Withdraw ₳889,500 for Cardano Ecosystem Pavilions at Exhibitions
210 DReps voted · 65 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ Rationale
Summary
Yoroi supports the “Cardano Ecosystem Pavilions at Exhibitions” proposal as part of Cardano’s marketing expansion based on the rationale belowRationale
Ecosystem exposure.
Co-funded pavilions offer more projects a chance to be seen and heard on global stages.Collaborative impact.
Works in synergy with other funded event proposals, creating network effects and stronger outreach.We view this budget proposal as a valuable step toward enhancing Cardano’s coordinated visibility across diverse regions and audiences.
- Yes 428.5M ₳ Rationale
I voted YES on the ₳889,500 community exhibition proposal.
My understanding is that the focus of this proposal is not so much on setting up a booth with a large Cardano logo, but rather on supporting Cardano projects to exhibit at a booth.
The funding is designed to be relatively cheaper than the 6 million ADA proposal, and the KPI is that companies that exhibit at the exhibition will be self-sustaining without needing to raise funds from the treasury from the next time onwards.
A close reading of the proposal reveals that financial efficiency has been carefully considered. One clear piece of evidence is that out of the 39 proposals, this is the only one that significantly reduces the ADA requested, based on factors such as the rate.
It is also aligned with the 6 million ADA proposal, so there is no overlap.
ーーー
₳889,500のコミュニティの展示会の提案書について、YESを投票しました。
私の認識ではこれはCardanoと大きくロゴがかいたブースを出すと言うよりは、Cardanoのプロジェクトのブース出展を支援すると言うことにポイントを置いています。
資金については600万ADAの提案書よりも比較的安価に実行されるように設計され、またここでブース出展した企業が、次回以降はトレジャリーからの調達なしに自立することをKPIに定めています。
提案書をよく読むと、財務効率性が慎重に考慮されているアイデアを確認することができます。その分かりやすい１つの証拠として、この提案書は39の提案書のうち、唯一、ADAの要求額をレートなどの部分から大きく引き下げています。
また600万ADAの提案書と調整されており、重複はありません。
- Yes 328.3M ₳ No rationale
- Yes 297.4M ₳ Rationale
Summary
EMURGO as DRep votes YES on the governance action to fund Cardano Ecosystem Pavilions at Exhibitions.Rationale
We support this proposal as it complements other community-led exhibition efforts and contributes to broader marketing visibility for Cardano.Conclusion
EMURGO acknowledges this proposal's practical model to empower projects, raise ecosystem awareness, and encourage marketing collaboration. - Abstain 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.
- Abstain 174.4M ₳ No rationale
- Yes 160.5M ₳ No rationale
- Yes 135.1M ₳ Rationale
This document provides an aggregate rationale for the Cardano Foundation DRep’s votes on all Treasury Withdrawal GAs stemming from the approved “Cardano Blockchain Ecosystem Budget - 275M ada Administered by Intersect” (gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh).
A PDF version of this rationale is also made available.
Our approach is designed to ensure both transparency and efficiency, applying a consistent evaluation framework (see here; the “Evaluation Framework”) to each proposal while presenting our reasoning in a single, comprehensive document.
Our current assessment remains consistent with the principles previously outlined in our public communications and our evaluation during the Ekklesia off-chain signaling phase. As no material changes have been made to the individual proposals since the overarching budget was approved, our votes on these withdrawals reflect our original assessment of them. However, we have changed our previous abstention on the Intersect proposal and our previous “No” vote for the Discover Cardano proposal to a "Yes" vote.
Fund administration clarity is a crucial consideration for our voting decisions. While this budget is approved as a package, we expect Intersect, as administrator, to manage funds diligently, provide public transparency on contracts, and ensure robust oversight, holding recipients accountable for deliverables.
Our voting decisions on the 39 treasury withdrawals are presented in the table below. The "Vote" column displays our votes. For all proposals requesting 3 million ada or more, our assessment is included in the "Note" column.
Table A – Voting Record
Governance Action ID Title Requested ADA Vote Note gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqz6d98zp 2025 Input Output Engineering Core Development Proposal 96,817,080 ABSTAIN We abstain from both the TSC and IO Engineering proposals for the following different reasons: For the TSC proposal, we abstain due to the lack of a credible execution path. Although we support the intent and approach and while we recognise the significant work that went into this proposal, the recent sudden withdrawal of administrative support by the Intersect board makes the proposal unfeasible, even if funded at this time. For the IO Engineering proposal, we abstain as we are not confident that the current version offers sufficient transparency or accountability to justify endorsement. Our concerns stem from the lack of adjustments following constructive community feedback, particularly regarding scope, cost-effectiveness, and safeguards. View Cardano Foundation feedback from 11 May here. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpwywvhcq Catalyst 2025 Proposal by Input Output: Advancing Decentralised Community Innovation Funding & Infrastructure 69,459,000 YES We vote ‘yes’ on this proposal as it is important to ensure continuity for the main source of grant funding for the ecosystem during a transition year for governance, especially as Project Catalyst is a funding system that the Cardano ecosystem is familiar with. As the proposal did not fully account for CF's initial budget feedback nor propose activities linked to resolving known shortcomings, we will be monitoring these areas ahead of any subsequent budget proposals by Project Catalyst gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzqhm6e8q Input Output Research (IOR): Cardano Vision - Work Program 2025 26,840,000 ABSTAIN We abstain from this proposal because we view key components of the proposed budget as materially too high, and previous feedback regarding costs and scope, including specific points raised by the Cardano Foundation on March 11 were not adequately addressed. View Cardano Foundation feedback from 11 May here. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp2tyw3h6 A member-based organization for the Cardano ecosystem: Intersect 15,750,000 YES We adjusted our vote from ‘abstain’ to ‘yes’ on this proposal. This reflects our acknowledgement of Intersect's revised 15.75M ada budget, recognizing Intersect's shift towards leaner operations. Our initial vote to abstain based on the discrepancy between the on-chain proposal and the updated off-chain figures, which has been remedied now. We emphasize the importance of having accurate and updated details reflected directly on the Ekklesia platform for all future proposals to ensure transparency and streamline the DRep voting process. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp5u7pqqr Cardano Builder DAO 12,000,000 YES We vote ‘yes’ on this proposal as it mitigates the dependency of Cardano on grants by exploring convertible grants to incentivise projects better. The proposal identifies and addresses the gap in post-Catalyst funding for projects needing follow-up support in focusing on achieving product market fit instead of optimising towards grant writing. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqudh2k4c TWEAG’s Proposals for multiple core budget projects for Cardano 2025 11,070,323 YES We vote 'yes' on this proposal as we believe supporting diverse contributors increases the resilience of Cardano, and as the proposal demonstrates a collaborative approach, accountability, and an appropriate engagement framework. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpjq3z9u5 Unveiling the First Unified Global Events Marketing Strategy for Cardano 6,000,000 YES We vote 'yes' on this proposal as it provides a clear value proposition for Cardano. This proposal was already assessed as part of the Marketing and Growth Budget. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpsn5rx0e Cardano Summit 2025 and regional tech events 6,000,000 YES We vote 'yes' on this proposal as it provides a clear value proposition for Cardano. This proposal was already assessed as part of the Marketing and Growth Budget. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqkqx0ecg OSC Budget Proposal - Paid Open Source Model for Sustainable Development 5,885,000 YES We vote 'yes' on this proposal as it aligns with the Cardano Vision and Roadmap for 2025 and beyond and contributes to a sustainable developer ecosystem for Cardano. However, we still believe additional details would have strengthened this proposal further. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp730y0dn Expanding Stablecoin / Cardano Native Asset Support / Fiat Ramps 4,000,000 YES We vote 'yes' on this proposal as it contributes to the growth in liquidity and DeFi, which we believe is an important value proposition. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpcdq823y Ecosystem Exchange Listing and Market Making service pool 3,126,000 YES We vote 'yes' on this proposal in line with the GMC’s voting and according to previous viability assessments. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpuz29v77 High-yield RWA Asset for Cardano : Tokenized Real Estate 3,000,000 YES We vote 'yes' on this proposal as it supports the expansion of the RWA topic. However, there is a lack of alignment with the roadmap, which we would expect to be enhanced afterwards. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqqfgyy3v Midgard - Optimistic Rollups 2,162,096 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpk0mqrnw Complement Catalyst: Extended Quadratic Funding—Zero Operational Costs 1,500,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqyxzxz7k Blockfrost Platform community budget proposal 1,300,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqwtnrdnx zkFold ZK Rollup 1,161,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlp679xfzf Cardano Ecosystem Pavilions at Exhibitions 889,500 YES We adjusted our vote from ‘no’ to ‘yes’ on this proposal. This reflects our acknowledgement of the revised scope to avoid overlapping with other proposals. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzxt5eumh Cardano Product Committee: Community-driven 2030 Cardano Vision and 2026 roadmap insights collection via workshops and structured product research 750,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq77jt4x4 ZK Bridge 700,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpz4s2af8 Scalus - DApps Development Platform 657,692 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpx66gmxa A free Native Asset CDN for Cardano Developers 605,000 NO We vote ‘no’ on this proposal as it does not align with the principles of the Evaluation Framework, specifically principle 3 on Financial and Funding Mechanics. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq5nrw6t9 Complete Web3 developer stack to make Cardano the smart contract layer for Bitcoin 600,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpvhtd5td Beyond Minimum Viable Governance: Iteratively Improving on Cardano Voltaire 592,780 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpqx4t762 Eternl Maintenance 583,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqczags6z Gerolamo - cardano node in typescript 578,571 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqx488pdm Hardware Wallets Maintenance 424,800 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 2 on Committee Budget Proposals and Prior Feedback. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzyc3clg6 PyCardano 314,800 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 3 on Financial and Funding Mechanics. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqj0vdlhj Ledger App Rewrite 300,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpyflfc4s Cexplorer.io – Developer-Focused Blockchain Explorer for Cardano 266,667 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq63cfnf0 MLabs Core Tool Maintenance & Enhancement: Plutarch 243,478 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqsufvuyl Dolos: Sustaining a Lightweight Cardano Data Node 220,914 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlq2yeptuu UTxO RPC: Sustaining Cardano Blockchain Integration 220,914 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqghuqg03 Pallas: Sustaining Critical Rust Tooling for Cardano 220,914 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlpgcp0jyh AdaStat.net Cardano blockchain explorer 212,000 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzzy7m65d OpShin - Python Smart Contracts for Cardano 199,911 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 3 on Financial and Funding Mechanics. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlqvckzwqt Lucid Evolution Maintenance 130,903 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action13tfag48nf94rtjcdq7c06vhkslmxxw9h6c88sl7q5g5nnewcsvlzgf074ea MLabs Research towards Tooling for Elliptical Curves - GrumpleStiltSkin 104,347 YES We vote ‘yes’ on this proposal as it aligns with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action193leqzml768nz7nmpepzx822a5mzyanqhtewaxjtul5gp6uhwvfsqgl2qg0 BloxBean Java Tools Maintenance and Enhancement 99,600 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. gov_action18nefry4qacd80xzs2srjahxm2e4vz3c8wvrr03rrtk8mdqfuknysq66459t MLabs Core Tool Maintenance & Enhancement: Cardano.nix 45,217 ABSTAIN We abstain on this proposal in accordance with the principles of the Evaluation Framework, specifically principle 1 on Scope and Strategic Alignment. Summary of Voting Approach
The Cardano Foundation’s votes on these 39 treasury-withdrawal governance actions are the direct execution of a single, comprehensive review process that began during the off-chain signaling phase. Although we present one aggregate rationale for efficiency, each proposal and governance action was individually assessed against a consistent framework anchored in our publicly stated principles.
Evaluation Framework
As outlined in our blog post, Navigating Budget Changes, our evaluation is guided by several core criteria. For these treasury withdrawals, our assessment focused on three primary areas:
- Strategic Alignment: We prioritized proposals that clearly align with the Cardano 2025 Vision & Roadmap and the principles of "Our Cardano." Proposals demonstrating a direct contribution to core infrastructure, ecosystem growth, decentralization, and sustainability scored highest in our assessment.
- Execution Viability & Financials: We assessed whether the requested funding was appropriate with the project’s scope and whether the team demonstrated the expertise and planning necessary for successful execution. This included a review of the budget breakdown, timelines, and risk considerations.
- Accountability and Delivery Assurance: A critical factor was the proposal’s commitment to transparency and accountability. We looked for clear deliverables, defined success metrics, and robust reporting plans. Given the significant value of Treasury funds, we placed a strong emphasis on frameworks that ensure what is promised is ultimately delivered.
The Cardano Foundation’s votes on these 39 treasury-withdrawal governance actions are the direct execution of a single, comprehensive review process that began during the off-chain signaling phase. Although we present one aggregate rationale for efficiency, each proposal and governance action was individually assessed against a consistent framework anchored in our publicly stated principles.
- No 93.3M ₳ Rationale
The vote for this withdrawal is NO. Details can be found in the rationale.
A PDF version of this rationale is also made available.
I plan to vote YES on most projects I’ve supported in Ekklesia. To stay transparent, I’ll rate each project across six categories, scoring 0 to 2 per category (max 12 points). Projects scoring below 6 won’t get my support. I’ll consider supporting those with 7–8 points, and will fully support any scoring 9 or more.
The categories are:
- Key infrastructure, research, or essential funding: 0
- Team strength, feasibility, and track record: 1
- Impact on the Cardano ecosystem: 1
- Value for money: 1
- Cost compared to similar proposals: 1
- Personal or community usage and benefit: 0
Total score: 4
- Yes 92.1M ₳ No rationale
- Yes 89.8M ₳ Rationale
SIPO votes YES on the Treasury Withdrawal for Cardano Ecosystem Pavilions at Exhibitions.
Reason for Support:
SIPO recognizes the urgent need to expand Cardano’s real-world presence and outreach, especially in a global environment where brand recognition often does not translate into understanding or adoption. While “Cardano” is known, what is being built on Cardano is still largely unknown outside the core community. This proposal addresses this gap by supporting ecosystem participants to attend international exhibitions under a shared and professional Cardano Pavilion structure.
SIPO particularly supports the partial subsidy model that encourages commitment and pre/post event efforts by projects, and values the professional experience of the vendor, Supplyoneers FZ-LLC, who has previously proven capable of high-impact exhibition operations.
In addition:
• The proposal is cost-optimized through partial funding and vendor-initiated budget reduction from ₳1.12M to ₳889.5k.
• It leverages a robust legal and smart contract-based accountability framework, including milestone verification by Intersect and a third-party assurer.
• It aligns with the overarching ₳275M Intersect-administered budget and contributes to raising Cardano’s global visibility, adoption, and investor/developer engagement.SIPO believes this proposal brings tangible ROI for the ecosystem and strengthens Cardano’s international strategic positioning.
⸻⸻⸻⸻⸻⸻⸻⸻⸻
SIPOは「Cardano Ecosystem Pavilions at Exhibitions」に対する889,500ADAのトレジャリー支出提案に賛成票（YES）を投じました。
支持理由：
SIPOは、Cardanoのリアルな世界への露出と認知拡大の必要性を強く認識しています。Cardanoという名前は広く知られている一方で、その上に構築されているプロジェクトや技術の実態は、依然として広く知られていません。本提案はこの課題を解決するものであり、グローバルな展示会においてCardanoのエコシステムとして一体感ある形でプレゼンスを示すための重要な取り組みです。
SIPOが特に評価している点は以下の通りです：
• プロジェクトに対する全額補助ではなく、一部助成型である点。これにより、参加プロジェクトの主体的な事前準備・当日活動・事後フォローが求められ、ROI向上につながります。
• Supplyoneers FZ-LLCの実績と専門性に裏打ちされたオペレーション体制。すでに自費での展示ブース経験や、伝統金融機関向けのピッチ実績もあり、信頼に足る運営が期待できます。
• 当初提案よりも約20%削減（₳1,119,333 → ₳889,500）されたコスト最適化設計。
• Intersect主導のスマートコントラクト・リーガル契約・マイルストーン管理を通じた高度なガバナンスと透明性。この提案は、Cardanoの国際的ブランド強化、開発者や投資家との接点創出、エコシステム成長の加速に直結するものであり、SIPOとして確実に賛成する価値があると判断しました。
- No 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 75.4M ₳ No rationale
- Abstain 74.7M ₳ No rationale
- Yes 71.3M ₳ Rationale
I have voted NO on all previous marketing proposals, so this was a difficult decision. However, I'm voting YES here. This isn't just a handout; it's an educational model with a shared cost. It's a pragmatic, community-led middle ground to help projects learn to market themselves effectively.
A PDF version of this rationale is also made available.
This proposal had me on the fence, as I have consistently voted NO on marketing proposals. However, I've decided to make an exception and vote a cautious YES.
What makes this different is its focus on education and shared cost. It's not a simple handout; it's a well-organized & presented, community-led effort to teach projects how to market effectively. The requirement for projects to contribute ensures they have skin in the game. At a fraction of the cost of other marketing proposals, this feels like a pragmatic middle ground for sustainability and one that allows me to achieve a fair and fine balance in voting.
- Yes 70.8M ₳ Rationale
As a DRep, i have voted YES on this proposal. This decision is in line with my earlier voting this year via Ekklesia.
- Yes 68M ₳ Rationale
In the Ekklesia vote, I initially voted No, but after further review and due diligence, I have decided to change my vote to Yes.
My initial concern was prioritization, particularly in relation to the NCL proposal. However, upon closer examination, I recognize the value this proposal offers in expanding global awareness of the Cardano ecosystem. Strategic presence at international exhibitions can play a critical role in attracting investors, developers, and users — a key area where Cardano has historically lacked visibility.
Moreover, the proposal outlines a robust fund management structure through Intersect’s smart contracts, with external oversight and milestone-based disbursement. This provides a reasonable level of assurance in terms of accountability and execution.
Considering the broader potential impact on ecosystem growth, I now support this initiative and cast my vote as Yes.
Ekklesia投票では一度No票を投じましたが、精査の結果、Yesに変更する判断をしました。
当初はNCLとの兼ね合いから優先順位を下げましたが、本提案はCardanoエコシステムのグローバルな認知向上に資する内容であり、特にマーケティングの側面からその意義は十分にあると考えます。展示会という場を活用し、投資家・開発者・ユーザーへの訴求力を高めることは、現在のCardanoにとって重要な要素です。
また、Intersectのスマートコントラクトを活用した資金管理体制や、第三者による監督・検証体制も整備されており、執行面においても一定の信頼性があると判断しました。
エコシステム全体への波及効果を期待し、今回Yes票を投じます。
- Yes 65.7M ₳ No rationale
- Yes 62.7M ₳ No rationale
- No 53.8M ₳ 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.
- No 49.7M ₳ Rationale
Following the previous vote on Ekklesia.
- No 48.4M ₳ Rationale
Treasury already have enough marketing expense approved for withdrawal
- Yes 42.9M ₳ No rationale
- Yes 42.4M ₳ No rationale
- Yes 40M ₳ Rationale
After understanding that this proposal is from Discover Cardano (which was sadly not part of the metadata), I'm changing my vote to Yes.
- Abstain 38.1M ₳ No rationale
- Yes 36.8M ₳ No rationale
- Abstain 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
Discover Crypto is NOT Cardano Foundation, thus I am voting YES!
- No 31M ₳ No rationale
- Abstain 28.2M ₳ Rationale
This vote had me on the fence between NO and ABSTAIN. Personally, I think marketing is a bit of a tough sell on Cardano at the moment and that we need to have some killer projects step forward first so that we can market them. My worry is that we try to market some projects that might not necessarily have anything overly innovative or revolutionary about them other than being built on Cardano. That being said, I do believe it is incredibly important for Cardano to have a presence at other events and conferences, even more so than our own exclusive conferences. For this reason, I have pushed my vote toward ABSTAIN.
- No 27.4M ₳ No rationale
- Yes 26.1M ₳ Rationale
I don’t usually leave rationales on my votes, but I’ll make an exception for Dave and his team. Dave leads with purpose, ensuring more people are introduced to Cardano in an exceptional way.
Proposals like this are tough to measure — KPIs can only tell part of the story. Sure, rising end-user counts, active wallets, and growing social engagement across Cardano dapps help, but it’s still hard to quantify.
In the end, you have to trust the person to follow through. For me this is a calculated risk and one that deserves a chance to see where it goes.
- No 25.9M ₳ Rationale
Onboarding traditional finance requires a focused effort on education and building strong relationships with key stakeholders in that sector. This proposal does not clearly address or prioritize that target audience.
For this reason, I am voting NO. - Yes 25.2M ₳ Rationale
I have updated my vote to YES on the current proposal to fund Ecosystem Pavillions. After further consultation and listening to the community, I believe we need parallel event-driven participation initiatives to ensure the best quality output.
- Yes 22.7M ₳ Rationale
Outreach outside the ecosystem is important and DiscoverCardano puts in the work.
- No 22M ₳ No rationale
- Yes 22M ₳ No rationale
- Yes 21.3M ₳ Rationale
I vote YES on this proposal.
This initiative will enhance Cardano’s global visibility by supporting ecosystem pavilions at international exhibitions — helping projects gain exposure to investors, developers, and new users at a more accessible cost.
Funds will subsidize booth expenses and provide guidance on how to prepare, engage, and follow up to maximize event ROI. The vendor (Supplyoneers FZ-LLC) brings 15+ years of relevant experience, and the execution framework — including legal contracts, milestone tracking, and treasury smart contracts — meets the constitutional standards.
This is a strategic marketing investment aligned with the approved ₳275M Ecosystem Budget, and I believe it will yield strong long-term benefits for the Cardano ecosystem.
Vietnamese
Tôi bỏ phiếu YES vì đề xuất này sẽ nâng cao sự hiện diện toàn cầu của Cardano thông qua các gian hàng chung (Pavilions) tại các triển lãm lớn – một phương thức hiệu quả để quảng bá Cardano, hỗ trợ dự án tiếp cận nhà đầu tư, người dùng và developer mới.
Khoản rút ngân quỹ này sẽ tài trợ một phần chi phí giúp các dự án có cơ hội tham gia với chi phí thấp hơn, kèm theo hướng dẫn về cách tối ưu hoá hiệu quả từ sự kiện. Việc này phù hợp với ngân sách hệ sinh thái ₳275 triệu ADA đã được thông qua, có hợp đồng pháp lý rõ ràng và công cụ quản lý ngân sách minh bạch bởi Intersect.
Đây là bước đi cần thiết để Cardano phát triển về mặt tiếp thị, truyền thông và thu hút nhân lực.
Japanese
この提案に賛成票を投じます。なぜなら、世界中の展示会におけるCardanoの存在感を高め、プロジェクトが投資家・開発者・新規ユーザーと出会える機会を創出するからです。
本提案は、参加プロジェクトへの部分的な補助金提供に加え、イベント参加前後の準備・対応についてもサポートし、ROIの最大化を支援します。すでに承認された₳2.75億の予算枠に沿っており、Intersectによる契約・監督体制も整備されています。
Cardanoがグローバルブランドとしてさらに成長するために不可欠な取り組みと考えます。
- Yes 21.2M ₳ Rationale
For me, support for the people behind this proposal continues to be one of the most perplexing occurrences in this ecosystem. Reading other rationales I see other DReps saying “Catalyst would be better”, they’ve tried Catalyst… twice! And been discounted both times, after having invested significant sums of their own money to have a Cardano presence at a major industry event in 2023 where otherwise there would have been none. Personally, I do not blame them for now trying the direct treasury route instead.
Admittedly, it appears that there has been, to a degree, a case of “lost in translation” between the “Discover Cardano” who we may know from social media and the registered entity “Supplyoneers FZ-LLC” named on this proposal.
Throughout a period where it could be argued that the founding entities dropped the ball somewhat regarding their presence at wider industry events outside of the Cardano Summit and Rare Evo, Discover Cardano was there trying to fill that gap. Identifying funding restrictions that limited project participation they implemented a novel idea to represent projects at their event booth in Dubai in 2023. It has been mildly frustrating seeing founding entities come crawling out of the woodwork offering a global marketing presence now that the treasury has been unlocked while grass-roots efforts like this one continue to get kicked to the curb despite their best efforts.
They have provided detailed cost breakdowns and a plan of action and revised their proposal based on community feedback but somehow it appears as though it will never be enough. If we’re not careful as a community, we will lose good people like this altogether.
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.
- No 21.1M ₳ No rationale
- Yes 21.1M ₳ No rationale
- Yes 20.3M ₳ No rationale
- Yes 19.9M ₳ Rationale
As a Drep, I vote yes on this proposal in line with my Ekklesia vote earlier this year.