Withdraw ₳70,000,000 for Cardano Critical Integrations Budget
203 DReps voted · 67 with a rationale · 3 re-voted unchanged
Open a row to read the rationale.
- Yes1.5M ₳No rationale
- Yes1.4M ₳No rationale
- Yes1.4M ₳No rationale
- No1.4M ₳No rationale
- Yes1.3M ₳No rationale
- Yes1.3M ₳No rationale
- Yes1.2M ₳No rationale
- Abstain1.2M ₳No rationale
- Yes1.2M ₳Rationale
As a DRep, I vote YES on this proposal.
Cardano needs custody, oracles, stablecoins, and interoperability to unlock DeFi, RWA, and institutional use cases. Without these integrations, we risk falling further behind.
Despite limited public details, this proposal is milestone-based, overseen by trusted ecosystem entities, and essential for Cardano’s next growth phase.
- Yes1.2M ₳No rationale
- Yes1.2M ₳No rationale
- Yes1.1M ₳No rationale
- Yes1.1M ₳Rationale
I repeat what I said on the previous GA in brutal honesty: this proposal is nothing else but a corrective tax we are being asked to pay for years of insular architectural purity that prioritized academic rigor over commercial interoperability! We built a fortress, but we forgot to build the drawbridge, and now we are paying a premium to install it while the market lays siege to Cardano's relevance.
This GA is nothing else but an admission of failure in Cardano's GTM-strategy. The fact that we still lack Tier-1 stablecoins, institutional custody, and recognized pricing oracles in late 2025 is a strategic indictment! The proposal asks for a "blank check" trust based on "sensitive commercial negotiations," shielding the line-item costs behind NDAs. As a DRep who demands transparency, this opacity makes me deeply uncomfortable. We are essentially handing the ecosystem's credit card to a Steering Committee comprised of the "usual suspects" — IOG, CF, and EMURGO — hoping they finally close the deals that should have been secured three years ago. The centralization of this Steering Committee is a bitter pill; it effectively sidesteps the decentralized wisdom of the crowd in favor of a technocratic oligarchy to execute these deals.
Sadly, Cardano is an island of 200 million bucks in TVL in a sea of billions. The 70 million ADA, while expensive, is the cost of buying our way back into the game. Hopefully.** If this infrastructure brings even a fraction of the liquidity seen on competing chains, the ROI on treasury sustainability via transaction fees and network utility will dwarf the initial outlay. To vote no is to resign ourselves to being a scientific curiosity rather than a financial powerhouse.**
- Yes1.1M ₳No rationale
- Yes969.9K ₳No rationale
- Yes966.3K ₳No rationale
- Yes951.2K ₳Rationale
Voted Yes. This governance action is foundational to Cardano’s long term success, and there is no alternative entity capable of executing this work effectively.
The founding entities + the Midnight Foundation, will be undertaking a set of critical responsibilities that will also provide a valuable real world test case for how an executive function could operate within Cardano’s governance framework. The outcomes of this effort should meaningfully inform future discussions on establishing an executive group to help guide and steward the blockchain.
- No933.3K ₳No rationale
- Yes929.9K ₳Rationale
We are happy to see the founding entities united in the effort to bring the next round of integrations to the ecosystem.
- Yes927.7K ₳No rationale
- Yes884.5K ₳No rationale
- Yes870.3K ₳No rationale
- Yes866.3K ₳No rationale
- Yes861.5K ₳No rationale
- Yes829.9K ₳Rationale
In line with us supporting the budget for this we vote yes to the corresponding withdrawal action.
- YesRevoted796.3K ₳History
Earlier votes
Yes8mo agoSuperseded
- Yes796.1K ₳Rationale
Voted YES during the Budget Info Action phase, and have heard no compelling arguments that would cause me to change my mind about following thru with the Treasury Withdrawal.
- Yes792.3K ₳Rationale
This treasury withdrawal gives effect to the already-defined Cardano Critical Integrations Budget and, in my view, now includes enough governance safeguards and reporting commitments to justify moving ahead.
The strategic case remains strong: Cardano is missing core infrastructure that every serious DeFi and RWA ecosystem treats as basic utilities – tier-one stablecoin rails, institutional custody and wallets, analytics, bridges and a globally recognised oracle. Without these, TVL, liquidity depth and institutional participation will remain capped regardless of how good the base layer is. This withdrawal aligns funding directly with those gaps, and keeps scope tightly focused on integrations rather than vague ecosystem spend.
What has tipped the balance for me are the controls and guardrails around how the ₳70m can be used:
Constitutional and NCL alignment – The withdrawal is explicitly chained to the Critical Integrations Budget Info Action and the 2025 Net Change Limit extension. It can only be enacted if the budget info action passes, the extended NCL is in force and the Constitutional Committee is in confidence and at minimum size. That prevents funds moving without the broader governance picture in place.
Clear administrative accountability – Intersect is named as Administrator under Article IV, with Cardano Development Holdings holding the funds. There is a single, publicly viewable address delegated to Auto-Abstain, and no delegation to any SPO, which avoids governance distortion and staking yield on treasury funds.
Milestone-based disbursement – Funds do not simply move on approval. Drawdowns require signed statements of work, with milestone-based verification and an independent Oversight Committee checking that amounts, scope and recipients match the contracts. Upfront “milestone zero” payments are explicitly constrained to setup items like conversion fees, custody and legal onboarding.
Defined Steering Committee and conflict handling – A five-member Steering Committee (IOG, CF, EMURGO, Midnight Foundation, Intersect non-voting) holds executive decision power over allocations, with a 3/4 quorum for spend decisions and conflict of interest policies for both the Steering Committee and Oversight Committee.
High-level budget breakdown and capped admin – The withdrawal adds a concrete split (₳65m integrations, ₳3.5m legal/audit/compliance, ₳1.5m contingency) and caps administrative/legal/compliance overhead at a small share of the total, keeping most of the value directed at actual integrations.
Reporting and audits – Intersect commits to bi-annual public reports covering spend, remaining funds, milestone status, impact assessment and independent audit findings, as well as a final reconciliation and return of unused funds after 24 months.
While commercial confidentiality still limits vendor-level line items, the combination of constitutional pre-conditions, public custody, strong administrator accountability, milestone-gated disbursements and structured reporting provides a reasonable balance between practical negotiation constraints and the community’s need for oversight.
- Yes742.6K ₳No rationale
- No678.7K ₳No rationale
- Yes636.4K ₳No rationale
- Yes604.7K ₳Rationale
I am voting YES on the Cardano Critical Integrations Budget proposal.
While much has been debated about past decisions, missed opportunities, and the allocation of Genesis ADA, this proposal represents a turning point, not just for infrastructure, but for accountability. The formation of the Pentad (IOG, Cardano Foundation, EMURGO, Midnight Foundation, and Intersect) and their joint commitment to this initiative marks a new chapter. The questions of "who should have done this" and "why wasn't it done sooner" are now behind us. What matters is what happens next.
This 70M ADA is more than a budget request, it functions as a bond of accountability. The founding entities are now publicly and collectively tied to delivering measurable outcomes. We can establish fresh KPIs from this point forward and evaluate their performance against concrete deliverables: tier-one stable coin integration, institutional custody infrastructure, oracle services, and cross-chain interoperability. Success or failure will be visible to the entire community.
There is also strategic value in the momentum generated by the Pentad's formation. Unity among Cardano's key institutional actors is rare and should be leveraged while it exists. Fragmentation has historically slowed progress; coordination accelerates it. This proposal channels that coordination into action.
The milestone-based structure, oversight mechanisms, and commitment to return unused funds provide reasonable safeguards. I support this proposal as both a necessary infrastructure investment and as the beginning of a new accountability framework for Cardano's founding entities. - Yes591.1K ₳Rationale
Absolutely a yes, let's go!
- Yes579.1K ₳Rationale
📌 Cardano: Vote on Critical Integrations — My Position
👉 Facts
- Type: Treasury Withdrawal
- Amount: ₳70,000,000
- Timeline: December 2025 – January 2026
- Purpose: tier-1 stablecoins, pricing oracles, cross-chain bridges, institutional wallets & custody, on-chain analytics, foundation for DeFi / RWA / DePIN
- Funds administrator: Intersect
- Governance & steering: IOG, Cardano Foundation, EMURGO, Midnight Foundation
- Funds released by milestones, with audits and unused ADA returned to the Treasury
👉 Context
- Cardano is a top-10 blockchain by market cap
- TVL ~ $190M (DefiLlama, Nov 2025)
- Without stablecoins and institutional-grade oracles, liquidity growth is structurally capped
- This is not an idea or research phase — it’s the acquisition of missing infrastructure that other L1s implemented years ago
👉 Why I vote “YES”
Without these integrations, Cardano remains isolated
Treasury funds are not spent upfront, but under strict controls
This is the base layer for:
- TVL growth
- institutional capital inflow
- real ADA utility, not just narratives
👉 Risks
- NDA constraints and undisclosed vendors
- No hard economic KPIs at launch
👉 Conclusion
This is not a perfect proposal.
It is a necessary and overdue step.
Without it, the ecosystem will keep talking while liquidity moves elsewhere.My vote is YES, with strict post-approval oversight.
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More details: https://t.me/PROCENT666/338 - Yes550.1K ₳No rationale
- Yes502.1K ₳No rationale
- Yes501.3K ₳Rationale
- Yes479.2K ₳No rationale
- Yes466.2K ₳No rationale
- No379.5K ₳No rationale
- Yes366.6K ₳No rationale
- Abstain356.1K ₳Rationale
Same context as the Info Action for this withdrawal:
This proposal could bring a lot of value to Cardano's ecosystem, value that is long overdue, and I am supportive of this proposal. However, I only have a little over 1.2m Ada left in my 200m fund voting budget for this year, so this would far exceed my limit. I will however simply abstain so as to not appear against this proposal nor contribute to its blocking. I am confident it will pass without my "Yes" vote. - YesRevoted338.2K ₳History
Earlier votes
Yes8mo agoSuperseded
- Yes330.6K ₳No rationale
- Yes329.7K ₳No rationale
- Yes327.4K ₳No rationale
- Yes321.6K ₳No rationale
- Yes314.4K ₳Rationale
I'm voting YES, in accordance with the respective Info Action. We need those integrations ASAP!
A PDF version of this rationale is also made available.
In accordance with the Info Action “gov_action13a2...luwkxd”, I am voting YES. These integrations are critical for our ecosystem, and the Pentad is the best structure to deliver them. As with the previous Info Action, I understand that there is a high level of confidentiality which does not allow the disclosure of specific amounts or the naming of partners. Nevertheless, Pentad has already started working intensively to deliver these integrations, and some of them have already been announced.
- Yes301.3K ₳No rationale
- Yes297K ₳Rationale
For the reasons outlined in my response to the budget proposal, I am voting in favor of this withdrawal.