Withdraw ₳70,000,000 for Cardano Critical Integrations Budget
203 DReps voted · 56 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ Rationale
Summary
Yoroi DRep votes YES on the treasury withdrawal “Withdraw ₳70,000,000 for Cardano Critical Integrations Budget.” This withdrawal is the needed step to unlock funding for critical integrations already endorsed by the community.
Rationale
From community approval to execution
Yoroi views this withdrawal as the concrete follow-through on funding that DReps have already supported via the related Budget Info Action. The swift and decisive backing for that earlier signal, alongside the community-approved extension of the 2025 NCL with similarly strong DRep support, shows the ecosystem is aligned on this priority and ready to move into delivery. Critical integrations such as stablecoin, oracle connectivity, cross-chain access, institutional-grade custody, wallet infrastructure, and on-chain analytics are essential building blocks for deeper liquidity, stronger DeFi and RWA activity, and long-term adoption on Cardano.
Enhanced transparency strengthens confidence
While the governance and oversight model stays consistent with the Budget Info Action, the treasury withdrawal increases trust by delivering the high-level allocation breakdown that the BIA deferred and by directly addressing DRep feedback on transparency within NDA limits. This reduces uncertainty around how the ₳70M will be allocated and supports stronger accountability as execution begins.
Conclusion
Yoroi DRep votes YES because this withdrawal will fund critical integrations that the community has already backed through the Budget Info Action, which Yoroi also supported. The Treasury Withdrawal strengthens confidence by providing a clear, high-level budget breakdown and directly addressing DRep transparency concerns, making execution feel more accountable.
- Yes 428.5M ₳ Rationale
I vote YES for "Withdraw ₳70,000,000 for Cardano Critical Integrations Budget."
Some of the questions raised during the Budget Action phase have been answered.
https://x.com/yuta_cryptox/status/2001142151208690102?s=20While there is still a risk of low adoption, considering ecosystem support, regulations, and the Midnight situation, I believe this risk must be accepted and we must move forward. There are no viable alternatives to this proposal.
Regarding costs, considering that the companies submitting this proposal may need to incur some out-of-pocket expenses, it is unlikely that they will overpay.
私は「Withdraw ₳70,000,000 for Cardano Critical Integrations Budget」にYESを投票します。
Budgetアクション段階での疑問点に関して、一定の回答がありました。
https://x.com/yuta_cryptox/status/2001142151208690102?s=20結局、使う人が少ない、というリスクは依然として考えられますが、エコシステム全体のサポート、規制やMidnightの状況などを考えると、私が思うにこのリスクは受け入れて前に進む必要があるでしょう。この提案書に対して実行可能な代替案などはありません。
コストについても、この提案書の提案企業が自己負担を支出する必要性が一定程度ある可能性を考慮すると、過剰な支払いへ進む可能性は低いでしょう。
- Yes 328.3M ₳ No rationale
- Yes 297.4M ₳ Rationale
Summary
EMURGO, as a DRep, votes YES on the treasury withdrawal governance action titled “Withdraw ₳70,000,000 for Cardano Critical Integrations Budget,” for the reasons outlined below.
Rationale
This decision aligns with our earlier YES vote and rationale for the corresponding Budget Info Action (gov_action13a2dqgwxum7d6kjfprcs57cf9733ek2dkt5qnuhqd4ll5ntcwu7sqluwkxd). The community has shown strong momentum and conviction around this budget. The BIA surpassed 50 percent DRep approval at an exceptional pace just a few days after launch, signaling both clear agreement on the direction and a shared urgency to move into execution.
We also observe that this momentum has continued to build. This is reinforced by the community-initiated extension of the 2025 NCL, which has also surpassed 50 percent DRep support, alongside overwhelming backing from multiple directions across the ecosystem. Together, these signals reflect a growing consensus that Cardano critical integrations are not optional enhancements, but a core requirement for ecosystem reliability, adoption, and long-term scalability.
In this context, the treasury withdrawal is the necessary operational follow-through on a priority that the community has already validated. It also reflects the trust placed in the pentad to carry this mission forward, a responsibility we take very seriously. For these reasons, EMURGO votes YES.
- Yes 240.8M ₳ No rationale
- Yes 221.8M ₳ Rationale
TL;DR: EDC voted YES on gov_action1lqun78lcznfa2gek49m3ydslakfnm8heargfp8sax9fk54yl6ghsqp042zv;
We approved the budget. Now we follow through and vote YES on the withdrawal. The Cardano community grants the founding entities another 70m ADA to get work done, that should have been done a long time ago. Make it count.
- Yes 174.4M ₳ No rationale
- Yes 160.5M ₳ No rationale
- Yes 135.1M ₳ Rationale
The Cardano Foundation, as a DRep, votes YES on this GA. As a member of the Steering Committee, we support this initiative. We view this 70,000,000 ada allocation as a necessary catalyst to integrate Cardano into the wider blockchain economy and secure the network's long-term economic sustainability
A PDF version of this rationale is also made available.
The rationale statement for this Treasury Withdrawal Governance Action mirrors the one provided for the corresponding Budget Info Action and is included below for community convenience and awareness.
Our support for this proposal is grounded in our strategic vision for Cardano and our commitment to advancing the ecosystem.
Strategic Alignment and Roadmap: This workstream complements and aligns with the Cardano Foundation’s new roadmap (https://cardanofoundation.org/blog/cardano-foundation-roadmap) announced in September 2025. In that roadmap, we prioritized "Boosting Cardano DeFi" and "Cardano x Web3" integrations as critical pillars for adoption. This Treasury Withdrawal effectively operationalizes those strategic goals, providing the necessary resources to close the infrastructure gap, specifically regarding stablecoins, oracles, and bridges, that currently limits our capacity in these areas.
A Catalyst for Sustainability: We believe this initiative is the trigger needed to transition Cardano from a technically robust network to a commercially thriving one. By onboarding foundational utilities, we unlock the potential for high-volume DeFi and Real World Asset (RWA) applications. This activity is essential for generating the transaction fees required to ensure the long-term economic sustainability of the Cardano treasury and the network as a whole.
Governance Mandate: We believe that obtaining a clear mandate from DReps through the associated Budget Info Action and this Treasury Withdrawal Governance Action is the correct governance approach for negotiating and executing these high-stakes integration deals. It respects the community’s role in authorizing strategic direction while allowing the Steering Committee the necessary agility to execute.
Collaboration and Accountability: The Cardano Foundation is proud to stand shoulder-to-shoulder with Input | Output Global, EMURGO, Intersect, and the Midnight Foundation on this critical mission. We are fully committed to delivering on the goals outlined in this proposal. We will hold ourselves and our fellow Steering Committee members accountable to these shared objectives and expectations, and we invite the community and DReps to hold us accountable as well.
Disclosure of Involvement
The Cardano Foundation is a member of the Steering Committee and contributor to this proposal. Our vote as a DRep reflects our conviction that this is the right path for Cardano. The Cardano Foundation is a member of the Intersect Oversight Committee and responsible for data assurance and verification in assisting Intersect ensure that withdrawals from its smart contract framework are correctly made. If there is a conflict between this role and a smart contract disbursement under the associated budget, the Cardano Foundation will recuse itself from the affected decision in line with the Oversight Committee code of conduct.
The Cardano Foundation votes YES. We are committed to pushing the entire ecosystem forward to ensure a sustainable future for all participants. This Treasury Withdrawal provides the essential means to achieve that future, and we are ready to work alongside our partners to deliver these critical integrations.
NOTE on 'Internal Voting':
The fields constitutional and unconstitutional below reflect the CF governance teams' individual opinions whether they are for or against the proposal. Reason for this inconsistency is, that CIP-136 is at the moment only applicable to CC rationales, but we want to record the internal opinions of our DRep assessment transparently as well. - Yes 93.3M ₳ Rationale
As a DRep, I decided to vote YES on the Withdraw ₳70,000,000 for Cardano Critical Integrations Budget proposal.
I provided the reasons in the Info proposal, which are still valid. In this rationale, I will provide context for my decision.
Without specific integrations, Cardano will not reach banking use-cases, RWA tokenization, serious fintech integrations, large stablecoin programs, etc.
All projects pursuing these use cases have had to pay for critical integrations, often under NDA. Pentad benefits from not disclosing details about vendors and allocations of funds to specific integrations.
I will give two examples of integrations:
CCIP (Cross-Chain Interoperability Protocol) is Chainlink’s secure messaging and token-transfer standard, enabling reliable communication between blockchains and between blockchains and traditional financial systems. Chainlink provides the decentralized oracle network that verifies and secures every cross-chain interaction, making CCIP far safer than conventional bridges.
It gives blockchains a trusted, institution-grade way to share liquidity, move assets, and connect applications across networks—unlocking DeFi scaling, RWA use cases, and enterprise adoption that require secure interoperability.
What smaller projects did they pay for under NDA? Near, Solana, Avalanche, Algorand, and others.
Fireblocks is an institutional-grade digital asset custody and transfer platform that secures crypto assets without ever creating a single private-key point of failure. It provides banks, exchanges, fintechs, and asset managers with a secure infrastructure for storing assets, executing transactions, and integrating blockchain features into their products. It enables regulated institutions to safely hold and move crypto, which is a prerequisite for large-scale on-chain liquidity, enterprise adoption, and the deployment of stablecoins and tokenized assets on any blockchain.
What smaller projects did they pay for under NDA? Near, Sui, Avalanche, Algorand, and others.
Ethereum is by far the most integrated blockchain in the entire industry. It is the default chain that nearly every service, company, or protocol integrates first, and often exclusively, before considering other chains.
Many chains are actively catching up to Ethereum's infrastructure and institutional integrations — and Cardano hasn't truly begun that phase yet.
Even emerging chains like Sui and Aptos are ahead of Cardano in integrations.
Major integrations across top blockchains have largely been driven by banks, asset managers, fintechs, and enterprise platforms that require secure custody, compliance, and interoperability to deploy real on-chain use cases.
Banks such as JPMorgan, Citi, HSBC, and BNP Paribas adopted blockchain through tokenization pilots, collateral settlement systems, and cross-border payment networks, mostly built on or connected to Ethereum via Chainlink CCIP and institutional custody providers.
Asset managers like Franklin Templeton, BlackRock partners, Ondo, and Fidelity brought real-world assets on-chain, including money-market funds and tokenized treasuries, demanding reliable pricing oracles, stablecoins, and enterprise custody such as Fireblocks or Anchorage.
Fintech companies like Revolut, PayPal, and Robinhood integrated custody and transfer infrastructure to offer crypto to their users, while enterprises such as Nike, Starbucks, and Reddit adopted blockchain for loyalty, digital collectibles, and supply-chain use cases via platforms like Polygon.
These institutional and enterprise demands are what pushed other blockchains to prioritize integrations—bridges, custody, oracles, analytics, and cloud infrastructure—long before Cardano began this effort.
I know how the Cardano ecosystem can benefit from building critical infrastructure, and that we are behind. That is why I cannot oppose this proposal because of the Genesis ADA debate or vaguely defined KPIs.
Charles closed the Genesis ADA debate and promised that Pentad can use its resources to cover the additional costs associated with this proposal. I am not sure if it is a good strategy for DReps to reject this proposal with the intention of pressuring founding entities to use Genesis ADA.
Honestly, if DReps ever want to achieve this, they must coordinate their decisions together first.
The KPIs could be better defined. The proposal could have stated that integration with a Tier-1 oracle service, a custody service, and a stablecoin would be achieved.
Pentad has the best reputation in the ecosystem, and I can't imagine anyone else taking on this task. I agree that it is a "trust me, bro" proposal, but considering who we trust, it is acceptable
Cardano has superior technology, but without building critical infrastructure, the world will never know about it. Let's use Treasury to boost the ecosystem.
- Yes 92.1M ₳ No rationale
- Yes 89.8M ₳ Rationale
SIPO casts a Yes vote on the proposal “Withdraw ₳70,000,000 for the Cardano Critical Integrations Budget.”
This budget is one of the most important strategic steps for Cardano’s future. It delivers the essential “critical integrations” that Cardano must secure in order to compete globally and attract external liquidity, institutional capital, and real-world usage at scale.
The integrations covered by this budget — tier-one stablecoins, institutional-grade price oracles, cross-chain bridges, custody and wallet infrastructure, and comprehensive on-chain analytics — are not optional features. They are the foundational components that every major Layer 1 blockchain already provides as standard infrastructure. Without these, Cardano risks remaining technologically strong but economically isolated.
Cardano’s strengths in governance, formal methods, and security are clear. However, the lack of these essential integration layers has limited TVL growth, slowed institutional adoption, and reduced interoperability with the broader Web3 ecosystem. This proposal directly addresses those structural gaps and positions Cardano for meaningful expansion in DeFi, RWA, and enterprise use cases.
SIPO also acknowledges the risks. NDA restrictions and the concentration of authority within the Steering Committee require careful oversight. As a DRep, SIPO has a responsibility to support Treasury spending only when governance protections are in place.
In this case, Intersect’s role as Administrator — combined with the Treasury Reserve Smart Contract Framework, independent oversight, milestone-based disbursements, and constitutional guardrails — provides a sufficiently robust governance structure for SIPO to support this proposal. The Steering Committee’s commitment to progress reporting and financial transparency is also an important factor.
SIPO casts a Yes vote with the expectation that the following commitments will be upheld:
1. Vendor and contract details must be disclosed when NDAs allow, via a structured and timely process.
2. Milestone progress and expenditure reports should be published consistently throughout the program.
3. The Steering Committee should publish summaries of its decision-making and COI handling.
4. Any future funding request for integrations must include a performance review of this allocation.
5. Unused funds at the end of the 24-month period must be returned to the Treasury with a clear financial summary.When these governance conditions are respected, this budget will significantly enhance Cardano’s competitiveness and unlock new pathways for liquidity, institutional participation, and global adoption.
SIPO believes this proposal is a necessary step for Cardano to become a true global financial platform. With a balanced approach — careful oversight combined with strong support for strategic growth — we are confident this investment will deliver meaningful value to the entire ecosystem.
For these reasons, SIPO votes Yes.
⸻
SIPOは、この提案「Withdraw ₳70,000,000 for Cardano Critical Integrations Budget」に賛成票（Yes）を投じます。
今回の予算は、カルダノが今後の競争環境で生き残り、外部流動性・実需市場・機関利用に本格参入していくために、どうしても必要な“クリティカルインフラ”をまとめて整備するものです。
具体的には、ティア1ステーブルコイン、機関グレードのプライスオラクル、クロスチェーンブリッジ、カストディ＆ウォレット基盤、そしてオンチェーンアナリティクスなど、他の主要L1ではすでに標準装備となっているインフラ群を、カルダノにも一気に導入するための予算です。これらは単体ではなく、まとめて揃うことで初めて大きな経済効果を生み出します。
カルダノは技術面やガバナンス面で強い基盤を持っていますが、外部資本や流動性が本格流入するために欠かせない“接続部分”が長く不足してきました。そのギャップがTVLの低迷や機関ユースケースの不在につながってきたのも事実です。今回の提案は、その根本的な課題に向き合い、エコシステムを次の段階へ進めるための重要なステップであると判断しています。
一方で、NDAによる情報制限や、ステアリング委員会に権限が集中する構造について、SIPOは慎重な姿勢を持っています。DRepとして財務省支出をチェックする責任があるため、そのまま白紙委任の形で賛成することは本来望ましくありません。
しかし今回、Intersectが管理者としてスマートコントラクト枠組みと独立監査を活用し、透明性とガバナンスを確保しながら進める設計になっていること、またステアリング委員会が進捗や予算実績を定期的に公開する方針を明確にしていることから、現時点では適切なガバナンス構造が担保されていると判断しています。
SIPOとしては、以下の点を特に重視しながら賛成票を投じます：
1. 契約締結後のベンダー情報の段階的公開
2. マイルストーン進捗・支出状況を継続的に公開すること
3. ステアリング委員会の意思決定プロセスの概要公開
4. 今後追加予算を提出する際は、本予算の成果レビューを義務化すること
5. 24ヶ月後の未使用資金の返却と財務サマリーの公開これらが適切に履行される限り、この予算はカルダノの競争力を大きく高めると確信しています。
SIPOは、カルダノがグローバルな金融レイヤーとして成長していくために、この提案は避けて通れないステップだと考えています。慎重さと前向きさのバランスを取りながら、今回の予算がエコシステム全体に大きな価値を届けることを期待しています。
以上の理由から、SIPOは本提案に Yes を投じます。
- Yes 89.3M ₳ Rationale
See Army of Spies Youtube video of same date as vote.
- Yes 89.2M ₳ Rationale
Cardano’s network is designed with future interoperability with other chains in mind. However, at present, Cardano lacks any Tier-1 stablecoins, which limits inflows from other chains and leaves the ecosystem isolated. For that reason, I believe that every item in this proposal carries significant importance for expanding and accelerating Cardano’s adoption in 2026. If we miss this opportunity, meaningful development and growth for Cardano will be difficult to expect.
- Yes 77.3M ₳ No rationale
- Yes 76.1M ₳ Rationale
These integrations are critical for the future of Cardano, we must work towards leaving isolationism behind.
A PDF version of this rationale is also made available.
These integrations are critical for the future of Cardano, we must work towards leaving isolationism behind.
- Yes 74.7M ₳ No rationale
- Yes 71.3M ₳ Rationale
I'm voting YES on this withdrawal. This 70M ADA investment is a strategic necessity. To remain competitive, we must invest in ourselves and close the infrastructure gap. Tier-1 stablecoins, oracles, and bridges are non-negotiable for growth. This withdrawal unlocks liquidity for sustainability.
A PDF version of this rationale is also made available.
I'm voting YES on this withdrawal. This 70M ADA investment is a strategic necessity. To remain competitive, we must invest in ourselves and close the infrastructure gap. Tier-1 stablecoins, oracles, and bridges are non-negotiable for growth. This withdrawal unlocks liquidity for sustainability.
- Yes 70.8M ₳ No rationale
- Yes 68M ₳ Rationale
I cast a strong YES vote on this proposal.
Cardano has built a highly capable technical foundation and a resilient governance framework, yet it continues to face structural limitations that constrain economic activity and the inflow of external liquidity. In particular, the absence of essential infrastructure—such as institutional-grade pricing oracles, cross-chain bridges, robust wallet frameworks, institutional custody solutions, and the prerequisites for deploying a tier-one stablecoin—prevents Cardano from functioning as a fully formed economic system. These gaps are reflected in the current TVL and market positioning, and they cannot be ignored if Cardano is to achieve meaningful long-term growth.
This proposal represents a decisive and practical step toward addressing challenges that have persisted for years. It provides a systematic and executable path forward, enabling Cardano to advance to its next stage of development. Over the coming decade, these integrations will be indispensable for Cardano to maintain and expand its competitiveness. Without them, external capital will struggle to enter, large-scale applications will remain difficult to deploy, and advanced financial systems—including stablecoins—cannot be realized. With them, Cardano gains the environment necessary to unlock its true potential.
By removing structural bottlenecks and laying the groundwork for future liquidity, adoption, and economic activity, this initiative stands among the most strategically important in Cardano’s history. It is rational in design, practical in execution, and aligned with the long-term sustainability of the ecosystem. For these reasons, I support this Treasury Withdrawal with clarity and conviction.
私は本提案に 強く YES を投じます。
Cardano はこれまで高い技術力と強固なガバナンス体制を築いてきましたが、依然として他の主要L1と比較した際に、基盤となるインフラの不足が経済活動と外部流動性の流入を大きく制限しています。とりわけ、価格オラクル、クロスチェーンブリッジ、ウォレット基盤、インスティテューショナルカストディ、そしてティア1のステーブルコイン展開に必要な前提条件は、Cardano が“本格的な経済圏として機能するための最低限のレイヤー”です。このギャップは現時点のTVLや市場存在感にも表れており、将来の成長にとって看過できません。
今回の提案は、これまで長く課題として存在していた領域に体系的かつ実行可能な形で踏み込み、Cardano を次の成長段階へ押し上げるための極めて重要な投資です。Cardano が次の10年で競争力を維持・拡大していくためには、今回の統合群は不可欠です。これらが整わなければ、外部資本は流入しづらく、開発者や企業は大規模なユースケースを展開できず、ステーブルコインを含む高度な金融システムも成立しません。逆に言えば、本提案が実行されることで、Cardano は初めて本来の潜在力を発揮できる環境を手にします。
エコシステムのボトルネックを解消し、将来の流動性・採用・経済活動の基盤を築くという意味で、今回の提案はCardanoの歴史の中でも特に戦略的重要度が高いものと考えています。構造的に合理的であり、実務的にも実行可能であり、長期視点で見たときにCardano の持続的発展に必ず寄与する内容です。したがって私は、この Treasury Withdrawal を明確かつ強い意思をもって支持します。
- Yes 65.7M ₳ Rationale
While the amount is huge those initiatives are highly needed - therefore voted yes to get the ball rolling.
- Yes 62.7M ₳ No rationale
- Yes 53.8M ₳ No rationale
- Yes 51.1M ₳ Rationale
Same rationale as the Budget Info Action.
- Yes 50.5M ₳ No rationale
- Yes 49.8M ₳ Rationale
I believe it's an important step that supports the ecosystem's growth, progress, and long-term stability, so I'm voting Yes.
- No 49.7M ₳ Rationale
I am voting No on the Critical Integrations Budget Governance Action. While I acknowledge the strategic potential of investing in infrastructure to boost Cardano’s DeFi and TVL metrics, this proposal lacks sufficient transparency and operational detail to justify the requested ₳70M budget. Key information such as cost breakdowns and partner identities is currently undisclosed, citing strategic or competitive reasons. This lack of disclosure prevents the community from meaningfully evaluating the proposal prior to approval. The structure and responsibilities of the proposed steering committee also remain unclear, as do the criteria for prioritizing investments and measuring outcomes. Despite references to objectives like 'TVL expansion' or 'DeFi enablement', the absence of clear success metrics, ROI projections, and budget oversight mechanisms raise doubts about feasibility and impact. Proposals of this scale require more than aspirational goals—they demand accountable processes. Furthermore, although the proposal claims that the ₳70M will not be disbursed all at once, approval would effectively commit the treasury to this maximum amount without phased checkpoints or accountability layers. The Cardano Treasury is a shared resource intended to support sustainable and decentralized ecosystem growth. Any major allocation should be grounded in demonstrable need, measurable outcomes, and transparent governance. Based on the current state of the proposal, I cannot support it at this time. I hope to see a revised and more detailed version in the future, one that incorporates clearer structure, defined metrics, and phased execution mechanisms to gain broader community trust. [Japanese Version follows] 私はこの「Cardano Critical Integrations Budget」ガバナンスアクションに対して反対票（No）を投じます。DeFiの促進やTVL向上といった目的に対して、戦略的なインフラ投資が必要であるという主張には理解を示しますが、提案内容は₳70Mという大規模な予算を正当化するに足る透明性や運営詳細を欠いています。コストの内訳や提携先の情報など、評価に必要な重要情報が開示されていないため、コミュニティが意思決定を行ううえでの判断材料が不足しています。これらの非開示については「競争上の理由」「戦略的ポジショニング」などが理由として挙げられていますが、情報がない状態では正当な評価は不可能です。加えて、ステアリング・コミッティの構造や責任範囲、投資配分の基準、成果の測定方法も不明瞭です。「TVLの拡大」や「DeFi基盤の構築」といった目的自体は共有できますが、成功指標、費用対効果、資金管理手法などが明示されていないため、実現可能性やインパクトには懸念が残ります。この規模の提案においては、ビジョンだけでなく、アカウンタビリティのある仕組みが不可欠です。また、₳70Mが一括で支出されるわけではないと明記されているものの、承認されればその上限額までの支出が実質的に保証される構造となっており、段階的な審査や中間レビューなどの歯止めが存在しません。カルダノのトレジャリーは、持続可能で分散型のエコシステム成長を支えるための共有資源です。こうした巨額の予算配分は、具体的な必要性と成果指標、透明な統治構造に基づくべきです。現時点での提案内容では、それらの条件を満たしているとは判断できず、賛同することはできません。今後は、より具体的な構造・指標・段階的実行を備えた改善提案が提示され、広くコミュニティの信頼を得ることを期待します。
- Yes 42.9M ₳ No rationale
- Yes 42.4M ₳ No rationale
- Yes 40M ₳ Rationale
Even though I wish these costs were covered more by Emurgo & the CF, I do believe its an important proposal that should be passed urgently.
- Yes 38.1M ₳ No rationale
- Yes 36.8M ₳ No rationale
- Yes 34.4M ₳ No rationale
- Yes 34.3M ₳ Rationale
I support the "Cardano Critical Integrations Budget" proposal to allocate ₳70,000,000 for essential ecosystem infrastructure. Establishing a dedicated fund to onboard tier-one stablecoins, cross-chain bridges, and institutional-grade oracles is a necessary step to unlock liquidity and drive large-scale DeFi adoption on Cardano. The proposed milestone-based funding structure and oversight by the Steering Committee provide the necessary accountability to ensure these resources are used effectively to close the gap with other mature ecosystems.
- Yes 32.3M ₳ Rationale
YES. Funds critical infrastructure (stablecoins, custody, oracles) needed for real adoption. Milestone-based drawdowns and oversight reduce risk. Large spend, but justified if integrations deliver measurable Layer 1 impact and long-term sustainability.
A PDF version of this rationale is also made available.
YES. Funds critical infrastructure (stablecoins, custody, oracles) needed for real adoption. Milestone-based drawdowns and oversight reduce risk. Large spend, but justified if integrations deliver measurable Layer 1 impact and long-term sustainability.
- Yes 28.2M ₳ Rationale
This budget covers many of the integrations the Cardano community has been asking for for a long time. Perhaps even more exciting though is that this is a joint effort that will have us see all the founding entities of Cardano working together.
My understanding is that the 70M price tag is well below the actual cost of these integrations, and the entities themselves will be covering the difference. To me this seems like a no-brainer.
However, my primary concern that needs to be stated is what this will mean for our native, homegrown stablecoin and Oracle teams: Moneta's USDM, Anzens' USDA, Charli3, and OrcFax. My worry is that subsidizing outsider tier-1 stablecoins and Oracle solutions will cause unfortunate side-effects to the businesses of these loyal Cardano teams. I will be voting YES on this proposal, but my only ask is that we consider these Cardano-native teams when brokering any deals with other tier-1 stablecoins and Oracles.
- Yes 27.9M ₳ No rationale
- Yes 27.4M ₳ No rationale
- Yes 26.1M ₳ Rationale
Carrying on from the info action, please refer to my rationale in the info action
- Yes 25.9M ₳ No rationale
- Yes 25.2M ₳ Rationale
I am voting YES on the Cardano Critcal Integrations budgets and withdrawal. It's good to see the founding stakeholders strengths coming together to solve significant problems for the ecosystem. This will be a good demonstration of the founding entities' abilities to collectively execute
- Yes 22.7M ₳ No rationale
- Yes 22M ₳ No rationale
- Yes 22M ₳ Rationale
After a comprehensive review of all associated documents—including the core proposal, the smart contract framework architecture, and the full audit reports from both MLabs and TxPipe—I am casting a YES vote for this treasury withdrawal. My decision is further informed by public communications from key stakeholders, including Input Output Global and the Cardano Foundation.
The request for ₳70,000,000 demands the highest level of scrutiny. And, with the evidence presented in the reports from MLab and TxPipe, this is not a request based on trust, but on a verifiable and robustly engineered system of accountability.
The Treasury Reserve Smart Contract framework, coupled with the multi-signature authority of the independent Oversight Committee, provides the necessary safeguards to address concerns about transparency. This on-chain mechanism ensures that funds are programmatically locked and disbursed only upon meeting verified milestones, a structure far superior to a simple off-chain legal agreement.
Furthermore, the dual security audits confirm that the underlying contracts have been rigorously tested and hardened. The proactive identification and resolution of critical vulnerabilities indicate a professional and security-conscious approach.
Cardano is at a pivotal moment. The strategic need to integrate tier-one infrastructure is undeniable for long-term growth and competitiveness. This proposal presents a well-structured, technically sound, and constitutionally compliant method to achieve these critical integrations while navigating real-world commercial confidentiality. It is a pragmatic and secure step forward for the ecosystem.
- Yes 21.3M ₳ 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.
- Yes 21.2M ₳ Rationale
Having voted YES on the associated budget info action I once again vote YES to this treasury withdrawal action for the Critical Integrations Budget. As stated in the vote on the budget info action, this renewed co-ordinated approach from the proposers of this action can help to move these integrations along more efficiently, in both time and money, by reducing any potential duplication of effort and spend that may occur if the entities continued to pursue these deals independently.
Additional checks to this proposal include, matching metadata hashes for the on-chain / off-chain content, author signatures provided here also match those provided at the budget info action stage and the on-chain requested amount also match that stated in the proposal. Although usually the remit of the Constitutional Committee, given their current state of being below committeeMinSize and the size of this treasury withdrawal request being 70 million ada, it pays to remain prudent.
- Yes 21.1M ₳ No rationale
- Yes 20.3M ₳ No rationale
- Yes 19.9M ₳ Rationale
Let's go!
- Yes 18.2M ₳ No rationale