{"@context":{"CIP100":"https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#","hashAlgorithm":"CIP100:hashAlgorithm","body":{"@id":"CIP100:body","@context":{"comment":"CIP100:comment"}}},"hashAlgorithm":"blake2b-256","body":{"comment":"I am voting NO on “Withdraw 120,000,000 ada for AlphaGrowth’s Cardano PRIME.” The proposal requests 120,000,000 ADA to fund a 12‑month, community‑overseen program designed and executed by AlphaGrowth to benchmark Cardano DeFi, identify gaps, deploy ecosystem grants and liquidity incentives, and run marketing and capital‑attraction campaigns aimed at growing “qualifying TVL” by at least $200M. Intersect serves as Constitutional Administrator and fund custodian, a five‑member Operating Group provides oversight and gating, and AlphaGrowth receives fixed advisory fees plus a TVL‑linked performance fee from a 29M ADA equivalent reserve.\n\nWhile the proposal is thoughtfully structured on paper, with an Operating Group, advisory council, audited treasury‑management contracts, independent assurance allocation, and return‑to‑treasury triggers for unused or unearned funds, the underlying model is one I do not support. In practice, this creates a large, centralized allocator program focused on DeFi incentives and marketing, overseen by a small group and executed by a single vendor, with a very substantial fee opportunity tied to TVL outcomes. It asks the Treasury to commit over one‑third of the full 350M ADA Net Change Limit window to a single one‑year DeFi growth initiative, at a time when Cardano already faces multiple competing demands for core infrastructure, security, and continuity funding.\n\nI also disagree with the underlying strategic emphasis. PRIME is explicitly modeled on large‑scale TVL incentive programs from other ecosystems and is heavily focused on DeFi liquidity, structured incentives, and growth metrics such as qualifying TVL, volume, and “organic APR.” Although DeFi activity and capital retention matter, this approach reflects a tunnel vision that treats Cardano primarily as a platform for liquidity mining and TVL competition. That is not where I believe Treasury resources should be concentrated in this budget cycle, particularly at this scale.\n\nFinally, PRIME depends, by its own terms, on a Net Change Limit large enough to accommodate such a withdrawal within the current epoch window. I view mid‑period attempts to raise the NCL specifically to make room for very large spending proposals as a misuse of the guardrail mechanism, and I am not prepared to support a program whose enactment implicitly relies on that pattern. For these reasons, even acknowledging the effort put into the proposal, I do not consider PRIME an appropriate use of Treasury funds at this time, and I am voting NO."}}