintaining Cardano's Lightweight Data Node, Year 2 YES The Dolos by TxPipe proposal credibly contributes to infrastructure and research excellence because the deliverables target a mature, non-Haskell alternative node implementation that directly decentralizes data access. The proposal is expected to drive sustained protocol-level engagement and support long-term network resilience by safeguarding critical node diversity. Furthermore, the team has a proven track record of continuous infrastructure delivery and verifiable software releases across prior cycles, and the budget is appropriately justified given a clean cost structure for a part-time maintainer that features a transparent return-to-treasury clause for unused contingency reserves. However, the proposal would benefit from less generic milestone definitions that commit to specific protocol-version readiness for upcoming hard forks and more defined deliverables to support its speculative AI-integration scope. Based on this, CF votes Yes. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8syhyg4hw Withdraw 1,310,960 ada for Hardware Wallet Maintenance 2026 NO The Hardware Wallet Maintenance 2026 proposal has potential to contribute to security, continuity, and ecosystem access as the deliverables target a critical access layer to ensure ongoing hardware wallet compatibility for ADA holders. However, the budget is not appropriately justified and compared to previous funding cycles for similar scopes seems too high. Additionally, the project presents substantial execution and accountability risks, evidenced by incomplete milestones and significant delivery delays in the 2025 cycle, alongside a repository changelog that suggests an undocumented complete rewrite rather than routine maintenance. Without explicit clarifications regarding vendor responsibilities, itemized cost increases, and structured milestone definitions managed via clear, centralized ecosystem demand, the current proposal lacks the necessary transparency for public funding. Based on this, CF votes No. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8sxypfkyr Withdraw 1,193,000 ada for Intersect Technical Steering Committee Support YES IntersectTSC credibly contributes to the development of Cardano governance and supports infrastructure and research excellence. The proposed milestones strongly align with the strategic priorities and 'Our Cardano' principles by funding critical operations for the Parameter Committee, CIP Editors, and Hard Fork Working Group. The proposal is expected to generate meaningful on-chain activity through direct network usage, transaction volume, governance participation, and enhanced by WP1 expert event engagements. The team has a proven track record of delivering ecosystem grants and meaningful outcomes, as evidenced by their coordination of the Plomin and Chang hard forks. The budget is appropriately justified given the phased milestone structure with clearly defined acceptance criteria and provisions for independent oversight, including independent third-party audit verification via Appold and an absolute return-to-treasury policy for all unspent capital. However, it is recommended that WP1 track active delivery metrics rather than event attendance, and mandate the publication of post-event reports to turn travel into a strategic intelligence asset, while WP3 must enforce its promised total independent recusal framework. Based on this, CF votes Yes. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8sgx6wlxf Withdraw 25,400,000 ada for Intersect: Governance coordination and technical stewardship for the Cardano ecosystem ABSTAIN This Intersect proposal credibly contributes to open governance coordination, technical stewardship, and ecosystem outreach as the deliverables successfully support the off-chain coordination model outlined in the Cardano 2030 Strategy. However, the immediate impact of its 2026 technical budget to on-chain network growth remains obscured by substantial operational ambiguities. This is because its technical focus risks introducing unnecessary parallel management layers rather than directly driving clean, high-impact technical utility. Furthermore, while the organization has demonstrated experience managing an evolving decentralized landscape over the past two years, the total requested budget of 25,400,000 ADA is not appropriately justified given a lack of granular, itemized baseline financial accounting and clear 2025 actual expenditure statements to verify true value-for-money. Additionally, extensive work packages within the proposal heavily overlap with core software maintenance, repository stewardship, and infrastructure monitoring solutions already maintained by the ecosystem, while the current committee framework introduces administrative overheads that require swift structural streamlining to prioritize tangible, democratic, and measurable outcomes. Based on this, CF votes Abstain. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8s24l0u4y Withdraw 3,810,423 ada for Mithril Protocol YES The Mithril Protocol proposal credibly contributes to infrastructure, scalability, and research excellence by providing critical light-client verification models, Layer 2 anchoring primitives, and SNARK-based certificate compression frameworks. The proposal is expected to drive long-term protocol maintainability, cross-chain interoperability, and future-proof network resilience, thereby justifying treasury investment. Furthermore, the team has a proven track record of peer-reviewed engineering delivery and technical execution, and the budget is appropriately justified, as the requested funding is consistent with the strategic importance of the core infrastructure tracks. However, the proposal would benefit from a clearer, itemized breakdown of staffing costs and full-time equivalent (FTE) allocations to address headline cost concerns, as well as a more explicit articulation of broader system impacts regarding network decentralization and production wallet integration pathways. Based on this, CF votes Yes. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8svfsvefn Withdraw 1,162,746 ada for MLabs Core Tool Maintenance & Enhancement: Plutarch and Ply YES The MLabs Core Tool Maintenance & Enhancement proposal credibly contributes to infrastructure and developer experience by providing essential maintenance and ongoing enhancements for widely used developer tools. While maintenance itself is not expected to generate immediate on-chain activity, safeguarding heavily used builder infrastructure protects the ecosystem from severe disruption and ensures that future transaction volume and adoption remain sustainable. Furthermore, the team has a demonstrated track record of delivering foundational developer tools, and the budget is appropriately justified given that it represents a fairly reasonable and standard funding request for specialized repository oversight. Based on this, CF votes Yes. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8sw64d667 Withdraw 540,750 ada for Oura by TxPipe: Maintaining Cardano’s Event Pipeline YES The Oura by TxPipe proposal credibly contributes to infrastructure, developer decentralization, and ecosystem accessibility by providing essential open-source event data pipeline tooling that directly benefits a wide range of active deployments. The proposal is expected to drive sustained protocol-level engagement and protect ecosystem growth from the adverse risks of critical tool attrition to justify treasury investment. Furthermore, the team has established a reliable track record of building foundational developer solutions, and the budget is appropriately justified given that the funding request is neither excessive nor unrealistic for a dedicated maintenance resource. However, the proposal would benefit from increased clarity regarding its SLAs and explicit expectations for the full-time maintainer. Based on this, CF votes Yes. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8ssd0ztd8 Withdraw 540,750 ada for Pallas by TxPipe: Maintaining Cardano's Core Rust Libraries, Year 2 YES The Pallas by TxPipe proposal credibly contributes to infrastructure and research excellence because the deliverables target core, low-level building blocks that directly support critical downstream network dependencies like Amaru. The proposal is expected to drive sustained protocol-level engagement and safeguard foundational infrastructure that justifies treasury investment. Furthermore, the team has demonstrated the necessary expertise to maintain the solution, and the budget is appropriately justified given the essential utility and ongoing ecosystem reliance on the repository. However, the proposal would benefit from clearer resource guarantees to ensure the allocated developer actively manages and maintains the codebase. Based on this, CF votes Yes. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8sj72rg72 Withdraw 1,684,050 ada for Tx3 by TxPipe: Open API Layer for Cardano's dApp Protocols ABSTAIN The Tx3 by TxPipe proposal has potential to contribute to adoption, utility, and ecosystem growth as the deliverables target a standardized open interface layer, multi-language SDKs, and agent-facing tools designed to make decentralized protocols discoverable and composable. While this proposal has potential to drive future protocol-level engagement and enhance developer experiences, its immediate on-chain impact remains prospective rather than proven. Although the team has demonstrated a credible foundation with active public repositories and strong strategic alignment, the budget is not appropriately justified given an overly broad 12-month scope backed by a thin financial breakdown. Additionally, the proposal lacks crucial technical and governance evidence, including a specific protocol candidate list, detailed FTE allocations, cloud sizing parameters, explicit SLA assumptions, and concrete acceptance criteria. Based on this, CF votes Abstain. gov_action1k02990lhw6wh74t7c6ufw3mqaek9ujtvyan99dj5qv5kvcs7pn8s5z9qdza Withdraw 540,750 ada for UTxO RPC by TxPipe: Maintaining Cardano’s Integration Standard, Year 2. YES The UTxO RPC by TxPipe proposal credibly contributes to ecosystem growth, infrastructure, and interoperability by providing a standardized integration surface and multi-language SDKs that systematically reduce developer friction. The proposal is expected to drive sustained protocol-level engagement by reinforcing node and client diversity across key projects like Amaru, Dingo, and the Haskell Cardano node that justifies treasury investment. Furthermore, the team has demonstrated a specialized track record as a protocol maintainer with strong public code and runtime evidence, and the budget is appropriately justified given the essential nature of shared open infrastructure. However, the proposal would benefit from increased specificity in its milestone definitions, including clearly defined maintenance SLAs, explicit mapping for version compatibility targets, and proper license file cleanup across all active repositories. Based on this, CF votes Yes. - Yes92.2M ₳No rationale
- Abstain91.5M ₳Rationale
As a DRep, I abstain from the proposal: Mithril Protocol.
My rationale:
Mithril is an important piece of Cardano infrastructure. It helps reduce the cost and complexity of accessing and verifying blockchain state, improves node synchronization, and supports a more decentralized infrastructure layer for wallets, tools, light clients, monitoring, and other ecosystem applications.
I also recognize that the work is publicly visible on GitHub. The team involved has the technical capability and track record to deliver.
However, I cannot vote YES on this proposal as submitted because the requested amount is too large to be justified without more detailed information.
The proposal does describe the general direction of the work and appears to include milestones, but for a Treasury withdrawal of this size, I would expect much clearer public details about the specific deliverables, acceptance criteria, delivery team, FTE allocation, rates, and overhead.
The proposal explains why Mithril matters, but it does not provide enough detail to assess whether the budget is reasonable. For critical infrastructure, continuity is important, but Treasury funding still requires strong cost justification, transparency, and accountability.
My abstention should therefore not be interpreted as opposition to Mithril. I support the continued development and maintenance of Mithril as critical infrastructure. My concern is with the level of transparency and cost justification in this specific withdrawal.
If this work is submitted again in the future, I would like to see a much clearer team and cost breakdown, along with more specific public deliverables and measurable acceptance criteria. With that information, I would be much more open to voting YES.
If you'd like to support my work, consider delegating to the MANDA pool and backing me as a DRep. Your support is the only way I can get time for governance.
MANDA Pool ID:
pool1c3fjkls7d2aujud8y5xy5e0azu0ueatwn34u7jy3ql85ze3xya8My DRep ID:
drep1y2m0g4r66pyaw3p7u454wc0p4f0ygm8ueaev0mgd3tvwm7sskqwqpBuy me a beer:
https://pay.cexplorer.io/pay/c0410d5b237b6ec0 - Yes88.6M ₳No rationale
- Yes86M ₳Rationale
SIPO DRep votes YES, with expectations, on the treasury withdrawal of 3,810,423 ada for Mithril Protocol.
Why SIPO votes Yes. Mithril provides state proofs and fast sync. As the proposal states, without fast, verifiable and trustless infrastructure the network drifts toward dependency on centralized indexers and hosted APIs. This is core to decentralization, not adjacent to it, and it is the enabling layer for bridges, light wallets, light clients and monitoring tools.
SIPO DRep votes on this action as part of the 2026 Intersect Budget Process infrastructure batch — eleven treasury withdrawals submitted in a single transaction by Intersect on behalf of vendors, each having achieved the required 67% support threshold in the 2026 Intersect Budget Process Hydra Voting phase.
Shared basis. All eleven withdrawals share a single on-chain recipient: the 2026 Intersect Treasury Reserve Smart Contract at the script credential stake1784sdxt6jjennmstphgdu7l7c2scf5d02a6cve2dgn5s2kq5u3j9v, built on the Sundae Labs treasury-contracts framework. Disbursement is milestone-gated through a Project-Specific Smart Contract; authorization requires a quorum spanning Intersect admins, Intersect leadership and independent trusted entities; an Oversight Committee of six external parties — Sundae Labs, Cardano Foundation, Dquadrant, NMKR, Sundial and Eternl — independently verifies key administrative actions using on-chain logic; the contracts cannot be staked with an SPO and are delegated to the auto-abstain DRep; and a public dashboard lets the community audit the flow. This is the strongest fund-control class SIPO recognizes, and the same structure SIPO has already supported on Cardano Critical Integrations V2, Cardano Vision 2026, IO Hydra and Tweag Core Cardano Infrastructure. SIPO voted Yes on the Cardano Budget Process Framework and holds that treasury allocation should converge and mature through that route; having supported the route, SIPO does not reject its outputs absent a specific defect. This withdrawal complies with the 350M Net Change Limit covering Epochs 613 to 713 and with guardrail TREASURY-02a.
Expectations attached to this Yes. (1) Milestone-level reporting through the TRSC and PSSC of what was disbursed, to whom, and against which deliverable, surfaced on the public dashboard. (2) Continued open-source release of the funded work, and a clear statement of which work is baseline maintenance versus new development. (3) Continued independence of the Oversight Committee, and transparent tracking of cumulative treasury receipts by the recipient and by Intersect. (4) Where scope could overlap with other funded efforts, articulation at ecosystem level of the boundary, so that scope does not silently duplicate.
This vote is SIPO DRep's recorded position.
SIPO DRep として、Mithril Protocol（3,810,423 ada）のトレジャリー引き出しに、期待事項付きで賛成（YES）を投じます。
SIPO が賛成する理由。Mithril は状態証明と高速同期を提供します。提案が述べるとおり、高速で検証可能かつトラストレスなインフラがなければ、ネットワークは中央集権的なインデクサーやホスト型 API への依存に流れます。これは分散性に隣接する話ではなく分散性の中核であり、ブリッジ・ライトウォレット・ライトクライアント・監視ツールを可能にする層です。
SIPO DRep は、本アクションを 2026 Intersect Budget Process インフラ・バッチ（Intersect が各 vendor を代表して単一トランザクションで提出した 11 件のトレジャリー引き出し。いずれも 2026 Intersect Budget Process の Hydra Voting フェーズで必要な 67% の支持閾値を達成）の一部として評価しました。
共通の根拠。11 件すべてが単一のオンチェーン受領先を共有します: script credential stake1784sdxt6jjennmstphgdu7l7c2scf5d02a6cve2dgn5s2kq5u3j9v の 2026 Intersect Treasury Reserve Smart Contract（Sundae Labs の treasury-contracts フレームワーク）です。払い出しは Project-Specific Smart Contract を通じてマイルストーンでゲートされ、承認には Intersect の admin・leadership・独立した trusted entity にまたがる定足数を要します。6 社の外部 Oversight Committee（Sundae Labs・Cardano Foundation・Dquadrant・NMKR・Sundial・Eternl）がオンチェーンロジックで主要な管理アクションを独立検証します。コントラクトは SPO にステークできず auto-abstain DRep に委任され、公開ダッシュボードでコミュニティが資金の流れを監査できます。これは SIPO が認める最強クラスの fund-control であり、SIPO が既に支持した Cardano Critical Integrations V2・Cardano Vision 2026・IO Hydra・Tweag Core Cardano Infrastructure と同一の構造です。SIPO は Cardano Budget Process Framework に賛成しており、トレジャリー配分はこのルートで収斂・成熟すべきだと考えます。ルートを支持した以上、特段の瑕疵がない限りその産物を拒みません。本引き出しは Epoch 613〜713 を対象とする 350M Net Change Limit および guardrail TREASURY-02a に準拠しています。
本賛成に付す期待事項。(1) TRSC / PSSC を通じて、何が・誰に・どの成果物に対して払い出されたかをマイルストーン単位で報告し、公開ダッシュボードに反映すること。(2) 資金提供された成果のオープンソース公開を継続し、どこまでが baseline の保守で、どこからが新規開発かを明示すること。(3) Oversight Committee の独立性を維持し、受領者および Intersect の累計トレジャリー受領額を透明に追跡すること。(4) 他の資金提供済の取り組みとスコープが重複しうる場合、その境界をエコシステムレベルで明確化し、暗黙裡に重複しないようにすること。
本投票は SIPO DRep の記録上の立場表明です。
- Yes84.3M ₳Rationale
This is a "yes" vote for Mithril for all the reasons described over the years in videos where I have addressed Mithril.
- Yes76.8M ₳No rationale
- Yes75.2M ₳No rationale
- Yes74.5M ₳Rationale
I support this proposal.
I consider Mithril to be one of the indispensable pieces of infrastructure for Cardano.
Mithril enables fast and verifiable synchronization of Cardano's blockchain state while preserving decentralization. It reduces the burden of full-node synchronization and minimizes reliance on centralized APIs and indexers, providing essential infrastructure for wallets, exchanges, light clients, monitoring tools, and future ecosystem growth.
This proposal also represents an important transition from IOG-funded development to a sustainable, community-governed funding model, which is well aligned with Cardano's long-term vision of decentralized governance.
The proposal includes a clear budget, milestone-based fund management, Intersect administration, and independent oversight mechanisms, providing a reasonable level of transparency and accountability for Treasury spending.
For these reasons, I believe this proposal is an important investment in Cardano's long-term infrastructure, decentralization, and ecosystem growth, and I fully support it.
本提案を支持します。
僕は、MithrilはCardanoにとってなくてはならない基盤技術の一つであると考えています。
Mithrilは、Cardanoの分散性を維持しながら、ブロックチェーン状態の高速かつ検証可能な同期を可能にします。フルノード同期の負担や中央集権的なAPI・インデクサーへの依存を軽減し、ウォレット、取引所、ライトクライアント、監視ツールなど、今後のエコシステムの発展を支える重要なインフラです。
また、本提案は、これまでIOG主導で支えられてきたMithrilの開発を、コミュニティガバナンスによる持続可能な資金調達へ移行するものであり、Cardanoが目指す分散型ガバナンスの理念にも合致しています。
予算内訳、マイルストーンに基づく資金管理、Intersectによる運営、外部監督体制も示されており、Treasury資金の透明性と説明責任についても適切に考慮されていると判断します。
以上の理由から、本提案はCardanoの長期的な競争力と分散性を支える重要な投資であり、支持します。
- Yes73.1M ₳Rationale
Mithril is incredibly valuable, non-negotiable infrastructure for Cardano's scaling and decentralization, allowing trustless verification in minutes rather than days. Funding Teragone ensures continuity, as they have co-developed the protocol with IOG from its inception.
A PDF version of this rationale is also made available.
Mithril is incredibly valuable, non-negotiable infrastructure for Cardano's scaling and decentralization, allowing trustless verification in minutes rather than days. Funding Teragone ensures continuity, as they have co-developed the protocol with IOG from its inception. I am happy to support its continued development.
- Yes69.4M ₳No rationale
- Yes66M ₳No rationale
- Yes62.7M ₳No rationale
- Yes53.8M ₳Rationale
I'm voting Yes on the Withdraw 3,810,423 ada for Mithril Protocol proposal.
Mithril is protocol-layer infrastructure that solves a problem specific to Cardano. Right now, a new node has to sync from genesis, which takes over a day.
Mithril uses stake-based multi-signatures to certify chain state in a trustless way, so a full node can be bootstrapped in under 20 minutes and light clients can verify state without relying on centralized trust.
The main reason I support this is that Mithril solves a problem at a layer no other project is addressing, and it's effectively the only Cardano-native solution at that layer.
The more we move into an era of multiple node implementations like Amaru and Dingo, the bigger Mithril's role becomes, since it's what proves that those different implementations have agreed on the same state.
For these reasons, I'm voting Yes.
- Abstain50.5M ₳Rationale
Same rationale as the one presented for the Intersect budget.
- No50.4M ₳Rationale
I am voting No on this proposal. This year's Net Change Limit (NCL) has been set well above the level I consider sustainable. Under my published voting framework, an appropriate NCL is roughly 15% of the previous year's staking rewards (on the order of ₳82M), whereas the NCL currently in force is several times that amount. Because the treasury is already authorized to disburse far beyond my personal NCL threshold, I am voting No on all treasury withdrawal proposals until aggregate withdrawals are brought back within a sustainable limit — regardless of the individual merits of any single proposal. This vote reflects a position on total treasury spend, not a judgment on the value of your specific project. Reference: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem/ [Japanese version follows] 本提案に反対票を投じます。今年のNet Change Limit（NCL）は、私が持続可能と考える水準を大幅に上回って設定されています。公開済みの投票フレームワークでは、適正なNCLは前年のステーキング報酬の約15%（₳82M程度）ですが、現行のNCLはその数倍に達しています。トレジャリーは既に私のpersonal NCL（個人として許容する上限）を大きく超える出金が認められている状態にあるため、出金総額が持続可能な範囲に戻るまで、個別提案の良し悪しに関わらず、すべてのトレジャリー出金提案に反対票を投じます。本投票はトレジャリー支出全体に対する立場の表明であり、貴提案の価値そのものを否定するものではありません。参照: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem-jp/
- Abstain50M ₳Rationale
Because of fundamental concerns with the current treasury process, I vote Abstain on all Treasury Withdrawal proposals until the treasury budgeting process undergoes fundamental reform.
More information: https://x.com/ada_stat/status/2068315882539921703
- Yes49.5M ₳No rationale
- Yes47.6M ₳No rationale
- No40.1M ₳No rationale
- Yes37.8M ₳No rationale
- Yes36.9M ₳No rationale
- Yes34.6M ₳No rationale
- Yes34.3M ₳Rationale
Socious votes Yes. Mithril is Cardano's stake-based multi-signature protocol: it lets a quorum of stake pool operators collectively certify snapshots of chain state, so that nodes, wallets, and tools can bootstrap and verify data in minutes instead of syncing the full chain for days. That capability now sits under a growing share of the ecosystem's infrastructure — fast node bootstrapping, light-client patterns, and verifiable data access all depend on it — which makes continued maintenance and development a core-infrastructure spend rather than a speculative one. The proposal was vetted and approved through the Intersect community budget process and is disbursed under its milestone-based, smart-contract-controlled administration; consistent with Socious's policy of supporting budget-process withdrawals, we vote Yes.
Sociousは賛成します。MithrilはCardanoのステークベース多重署名プロトコルであり、ステークプールオペレーターの定足数がチェーン状態のスナップショットを共同で証明することで、ノード・ウォレット・各種ツールが数日かかるフル同期の代わりに数分でブートストラップとデータ検証を行えるようにします。この機能は高速ノード起動、ライトクライアント、検証可能なデータアクセスなど、エコシステムのインフラのますます多くの部分を支えており、その保守・開発の継続は投機的支出ではなく中核インフラへの支出です。本提案はIntersectのコミュニティ予算プロセスで審査・承認され、マイルストーンベースのスマートコントラクト管理下で執行されます。予算プロセスを経た引き出しを支持する方針に沿い、賛成します。
- Yes31.4M ₳Rationale
Mithril is core protocol infrastructure essential for Cardano’s decentralization, scalability, and long‑term sustainability. Fast, verifiable chain sync reduces reliance on centralized indexers and directly improves onboarding for wallets, exchanges, and monitoring tools. The deliverables are technically measurable, and the governance and oversight structure through Intersect and the smart‑contract framework is strong. This proposal maintains critical infrastructure rather than expanding scope, and does not increase Treasury depletion risk. I therefore vote YES.
- Yes30.7M ₳No rationale
- Yes27.9M ₳Rationale
Mithril is a foundational technology for Cardano and a critical piece of Ouroboros Leios. Happy to support this proposal with a YES vote.
- Yes27.9M ₳No rationale
- Abstain26.1M ₳Rationale
Important infrastructure but additional clarity around execution, ownership, and funding scope was desired.
- Yes25.3M ₳Rationale
I am voting YES on Withdraw 3,810,423 ada for Mithril Protocol. Mithirl is essential to user first-level Cardano experience.
- Yes23.5M ₳Rationale
Mithril is used for fast bootstrap in Dingo. Essential infrastructure.
- Yes21.5M ₳No rationale
- Yes21.5M ₳Rationale
I vote YES on the treasury withdrawal action for “Mithril Protocol” (b3d452bff7769d7f557ec6b8974760ee6c5e496c276652b654032966621e0ccf#5).
I have been a Mithril supporter since day one and believe that the work absolutely must continue. As an SPO that has ran a Mithril Signer since day one on Mainnet (July/Aug 2023) I have witnessed the progress and development first hand. For those unsure of its value reading this, in 2025 alone Mithril facilitated 6,648 full node restorations, saving node operators ~46,500 hours in start-up time. Most recently it allowed Daedalus, the full-node Cardano wallet, to go from a fresh install to synced in an hour, having notoriously taken much, much longer in the past.
The Mithril technology is not just limited to reducing node sync times, it can also play an essential role in interoperability with other chains by providing securely provable snapshots of the chain state. Secured by SPO stake. The more stake that participates in the Mithril Protocol, the stronger the security guarantees of any certificate it produces. Therefore, stake to Mithril Signer SPOs! You can find an easy to search list on my HephyPool website and delegate in just a few clicks on Cexplorer.
While I have some reservations regarding some line items on this proposal, if it is to move away from IOG stewardship then I believe the technology absolutely must continue to be funded. My initial comments on the proposal can be seen on the Hydra Voting platform.
- Abstain21.4M ₳No rationale
- Abstain20.4M ₳No rationale
- Yes20.3M ₳No rationale
- Yes19.9M ₳Rationale
As voted in Ekklesia, I vote yes on this proposal. I had hoped Intersect would bundle the winning proposals in one.
- Yes17.3M ₳Rationale
Withdraw 3,810,423 ada for Mithril Protocol
- Yes16.7M ₳Rationale
Fast, trustless verification of Cardano state is important for reducing reliance on centralized APIs and improving the experience for nodes, wallets, light clients, bridges, and ecosystem tooling. Mithril strengthens Cardano’s infrastructure layer without being tied to a proprietary commercial product.
We also see value in ensuring continuity as Mithril transitions from IOG-funded development to community-governed funding through Intersect.
That said, future funding should include clearer milestones, adoption metrics, roadmap reporting, and evidence of real usage across wallets, nodes, light clients, and infrastructure providers.
- No14.1M ₳No rationale
- Yes13.3M ₳Rationale
RCADA votes YES on Withdraw 3,810,423 ada for Mithril Protocol.
RCADA supports this proposal because Mithril is important decentralisation and infrastructure technology for Cardano. It helps reduce the cost and complexity of securely accessing and verifying Cardano state, using stake-based threshold signatures to provide fast, trust-minimised state certification.
This matters because Cardano should not become overly dependent on centralised indexers, hosted APIs, or heavy full-node synchronisation for every use case. Mithril can support faster node bootstrap, light clients, wallets, monitoring tools, bridges, cross-chain infrastructure, and other community-built services that need reliable access to verified Cardano state.
RCADA also has direct appreciation for Mithril’s value, as we operate a Mithril node ourselves. From an SPO and infrastructure perspective, we see Mithril as part of the wider effort to make Cardano more resilient, accessible, and decentralised as the ecosystem grows.
The proposal is also a sensible transition from IOG-funded development toward a community-governed funding model through Intersect. Teragone has already been involved in Mithril’s development through collaboration with IOG, and this proposal supports continuity of that work while bringing it under Treasury-funded oversight.
The governance and administration structure is positive. This withdrawal passed the required Intersect Budget Process support threshold and will use the 2026 Treasury management smart contract framework, including oversight, milestone-based disbursement controls, and public dashboard visibility.
The requested amount of 3,810,423 ADA is meaningful, so RCADA expects clear milestones, transparent reporting, visible development progress, adoption evidence, and continued focus on broad ecosystem benefit. Mithril should continue to demonstrate practical value through integrations, tooling, documentation, and measurable improvements to decentralised access to Cardano state.
On balance, RCADA believes this proposal meets the standard for support. It funds important open infrastructure, strengthens Cardano’s decentralisation and resilience, supports a transition toward community-governed maintenance, and aligns with RCADA’s own operational experience supporting Mithril infrastructure.
RCADA's full vote assessment can be found here:
https://brolloks.github.io/rcada-drep-votes/ - Yes12.1M ₳Rationale
We votes yes on this governance action to support the continued development of the Mithril Protocol, a strategically important piece of Cardano infrastructure. Mithril addresses a fundamental challenge for blockchain ecosystems: enabling fast, secure, and cryptographically verifiable access to blockchain data without requiring every user, application, or infrastructure provider to independently synchronize and process the entire chain from genesis. By enabling efficient, trust-minimized access to certified Cardano data, Mithril can reduce infrastructure barriers, support faster node and application onboarding, and reduce reliance on centralized data providers.
We consider the continued development of Mithril to be strongly aligned with Cardano's long-term governance objectives, particularly decentralization, infrastructure resilience, ecosystem adoption, and the development of open-source public goods. The protocol has demonstrated meaningful technical progress and has potential utility across a broad range of ecosystem applications, including node infrastructure, wallets, light clients, bridges, sidechains, monitoring tools, and other services requiring efficient and verifiable access to Cardano state.
The proposal also benefits from strong technical continuity. The execution team has direct experience contributing to the development of Mithril and possesses valuable knowledge of the protocol's architecture and technical requirements. Continued support for an established team working on an existing strategic infrastructure layer can reduce transition risk and preserve accumulated technical expertise.