Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform
119 DReps voted · 39 with a rationale · 4 changed their vote
Open a row to read the rationale.
- No2.7M ₳No rationale
- No2.6M ₳Rationale
私は本Treasury Withdrawalに反対します。
Sellout x AnvilによるCardano-native ticketing platformは、既存Web2 ticketing businessをCardanoへ接続し、実ユーザー、実売上、on-chain ticketing activityを生み出す可能性がある点は評価します。また、milestone-based disbursement、TRSC/PSSC、oversight、audit、contingency returnを含む資金管理設計も重要です。
しかし、本提案ではTreasuryから4,969,231 ADAが引き出される一方、revenue-share repaymentは$1,093,231のUSD建て返済に見えます。もし返済義務がUSD建てであれば、ADA価格が上昇した場合、TreasuryはUSD価値としては回収しても、ADA枚数としては元本を大きく下回る可能性があります。これはCardano TreasuryのADA建て資産保全という観点から不十分です。
商業案件にTreasury資金を使う場合、revenue shareは重要ですが、返済基準、換算レート、25% fee shareの対象、5% permanent feeの扱い、監査権限、公開報告が明確でなければなりません。特に、TreasuryからADAで支出する以上、少なくとも4,969,231 ADAの回収、またはADA建てとUSD建ての双方を保護する仕組みが必要です。
したがって、現時点では本提案を支持できません。ADA建て返済条件、revenue-base definition、quarterly audit、Treasury-controlled receiving vehicleが明確化された形での再提出を望みます。
I vote No on this Treasury Withdrawal.
I recognize the value of bringing a real Web2 ticketing business onto Cardano. The proposal has several positive elements, including an existing Phase 1 deployment, clear adoption targets, milestone-based disbursement, TRSC/PSSC fund control, oversight, audit, and a revenue-share repayment mechanism.
However, the Treasury is being asked to withdraw 4,969,231 ADA, while the repayment commitment appears to be denominated as $1,093,231. If repayment is USD-denominated, then an increase in the ADA price would allow the proposer to repay far fewer ADA than the amount withdrawn from the Treasury. This may recover the USD value, but it does not protect the Cardano Treasury in ADA-denominated terms.
For a commercial adoption proposal, revenue share is important, but it must be precise and Treasury-protective. The proposal should clearly define whether repayment is measured in ADA or USD, how exchange rates are calculated, what revenue base the 25% fee share applies to, how the 5% permanent fee is calculated, and what audit rights and public reporting obligations apply.
I would reconsider if repayment is structured to protect the Treasury in ADA terms, for example by continuing until at least 4,969,231 ADA, or the greater of 4,969,231 ADA and $1,093,231 equivalent, has been returned to the Cardano Treasury.
- Abstain2.5M ₳No rationale
- YesChanged2.5M ₳Rationale
Take it to the moon!
Earlier votes
No15d agoSuperseded
Take it to catalyst
- Yes2.3M ₳No rationale
- No2.1M ₳Rationale
Again, the description of this treasury withdrawal action is only a partial excerpt of the original proposal from the Intersect budget process. It leaves out elementary contents and remains underdefined here in my opinion. This is making the treasury govenance process even more fragmented as it already is.
With respect to the contents presented here, ist is unclear, if the Cardano ecosystem would still benefit, if the original platform disappeared. This remains a grey area, thus my vote is "No".
- Abstain2.1M ₳Rationale
I am voting ABSTAIN on the Cardano Enterprise Adoption: Production Ticketing Platform proposal.
I want to be clear that this is not a rejection of the proposal’s merit. I support the goal of bringing real-world adoption to Cardano, and ticketing is a credible use case for blockchain technology. On-chain ticket issuance, secondary market controls, royalty enforcement, anti-scalping mechanics, and improved user onboarding could all create meaningful value if executed well.
I also recognise that this proposal appears stronger than many generic adoption proposals. It has an existing business behind it, evidence of real-world traction, a live Phase 1, and a specific plan for further deployment. That deserves credit.
However, I am not comfortable voting YES at this time.
My concern is not primarily with the idea itself, but with the current treasury framework. This is a growth/adoption and commercial rollout proposal, not core infrastructure maintenance, wallet security, protocol readiness, or open-source developer tooling. Under my current approach, this type of proposal should be assessed inside a pre-agreed growth/adoption budget bucket rather than competing against every other treasury request from one long, undifferentiated NCL pot.
I have been advocating for NCL reform: shorter windows, category-level budget buckets, market-aware spending, a strategy for strong and weak ADA markets, and clearer rules around treasury investment or commercial-growth funding. Until that framework exists, I am reluctant to vote YES on discretionary growth/adoption spending, even where the proposal has merit.
At the same time, I do not want to vote NO and actively block a proposal that has a credible real-world adoption case. This is not comparable to weaker or more speculative proposals where I believe a clear NO is warranted.
For me, ABSTAIN is the most accurate vote. It recognises that the proposal may have value, while withholding support because the current NCL and treasury framework is not yet mature enough for this category of spending.
A future version of this proposal could be more compelling if submitted within a clearer growth/adoption budget category, with stronger public-good framing, measurable Cardano-specific adoption targets, clear ecosystem return, and a treasury framework that distinguishes commercial rollout from core public-good funding.
For these reasons, I vote ABSTAIN.
- No1.9M ₳No rationale
- Yes1.8M ₳Rationale
Voting yes. The proposal is strong and Anvil has a solid track record.
The Sellout ticketing platform is a great idea. Building on Cardano enables the platform to enforce royalties, control scalping, and provide a more open marketplace for ticket buyers and sellers. Onboarding is handled in the background, so users won’t even need to know they’re using blockchain.
If successful not only will this result in ongoing transaction volume for Cardano, the full treasury investment will be returned over time using 25% of marketplace fees. This then drops to a permanent 5% rate when paid off.
This is exactly the kind of business the treasury should support. As with any investment there is risk. But the team has delivered previously and I believe they have a good chance of success.
- No1.8M ₳No rationale
- Yes1.7M ₳No rationale
- Abstain1.6M ₳No rationale
- No1.6M ₳No rationale
- Yes1.6M ₳No rationale
- No1.3M ₳No rationale
- Yes1.2M ₳No rationale
- No1.1M ₳No rationale
- No1.1M ₳No rationale
- No988.4K ₳No rationale
- Yes971.5K ₳Rationale
We vote YES on this proposal because it represents a concrete real-world adoption opportunity for Cardano. Ticketing is a strong use case for blockchain technology: ownership, transfers, resale rules, royalties, anti-scalping mechanisms, check-ins and transparent lifecycle data can all benefit from on-chain infrastructure. This proposal is especially interesting because it is not starting from zero. Sellout already has an existing Web2 user base, event pipeline and ticketing business, while Anvil brings Cardano-native development experience.
We also appreciate that the proposal includes measurable adoption targets, milestone-gated delivery, an independent audit, public reporting and a revenue-share mechanism designed to repay the Cardano Treasury over time. This makes the proposal more accountable than a simple grant. While we recognize that this also supports a commercial product, we believe the broader ecosystem value is meaningful if the integration succeeds. Bringing real users, real events and real ticketing activity on-chain could become an important enterprise adoption case study for Cardano. For these reasons, we support this proposal.
- No931.8K ₳No rationale
- Yes923.6K ₳No rationale
- No881.2K ₳No rationale
- No861.5K ₳No rationale
- Yes825.2K ₳Rationale
We support Intersect's budget process. This proposal is part of it.
- Yes798.4K ₳No rationale
- Yes794.5K ₳Rationale
I like investing in real-world use cases.
- Abstain747.4K ₳No rationale
- Abstain619.5K ₳No rationale
- No605.7K ₳No rationale
- Yes589.7K ₳Rationale
Yes, supports on-chain activity with commitment to pay back all funds.
- No587.6K ₳No rationale
- Yes533.9K ₳Rationale
This is a slight risk proposal but full heartedly believe in the team and the offering for a better massively improved ticketing system. So much potential.
- Yes501K ₳Rationale
When a team has already spent their own capital and built a user base before asking for ours, that tells me most of what I need to know about whether they will deliver.
The structure is the part I like most. This is a loan, not a grant. Twenty-five percent of all fees flow back to the treasury until the full amount is repaid, then five percent continues in perpetuity. So the treasury either gets its ADA back with an ongoing revenue stream, or the platform underperforms and we learn that cheaply through milestone-gated releases rather than one lump sum.
Ticketing is one of the few blockchain applications that makes plain sense to a normal person. CIP-68 tickets that can be verified, transferred, and checked at the door solve real fraud and scalping problems, and they put Cardano in front of event-goers who will never read a whitepaper..
I would like to see the repayment tracked transparently on-chain so we can all watch it perform against the milestones. But the fundamentals are sound and I think the amount being asked is fair.
It’s a yes from me. - Yes479.9K ₳No rationale
- Yes442.9K ₳No rationale
- No381.1K ₳Rationale
My strong opinion is that treasury ADA should be exclusively used to fund basic technical infrastructure that is available to all people in the Cardano ecosystem.
Providing funding to single for-profit businesses shall in my opinion not be done from the treasury.
- No365.7K ₳No rationale
- No360.3K ₳No rationale
- Yes341.7K ₳No rationale
- Yes341.4K ₳No rationale
- No298.9K ₳Rationale
I don't see it taking off in today's market.
- Abstain294.4K ₳No rationale
- Yes270.1K ₳Rationale
I am voting YES on “Withdraw 4,969,231 ada for Cardano Enterprise Adoption Ticketing Platform.” This proposal stands out because it is tied to a real operating business with an existing user base, active venue relationships, and a Cardano implementation that is already live on mainnet rather than being a speculative enterprise-adoption concept. Sellout has been operating since 2017, reports more than 200,000 registered users, over 250,000 tickets issued, and more than 350 events annually, while the proposer states that Phase 1 of the Cardano integration has already been self-funded and deployed, including event creation, CIP-68 NFT ticketing, transfers, and on-chain attendance verification.
The requested funding is for a clearly defined Phase 2: secondary market functionality with enforced royalties, anti-scalping controls, wallet onboarding for mainstream users, organizer tools, external audit work, and launch support tied to a contracted event series rather than vague adoption claims. The proposal also includes measurable and publicly verifiable targets — including events on-chain, NFT tickets issued, on-chain interactions, new wallets, and on-chain ticket revenue — together with a public metrics dashboard and quarterly reporting.
I also view the structure more favorably than many commercial adoption requests because the team has already committed its own capital to reach mainnet, the on-chain metrics are independently checkable, and the proposal includes a treasury payback commitment tied to platform revenue rather than treating the withdrawal as a pure one-way subsidy. Under current NCL pressure, a YES vote here should still be treated as a meaningful use of scarce remaining headroom as this is one of the more credible real-world adoption proposals in the queue and, on balance, still clears the bar for support.
- Abstain260.2K ₳Rationale
Rationale: ABSTAIN
Infrastructure Over Commercial Verticals: During intensive protocol upgrades (Leios, Peras), Treasury funding must prioritize critical public infrastructure (e.g., Blockfrost, Daedalus) over non-essential commercial dApps.Unenforceable Revenue-Share Risks: The Cardano Treasury is not a venture capital fund and lacks cross-border legal mechanisms to recover ~5M ₳ if private operations or anchor events (e.g., Yellowstone Club) fail.
Geographic Disproportion: Allocating substantial global Treasury funds to scale a private business targeting a localized, niche US market is economically unbalanced under current conditions.
- Yes245.5K ₳Rationale
The ticketing industry suffers upwards of $3 billion of unrecoverable losses due to fraud and excessive fees; and upwards of $30 billion of overpayment by consumers due to scalpers and insider abuse. Tokenizing tickets on a blockchain and building a robust and predictable access portal for minting and transacting is one of the most promising use-cases for tokenization. In the event of a successful venture, this could also bring a consistent transaction volume to the L1 which would benefit all Ada holders. I see this as a worthy investment for the treasury, as it is a high-demand market worth capturing.
- No234.2K ₳No rationale
- Yes233.2K ₳No rationale
- No215.5K ₳No rationale
- Yes196.1K ₳No rationale