Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform
6 of 7 committee members voted
- Ace Alliance71aa5b3a…8f04YesActive · term ends epoch 726Rationale
Ace Alliance finds the proposed "Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform" Treasury Withdrawals Governance Action constitutional. Rationales are archived at https://github.com/ace-alliance/ace-voting/
"Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform" (gov_action1xk6...p0ga3d) is a Treasury Withdrawals Governance Action and is therefore governed by both the general proposal standards in Article II, Section 6 and the additional Treasury Withdrawal standards in Article II, Section 7 of the Cardano Constitution. The Action seeks to withdraw 4,969,231 ada from the Cardano Treasury to fund Phase 2 of a mainnet-live, Cardano-native ticketing platform operated by Sellout and built by Anvil Development Agency: a secondary marketplace with on-chain royalty enforcement, per-event anti-scalping controls, custodial wallet onboarding for Sellout's existing user base, organizer tools, an independent third-party security audit, and a public launch campaign. Unlike the Intersect-submitted budget-process withdrawals this Committee has reviewed, this Action was submitted on-chain directly by the proposer; Intersect nonetheless serves as budget administrator by prior agreement, holding and disbursing the funds through the 2026 Treasury Reserve Smart Contract framework. Our review is confined to the constitutionality of the Action, not to the commercial merits of the ticketing venture, the choice of a revenue-share repayment instrument, or whether the Treasury should back this vertical, each of which is a policy question reserved to DReps and the community.
Article II.6 (Governance Action Standards). The procedural standards are satisfied. The action anchors to an IPFS-hosted document with the on-chain blake2b-256 hash 1a25307b01b45cc3a13a33c21a9048a0c7672178f776d36154f78ac7b289fb1c, a content-addressed form that is immutable once posted, and the metadata supplies the title, abstract, motivation, rationale, itemized budget, milestone plan, and supporting references that Article II.6.2 requires.
Article II.7.1 (Terms of the Withdrawal). The terms-of-withdrawal requirement is met. The proposal specifies the purpose (the Phase 2 marketplace build enumerated above), the period for delivery (eight months across five milestones of 8 + 8 + 8 + 4 + 4 weeks), the relevant costs and expenses (a 4,824,431 ada work package itemized line-by-line in the Capital Allocation table plus a 144,800 ada Intersect administration fee, totalling 4,969,231 ada), and the circumstances under which the withdrawal might be refunded. On the last element, the metadata provides that the roughly 3 percent contingency (136,363 ada) is returned to the Treasury if unused, that undelivered milestones are not disbursed, and that any undisbursed funds at the end of the contract period remain under Treasury control and revert. The additional revenue-share repayment commitment is a voluntary undertaking layered on top of these terms; it is not the constitutional refund mechanism, and its finalization in M1 contracting does not bear on the Article II.7.1 analysis.
Article II.7.2 (Prior Treasury Funding Disclosure). The disclosure requirement is satisfied. The proposal discloses that neither Anvil nor Sellout has received ada directly from the Cardano Treasury within the last 24 months, and further discloses, beyond what the Article requires, prior support to Anvil through an Intersect grant, Project Catalyst, and CBDAO, and a joint Catalyst Fund 15 Enterprise-category approval for a fund that closed before voting began.
Article II.7.3 (Net Change Limit). A Net Change Limit of 350,000,000 ada is in force for the period spanning epochs 613 through 713, and it operates cumulatively: after the withdrawals already enacted this period, 14,389,704 ada of headroom remains, which is less than the Treasury Withdrawals expiring at the end of epoch 646 collectively request. For this governance action, Ace Alliance examined the amount of DRep delegated stake it has attracted, in accordance with the method announced in advance in our published voting statement (ipfs://QmdLDoTQ1hnZFTeTfAnq5V4BNchCFPNqfXSZVX5cVQzRFM): six hours before the end of epoch 645 we assess DRep support and vote constitutional on the actions that have received the requisite level of delegated stake for enactment, in order of submission, until the remaining headroom is exhausted. However, having assessed the three governance actions in line with that statement, we have determined that it is exceedingly unlikely that all three will be enacted and result in exceeding the Net Change Limit. We therefore find this governance action constitutional under Article II.7.3, satisfying guardrails TREASURY-01a and TREASURY-02a, and leave it to the DReps to make the final decision on which governance actions should pass. The withdrawal is denominated in ada, satisfying TREASURY-03a.
Article II.7.4 (Audit and Oversight Allocation). The proposal allocates ada for independent audit and oversight. The Capital Allocation table carries a dedicated 227,273 ada line for an independent third-party security audit whose report and remediation are milestone deliverables, and the 144,800 ada Intersect administration fee covers administrative oversight, with reporting obligations, milestone-based disbursement controls, and a public dashboard (treasury.sundae.fi) through which the community can audit TRSC and PSSC activity on-chain.
Article II.7.5 (Designated Administrator). The proposal designates Intersect as administrator, an entity distinct from the recipient. Intersect operates the 2026 instance of the Sundae-Labs-developed TRSC framework, which mirrors the contracts used in the 2025 budget cycle, with a Project-Specific Smart Contract for this withdrawal. An Oversight Committee of six external, independent third parties (Sundae Labs, Cardano Foundation, Dquadrant, NMKR, Sundial, Eternl) provides the checks against unilateral administrative control, and a written off-chain legal contract governs delivery, with funds moving to the Project-Specific Smart Contract only once that contract is prepared and against the milestones outlined in the metadata.
Article II.7.6 (Custody and Delegation of Held Funds). The on-chain withdrawal destination is the 2026 TRSC stake address stake1784sdxt6jjennmstphgdu7l7c2scf5d02a6cve2dgn5s2kq5u3j9v, a script-locked stake address (CIP-19 mainnet header byte 0xf1) that is auditable by the community. This is the same TRSC stake address this Committee has repeatedly verified on-chain in prior 2026 withdrawals as not delegated to any stake pool and delegated to the predefined always-abstain DRep, and the proposal expressly commits that all TRSC and PSSC instances cannot be staked with an SPO and are delegated to the auto-abstain predefined DRep, satisfying the requirement that held funds sit in separately auditable, non-SPO, abstain-delegated accounts.
Appendix I (Guardrails). Only the Treasury Withdrawal guardrails in Appendix I.3 are engaged, and each is met as set out under Article II.7.3 above. The parameter, hard-fork, no-confidence, constitution, and committee guardrail groups are not engaged by a Treasury Withdrawals action.
Ace Alliance finds the proposed "Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform" Treasury Withdrawals Governance Action constitutional.
- Cardano Japan Council725d4d44…7b31YesExpired · term ends epoch 653Rationale
We consider this governance action to be constitutional.
This proposal is a Treasury Withdrawal Governance Action to withdraw ₳4,969,231 from the Cardano Treasury in connection with the proposal titled "Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform" submitted by Anvil Development Agency, Inc. This proposal refers to the proposal document on IPFS and presents the proposal's title, summary, rationale, justification, and relevant supplementary materials. These comply with the requirements of Article 2, Section 6, Paragraphs 1 and 2 of the Cardano Constitution. Regarding Article 2, Section 7, Paragraph 1, this proposal aims to fund Phase 2 of the Cardano-native ticketing platform operated by Sellout.io and built by Anvil Development Agency, with an implementation period of 8 months. It also provides a breakdown of costs, including ₳4,824,431 for the work package and ₳144,800 for the Intersect administration fee, and outlines the conditions for the return of unused contingency funds, unspent funds corresponding to unmet milestones, and unspent funds at the end of the contract period. Regarding Article 2, Section 7, Paragraph 2, Anvil and Sellout disclose that they have not received ADA from the Cardano Treasury within the past 24 months. Regarding Article 2, Section 7, Paragraph 3, it confirms that the requested amount of ₳4,969,231 falls within the applicable Net Change Limit. Regarding Article 2, Section 7, Paragraph 4, this proposal includes audit and oversight costs within the proposed expenses and outlines independent oversight by Intersect and a third party with technical expertise, reporting obligations, milestone-based expenditure management, public quarterly reports, and a public on-chain metrics dashboard. Regarding Article 2, Section 7, Paragraph 5, this proposal designates Intersect as the administrator and outlines fund management through Sundae Labs' Treasury Reserve Smart Contract and Project-Specific Smart Contract, as well as milestone-based expenditure management contingent upon the acceptance of verified deliverables by the appointed oversight committee. Regarding Article 2, Section 7, Paragraph 6, this proposal stipulates that ADA prior to additional payments will be managed via the Treasury Reserve Smart Contract and the Project-Specific Smart Contract and will be auditable by the community through a public dashboard. Furthermore, it states that this ADA will not be staked with an SPO but will be delegated to a predefined abstention voting option. Therefore, as no clear conflict with the Cardano Constitution has been identified, this proposal is deemed constitutional.
For the reasons stated above, we determine that it is constitutional.
- Eastern Cardano Council2ea7a78e…10ecYesActive · term ends epoch 726Rationale
We have determined that this treasury withdrawal governance action is constitutional.
The governance action with ID "gov_action1xk6...p0ga3d" and title "Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform" is a Treasury Withdrawal, and is therefore subject to the following sections and guardrails in the Cardano Constitution.
ARTICLE II, Section 6 of the Cardano Constitution states that governance actions must follow a standardized and legible format, including a URL hosting an immutable document and a corresponding hash, and must provide sufficient rationale including a title, abstract, justification, and supporting materials.
This governance action includes a valid URL and hash, which matches the hash of the off-chain documentation referenced. The rationale also meets the minimum content specified in this section.
ARTICLE II, Section 7 specifies that Treasury Withdrawal governance actions must include the following:
1. Purpose, Delivery Period, Costs, and Refund Conditions
This governance action specifies:
- The purpose of the withdrawal as "Fund Phase 2 of the Sellout x Anvil production Cardano-native ticketing platform - secondary marketplace with on-chain royalty enforcement, anti-scalping controls, custodial wallet onboarding for 200,000+ users, organizer tools, an independent third-party security audit, and a public launch campaign - delivered through a new operating entity that pays a defined revenue share back to the Cardano Treasury."
- The period for delivery of proposed activities as "8 months from first milestone disbursement."
- The relevant costs and expenses in the Capital Allocation table.
- The circumstances under which funds may be refunded to the Cardano Treasury as "the ~3% contingency (136,363 ada) is returned if unused; undelivered milestones are not disbursed and remain under Treasury control; any undisbursed funds at the end of the contract period revert to the Cardano Treasury."
These elements fulfil the requirements of Article II, Section 7(1).
2. Prior Treasury Funding Disclosure
ARTICLE II, Section 7(2) requires disclosure of whether the prospective recipient has received ada from the Cardano Treasury within the last 24 months.
This governance action states that "Anvil has received funding in the past through Intersect (1-time grant), Catalyst, and CBDAO. Neither Anvil nor Sellout has received funds directly from the Cardano Treasury within the last 24 months.". This fulfils the requirement of ARTICLE II, Section 7(2).
3. Net Change Limit (NCL)
ARTICLE II, Section 7(3) requires that Treasury Withdrawals must not exceed the Net Change Limit.
The Net Change Limit in effect at the time of submission of this vote on-chain is the governance action with ID "gov_action1m3x...4jsr7q".
- A. Current NCL Amount: 350000000 ada
- B. Current NCL Time Period: Epoch 613 to Epoch 713 (Inclusive)
- C. Total of Treasury Withdrawals within the Current NCL Time Period: 302733167 ada
- D. Amount of this Treasury Withdrawal: 4969231 ada
- E. "C" plus "D" = 307702398 ada
- F. "A" minus "E" = 42297602 ada
As the value of "F" is greater than or equal to zero, this governance action fulfils the NCL requirement.
4. Audit Allocation and Oversight Metrics
ARTICLE II, Section 7(4) states "Treasury Withdrawals actions shall require an allocation of ada as a part of such funding request to cover the cost of periodic independent audits and the implementation of oversight metrics as to the use of such ada."
This governance action states that "public quarterly reports, a public on-chain metrics dashboard (M5), and a final governance report to the Cardano Forum; all on-chain metrics independently verifiable via explorer data and policy-ID tracking." It also allocates 227,273 ADA for "Independent 3rd Party Audit - Security & Audits". These fulfil the requirements of ARTICLE II, Section 7(4).
5. Designated Administrators
ARTICLE II, Section 7(5) requires that one or more administrators are designated to monitor fund usage and ensure deliverables are achieved.
This governance action states that "This is a direct Treasury Withdrawal governance action submitted by the proposer; Intersect acts as the budget administrator by prior agreement (it is not a submission through the Intersect budget-process portal). Intersect holds and disburses the withdrawn funds through the Sundae Labs TRSC/PSSC framework with independent oversight.", which fulfils this requirement.
6. Fund Management Requirements
ARTICLE II, Section 7(6) states "Any ada received from a Cardano Blockchain treasury withdrawal, so long as such ada is being held by an administrator prior to further disbursement to the Treasury Withdrawal Recipient, must be kept in one or more separate accounts that can be audited by the Cardano Community, and such accounts shall not be delegated to an SPO but must be delegated to the predefined abstain voting option."
This governance action specifies the following withdrawal address, which at the time of assessment is not delegated to an SPO and is delegated to the auto abstain voting option:
- stake1784sdxt6jjennmstphgdu7l7c2scf5d02a6cve2dgn5s2kq5u3j9v
Finally, the guardrails that require consideration for this governance action are TREASURY-01a, TREASURY-02a, and TREASURY-03a. These are addressed as follows:
- TREASURY-01a - The net change limit with governance action ID "gov_action1m3x...4jsr7q" is currently in effect, after being "agreed by the DReps via an on-chain governance action with a threshold of greater than 50% of the active voting stake".
- TREASURY-02a - As per the above assessment, this treasury withdrawal does not exceed the current Net Change Limit.
- TREASURY-03a - This treasury withdrawal is denominated in ada.
We therefore find this governance action Constitutional.
This governance action sufficiently fulfils the criteria specified for treasury withdrawals in the Cardano Constitution, so is deemed constitutional.
- KtorZ64f97568…3a49YesExpired · term ends epoch 653Rationale
Ok
The proposal clearly identifies Intersect as the administrator, specifies milestone-based disbursement through the established Treasury management smart contract framework, provides independent oversight, refund conditions, prior Treasury funding disclosures, Net Change Limit compliance, and detailed milestone acceptance criteria. The governance, custody, and administration of Treasury funds are therefore described with sufficient clarity to satisfy the constitutional requirements applicable to Treasury withdrawals.
The proposal commits to repaying the Treasury through a contractual revenue-sharing arrangement. However, the precise definition of the revenue base, payment cadence, and associated contractual terms are deferred until the first milestone. While I would have preferred these obligations to be fully specified within the governance action itself, this does not amount to a clear constitutional violation.
Hence, I do not identify a clear constitutional violation and consider the proposal constitutionally compliant.
- Phil_uplc68bb0b42…8746YesActive · term ends epoch 799No rationale
- Tingvard646d1b3a…be43YesActive · term ends epoch 726Rationale
Tingvard judges the “Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform” Treasury Withdrawal governance action constitutional.
This governance action requests 4,969,231 ADA from the Cardano Treasury to fund Phase 2 of a production Cardano-native ticketing platform operated by Sellout.io and built by Anvil Development Agency. Phase 1 is already live on Cardano mainnet, while Phase 2 will deliver a secondary marketplace, on-chain royalty enforcement, anti-scalping controls, wallet onboarding, organizer tools, an independent third-party security audit, and a professional launch campaign.
The proposal identifies the purpose of the withdrawal, the amount requested, the 8-month delivery period, the intended scope of work, and the milestone-gated delivery structure. The proposal includes five milestones covering design and architecture, testnet implementation, organizer tools and audit, mainnet deployment, and public launch.
The proposal provides a detailed cost breakdown. It identifies a total request of 4,969,231 ADA, consisting of a 4,824,431 ADA work package and a 144,800 ADA Intersect administration fee, with costs itemized across labor, development, marketing, audit, infrastructure, contingency, legal, and administration.
The proposal includes refund circumstances. It states that the 3% contingency is returned if unused, that undelivered milestones are not disbursed and remain under Treasury control, and that any undisbursed funds at the end of the contract period revert to the Cardano Treasury.
The proposal identifies Intersect as budget administrator by prior agreement. Intersect will hold and disburse the withdrawn funds through the Sundae Labs TRSC/PSSC framework with independent oversight.
The proposal addresses custody and delegation. It states that funds are directed into the TRSC stake address, that the TRSC/PSSC cannot be staked with an SPO, and that they are delegated to the auto-abstain predefined DRep. A public dashboard is available for the community to audit and track the withdrawn ada.
The proposal includes audit and oversight provisions. It includes an independent third-party security audit in the work package, audit and oversight costs within the overhead, independent oversight through Intersect and a technically capable third party, public quarterly reports, a public on-chain metrics dashboard, and a final governance report.
The proposal discloses prior treasury and ecosystem funding. It states that neither Anvil nor Sellout has received funds directly from the Cardano Treasury within the last 24 months, while also disclosing previous Anvil funding through Intersect, Catalyst, and CBDAO.The proposal also states that the requested amount does not, at the time of submission, breach the applicable 350M Net Change Limit covering epochs 613 to 713.
Tingvard therefore finds that the proposal satisfies the relevant constitutional requirements for a Treasury Withdrawal governance action.
Tingvard finds the “Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform” Treasury Withdrawal governance action constitutional.
The proposal identifies the purpose, amount, delivery period, costs, refund circumstances, administrator, custody and delegation arrangements, audit and oversight provisions, prior funding disclosure, and NCL position.
Tingvard therefore judges this governance action constitutional.
- Cardano Curia84feba94…6bd5Not votedActive · term ends epoch 799No rationale