Withdraw ₳69,459,000 for Catalyst 2025 Proposal by Input Output: Advancing De...
159 DReps voted · 44 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ Rationale
Yoroi supports the Catalyst 2025 proposal by Input Output as a critical driver of Cardano’s decentralized funding infrastructure by voting Yes.
Rationale
Ecosystem Infrastructure: This proposal strengthens the technical and operational backbone of Catalyst through Hermes and unified user interfaces.
Community-Led Funding: Supports the continuation of Catalyst as a trusted platform enabling decentralized, inclusive innovation for builders across the globe.
Future Efficiency: Investment now is expected to lower costs, expand voting options, and improve transparency for long-term sustainability.
Yoroi views this proposal as essential to the evolution of Catalyst into a fully decentralized, scalable, and user-friendly funding platform and supports its execution.
- Yes 428.5M ₳ Rationale
I will vote as necessary to help Cardano grow into a platform that supports the economic identities of billions of people. This proposal charges a fair price to achieve what is needed to achieve that.
There are no significant matters that affect the neutrality of my decision-making.
Detailed rationale and the improvements I would like to see made to the proposal are attached in the following spreadsheet "TW vote #01" or PDF.
Specifically with regards to bundled proposals, next time I would request that one of the following be implemented:
- Bundled proposals should be subject to a temperature check vote for each item.
- I would like bundled proposals to be verified or created by entities, consortia, or individuals selected by the DRep.
Spreadsheet:
https://docs.google.com/spreadsheets/d/1M8JAuAntJOa7Z6j3GfC2hWFl4kbZLkzEel_cN4-kymw/edit?usp=sharingPDF:
ipfs://bafkreianp5xhbo3ojlxqjjah4kyimr6u62uwnxd2t3lwwu3qmpn4jf4n5a私はCardanoが数十億人の経済アイデンティティを支えるプラットフォームへ成長していくために必要な投票を行います。この提案書は、それを達成するために必要な事項を実現するための正当なコストを請求しています。
私の意思決定の中立性に影響を与える重大な事項はありません。
根拠の詳細と、提案書について私が改善して欲しい点は、次のスプレッドシートの「TW vote #01」またはPDFに添付されています。
特に、バンドル型提案書に関しては、次回は、次のいずれかが実施されることをリクエストします。
- バンドル型提案書は、内訳別の温度チェックの投票を行うこと。 2. バンドル型提案書は、DRepにより選出されるエンティティやコンソーシアムや個人により、検証または作成されるようにして欲しいと思います。
Spreadsheet:
https://docs.google.com/spreadsheets/d/1M8JAuAntJOa7Z6j3GfC2hWFl4kbZLkzEel_cN4-kymw/edit?usp=sharingPDF:
ipfs://bafkreianp5xhbo3ojlxqjjah4kyimr6u62uwnxd2t3lwwu3qmpn4jf4n5a - Yes 297.4M ₳ Rationale
Summary
EMURGO as DRep votes YES on the governance action to fund Catalyst 2025 Proposal by Input Output: Advancing Decentralised Community Innovation Funding & Infrastructure, based on the rationale below.Rationale
Catalyst has been instrumental in growing Cardano’s innovation layer, and this proposal represents a comprehensive next step in its decentralization journey. By combining infrastructure upgrades through Hermes, a redesigned user experience, and the execution of three funding rounds, the proposal aligns strongly with Cardano’s 2025 goals. EMURGO values the inclusion of diversified voting mechanics, better accessibility across devices, and infrastructure that promotes transparency and efficiency. The introduction of RetroPGF and continued support for open-source and grassroots projects signals a matured direction for Catalyst, with positive long-term impact on the ecosystem.Conclusion
Conclusion
EMURGO acknowledges the critical role of the Catalyst program in advancing Cardano’s decentralized innovation funding and infrastructure. Accordingly, we vote YES on this governance action in support of its continued development. - 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.
- Yes 93.3M ₳ Rationale
The vote for this withdrawal is YES. 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: 2
- Team strength, feasibility, and track record: 2
- Impact on the Cardano ecosystem: 2
- Value for money: 1
- Cost compared to similar proposals: 1
- Personal or community usage and benefit: 1
Total score: 9
- Yes 92.1M ₳ No rationale
- Yes 89.8M ₳ Rationale
SIPOは、Catalystがカルダノ・エコシステムにおける分散型イノベーションの推進装置として、今後もその役割を果たし続けるために、本提案が重要であると判断しました。本提案は、Catalystの長期的な持続性と進化に向けた「2025年ロードマップ」を実現するために不可欠な3つの柱を構築するものです。
⸻
- Catalystの将来に向けた基盤整備
Catalystはこれまで13回の資金提供ラウンドを成功させ、2,000以上のプロジェクトに対して約2.9億ADAを配分してきました。しかし、その運営は依然として手作業や重複作業が多く、スケーラビリティや公平性、ユーザビリティに課題があります。
本提案は、以下の3つの中核的な取り組みによってこれらの課題を解決し、Catalystを次のステージへと進化させるものです。
• ① 多様な資金提供ストリームに対応するCatalyst UI/UXの再設計・実装
• ② 分散型インフラ「Hermes」による信頼性とスケーラビリティの向上
• ③ Fund14〜16、RetroPGFなど新しい資金循環の展開⸻
- カルダノ全体への恩恵
• 運営効率の大幅な改善：2026年以降、Catalystの運営コストが最大50%削減される見込みです。
• 投票制度の拡張と改善：ADA以外のCardanoネイティブトークンによる投票、Quadratic Voting、DRep制度などが導入され、より公平で包括的な意思決定が可能になります。
• RetroPGF導入による公共財への報酬：過去に貢献したプロジェクトに対して後払いで資金提供する仕組みが導入され、公共財や地域活動に対するインセンティブが強化されます。
⸻
- 強固な実行体制とスマートコントラクトによる透明性
• Intersectによる契約管理と分配の実行：CDHとIOG間のリーガル契約に基づき、スマートコントラクトを用いた透明かつ段階的な資金分配が行われます。
• 監査・進捗管理体制：Intersectによる進捗管理に加え、Sundae Labs、Cardano Foundationなど5つの独立した監視機関がチェックを行う強固なチェック・アンド・バランス体制が整備されています。
• ツールと契約の公開：すべての分配はTRSC（Treasury Reserve Smart Contract）およびPSSC（Project Specific Smart Contract）を通じて実行され、コミュニティがリアルタイムで監査できるダッシュボードも提供予定です。
⸻
- Catalystチームの実績と信頼性
Catalystチームは過去4年以上にわたり、世界114カ国・2091件のプロジェクトを支援してきた経験があり、技術的にもQuadratic VotingやHermesの開発を先導しています。
この実績を背景に、本提案は「すでに結果を出してきたチームによる、次の成果に向けた投資」であるとSIPOは判断しました。⸻
■ 結論（日本語）
SIPOは、Catalystの進化を支えるこの₳69,459,000の資金提案が、カルダノ・エコシステムの持続的かつ公平な発展にとって極めて重要であると評価しました。従って、本提案に「Yes」と投票いたします。
⸻⸻⸻⸻⸻⸻⸻⸻⸻
SIPO believes that this proposal is a critical step in ensuring the long-term sustainability and evolution of Catalyst as the decentralized innovation engine of the Cardano ecosystem. The proposal directly supports Cardano’s 2025 Roadmap through a three-pronged strategy:
- Strategic Upgrades for Catalyst
This proposal addresses fundamental issues with Catalyst’s current operations:
• Manual operational burdens
• Fragmented tools and UX
• Voting power centralization
• Lack of clarity on Catalyst’s roleIt delivers the following three core upgrades:
• 1. Catalyst UX/UI redesign for diversified funding mechanisms
• 2. Hermes-powered decentralized infrastructure for scalability and resiliency
• 3. Execution of Fund14–16, plus RetroPGF to reward impactful past work⸻
- Tangible Ecosystem-Wide Benefits
• Operational efficiency: Up to 50% cost savings from 2026 onward.
• Greater inclusivity and governance equity: Cardano native token voting, Quadratic Voting, DRep mechanisms.
• Retroactive Public Goods Funding: Providing incentives for already-delivered public goods.
⸻
- Transparent and Accountable Delivery
• Legal Contract: Between IOG and Cardano Development Holdings, administered by Intersect.
• Smart Contract Execution: Treasury reserve and project-specific smart contracts audited and managed under a secure, multi-signature structure.
• External Oversight: Sundae Labs, Cardano Foundation, Dquadrant, Xerberus, and NMKR provide third-party validation.
• Progress Tracking: All milestones, payments, and metrics will be visible via on-chain data and community dashboards.
⸻
- Proven Track Record of the Catalyst Team
The team has managed over ₳290 million in funding across 13 rounds since 2021, with a proven commitment to transparency and delivery. The proposal builds on this foundation, aiming to scale and mature Catalyst into a lean, equitable, and innovation-friendly platform.
⸻
■ Conclusion (English)
SIPO recognizes this treasury withdrawal as a vital and well-structured investment in the future of decentralized funding and community-led innovation on Cardano. Therefore, we vote Yes on this proposal.
- 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 76.1M ₳ No rationale
- Yes 74.7M ₳ No rationale
- Yes 71.3M ₳ Rationale
This is a strong YES. Having seen its value first-hand, I am a firm supporter of Catalyst. It is our primary engine for grassroots innovation, empowering builders across the globe. This funding ensures that continues, while also crucially upgrading its infrastructure for greater decentralization.
A PDF version of this rationale is also made available.
This is an enthusiastic YES. I have seen first-hand the value of Catalyst and am a strong supporter of the opportunities it brings to our ecosystem. It is the primary engine for grassroots growth, empowering builders around the world.
This funding not only continues this vital work but also invests in key upgrades, like the Hermes infrastructure, to further the decentralization and sustainability of the platform itself. Supporting Catalyst is a direct investment in the innovative heart of the Cardano community.
- Yes 68M ₳ Rationale
I cast a strong YES vote on this proposal.
Catalyst has long served as the core funding engine supporting decentralized innovation within the Cardano ecosystem, empowering entrepreneurs, developers, and local communities around the world. This proposal plays a critical role in ensuring the continuity and advancement of Catalyst by upgrading essential infrastructure, improving UI/UX, promoting decentralization, and delivering the F14–F16 funding rounds.
Notably, the introduction of a Hermes-based decentralized infrastructure, the implementation of RetroPGF (Retroactive Public Goods Funding), and enhanced mobile-friendly interfaces collectively represent meaningful steps toward greater transparency, scalability, and accessibility. These developments are, in my view, essential long-term investments in the resilience and legitimacy of Cardano’s decentralized funding systems.
At the same time, as we see more comprehensive proposals like this emerge, I believe it is important that we begin to clarify the distinction between budget proposals and Catalyst funding proposals. In recent Ekklesia discussions, there were instances where proposals suited for Catalyst and those intended for broader strategic budgeting were intermingled, leading to some confusion and fragmented dialogue. This is a matter that I believe warrants thoughtful discussion and coordination as Cardano’s governance continues to mature.
That said, this proposal is clearly grounded in the Catalyst team’s hands-on experience and proven track record. It represents a well-considered and trustworthy plan to reinforce Catalyst as a foundational pillar of public goods funding for the Cardano ecosystem. I fully support its approval and look forward to the improvements it will bring.
本提案に対し、強い賛同のもとYES票を投じます。
Catalystは、Cardanoの分散型イノベーションを支える中核的な資金配分エンジンとして、これまで多くの起業家・開発者・地域コミュニティの成長を支えてきました。今回の提案は、そのCatalystの継続と進化に必要なインフラ整備・UI/UX改善・分散化推進、さらにF14〜F16の資金ラウンド運営を包括的に担うものとして、非常に重要な意義を持っています。
特に、Hermesを軸とした分散型インフラやRetroPGFの導入、そしてモバイル対応のUI改善など、Catalystの透明性・拡張性・参加性を中長期的に高めていく仕組みは、Cardanoの将来のレジリエンスを支える重要な投資だと考えています。
一方で、今回のような包括的なプロポーザルが登場するなかで、今後は「予算提案」と「Catalyst提案」の棲み分けも徐々に整理されていくことが望ましいと感じています。最近のEkklesiaでの精査の中では、Catalystで扱うべき粒度の提案と、より長期的・構造的な予算提案とが混在し、議論の焦点が分散する場面も見受けられました。これは今後の運営体制において丁寧に対話を重ねていくべき課題だと思います。
とはいえ、本提案はCatalystの現場から得られた知見と実績に基づいており、その継続性・発展性において信頼に足るものと評価しています。Cardano全体の公共財ファンディング基盤として、より健全かつ自律的な成長を促す礎になることを期待し、賛成票を投じます。
- Yes 65.7M ₳ No rationale
- Yes 51.1M ₳ 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.
- Abstain 48.4M ₳ No rationale
- No 42.4M ₳ No rationale
- Yes 40M ₳ Rationale
Project Catalyst has been one of the pillars of community funding. Important yes.
- 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.
- Yes 32.3M ₳ Rationale
Catalyst has driven Cardano’s growth by funding real builders and startups. It is not perfect, but it has evolved and remains critical for ecosystem innovation. Continued funding ensures Cardano’s community-led innovation engine remains active and decentralized.
A PDF version of this rationale is also made available.
Catalyst 2025 Treasury Withdrawal Rationale
Author: HOSKY
Summary
Catalyst has been a pivotal part of Cardano’s growth, serving as the ecosystem’s primary innovation funding engine. It has funded startups, supported builders, and driven adoption. Without Catalyst, Cardano would not be where it is today. Is it perfect? By no means. But it has evolved with each round, becoming an integral component of Cardano’s community-led funding system. For these reasons, I will vote in favor of this proposal.
Rationale Statement
Catalyst has been critical to Cardano’s growth by funding real builders and startups. It is not a governance tool but an innovation engine that supports community-led funding. Without Catalyst, Cardano’s ecosystem would not be where it is today. While not perfect, it has evolved and improved with each round, becoming a cornerstone of the community funding process. This proposal continues that mission while introducing improvements in voting mechanisms and transparency. It aligns with the HOSKY DRep Platform’s commitment to decentralization, fiscal responsibility, and real adoption. For these reasons, I will vote in favor of this proposal.
Rationale for Voting in Favor of the Catalyst 2025 Proposal
Cardano First: Decentralization and Integrity
HOSKY’s DRep platform prioritizes Cardano’s long-term health over short-term gains. Funding innovation in a decentralized manner is critical to that mission. Catalyst 2025 reinforces this by
- Supporting community-driven funding rounds where participation is open to all
- Launching Quadratic Voting and DRep delegation for Catalyst funding to reduce concentration of voting power in innovation funding decisions
- Providing infrastructure to scale Catalyst while maintaining transparent and decentralized processes
Catalyst is not a governance tool for protocol parameters or constitutional decisions. It is focused on growing Cardano’s builder ecosystem through community-led funding.
Scalability Without Sacrificing Security
Cardano must scale its innovation engine without compromising security or decentralization. Catalyst 2025 supports this by
- Delivering device-agnostic interfaces for proposal submission, voting, and participation
- Keeping funding flows and decisions on-chain and auditable
- Supporting multiple voting mechanisms to broaden participation in funding rounds
This aligns with HOSKY’s view that funding and growth mechanisms should scale in a way that strengthens Layer 1.
Responsible Treasury Management
HOSKY’s DRep Platform demands fiscal responsibility and transparency. Catalyst 2025 meets this standard by
- Using milestone-based disbursements tied to clear deliverables
- Employing third-party assurance from independent reviewers to reduce delivery risk
- Managing funds with audited smart contracts and transparent community dashboards
- Enforcing legal agreements for accountability and dispute resolution
This ensures that Cardano’s treasury is protected and that funds are used responsibly to grow the ecosystem.
Real Adoption, Not Theoretical Solutions
HOSKY supports funding for real-world use cases, not experimental tech for its own sake. Catalyst has consistently delivered this by
- Funding hundreds of startups and builders that create real ecosystem value
- Lowering barriers for new participants to build on Cardano
- Supporting projects that create tangible adoption and utility
Catalyst drives practical adoption by empowering developers, entrepreneurs, and community projects.
Continuity of Catalyst: Why It Matters
Catalyst has been integral to Cardano’s growth. It is the primary mechanism for funding innovation, not governance. Without Catalyst, many of the projects that make up today’s ecosystem would not exist.
Is it perfect? No. But it has evolved and continues to improve with each round. It is a core component of Cardano’s funding infrastructure and must be maintained and supported.
For these reasons, I believe Catalyst must continue to be funded.
Conclusion: A Vote Consistent with the HOSKY DRep Platform
HOSKY’s DRep Platform commits to
- Decentralization without compromise
- Scalability that benefits the Cardano ecosystem
- Fiscal responsibility and transparent treasury use
- Real adoption and practical use cases
Catalyst 2025 meets these standards. It is a strategic investment in Cardano’s innovation engine and future builder growth.
For these reasons, I will vote in favor of this proposal.
- Yes 31M ₳ No rationale
- Yes 29.3M ₳ No rationale
- Yes 28.2M ₳ Rationale
Necessary for funding startups and critical ecosystem tooling. Scaled down cost from previous. UX needs to improve before next budget.
- Yes 27.9M ₳ No rationale
- Yes 25.9M ₳ Rationale
I support the Catalyst program on Cardano. While it is not without its flaws, it has consistently demonstrated its value to the ecosystem.
Looking ahead, I would welcome a broader discussion on how funding is allocated across different types of projects, to ensure alignment with the community’s evolving priorities. - Yes 25.2M ₳ Rationale
I have voted YES on the current proposal to support Catalyst. While Catalyst is still finding its bite, Catalyst has proven critical to supporting Cardano projects and preserving ecosystem talent. Let the funding roll woot woot ...
- Yes 22.7M ₳ Rationale
Catalyst has been a primary source of seed funds for our ecosystem for years. Let's get Fund 14 going so the next round of innovative projects can get their start.
- Yes 22M ₳ No rationale
- Yes 21.2M ₳ Rationale
I vote in favour of continued funding for Catalyst. It has been battle tested and iterated upon over 13 completed funds and is still the best way to fund smaller teams and novel projects in the Cardano ecosystem. Even though treasury withdrawals are now available it would be unreasonable to burden small teams and projects with the 100,000 ada deposit and in turn, DReps and CC who would be burdened with an increased workload by funnelling every conceivable funding proposal to the treasury. Catalyst provides a suitable pathway and milestone-based funding criteria, allowing smaller scale teams and projects to focus on building rather than bureaucracy. Vigilance is still required to ensure that projects aren’t “double-dipping” and accessing funds through both Catalyst and the treasury for the same development items.
As 1 of 15 proposals in this series of 39 treasury withdrawal governance actions that I had previously voted for during the budget reconciliation process via Ekklesia I vote YES. In keeping with previous voting intentions of keeping total treasury withdrawal expenditure below 250 million ada I have focussed my selections on core development and essential maintenance of community tooling as we enter this critical period of the market cycle. I have tried to balance between large project asks and smaller but still very essential maintenance for existing tooling, with projects that have a proven track record.
- Yes 21.1M ₳ No rationale
- Yes 20.3M ₳ No rationale
- Yes 17.4M ₳ No rationale
- Yes 17.1M ₳ No rationale
- Yes 16.7M ₳ No rationale
- No 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 14.3M ₳ No rationale
- Yes 14.2M ₳ No rationale
- Yes 12.2M ₳ 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.