Withdraw ₳583,000 for Eternl Maintenance administered by Intersect
166 DReps voted · 49 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ No rationale
- Abstain 428.5M ₳ Rationale
I voted based on the following seven criteria: Please refer to the PDF or spreadsheet for detailed reasons. 私は次の７つの投票基準を勘案して、投票を行いました。詳細な理由などはPDFまたはスプレッドシートを確認してください。
Roadmap Alignment（ロードマップとの整合）
Is it aligned with the Cardano roadmap? Cardanoのロードマップと整合していますか？Public Value（公共性・オープンソース性）Does it provide public value as an open and reusable resource? オープンで再利用可能な形で公共的価値を提供していますか？
Cost Effectiveness（費用対効果） Is the cost reasonable for the expected impact? 期待される成果に対して費用は妥当ですか？(Haggling can be difficult on timelines and exhausting for vendors./値切り交渉はタイムライン上困難かつベンダーを疲弊させる可能性があります。)
Feasibility（実行体制・リスク・スケジュール） Is the team capable and the plan feasible? チームは有能で、計画は実現可能ですか？
Socialization & Transparency（対話と説明責任） Has the proposal been openly discussed with the community? 提案はコミュニティと公開で議論されましたか？
No Conflict of Interest with Yuta（Yutaとの利益相反なし） Is there no conflict of interest with Yuta? Yutaとの利益相反はありませんか？
Alignment with Yuta’s voting policy（Yutaの投票ポリシーへの貢献） Does it contribute to Yuta’s voting policy and long-term vision? Yutaの投票ポリシーや長期ビジョンに貢献していますか？
ipfs://bafkreihwgw6xjnqzjaq5shmb6rn7amh7ba4urvwfh3iix53czf2b7q6m5i
https://docs.google.com/spreadsheets/d/1M8JAuAntJOa7Z6j3GfC2hWFl4kbZLkzEel_cN4-kymw/edit?usp=sharing
- Yes 328.3M ₳ No rationale
- Yes 297.4M ₳ Rationale
Summary
EMURGO as DRep votes YES on the governance action to fund the Eternl Maintenance proposal.Rationale
Eternl is one of the most widely used wallets in the Cardano ecosystem, playing a key role in user accessibility and developer testing. While the wallet remains a closed-source product, we recognize the operational importance of keeping its services stable and responsive.This proposal provides transparent, cost-based justification for maintenance over the next year. Given its current role and community reach, we support this proposal with the understanding that further openness and long-term sustainability planning will be needed going forward.
- Yes 240.8M ₳ No rationale
- Yes 221.8M ₳ Rationale
TL;DR: EDC voted:
gov_action18nefry4qacd80xzs2srjahxm2e4vz3c8wvrr03rrtk8mdqfuknysq66459t: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqkqx0ecg: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq5nrw6t9: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqj0vdlhj: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqsufvuyl: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqwtnrdnx: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqvckzwqt: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq2yeptuu: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqghuqg03: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqx488pdm: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqyxzxz7k: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqz6d98zp: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqqfgyy3v: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzgf074ea: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzxt5eumh: ABSTAIN
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzyc3clg6: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzzy7m65d: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzqhm6e8q: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp730y0dn: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp679xfzf: ABSTAIN
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpcdq823y: ABSTAIN
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpk0mqrnw: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp5u7pqqr: ABSTAIN
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpjq3z9u5: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpsn5rx0e: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpwywvhcq: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpvhtd5td: ABSTAIN
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp2tyw3h6: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpgcp0jyh: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpx66gmxa: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpyflfc4s: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpz4s2af8: ABSTAIN
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpqx4t762: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq77jt4x4: ABSTAIN
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqudh2k4c: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq63cfnf0: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqczags6z: YES
gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpuz29v77: ABSTAIN
gov_action193leqzml768nz7nmpepzx822a5mzyanqhtewaxjtul5gp6uhwvfsqgl2qg0: YES;We refrained from voting NO on any of the actions, voted ABSTAIN where the majority of our team (7 people) determined that the impact wasn't high enough, the concept wasn't something we would want to support, or the action asked for too much.
Keep in mind, that voting ABSTAIN helps each effected proposal by lowering the absolute voting power needed to pass the action.
- 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: 1
- Team strength, feasibility, and track record: 2
- Impact on the Cardano ecosystem: 1
- Value for money: 1
- Cost compared to similar proposals: 1
- Personal or community usage and benefit: 2
Total score: 8
- Yes 92.1M ₳ No rationale
- Yes 89.8M ₳ Rationale
SIPO supports the ₳583,000 treasury withdrawal for the maintenance of Eternl, a long-standing, reliable, and community-driven Cardano wallet.
Critical Infrastructure for Cardano Users
Eternl is a multi-platform wallet supporting web, extension, iOS, and Android. Since 2021, it has served as a trustworthy entry point to the Cardano blockchain for both developers and users. Maintaining this access point is critical to ensuring a robust and inclusive user experience across the ecosystem.Proven Track Record and Community Trust
Over its four years of operation, Eternl has earned wide recognition for its responsiveness, feature richness, and active community support. It plays a vital role in user retention and adoption, especially in regions where mobile-first access is essential.Transparent Contractual Oversight by Intersect
The proposal includes a formal off-chain legal contract between the vendor and Cardano Development Holdings, administered by Intersect. Milestone-based payments, third-party assurance, and detailed on-chain auditability via Sundae Labs’ smart contracts ensure accountability and transparency.Aligned with Cardano’s Constitutional Treasury Framework
This proposal is one of 39 items aligned with the ₳275M budget approved under Intersect’s constitutional Info Action. The process complies with Article IV Sections 4 and 5 of the Constitution, including safeguards like Oversight Committee verification and verifiable treasury disbursement workflows.
Conclusion
SIPO believes this funding is essential to sustain an open-source wallet that many ADA holders depend on. We commend the structured governance, technical oversight, and ecosystem value the proposal delivers.⸻⸻⸻⸻⸻⸻⸻⸻⸻
SIPOは、Eternlウォレットの保守継続のために申請された₳583,000の国庫引き出し提案に賛成票を投じます。
カルダノユーザーに不可欠なインフラ
Eternlは、Web、ブラウザ拡張、iOS、Androidなど複数のプラットフォームに対応するウォレットであり、2021年以降、多くのユーザーと開発者にとってカルダノへの入り口となっています。このようなアクセス手段を維持することは、エコシステム全体の利便性と包摂性を確保する上で極めて重要です。実績とコミュニティからの信頼
Eternlは4年間にわたり、機能性、信頼性、コミュニティ対応力に優れたウォレットとして評価されてきました。特にモバイルアクセスが主流の地域では、ユーザーの利用定着に貢献しており、カルダノ採用の裾野拡大に寄与しています。Intersectによる透明な契約・管理体制
提案には、Intersectが管理するCardano Development Holdings（CDH）との正式なオフチェーン契約が含まれ、マイルストーンごとの支払、第三者による検証、Sundae Labsのスマートコントラクトを用いたオンチェーン監査可能性が確保されています。憲法に則った財務プロセスとの整合性
この提案は、Intersectが進行する₳275M規模の予算措置の一部であり、カルダノ憲法第IV条第4・5節に準拠しています。Oversight Committeeによる検証や分配過程のトレーサビリティも担保されています。
結論
SIPOは、Eternlのようなオープンソースウォレットの継続的支援が、ADA保有者とカルダノ・エコシステムの健全な発展に不可欠であると判断しました。本提案が示すガバナンス体制と技術的透明性を評価し、賛成票を投じます。 - Yes 89.3M ₳ No rationale
- Yes 89.2M ₳ Rationale
私の投票ポリシーはCARDANO2025ロードマップを実現するべく基盤技術の維持と強化、コア開発と研究、マーケティングの強化を支持しています。事前のオフチェーン投票ではNoにした提案においても、提案内容に関しては一定の必要性を感じているため資金調達プロセスのスケジュールや提案内容を精査したうえでYESに投じます。
My voting policy supports the maintenance and enhancement of foundational technologies, core development and research, and the strengthening of marketing efforts to realize the CARDANO 2025 roadmap. Even for proposals I previously voted "No" on during the off-chain voting phase, I recognize a certain level of necessity in their content. Therefore, after carefully reviewing both the proposal content and the funding schedule, I will cast a "Yes" vote. - Yes 77.3M ₳ No rationale
- Yes 74.7M ₳ No rationale
- Yes 71.3M ₳ Rationale
I am voting YES to support this widely-used and reliable community wallet. However, for a critical piece of infrastructure like a wallet, transparency is paramount. I strongly urge the Eternl team to transition to an open-source model, which I would see as a key factor for future funding.
A PDF version of this rationale is also made available.
Eternl is a widely used and reliable wallet, and its continued maintenance is essential for the ecosystem's growth and sustainability.
My support comes with a strong expectation. For a wallet, transparency is paramount. Therefore, I strongly urge the Eternl team to pivot to an open-source model. This would increase security and align with our community's decentralization ethos. While I support this funding to ensure stability now, my vote for future funding will be contingent on this transition.
I am voting YES.
- Yes 70.8M ₳ Rationale
As a DRep, i have voted YES on this proposal. This decision is in line with my earlier voting this year via Ekklesia.
- Yes 68M ₳ Rationale
I vote Yes on this proposal.
Eternl has been a reliable and feature-rich Cardano wallet since the early days of the ecosystem. I personally use it regularly and appreciate its accessibility across web and mobile platforms.
Maintaining core infrastructure like this is essential for both users and developers. This proposal clearly outlines its operational needs and contributes to a more stable and accessible ecosystem.
I support it.
私はこの提案に Yes を投じます。
EternlはCardano初期から存在する信頼性の高いウォレットであり、Web・モバイル両対応の多機能なUIは、私自身も日常的に利用しています。
こうした基盤ツールの安定運用は、ユーザーと開発者双方にとって不可欠です。本提案は、その維持コストを透明に提示しつつ、継続的なサポートを実現しようとするものであり、エコシステム全体の利便性向上に直結すると判断し、支持します。
- Yes 65.7M ₳ No rationale
- Yes 62.7M ₳ No rationale
- Yes 50.5M ₳ No rationale
- Yes 49.8M ₳ Rationale
As a DRep, I voted for all projects in the 2025 budget vote based on a very simple principle:\n\n- Yes if I believe the long-term value to the Cardano ecosystem exceeds the requested amount;\n- No if it doesn't;\n- Abstain if I'm unsure.\n\nAll of my votes are consistent with my position in the May 2025 Ekklesia round.
- Yes 49.7M ₳ Rationale
Following the previous vote on Ekklesia.
- Yes 48.4M ₳ No rationale
- Yes 42.4M ₳ No rationale
- Yes 40M ₳ Rationale
Eternl is an integral part of this ecosystem and one of the most used wallets, this is an very important withdrawal.
- Yes 38.1M ₳ No rationale
- Yes 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.
- Abstain 32.3M ₳ Rationale
Temporary Abstention Rationale
Summary
To ensure timely progression of proposals that meet constitutional thresholds, I am temporarily casting abstain votes on all active governance actions while I continue to review them individually. This avoids delaying enactment due to quorum issues and allows careful evaluation of each on its own merits.Rationale Statement
As a DRep, I take seriously my responsibility to evaluate each proposal in alignment with the HOSKY Cardano First platform, prioritizing decentralization, responsible treasury use, and the long term integrity of CardanoRather than rush through the volume of proposals or risk being a bottleneck for those that meet required thresholds, I am temporarily abstaining on all proposals. This ensures that governance actions with sufficient community support can move forward without being held up by my pending vote
This abstention is not a sign of indecision or neglect. It is a reflection of my commitment to deliberate, well considered governance. I am reviewing each proposal carefully and will cast definitive YES or NO votes with rationale in the coming days
This approach allows me to maintain transparency, uphold voting integrity, and respect the time sensitive nature of decentralized decision making. It is a temporary mechanism to preserve network momentum while continuing to uphold the standards set by both the Constitution and the HOSKY dRep Platform
- Yes 31M ₳ No rationale
- Yes 25.9M ₳ No rationale
- Yes 25.2M ₳ Rationale
I have voted YES on the current proposal to fund Eternl. Eternl is the a staple to self-custody adoption. Where we're going, we'll need Eternl presence to balance the scales of mass adoption.
- No 22.7M ₳ Rationale
Open source and I will change my mind.
- No 22M ₳ No rationale
- Yes 21.3M ₳ No rationale
- Yes 21.2M ₳ Rationale
I have had a hard time reconciling my vote for this proposal. I am uneasy with treasury funds picking winners and losers in the ecosystem, particularly when Cardano has such a vibrant wallet ecosystem and secondly, that this wallet is not open-source. However, Eternl is probably one of the most used wallets in this ecosystem and has an impressive feature set and history in support of a yes vote.
As I mentioned in my GovTool rationale, participation on SanchoNet during the development of CIP-1694 and Voltaire was scant. It appeared as though most wallets and projects were content with waiting until governance hit mainnet before putting in the work. Eternl was not one of them, they were there supporting SanchoNet and mostly keeping up with all the various network re-spins as features were developed and implemented. To this day, while most support has left SanchoNet following the completion and implementation of CIP-1694 on mainnet, Eternl still provides support for SanchoNet, allowing participants to discover and experiment with Cardano governance in a safe environment. In fact, Eternl is the only wallet that supports Cardano mainnet, PreProd, Preview and SanchoNet networks.
The wallet was one of the first implementors of the Keystone hardware wallet, helping them to finally integrate with the Cardano ecosystem having unsuccessfully reached out to another wallet provider a number of years before. The recent v2 upgrade has been largely well received and has a much more appealing UI to newcomers than the previous iteration.
All in all, while I am apprehensive about deploying treasury funds to a wallet provider I feel as though in this case it has been earned.
While not originally one of my selections during the Ekklesia budget reconciliation process, I have decided to vote in favour of funding this proposal at this time.
- Yes 21.1M ₳ No rationale
- Yes 20.3M ₳ No rationale
- No 17.4M ₳ Rationale
Eternl can either remain proprietary and fund itself through subscription fees, advertising, and other business revenues, or it can commit to fully open source its code and request community funding.
- Yes 17.1M ₳ No rationale
- Yes 16.7M ₳ Rationale
Long-Term Sustainability
Eternl is a widely used light wallet in the Cardano ecosystem, and its continued maintenance ensures compatibility with network upgrades and governance features. Sustaining this infrastructure preserves reliable, long-term access to the blockchain.Builder and Ecosystem Growth
Eternl serves users, dApps, and token projects by supporting transaction signing, voting, and delegation. Its accessibility and feature set support a diverse range of use cases, contributing to ecosystem utility and adoption.Decentralization and Community Engagement
As a non-custodial wallet developed independently of founding entities, Eternl contributes to wallet diversity and user sovereignty. Its open development model and community feedback loop reinforce Cardano’s decentralization.Responsible Treasury Spending
While the ₳583,000 request is sizable for maintenance, the wallet’s impact and user base justify continued support. Oversight through Intersect adds needed accountability. We view this as responsible but high-visibility spending that requires regular public progress reporting. We also expect open sourcing for better auditability. - Yes 16.4M ₳ Rationale
Treasury withdrawals
Software Development Proposals:
Development budgets should not be funded from the treasury. Instead, the treasury should be used to incentivize feature completion through grants. The treasury should not operate as a venture capital fund or to fund ongoing development budgets. It should be results oriented and decoupled from budgeting. Dracula DAO Deep will make exceptions this round for projects that deliver specific, high value features or results at a reasonable ask amount.Marketing Proposals:
Marketing budgets are the best way to fund these types of efforts. Judgement should be used based on the ask amount and value proposition.Research Proposals:
Research budgets should be evaluated based on the track record of the team being funded, the value proposition and whether the results are released to the public.DAO Funding:
DraculaDAO believes DAOs should find other ways to support operations other than public treasury funds.Bitcoin:
Dracula DAO Deep is against purchasing Bitcoin with treasury funds, and are generally not in favor of a tight Bitcoin / Cardano partnership. Bitcoin DeFi is ok as long as the value proposition remains with Cardano. Cardano is already Bitcoin++ and treasury funds should not be used to encourage or sustain BTC energy waste and outdated consensus model.Yes - MLabs Core Tool Maintenance. Ask is reasonable.
Yes - Midgard Optimistic Rollups. This is urgently needed as an L2 solution for Cardano and the ask is reasonable.
Yes - Hardware Wallets Maintenance. This is necessary and ask is reasonable.
Yes - Pallas Rust Tooling. Core tooling used by many projects and ask is reasonable for the specific deliverable.
Yes - UTxO RPC
Yes - Lucid Evolution Maintenance
Yes - zkFold ZK Rollup
Yes - Dolos. Ask is reasonable with specific deliverable.
Yes - Ledger App rewrite
Yes - Paid Open Source Model. This looks like a nice way to take the VC function out of the treasury and start towards incentivizing projects through features and benefits like bug bounties. Willing to take a chance on this, but will vote no in the future if results are disappointing.
Yes - Gerolamo node in typescript
Yes - MLabs Core Tools: Plutarch. Ask is reasonable
Yes - ZK Bridge
Yes - Eternal maintenance
Yes - Scalus Development Platform
Yes - Cexplorer.io
Yes - Native Asset CDN
Yes - Adastat.net
Yes - Intersect MBO. DraculaDAO does not like the high ask amount and the budgeting approach, but for Intersect MBO there may not be a better way like there is with software development. Therefore DraculaDAO supports this proposal, realizing this possibly breaks with the general guidelines DraculaDAO described above.
Yes - Beyond Minimum Viable Governance. Focused feature set and reasonable ask. IOHK should use this approach for all its teams.
Yes - Cardano Summit
Yes - Unified Global Events Marketing
Yes - Quadratic Funding. Reasonable ask for a specific feature.
Yes - Cardano Ecosystem Pavilions
Yes - High-yield RWA Asset. Direct communication with this vendor increased our faith in this project and have changed our stance on this.
Yes - Expanding Stablecoin / Native Asset Support. This was marginal in terms of ask amount and number of features grouped together.
Yes - OpShin
Yes - PyCardano
Yes - Cardano Product Committee
Yes - BloxBean Java Tools
Yes - Input Output Research
Yes - MLabs ResearchAbstain - Input Output Core Development. This is simply a warning shot as DraculaDAO expects this proposal will pass. We are generally in favor of the initiatives and features being delivered by IOHK, but believe the ask is too high as a single budget line item and do not want to set a precedent of another ask of similar magnitude for the next budget cycle. Instead, IOHK should divide its deliverables into features and ask the treasury for grant incentives delivered on completion of the each feature (see Beyond Minimum Viable Governance as what we see as a good example). We are not in favor of such a large withdrawal encompassing such a large number of features. In general we do not support using the treasury for budget line items as mentioned in the introduction to this rationale.
Abstain - Blockfrost Community Budget. We support Blockfrost and operate an icebreaker node. There are no specific features mentioned, just an ongoing budget line item, which we do not support. We will support Blockfrost in other ways.No - Web3 developer stack for Bitcoin integration. DraculaDAO does not support a tight integration with Bitcoin.
No - TWEAG Proposals. We see value there but the ask is too large and too many deliverables bundled together.
No - Catalyst 2025. Ask is too large as a single budget request.
No - Cardano Builder DAO. Treasury should not be used to incentivize features, not fund ongoing budgets for software development or DAOs.
No - Market making should have other ways to fund operations. - Yes 14.2M ₳ No rationale
- No 14.1M ₳ No rationale
- Yes 12.2M ₳ Rationale
Disclaimer: This is a general rationale we have prepared to support our “yes” vote on all the 39 treasury withdrawal actions. This follows careful review and consideration of the metadata of these treasury withdrawal proposals and hence is not a blanket voting practice.
We, the Wada DRep Committee, have decided to upvote on all 39 Treasury Withdrawal governance actions currently live on-chain and submitted under the administration of IntersectMBO. These actions are the necessary implementation step following the community's approval of the ₳275.3 million Cardano Ecosystem Budget, the necessary budget info action that precedes the treasury withdrawal process. Our support reflects not only continuity with our earlier "yes" votes on the overarching budget info action and its constituent proposals but also our confidence in the smart contract guide and project execution mechanisms Intersect has established as an administrative body for these proposals.
Each of these 39 withdrawals corresponds directly to proposals that have already passed a respective Budget Info Action with wide community and DRep support of 64.23%. As Wada DRep, we reviewed, scored, and supported many of these initiatives during the budgeting phase, using our internal ₳280M Net Change Limit framework. Our endorsement of the full ₳275.3M package was not a blanket approval but the outcome of detailed deliberation. Therefore, we see it as our responsibility to honor those community-approved funding decisions by affirming these follow-up Treasury withdrawal governance actions.
Importantly, we are confident in Intersect’s role as the administrator of these treasury disbursements. We have independently reviewed the Smart Contract Guide, disbursement architecture, and accountability structures associated with these withdrawals. The use of milestone-gated smart contracts, multi-signature treasuries, and on-chain/off-chain tracking mechanisms provides strong assurance of transparency, risk management, and community accountability. We are particularly satisfied that Intersect has adopted security-audited contract templates and provides public documentation on how treasury funds will be administered, paused if necessary, and even returned if unused.
In our view, rejecting or abstaining from these Treasury Withdrawals at this stage would risk destabilizing delivery timelines, undermining community trust, and introducing administrative conflicts that may violate the spirit of the Constitution’s Articles on budgeting. We believe that treasury funding is not just about allocation; it’s about consistent and credible execution. As such, the DRep role requires continuity and follow-through, especially when prior voting outcomes have clearly mandated action.
Therefore, in alignment with our constitutional responsibilities, community-aligned decision-making, and our assessment of Intersect’s administrative protocols, we have decided to upvote on all 39 Treasury Withdrawals Governance Actions.
- Yes 11M ₳ No rationale
- Yes 10.8M ₳ No rationale
- Yes 8.8M ₳ Rationale
「275M ADA Administered by Intersect」に含まれるすべての個別提案に対して、エクレシア投票の段階では必ずしもすべてに賛成していたわけではありませんが、最終的には本ガバナンスアクションに賛成票を投じました。Cardanoエコシステム全体への貢献を高く評価し、その前進を後押しする立場から、今回提出された39件すべての提案に賛成票を投じる判断をいたしました。\n\nWhile I did not necessarily support every individual proposal included in "275M ADA Administered by Intersect" during the Ekklesia vote, I ultimately voted Yes on this governance action. Recognizing its overall contribution to the Cardano ecosystem and in support of continued progress, I cast a Yes vote on all 39 proposals submitted under this initiative.
- Yes 8.1M ₳ No rationale