Cvria Cardani
Integritas ante omnia
A Cardano governance consortium, holding integrity above all. Each vote bears a published rationale. Each claim bears its source. The record endures.
The Curia
Our Members
The Mandate
What we stand for
The mission of the Cardano Curia Constitutional Committee is to maintain a stable, predictable, and community-aligned governance framework during a period of accelerated ecosystem growth. This consortium exists to safeguard Cardano's Constitution by providing balanced, principled, and community-focused oversight throughout the interim period. Our role is to ensure that governance actions remain faithful to Cardano's core values of decentralization, transparency, and inclusivity, while protecting the chain from short-term risks and bad-faith proposals and supporting practical, builder-driven governance maturity.
We focus on maintaining rigorous, neutral, and timely review of constitutional actions, including Treasury Withdrawals and NCLs, so that builders, users, and partners can advance confidently. By supporting reliable governance operations, we help enable ecosystem growth and reinforce the foundations needed for Cardano's long-term success.
The Record
Committee Votes
Cardano Curia Rationale
Summary: Cardano Curia (Constitutional Committee) judges the “Revised Cardano Summit 2026 Singapore” treasury withdrawal governance action constitutional.
Rationale: This governance action is a Treasury Withdrawal. The Constitutional Committee’s role is limited to assessing whether the action is consistent with the Cardano Constitution and applicable Guardrails.
The proposal is constitutional when it satisfies the procedural and stewardship requirements for treasury withdrawals, including: (i) a stated purpose and delivery period; (ii) a budget and cost basis; (iii) oversight/administration arrangements; (iv) auditability and reporting; and (v) refund/close-out mechanics.
On the information available for this governance action, the proposal describes a defined event (Cardano Summit 2026, Singapore, Oct 5–6, 2026), the requested amount and cost assumptions, an administration/oversight structure with milestone-gated disbursements, and an auditability posture (public tracking and independent verification). It also indicates that unused funds are to be returned within a defined close-out window.
In addition, the Committee recognizes the governance-relevant public-interest rationale that a Summit can materially improve ecosystem visibility and presence-building: it creates a focal point for community coordination, partnership outreach, and narrative clarity. Selecting Asia (Singapore) is a strategically coherent choice for expanding Cardano’s presence in a major growth region and can serve as a practical boost for community engagement and external reach. These points support the stated purpose of the withdrawal and are not in conflict with any constitutional tenet.
The Committee further notes the importance of immutability for the canonical off-chain scope/budget document(s) referenced by the on-chain action (URL + hash). Provided the final submission includes immutable URIs and corresponding hashes for the canonical proposal text and any annexes (and that any translations are clearly labeled as translations referencing the canonical hash), the Committee finds the action procedurally consistent with the Constitution’s governance-action standards and treasury-withdrawal standards.
Accordingly, the Constitutional Committee finds no constitutional conflict on its face and judges the action constitutional.
Precedent Discussion: This supports the precedent that treasury withdrawals funding ecosystem-wide coordination, communications, and adoption efforts can be constitutional when (a) the scope and delivery window are clearly defined, (b) spending controls and oversight are credible, and (c) the canonical documentation is immutable and auditable so the community can verify that the approved scope matches execution.
Counterargument Discussion: A material counterargument is Tenet 8 (resource stewardship): critics may argue that an event budget risks being an unreasonable use of treasury funds. The Committee considers Tenet 8 a guardrail against objectively unreasonable spending, not a substitute for discretionary prioritization that belongs to DReps. Here, the proposal is framed as a revised, reduced budget with explicit governance controls and auditability measures, which lowers the risk that the action is constitutionally unreasonable. Economic prioritization and value-for-money judgments remain primarily for the DReps.
A second counterargument is immutability ambiguity: if the referenced proposal materials are mutable or not uniquely identified by hash, future reviewers cannot verify what was approved. This is mitigated by requiring immutable URIs + hashes for the canonical text and annexes.
Conclusion: Cardano Curia finds this governance action constitutional.
Governance Action Details
This proposal as [PDF](https://ipnso-com.ipns.dweb.link/?cid=QmagzPnHcrRPC5MKpp3fHSJjz7xbTzEmfQq8Z697suYjq2).
This is a revised and 22% reduced budget treasury withdrawal proposal for the Cardano Summit 2026 in Singapore. Following extensive discussions with the community the Foundation has revised the proposal as follows:
This proposal is decoupled from EMURGO’s TOKEN2049 sponsorship proposal.
Budget is reduced by 22% or $550,000 while retaining the tier-one experience to showcase a L1 blockchain like Cardano, achieved through reduction from three stages to two which lowers production, tech and onsite logistics costs.
* Increased the CF’s estimated internal resource contributions to $380,000 from $250,000 to reduce external vendor costs.
We thank the community for their honest feedback and we respect the budgetary concerns given the current bear market. Feedback was consistently positive about the Summit’s strategic vision and value. We understand the broad consensus is that a reduced budget Singapore Summit should happen without sacrificing quality or reputation. We continue to believe this proposal will bring important benefits to Cardano.
2026 is a pivotal year for accelerating Cardano’s adoption. Cardano has increased its interoperability and institutional readiness (USDCx, Pyth, Dune, CME Group, LayerZero). Aligned to the strategy, the Summit provides the perfect stage to spotlight this and to bridge the gap across technical integrations and enterprise/institutional execution. Interest in the Cardano Summit from institutions, enterprises, and media has steadily increased reaching its highest level in 2025/26.
This proposal outlines a strategic high-impact Cardano Summit 2026 to be executed in Singapore October 5 and 6th, 2026 with a 22% reduced budget.
The Foundation is requesting a total of 7,800,000 ada based on a $0.25 assumed ada value for a $1,950,000 USD budget:
This request is linked to adoption and impact targets: 250 enterprise MQLs, 50 strategic meetings within 45 days post-event, 10 live demos/technical workshops, 200 developer participants, and 30 hackathon submissions/applications. These targets are captured in the KPI framework.
Proposal Specifics and Budget Breakdown below for further details on the budget and administration process. Reductions are detailed in Section 4. Key Performance Indicators are included in Section 6.
The full concept [here](https://ipnso-com.ipns.dweb.link/?cid=QmRq89up4U5qsSSQYNY7Z48R4XWH8npwf3wx6ZPGUPTxC6)
Cardano Curia Rationale
Summary: Cardano Curia (Constitutional Committee) judges this treasury withdrawal governance action constitutional.
Rationale: This governance action is a Treasury Withdrawal. The Constitutional Committee’s role is limited to assessing whether the action is consistent with the Cardano Constitution and applicable Guardrails.
A treasury withdrawal is constitutional when it is properly specified and accountable, including: (i) a stated purpose and delivery period; (ii) a budget/cost basis; (iii) clear administration/oversight; (iv) auditability and reporting; and (v) refund/close-out mechanics.
On the information available for this governance action, the proposal frames the Summit as a visibility and presence-building initiative for Cardano, with the strategic intent of ensuring Cardano is present and in the room during TOKEN2049, described as a prime industry event where ecosystem adoption and partnerships are shaped. The Committee recognizes that building real-world presence, narrative clarity, and partner engagement can be a legitimate public-interest purpose for treasury spending when paired with strong stewardship controls.
Selecting Asia is a strategically coherent choice for expanding Cardano’s presence in a major growth region and can serve as a practical boost for community engagement and external reach. These considerations support the stated purpose of the withdrawal and are not, on their face, in conflict with any constitutional tenet.
The Committee further notes the importance of immutability for the canonical off-chain scope/budget document(s) referenced by the on-chain action (URL + hash). Provided the final submission includes immutable URIs and corresponding hashes for the canonical proposal text and any annexes (and that any translations are clearly labeled as translations referencing the canonical hash), the Committee finds the action procedurally consistent with the Constitution’s governance-action standards and treasury-withdrawal standards.
Accordingly, the Constitutional Committee finds no constitutional conflict on its face and judges the action constitutional.
Precedent Discussion: This supports the precedent that treasury withdrawals funding ecosystem-wide coordination and adoption efforts can be constitutional when (a) the scope and delivery window are clearly defined, (b) spending controls and oversight are credible, and (c) the canonical documentation is immutable and auditable so the community can verify that the approved scope matches execution.
Counterargument Discussion: A material counterargument is resource stewardship: critics may argue that event spend risks being an unreasonable use of treasury funds. The Committee treats this as a constitutional risk only where the action is objectively unreasonable or lacks basic stewardship controls. Here, the action’s stated adoption/visibility purpose (including presence at a prime industry week) is coherent, and constitutionality ultimately depends on the completeness of withdrawal terms, oversight, auditability, and immutability.
A second counterargument is immutability ambiguity: if referenced proposal materials are mutable or not uniquely identified by hash, future reviewers cannot verify what was approved. This is mitigated by requiring immutable URIs + hashes for the canonical text and annexes.
Conclusion: Cardano Curia finds this governance action constitutional.
Governance Action Details
This proposal seeks to catapult the Cardano ecosystem into the global spotlight at TOKEN2049 Singapore, the world’s premier crypto event and the ultimate nexus for industry amplification. The proposal requests 3,303,750 ada (equivalent to $792,900 USD, calculated at an estimated rate of $0.24 per ada) to establish a high-impact, community-centric presence that serves as a dedicated stage for Cardano’s builders.
A strategic takeover of Asia's most influential blockchain hub. By securing the second largest booth and a dedicated Cardano stage, we're giving builders something no other ecosystem offers at this scale. Free conference tickets, a stage to present, undeniable access to 25,000+ decision makers, high-value networking, and post-event photography and video coverage, all within the ‘Platinum’ sponsorship. Built by the community, for the builders, ensuring Cardano's technical superiority is matched by an unmissable physical presence. Putting Cardano builders at the forefront.
The decision to present this as an independent proposal reflects EMURGO's direct response to community feedback. Following the submission of the combined Cardano Summit 2026 and TOKEN2049 proposal, DReps and community members raised legitimate concerns about the scale of the budget. In response, we have restructured the proposal, lowering the sponsorship from ‘Title’ to ‘Platinum’. This change reduces the overall budget while preserving the core strategic value of the sponsorship, demonstrating a collaborative approach to treasury management.
EMURGO, headquartered in Singapore and holding a multi-year partnership with TOKEN2049 spanning 2022 through 2025, is very well-positioned to execute this sponsorship with maximum efficiency and impact.
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under the Cardano Constitution (v2.4) because the finalized submission is properly specified and includes immutable canonical documentation plus the required administration/oversight, auditability, and custody controls for a Treasury Withdrawal.
Rationale: ## What is being proposed
This governance action proposes a Treasury Withdrawal from the Cardano Treasury to fund the scope described in the action’s canonical proposal.
Constitutional and guardrails consistency (v2.4)
A Treasury Withdrawal is constitutional when it meets (a) the governance action standards for a stable, legible, immutable off-chain reference (URL + hash / content-addressed reference), and (b) the Treasury Withdrawals standards requiring: purpose and delivery period; relevant costs/expenses; refund/return circumstances; disclosure of prior treasury receipts (last 24 months); Net Change Limit compliance; allocation for independent audits and oversight metrics; designation of one or more administrators responsible for monitoring funds and deliverables; and segregated auditable holding accounts (delegated to predefined abstain) for any funds held by administrators prior to onward disbursement.
Basis for a YES finding (positive)
Cardano Curia supports constitutionality because the finalized submission state:
- Locks the canonical proposal to an immutable reference with a verifiable content hash (reducing bait-and-switch risk).
- Specifies the purpose and delivery period and provides cost/expense framing sufficient for treasury stewardship.
- Includes administrator designation and oversight metrics/reporting expectations.
- Includes independent audit provisions and budget allocation for audit/oversight.
- Implements custody controls consistent with the Constitution (segregated, auditable holding arrangements for administrator-held funds, delegated to predefined abstain until disbursement).
Determination
For the reasons above, Cardano Curia determines this Treasury Withdrawal is constitutional under Constitution v2.4, provided the on-chain references exactly match the immutable canonical documents (content/hash match).
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals are constitutional when the scope is verifiably locked to immutable documentation and when administrator designation, custody segregation, and independent auditability are explicitly implemented to protect the Treasury and enable third-party verification.
Counterargument Discussion: The most material constitutionality failure modes for Treasury Withdrawals are (1) mutable or ambiguous canonical documents, and (2) weak or missing administrator/custody/audit controls. This positive finding assumes those controls are present and verifiable in the final immutable submission artifacts referenced by the action.
Conclusion: Cardano Curia votes YES on constitutionality (5–0). The action is constitutional under Constitution v2.4 given immutable documentation and explicit administration/auditability/custody controls consistent with Treasury Withdrawal standards.
Governance Action Details
Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=QmYfHrmfTKYGK9YR95ewXSwEruEfGPAtpnp1qwoEUekJa7](https://ipnso-com.ipns.dweb.link/?cid=QmYfHrmfTKYGK9YR95ewXSwEruEfGPAtpnp1qwoEUekJa7)
Cardano's current L1 infrastructure — two-hour finality, ~$0.17 per transaction, and ~7–10 TPS, systematically disqualifies it from high-performance verticals such as DeFi, AI agent micropayments, gaming, and consumer payments before a technical evaluation even begins. Upcoming L1 upgrades (Leios, Peras) will strengthen the base layer will not alone meet the requirements of zero-fee or sub-second use cases. Layer 2 infrastructure is the only path to closing this gap in the current cycle.
This proposal, led by Input Output in partnership with Midgard Labs, delivers three complementary workstreams: shared L2-agnostic infrastructure (a data availability solution benefiting all current and future Cardano L2s); production hardening of Hydra, including performance optimization, operational tooling, and DeFi reference implementations to support live adopters Delta DeFi and Masumi; and the mainnet launch of Midgard, Cardano's first permissionless optimistic rollup, targeting 10,000+ TPS and sub-$0.01 fees for open-participation applications. Hydra and Midgard are not competing solutions — they address distinct trust models and together cover a far broader range of use cases than either could alone.
L2s grow the Cardano ecosystem rather than cannibalize it. Activity on Hydra and Midgard anchors back to L1 through block publication and settlement, generating protocol revenue that would otherwise flow to competing ecosystems. Midgard's architecture additionally includes a mechanism to route a portion of sequencer revenue to the Cardano treasury, creating a durable, non-speculative economic relationship between L2 growth and ecosystem sustainability. By supporting the first wave of production adopters now, this proposal establishes the reference deployments and developer confidence needed to compound ecosystem growth through subsequent cycles..
Treasury Ask: ₳10,425,871
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under the Cardano Constitution (v2.4), because the action is properly specified and (as finalized) includes immutable canonical documentation plus the required administration/oversight, auditability, and custody controls for a Treasury Withdrawal.
Rationale: ## What is being proposed
This governance action proposes a Treasury Withdrawal from the Cardano Treasury to fund the scope described in the action’s canonical proposal.
Constitutional and guardrails consistency (v2.4)
A Treasury Withdrawal is constitutional when it meets (a) the governance action standards for a stable, legible, immutable off-chain reference (URL + hash / content-addressed reference), and (b) the Treasury Withdrawals standards requiring: clear purpose and delivery period; relevant costs/expenses; refund/return circumstances; disclosure of prior treasury receipts (last 24 months); Net Change Limit compliance; allocation for independent audits and oversight metrics; designation of one or more administrators responsible for monitoring funds and verifying deliverables; and segregated auditable holding accounts (delegated to predefined abstain) for any funds held by administrators prior to onward disbursement.
Basis for a YES finding (positive)
Cardano Curia supports constitutionality because the finalized submission state:
- Locks the canonical proposal to an immutable reference with a verifiable content hash (reducing bait-and-switch risk).
- Specifies purpose, delivery period, and cost/expense framing sufficient for responsible treasury stewardship.
- Designates administrators / responsible parties and includes oversight metrics and reporting expectations.
- Includes independent audit provisions and budget allocation for audit/oversight.
- Implements custody controls consistent with the Constitution (segregated, auditable holding arrangements for administrator-held funds, delegated to predefined abstain until disbursement).
Determination
For the reasons above, Cardano Curia determines this Treasury Withdrawal is constitutional under Constitution v2.4, provided the on-chain references exactly match the immutable canonical documents (content/hash match).
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals are constitutional when the scope is verifiably locked to immutable documentation and when administrator designation, custody segregation, and independent auditability are explicitly implemented to protect the Treasury and enable third-party verification.
Counterargument Discussion: The most material constitutionality failure modes for Treasury Withdrawals are (1) mutable or ambiguous canonical documents (bait-and-switch risk), and (2) weak or missing administrator/custody/audit controls. This positive finding assumes those controls are present and verifiable in the final immutable submission artifacts referenced by the action.
Conclusion: Cardano Curia votes YES on constitutionality (5–0). The action is constitutional under Constitution v2.4 given immutable documentation and explicit administration/auditability/custody controls consistent with Treasury Withdrawal standards.
Governance Action Details
Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=QmQBhjELHaMKhYZjwuskHS9NRyvUdiGv69aK8C1H787c5A](https://ipnso-com.ipns.dweb.link/?cid=QmQBhjELHaMKhYZjwuskHS9NRyvUdiGv69aK8C1H787c5A)
Cardano's strongest differentiator is its focus on security and correctness, but the tools that deliver on that promise have so far been the domain of auditors and formal methods experts. This proposal lowers the barrier: it brings automated formal verification, and the full high-assurance toolkit, within reach of every Cardano developer.
Two workstreams deliver this. The first extends Blaster, IO's open-source automated formal verification tool, from single-script verification to full DApp-level verification. Blaster has already been used to prove correctness properties on production DApps including Djed and USDCx, and has received strong feedback from the Cardano developer community. Today, extending those results to an entire DApp requires manually decomposing properties and verifying each script in isolation. This proposal removes that manual work by automating verification at the DApp level. It also connects Blaster to four smart contract languages (Aiken, Pebble, Scalus, and Futura), so developers can invoke verification directly from their native toolchain. It delivers a VS Code extension with visual counterexample exploration and inline verification feedback, creates a Common Vulnerability Library with ready-made security templates for major DApp categories, and adds an equivalence checking tool that formally proves two UPLC programs are semantically identical, enabling safe and aggressive optimization. The second workstream delivers a Container-Based Developer Environment (CBDE) that packages the complete high-assurance toolkit into a single-command setup, compressing environment configuration from days into one click.
The outcome is a stronger foundation for everyone who depends on Cardano: DeFi users get DApps whose correctness has been mathematically proven, developers get tools that make high-assurance engineering practical, and the ecosystem gets a toolkit maintained collectively by multiple teams.
The work is structured as a technical collaboration: IO, Lantr, Harmonic Labs, SAIB, Midgard Labs, TxPipe, and No.Witness Labs each contribute defined components, distributing delivery and long-term maintenance across the ecosystem. Intersect administers funds via milestone-based disbursement with independent oversight, and unspent funds return to the Treasury.
Treasury Ask: ₳13,078,578
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under the Cardano Constitution (v2.4), because (as finalized) it is properly specified and includes immutable canonical documentation plus the required administration/oversight, auditability, and custody controls for a Treasury Withdrawal.
Rationale: ## What is being proposed
This governance action proposes a Treasury Withdrawal from the Cardano Treasury to fund the scope described in the action’s canonical proposal linked from GovTool.
Constitutional and guardrails consistency (v2.4)
A Treasury Withdrawal is constitutional when it meets (a) the governance action standards for a stable, legible, immutable off-chain reference (URL + hash / content-addressed reference), and (b) the Treasury Withdrawals standards requiring: clear purpose and delivery period; relevant costs/expenses; refund/return circumstances; disclosure of prior treasury receipts (last 24 months); Net Change Limit compliance; allocation for independent audits and oversight metrics; designation of one or more administrators responsible for monitoring funds and verifying deliverables; and segregated auditable holding accounts (delegated to predefined abstain) for any funds held by administrators prior to onward disbursement.
Basis for a YES finding (positive)
Cardano Curia supports constitutionality because the finalized submission state:
- Locks the canonical proposal to an immutable reference with a verifiable content hash (reducing bait-and-switch risk).
- Specifies purpose, delivery period, and cost/expense framing sufficient for responsible treasury stewardship.
- Designates administrators / responsible parties and includes oversight metrics and reporting expectations.
- Includes independent audit provisions and budget allocation for audit/oversight.
- Implements custody controls consistent with the Constitution (segregated, auditable holding arrangements for administrator-held funds, delegated to predefined abstain until disbursement).
Determination
For the reasons above, Cardano Curia determines this Treasury Withdrawal is constitutional under Constitution v2.4, provided the on-chain references exactly match the immutable canonical documents (content/hash match).
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals are constitutional when the scope is verifiably locked to immutable documentation and when administrator designation, custody segregation, and independent auditability are explicitly implemented to protect the Treasury and enable third-party verification.
Counterargument Discussion: The most material constitutionality failure modes for Treasury Withdrawals are (1) mutable or ambiguous canonical documents (bait-and-switch risk), and (2) weak or missing administrator/custody/audit controls. This positive finding assumes those controls are present and verifiable in the final immutable submission artifacts referenced by the action.
Conclusion: Cardano Curia votes YES on constitutionality (5–0). The action is constitutional under Constitution v2.4 given immutable documentation and explicit administration/auditability/custody controls consistent with Treasury Withdrawal standards.
Governance Action Details
Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=Qmd7G7L6xinunTLU9JorPLYyFCLGRarXEn7RngdNYgNH3B](https://ipnso-com.ipns.dweb.link/?cid=Qmd7G7L6xinunTLU9JorPLYyFCLGRarXEn7RngdNYgNH3B)
This proposal strengthens Cardano’s smart contract platform across three critical and closely connected areas: language capabilities, formal correctness, and developer experience. It funds targeted expansion to the Plutus language with new syntactic forms and new primitives to reduce script costs, improve expressiveness, and unlock more efficient contract patterns; formal specification, conformance testing, and structured security review to support correctness as node diversity grows; and a better compiler and tooling experience that lowers setup friction, improves error reporting, and makes smart contract development more accessible. Together, these workstreams make Plutus cheaper to use, more trustworthy to build on, and easier for developers to adopt, helping Cardano support a broader range of applications while also providing stronger foundations for alternative node implementations and other ecosystem tooling.
This is a technical collaboration with Input Output and VacuumLabs, distributing Plutus stewardship across expert teams. Intersect administers funds via milestone-based smart contracts with independent oversight. All unspent funds return to the Treasury.
Treasury Ask: ₳11,877,575
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under the Cardano Constitution (v2.4), because (as finalized) it is properly specified and includes immutable canonical documentation plus the required administration/oversight, auditability, and custody controls for a Treasury Withdrawal.
Rationale: ## What is being proposed
This governance action proposes a Treasury Withdrawal from the Cardano Treasury to fund the scope described in the action’s canonical proposal referenced from GovTool.
Constitutional and guardrails consistency (v2.4)
A Treasury Withdrawal is constitutional when it meets (a) the governance action standards for a stable, legible, immutable off-chain reference (URL + hash / content-addressed reference), and (b) the Treasury Withdrawals standards requiring: clear purpose and delivery period; relevant costs/expenses; refund/return circumstances; disclosure of prior treasury receipts (last 24 months); Net Change Limit compliance; allocation for independent audits and oversight metrics; designation of one or more administrators responsible for monitoring funds and verifying deliverables; and segregated auditable holding accounts (delegated to predefined abstain) for any funds held by administrators prior to onward disbursement.
Basis for a YES finding (positive)
Cardano Curia supports constitutionality because the finalized submission state:
- Locks the canonical proposal to an immutable reference with a verifiable content hash (reducing bait-and-switch risk).
- Specifies purpose, delivery period, and cost/expense framing sufficient for responsible treasury stewardship.
- Designates administrators / responsible parties and includes oversight metrics and reporting expectations.
- Includes independent audit provisions and budget allocation for audit/oversight.
- Implements custody controls consistent with the Constitution (segregated, auditable holding arrangements for administrator-held funds, delegated to predefined abstain until disbursement).
Determination
For the reasons above, Cardano Curia determines this Treasury Withdrawal is constitutional under Constitution v2.4, provided the on-chain references exactly match the immutable canonical documents (content/hash match).
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals are constitutional when the scope is verifiably locked to immutable documentation and when administrator designation, custody segregation, and independent auditability are explicitly implemented to protect the Treasury and enable third-party verification.
Counterargument Discussion: The most material constitutionality failure modes for Treasury Withdrawals are (1) mutable or ambiguous canonical documents (bait-and-switch risk), and (2) weak or missing administrator/custody/audit controls. This positive finding assumes those controls are present and verifiable in the final immutable submission artifacts referenced by the action.
Conclusion: Cardano Curia votes YES on constitutionality (5–0). The action is constitutional under Constitution v2.4 given immutable documentation and explicit administration/auditability/custody controls consistent with Treasury Withdrawal standards.
Governance Action Details
Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=QmUdbgB3eHms52HY4oha5u2V4mrpCZkhBw2AaozeMiz8sL](https://ipnso-com.ipns.dweb.link/?cid=QmUdbgB3eHms52HY4oha5u2V4mrpCZkhBw2AaozeMiz8sL)
One of the primary challenges in decentralizing access to data-providing services such as Blockfrost is the substantial amount of resources required to index the entire Cardano blockchain dataset, even when only a fraction of that data is needed in practice.
As Cardano prepares for Leios, the cost of indexing the full blockchain dataset will grow substantially. Today, participating in data-serving infrastructure requires indexing the entire chain. This prices out smaller operators and concentrates infrastructure around fewer providers.
Project Cayley introduces decentralized slice indexing — allowing SPOs and node operators to choose which portions of the chain they want to index and serve. This lowers the barrier to participation, reduces infrastructure costs across the ecosystem, and keeps data-serving infrastructure decentralized as the chain scales. Its modular multi-chain architecture further enables developers to access data across Cardano, Midnight, and Bitcoin through a unified API.
This proposal funds two components: Project Cayley ($1,000,000) to build the next-generation indexing architecture, and an operational subsidy ($900,000) to maintain the free-tier infrastructure that Blockfrost has funded entirely on its own since inception. Total ask: ₳7.92M ($1,900,000 at $0.24/₳).
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under the Cardano Constitution (v2.4), because (as finalized) it is properly specified and includes immutable canonical documentation plus the required administration/oversight, auditability, and custody controls for a Treasury Withdrawal.
Rationale: ## What is being proposed
This governance action proposes a Treasury Withdrawal from the Cardano Treasury to fund the scope described in the action’s canonical proposal referenced from GovTool.
Constitutional and guardrails consistency (v2.4)
A Treasury Withdrawal is constitutional when it meets (a) the governance action standards for a stable, legible, immutable off-chain reference (URL + hash / content-addressed reference), and (b) the Treasury Withdrawals standards requiring: clear purpose and delivery period; relevant costs/expenses; refund/return circumstances; disclosure of prior treasury receipts (last 24 months); Net Change Limit compliance; allocation for independent audits and oversight metrics; designation of one or more administrators responsible for monitoring funds and verifying deliverables; and segregated auditable holding accounts (delegated to predefined abstain) for any funds held by administrators prior to onward disbursement.
Basis for a YES finding (positive)
Cardano Curia supports constitutionality because the finalized submission state:
- Locks the canonical proposal to an immutable reference with a verifiable content hash (reducing bait-and-switch risk).
- Specifies purpose, delivery period, and cost/expense framing sufficient for responsible treasury stewardship.
- Designates administrators / responsible parties and includes oversight metrics and reporting expectations.
- Includes independent audit provisions and budget allocation for audit/oversight.
- Implements custody controls consistent with the Constitution (segregated, auditable holding arrangements for administrator-held funds, delegated to predefined abstain until disbursement).
Determination
For the reasons above, Cardano Curia determines this Treasury Withdrawal is constitutional under Constitution v2.4, provided the on-chain references exactly match the immutable canonical documents (content/hash match).
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals are constitutional when the scope is verifiably locked to immutable documentation and when administrator designation, custody segregation, and independent auditability are explicitly implemented to protect the Treasury and enable third-party verification.
Counterargument Discussion: The most material constitutionality failure modes for Treasury Withdrawals are (1) mutable or ambiguous canonical documents (bait-and-switch risk), and (2) weak or missing administrator/custody/audit controls. This positive finding assumes those controls are present and verifiable in the final immutable submission artifacts referenced by the action.
Conclusion: Cardano Curia votes YES on constitutionality (5–0). The action is constitutional under Constitution v2.4 given immutable documentation and explicit administration/auditability/custody controls consistent with Treasury Withdrawal standards.
Governance Action Details
Proposal as pdf: https://ipnso-com.ipns.dweb.link/?cid=bafybeibbrhuis55rl52hsp5rboooobjg4rvq7q5ly2mern7s7f3xcbjzwi
Bitcoin is a $1.5T asset with virtually no native DeFi infrastructure. The race to become the dominant credit and liquidity layer for BTC is the largest open market opportunity in crypto. Pogun is an end-to-end Bitcoin liquidity and credit engine built to position Cardano as the definitive home of Bitcoin DeFi.
Demonstrating our commitment to the proper use of public funds, Pogun will return 20% of EBITDA to the Cardano Treasury until the initial funding is repaid. This will be followed by an ongoing 5% perpetual return.
Pogun delivers three integrated components:
Credit Market (Q2 2026) - A non-margin peer-to-peer credit market. A fully on-chain, oracle-free lending protocol where collateral is only at risk upon default, not price fluctuations.
Yield (Q3 2026) - A deposit-and-earn layer that routes user capital into yield-generating strategies across private credit, RWAs, and structured fixed-income products.
* Bridge (Q4 2026) - BitVM-powered trust-minimized bridge providing 1-of-N security for institutional-grade Bitcoin custody: bridge BTC to Cardano, borrow against it, and earn without surrendering custody of the underlying asset.
To execute this roadmap, this treasury withdrawal requests ₳12.29M (equivalent to $2.95M USD at a reference rate of $.24/₳).
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under the Cardano Constitution (v2.4), as the action is properly specified and includes the required immutability, administration/oversight, auditability, and custody controls expected for a Treasury Withdrawal.
Rationale: ## What is being proposed
This governance action proposes a Treasury Withdrawal to fund Input Output’s "IO: Consensus Initiative (Leios)" work program.
Constitutional and guardrails consistency (v2.4)
A Treasury Withdrawal is constitutional when it complies with (a) the governance action standards for stable/immutable off-chain referencing (URL + hash / content-addressed reference), and (b) the Treasury Withdrawals standards requiring: clear purpose and delivery period; relevant costs/expenses; refund/return circumstances; disclosure of prior treasury receipts (last 24 months); Net Change Limit compliance; allocation for independent audits and oversight metrics; designation of one or more administrators responsible for monitoring funds and verifying deliverables; and segregated auditable holding accounts (delegated to predefined abstain) for funds held by administrators prior to onward disbursement.
Basis for a YES finding (positive)
Cardano Curia supports constitutionality on the basis that the finalized submission state:
- References the canonical proposal in an immutable, verifiable way (stable URI(s) and content hash / content addressing).
- Specifies delivery scope and period for the funded program.
- Includes governance administration and oversight (named administrators / responsible parties) and a monitoring/reporting mechanism.
- Includes auditability commitments (independent audit and public traceability expectations) and budget allocation for those functions.
- Uses segregated custody controls for administrator-held funds consistent with the Constitution (auditable accounts; delegated to predefined abstain until disbursement).
Determination
For the reasons above, Cardano Curia determines this Treasury Withdrawal is constitutional under Constitution v2.4, provided the on-chain references exactly match the immutable canonical documents (hash match / content match).
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals funding core protocol/ecosystem infrastructure can be constitutional when the scope is verifiably locked to immutable documentation, and when administrator designation, custody segregation, and independent auditability are explicitly implemented to protect the Treasury and enable third-party verification.
Counterargument Discussion: The main constitutionality failure modes for Treasury Withdrawals are (1) mutable or ambiguous canonical documents (bait-and-switch risk), and (2) missing or weak administrator designation, custody segregation, and independent auditability controls. This positive determination assumes those controls are present and verifiable in the final, immutable submission artifacts referenced by the action.
Conclusion: Cardano Curia votes YES on constitutionality (5–0). The action is constitutional under Constitution v2.4 given immutable documentation and explicit administration/auditability/custody controls consistent with Treasury Withdrawal standards.
Governance Action Details
Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=QmPdBp8QjKaPdYdvwLxzDiCxX85hGx8H6rxbSvTTuLkcx2](https://ipnso-com.ipns.dweb.link/?cid=QmPdBp8QjKaPdYdvwLxzDiCxX85hGx8H6rxbSvTTuLkcx2)
Cardano needs a step change in throughput to meet its 2030 ambitions, and Leios is how it gets there. This proposal funds the path from public testnet to a mainnet-ready release candidate — delivering a 10–65x increase in transaction capacity.
Why this scale matters: Cardano's 2030 strategy targets growth from roughly 800,000 monthly transactions to over 27 million. At sustainable utilization levels, that requires at least 6x current capacity. Leios delivers 10x or more — giving significant room to grow. It works by enhancing Cardano's existing Ouroboros Praos consensus with Endorser Blocks and committee-based validation, increasing throughput without compromising decentralization or making stake pool operations unviable.
The current budget cycle (ending June 2026) delivers an early public testnet. This proposal picks up from there and focuses on three objectives. First, a release candidate: maturing the implementation through substantial engineering, conformance testing against formal specifications, and integration into the primary node. Second, high confidence: systematic validation through parameter exploration, load testing, and adversarial red-teaming on the public testnet. Third, hard-fork enabling: everything within IO's control to make the Leios hard fork possible, including stable interfaces for ecosystem tools (DB-Sync, Mithril, Blockfrost), SPO and developer workshops, governance artifact preparation, and contingency procedures. The proposal explicitly excludes external dependencies like the community hard-fork vote from its acceptance criteria — those are captured as risks, not promises. Intersect administers all funds through milestone-based smart contracts with independent oversight. Unspent funds return to the Treasury.
Treasury Ask: ₳27,714,342
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under the Cardano Constitution (v2.4), as the action is properly specified and (as finalized) includes immutable canonical documentation plus the required administration/oversight, auditability, and custody controls for a Treasury Withdrawal.
Rationale: ## What is being proposed
This governance action proposes a Treasury Withdrawal to fund the "IO & Ensurable Systems: Cardano Maintenance Initiative" — continuous core maintenance and operational support from Q3 2026 through Q1 2027.
Constitutional and guardrails consistency (v2.4)
A Treasury Withdrawal is constitutional when it meets the governance action standards (stable, immutable off-chain reference with a verifiable hash) and satisfies the Treasury Withdrawals standards requiring: clear purpose and delivery period; relevant costs/expenses; refund/return circumstances; disclosure of prior treasury receipts (last 24 months); Net Change Limit compliance; allocation for independent audits and oversight metrics; designation of one or more administrators responsible for monitoring funds and verifying deliverables; and segregated auditable holding accounts delegated to the predefined abstain option for any funds held by administrators prior to onward disbursement.
Basis for a YES finding (positive)
Cardano Curia supports constitutionality because the finalized submission state:
- Locks the canonical proposal to an immutable reference (stable URI(s) + content hash / content addressing), reducing bait-and-switch risk.
- Specifies a defined purpose and delivery window (Q3 2026 through Q1 2027) focused on core maintenance and operational continuity.
- Includes administration/oversight structures (named responsible parties/administrators and monitoring expectations) suitable for treasury stewardship.
- Includes auditability measures (oversight metrics and independent audit provisions) and budgeting to support them.
- Uses custody controls consistent with the Constitution (segregated auditable holding arrangements for administrator-held funds, delegated to predefined abstain until disbursement).
Determination
For the reasons above, Cardano Curia determines this Treasury Withdrawal is constitutional under Constitution v2.4, provided the on-chain references exactly match the immutable canonical documents (content/hash match).
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals funding core infrastructure stewardship can be constitutional when the scope is verifiably locked to immutable documentation and when administrator designation, custody segregation, and independent auditability are explicitly implemented to protect the Treasury and enable third-party verification.
Counterargument Discussion: The main constitutionality failure modes for Treasury Withdrawals are (1) mutable or ambiguous canonical documents, and (2) weak or missing administrator/custody/audit controls. This positive finding assumes those controls are present and verifiable in the final immutable submission artifacts referenced by the action.
Conclusion: Cardano Curia votes YES on constitutionality (5–0). The action is constitutional under Constitution v2.4 given immutable documentation and explicit administration/auditability/custody controls consistent with Treasury Withdrawal standards.
Governance Action Details
Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=QmYKV7vbX9pwNxst2qWpmtM2k6LRJB4NKKNFJSQyh7zojz](https://ipnso-com.ipns.dweb.link/?cid=QmYKV7vbX9pwNxst2qWpmtM2k6LRJB4NKKNFJSQyh7zojz)
Every feature, upgrade, and innovation proposed for Cardano depends on a stable, secure, and well-maintained platform underneath. This proposal funds that foundation — continuous core maintenance and operational support from Q3 2026 through Q1 2027.
Maintenance is not discretionary. It covers nine functional areas that together constitute the full support envelope for Cardano: bug fixing and security reviews, CI/CD and infrastructure operations (including disaster recovery per CIP-135), mainnet and mempool monitoring, the Cardano Blueprint documentation project, open-source community support, systematic performance analysis and optimization, quality assurance and release sign-off, full node release management with L1/L2/L3 incident response, and component maintenance across Plutus Core, DB-Sync, guardrails scripts, APIs, and CLI tools.
The value is both protective and enabling. On the protective side, this work ensures network uptime, swift incident resolution, and proactive security hardening through collaboration with the Intersect Security Council. On the enabling side, it delivers the Cardano Blueprint — implementation-independent specifications that lower the barrier for alternative node implementations — and continuous performance optimization that safeguards throughput gains and release quality. IO is collaborating with Ensurable Systems to distribute infrastructure stewardship. Intersect administers funds through milestone-based smart contracts with independent third-party assurance and transparent on-chain dashboards. Unspent funds return to the Treasury.
Treasury Ask: ₳62,134,630
Cardano Curia Rationale
Summary: Cardano Curia finds this Treasury Withdrawal constitutional under Constitution v2.4 now that (1) the canonical proposal is pinned to immutable storage with a fixed hash, and (2) named administrators and segregated holding accounts (delegated to predefined abstain) are specified for custody and oversight.
Rationale: ## What is being proposed
This governance action is a Treasury Withdrawal requesting funds from the Cardano Treasury to deliver the activities and deliverables described in the canonical proposal.
Constitutional and guardrails consistency (v2.4)
Under Constitution v2.4, a Treasury Withdrawal is constitutional when it meets the governance action standards (stable/immutable off-chain reference + hash) and the Treasury Withdrawal standards, including: clear purpose and delivery period, cost/expense framing, refund/close-out conditions, disclosure of prior treasury receipts (last 24 months), compliance with the Net Change Limit, independent audit and oversight metrics budgeting, designation of administrators for monitoring and deliverable verification, and use of segregated auditable holding accounts delegated to the predefined abstain option prior to further disbursement.
Checks satisfied (based on the submitter’s updates)
- Immutability: Canonical proposal and annexes are now pinned to immutable storage and referenced by a fixed hash.
- Administration & custody: One or more administrators are explicitly designated; treasury funds are held in segregated auditable accounts and delegated to predefined abstain prior to onward disbursement.
- Treasury Withdrawal completeness: Purpose, delivery period, cost framing, refund/close-out conditions, NCL compliance, audit/oversight allocation, and required disclosures are asserted in the supporting documentation.
Determination
With the two previously material procedural gaps resolved (immutability + administrator/custody requirements), Cardano Curia determines this action is constitutional under Constitution v2.4. Any future divergence between on-chain references and the canonical immutable documents (hash mismatch) would negate this determination.
Precedent Discussion: This determination supports the precedent that Treasury Withdrawals are constitutional when (a) the canonical scope is immutably referenced and hash-locked, and (b) administrators, auditability, and segregated custody controls are clearly specified to protect the Treasury and enable third-party verification.
Counterargument Discussion: Two counterarguments were previously material: (1) potential ambiguity or mutability of the canonical proposal text; and (2) unclear designation of administrators and segregated holding/custody controls. The submitter states both issues are now resolved via immutable hosting + hash and explicit administrator/custody specification.
Conclusion: Cardano Curia votes constitutional (5–0) because the action, as updated, satisfies the Constitution v2.4 governance action standards and Treasury Withdrawal requirements, including immutable documentation and explicit administrator + segregated custody/auditability controls.
Governance Action Details
Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=QmQPLwjTwZeGrzsgs2QiC6crJLcMg64fU2kDYZmPZ9o7wf](https://ipnso-com.ipns.dweb.link/?cid=QmQPLwjTwZeGrzsgs2QiC6crJLcMg64fU2kDYZmPZ9o7wf)
Cardano's long-term utility depends on attracting and retaining developers — and this proposal accelerates that by making it dramatically easier to build on the platform. The target: a 30%+ improvement in developer growth rate within 12 months.
Why this matters: Cardano currently has roughly 550 active developers, with no signs of growth, whereas Ethereum added nearly 2,000 new developers per year on average over the last 6 years. Survey data from 109 Cardano builders points to a clear set of barriers — fragmented tooling, scattered documentation, lack of coordination, and a steep learning curve. These are solvable issues, and solving them unlocks the ecosystem flywheel: more builders lead to more DApps, which attract more users and generate more protocol revenue, which attracts more builders.
The initiative delivers five practical outcomes. First, community alignment paired with a bounty program that incentivizes improvements to ecosystem tools and libraries where pain points are greatest. Second, a setup tool ("cardano-init") that lets a new developer go from zero to a working project in minutes, regardless of their preferred tech stack. Third, an OpenZeppelin-style collection of ready-to-use smart contracts that gives builders a solid starting point. Fourth, a unified, simplified onboarding experience in the Developer Portal, built in collaboration with Intersect and coordinated with the team responsible for the Developer Portal. Fifth, a measurement hackathon designed to quantify progress and identify the next priorities.
IO is collaborating with Intersect's Developer Advocate Program and exploring a partnership with TxPipe to broaden delivery capacity. Intersect serves as the designated administrator, with milestone-based disbursement and independent third-party assurance. Unspent funds are returned to the Treasury.
Treasury Ask: ₳3,601,926