{"status":"success","data":[{"_id":"6a1512d73ea9a75799cf8edf","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Diversify Cardano treasury into prime, yield-bearing real-estate","summary":"Bridge Fund is the first European institutional RWA fund natively tokenized on Cardano via CIP-113. It acquires trophy real estate in the Paris Triangle d'Or (Champs-Élysées, Avenue George V), co-invested with Foncière Renaissance (€1.7Bn AUM, 10 years of value-add track record on these assets).\n\nThree convictions guide our thesis:\n\n1. The real estate RWA market will only reach mass adoption through ultra-prime underlying assets, underlying quality precedes token liquidity.\n2. Real RWA liquidity will not come from an OTC secondary market, but from native collateralization within DeFi protocols.\n3. Institutional momentum on RWA has arrived (BlackRock BUIDL, Franklin Templeton, EU private banks). The strategic window is now.\n\nThese convictions are forged by 3 pillars: 5 years of tokenization experience (our founder built and exited PECULE, a tokenization-as-a-service platform); private banking partners ready to co-finance the fund; and Foncière Renaissance, operator of Paris's finest assets.\n\nCardano as Limited Partner, not as donor: the Treasury becomes an LP for €15M (15% of a €100M target total raise, with the remainder funded by our banking partner and our network of Family Offices and wealth advisors). Capital returned at exit, target net IRR of 10%, pari passu with all LPs.\n\nWhat Cardano gains: +€100M of durable fiat-backed TVL, the first production deployment of CIP-113 at institutional scale, the first EU institutional RWA flagship on Cardano, onboarding of 100+ wealth advisors / private banks / family offices, fund units composable across Cardano DeFi.\n\nZero fees requested from the Treasury (tech, Big Four audit, AIFM, legal), 100% self-funded by Bridge Fund. Capital release in milestones (0 / 30 / 30 / 40%) with escrow.\n\nOur mission: build the first prime real estate fund that is both tokenized AND liquid, through its native listing on Cardano's DeFi protocols. Cardano, the infrastructure of European real-economy finance.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1. Cardano Treasury Limited Partner Subscription to Bridge Fund** |  | **63,500,000 ADA** ($16,510,000) |\n| Capital, LP subscription to Bridge Fund SLP | Operations | 63,500,000 ADA ($16,510,000) |\n| **Intersect Budget Administration fee** |  | **1,905,000 ADA** ($495,300) |\n| **Total budget** |  | **65,405,000 ADA** ($17,005,300) |","authors":[{"name":"BRIDGE FUND"}],"version":"9","data":{"upstream":{"contentHash":"8906dd9cd633e4b740e25111f2af8833a26eb16715c110d7f904d1388b09fd32","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fd95dfb05ff80adc7d5c5c","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd95dfb05ff80adc7d5c5c","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"8d3ae4e4a834e5e9525db9f54b9406e1897e8a316cb0b12419898567fb34814a","contentCid":null,"externalProposal":{"id":"69fd95dfb05ff80adc7d5c5c","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd95dfb05ff80adc7d5c5c","snapshot":{"title":"Diversify Cardano treasury into prime, yield-bearing real-estate","summary":"Bridge Fund is the first European institutional RWA fund natively tokenized on Cardano via CIP-113. It acquires trophy real estate in the Paris Triangle d'Or (Champs-Élysées, Avenue George V), co-invested with Foncière Renaissance (€1.7Bn AUM, 10 years of value-add track record on these assets).\n\nThree convictions guide our thesis:\n\n1. The real estate RWA market will only reach mass adoption through ultra-prime underlying assets, underlying quality precedes token liquidity.\n2. Real RWA liquidity will not come from an OTC secondary market, but from native collateralization within DeFi protocols.\n3. Institutional momentum on RWA has arrived (BlackRock BUIDL, Franklin Templeton, EU private banks). The strategic window is now.\n\nThese convictions are forged by 3 pillars: 5 years of tokenization experience (our founder built and exited PECULE, a tokenization-as-a-service platform); private banking partners ready to co-finance the fund; and Foncière Renaissance, operator of Paris's finest assets.\n\nCardano as Limited Partner, not as donor: the Treasury becomes an LP for €15M (15% of a €100M target total raise, with the remainder funded by our banking partner and our network of Family Offices and wealth advisors). Capital returned at exit, target net IRR of 10%, pari passu with all LPs.\n\nWhat Cardano gains: +€100M of durable fiat-backed TVL, the first production deployment of CIP-113 at institutional scale, the first EU institutional RWA flagship on Cardano, onboarding of 100+ wealth advisors / private banks / family offices, fund units composable across Cardano DeFi.\n\nZero fees requested from the Treasury (tech, Big Four audit, AIFM, legal), 100% self-funded by Bridge Fund. Capital release in milestones (0 / 30 / 30 / 40%) with escrow.\n\nOur mission: build the first prime real estate fund that is both tokenized AND liquid, through its native listing on Cardano's DeFi protocols. Cardano, the infrastructure of European real-economy finance.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1. Cardano Treasury Limited Partner Subscription to Bridge Fund** |  | **63,500,000 ADA** ($16,510,000) |\n| Capital, LP subscription to Bridge Fund SLP | Operations | 63,500,000 ADA ($16,510,000) |\n| **Intersect Budget Administration fee** |  | **1,905,000 ADA** ($495,300) |\n| **Total budget** |  | **65,405,000 ADA** ($17,005,300) |","authors":["BRIDGE FUND"],"version":"9","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":65405000,"estimatedDuration":18,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.711Z","updatedAt":"2026-05-26T03:26:15.824Z"},{"_id":"6a1512d73ea9a75799cf8f1c","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Intersect: Governance coordination and technical stewardship for the Cardano ecosystem","summary":"This proposal funds Intersect’s core operating model for June 2026 to June 2027: the Member Based Organization that supports open ecosystem coordination, a reserved capacity to address critical unowned processes, and critically technical stewardship, incident response, and release coordination required to help keep Cardano secure, reliable, and operationally resilient.\n\nThis proposal reflects how Intersect has evolved to better match the needs of the ecosystem. Over the past two years, Intersect has matured from a new coordination body into a more focused operational layer for Cardano. That includes supporting committees and working groups, stewarding the core Haskell repositories, coordinating upgrades and incident response, and administering community-approved initiatives through a distinct and more scalable model.\n\nOur proposal is more focused than last year’s. Compared to last year, the overall ask has reduced from **$7.875M** to **$6.35M**, while preserving the functions that are most critical to Cardano’s continuity and maturity.\n\nThat technical remit should not be underestimated. Intersect has already coordinated two network upgrades, is preparing for a third, and led ecosystem coordination during the November 2025 chain partition incident. As Cardano moves further into decentralized governance, a multi-client future, and the advancements of AI models this function becomes more important, not less.\n\nFunding this proposal means Cardano retains an open coordination layer for governance participation, a mechanism to respond to critical unowned issues, and a technical stewardship function covering release coordination, incident response, repository management, and security initiatives such as bug bounties. Together, these functions provide the operational backbone that helps Cardano evolve with resilience, accountability, and confidence.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP 1 - Intersect operations and ecosystem coordination** |  | **6,000,000 ADA** ($1,500,000) |\n| Organization Operations and Compliance | Operations | 4,400,000 ADA ($1,100,000) |\n| Committee Enablement and Governance Support | Operations | 1,600,000 ADA ($400,000) |\n| **WP 2 - Technical Stewardship, Incident Response & Coordination (including core Cardano repos)** |  | **18,800,000 ADA** ($4,700,000) |\n| Network Security and Resilience | Security & Audits | 6,400,000 ADA ($1,600,000) |\n| Repository Stewardship and Release Management | Operations | 6,000,000 ADA ($1,500,000) |\n| Core Technical Coordination and Communications | Engagement & Ecosystem support | 3,600,000 ADA ($900,000) |\n| Repository Infrastructure and Access Management | Operations | 2,800,000 ADA ($700,000) |\n| **WP 3 - Management of critical processes** |  | **600,000 ADA** ($150,000) |\n| Critical process coverage | Engagement & Ecosystem support | 600,000 ADA ($150,000) |\n| **Total budget** |  | **25,400,000 ADA** ($6,350,000) |","authors":[{"name":"IntersectMBO"}],"version":"3","data":{"upstream":{"contentHash":"c789949acb19ed8cb6c6fe3d28858faed1e57122811844d27836065b0e285b0f","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69e7a834d6a29288536b1200","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e7a834d6a29288536b1200","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"87f923c46955c7ff908fce86e6fc12e7c979c5c73b15a702f081e814819c978e","contentCid":null,"externalProposal":{"id":"69e7a834d6a29288536b1200","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e7a834d6a29288536b1200","snapshot":{"title":"Intersect: Governance coordination and technical stewardship for the Cardano ecosystem","summary":"This proposal funds Intersect’s core operating model for June 2026 to June 2027: the Member Based Organization that supports open ecosystem coordination, a reserved capacity to address critical unowned processes, and critically technical stewardship, incident response, and release coordination required to help keep Cardano secure, reliable, and operationally resilient.\n\nThis proposal reflects how Intersect has evolved to better match the needs of the ecosystem. Over the past two years, Intersect has matured from a new coordination body into a more focused operational layer for Cardano. That includes supporting committees and working groups, stewarding the core Haskell repositories, coordinating upgrades and incident response, and administering community-approved initiatives through a distinct and more scalable model.\n\nOur proposal is more focused than last year’s. Compared to last year, the overall ask has reduced from **$7.875M** to **$6.35M**, while preserving the functions that are most critical to Cardano’s continuity and maturity.\n\nThat technical remit should not be underestimated. Intersect has already coordinated two network upgrades, is preparing for a third, and led ecosystem coordination during the November 2025 chain partition incident. As Cardano moves further into decentralized governance, a multi-client future, and the advancements of AI models this function becomes more important, not less.\n\nFunding this proposal means Cardano retains an open coordination layer for governance participation, a mechanism to respond to critical unowned issues, and a technical stewardship function covering release coordination, incident response, repository management, and security initiatives such as bug bounties. Together, these functions provide the operational backbone that helps Cardano evolve with resilience, accountability, and confidence.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP 1 - Intersect operations and ecosystem coordination** |  | **6,000,000 ADA** ($1,500,000) |\n| Organization Operations and Compliance | Operations | 4,400,000 ADA ($1,100,000) |\n| Committee Enablement and Governance Support | Operations | 1,600,000 ADA ($400,000) |\n| **WP 2 - Technical Stewardship, Incident Response & Coordination (including core Cardano repos)** |  | **18,800,000 ADA** ($4,700,000) |\n| Network Security and Resilience | Security & Audits | 6,400,000 ADA ($1,600,000) |\n| Repository Stewardship and Release Management | Operations | 6,000,000 ADA ($1,500,000) |\n| Core Technical Coordination and Communications | Engagement & Ecosystem support | 3,600,000 ADA ($900,000) |\n| Repository Infrastructure and Access Management | Operations | 2,800,000 ADA ($700,000) |\n| **WP 3 - Management of critical processes** |  | **600,000 ADA** ($150,000) |\n| Critical process coverage | Engagement & Ecosystem support | 600,000 ADA ($150,000) |\n| **Total budget** |  | **25,400,000 ADA** ($6,350,000) |","authors":["IntersectMBO"],"version":"3","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 3: Governance,Pillar 4: Community & Ecosystem Growth,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":25400000,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Other","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.726Z","updatedAt":"2026-05-26T03:26:15.906Z"},{"_id":"6a1512d73ea9a75799cf8f20","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"The Marketing Powered Demand Engine for Cardano","summary":"Cardano stands on strong technical foundations: a mature protocol, a research-driven roadmap and one of the most globally engaged blockchain ecosystems. Yet for enterprise decision-makers, assessing Cardano as business infrastructure remains far from straightforward. Not because the technology can't deliver, but because it's not yet an obvious \"yes.\"\n\nEnterprise leaders are missing three key things: use-case clarity they can act on, proof they can rely on and engagement paths they can build on.\n\nThis proposal delivers a complete enterprise demand generation system that repositions Cardano as \"The Blockchain for Serious Business\": the high-integrity, mission-critical blockchain network for systems that must not fail. The system operates through a three-stage funnel (Attention → Proof → Qualified Leads), designed to work across any enterprise vertical. For the pilot phase, we recommend Institutional DeFi and Supply Chain Traceability as blueprint verticals based on current market readiness. Final selection to be validated with the GMC and aligned with community priorities. The pilot launches in three markets (UK, Germany, Switzerland).\n\nA central Cardano Hub serves as the evidence and engagement environment. Media activation combines real-world events with digital amplification across LinkedIn, native advertising, podcasts and Out of Home, generating over 45 million paid impressions, 320,000 guaranteed native views and over 300,000 clicks to the Cardano Hub.\n\nThe 12-month pilot is structured in four work packages:\n\n- Enable (strategic foundation)\n- Kick-off (V1 DeFi campaign launch)\n- Scale (V1 DeFi optimization and KPI validation) and\n- V2 Supply Chain Traceability (second vertical activation)\n\nTotal investment: €2,978,738 across both verticals, split 53% media to 47% agency services - within the normal range for digital specialist campaigns of this complexity.\n\nScaling is earned through evidence, not assumed.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.17.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - Enable: Strategic Foundation** |  | **3,817,095 ADA** ($648,906) |\n| Enable: Strategic Foundation | Engagement & Ecosystem support | 3,817,095 ADA ($648,906) |\n| **WP 2 - Kick-off Campaign Launch & Media** |  | **3,292,397 ADA** ($559,707) |\n| Campaign Launch & Media | Engagement & Ecosystem support | 3,292,397 ADA ($559,707) |\n| **WP3 - Scale: V1 DeFi Growth & Optimization + Media** |  | **3,919,676 ADA** ($666,345) |\n| DeFi Growth & Optimization + Media | Engagement & Ecosystem support | 3,919,676 ADA ($666,345) |\n| **WP 4 - V2 Supply Chain Traceability** |  | **9,234,345 ADA** ($1,569,839) |\n| Supply Chain Traceability Vertical | Engagement & Ecosystem support | 9,234,345 ADA ($1,569,839) |\n| **Intersect Budget Administration fee** |  | **607,905 ADA** ($103,344) |\n| **Total budget** |  | **20,871,418 ADA** ($3,548,141) |","authors":[{"name":"Serviceplan Group"}],"version":"1","data":{"upstream":{"contentHash":"9971cb4bfd1884598de719072e7f08908ffdcd337b4ee581fac6c3d2f1e8bfb9","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69e21a177a2045bdd2281d1a","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e21a177a2045bdd2281d1a","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"a719312c3e2d377f16bf34f3d3fc166284c378d91562adf237c391ab4f7ff5fc","contentCid":null,"externalProposal":{"id":"69e21a177a2045bdd2281d1a","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e21a177a2045bdd2281d1a","snapshot":{"title":"The Marketing Powered Demand Engine for Cardano","summary":"Cardano stands on strong technical foundations: a mature protocol, a research-driven roadmap and one of the most globally engaged blockchain ecosystems. Yet for enterprise decision-makers, assessing Cardano as business infrastructure remains far from straightforward. Not because the technology can't deliver, but because it's not yet an obvious \"yes.\"\n\nEnterprise leaders are missing three key things: use-case clarity they can act on, proof they can rely on and engagement paths they can build on.\n\nThis proposal delivers a complete enterprise demand generation system that repositions Cardano as \"The Blockchain for Serious Business\": the high-integrity, mission-critical blockchain network for systems that must not fail. The system operates through a three-stage funnel (Attention → Proof → Qualified Leads), designed to work across any enterprise vertical. For the pilot phase, we recommend Institutional DeFi and Supply Chain Traceability as blueprint verticals based on current market readiness. Final selection to be validated with the GMC and aligned with community priorities. The pilot launches in three markets (UK, Germany, Switzerland).\n\nA central Cardano Hub serves as the evidence and engagement environment. Media activation combines real-world events with digital amplification across LinkedIn, native advertising, podcasts and Out of Home, generating over 45 million paid impressions, 320,000 guaranteed native views and over 300,000 clicks to the Cardano Hub.\n\nThe 12-month pilot is structured in four work packages:\n\n- Enable (strategic foundation)\n- Kick-off (V1 DeFi campaign launch)\n- Scale (V1 DeFi optimization and KPI validation) and\n- V2 Supply Chain Traceability (second vertical activation)\n\nTotal investment: €2,978,738 across both verticals, split 53% media to 47% agency services - within the normal range for digital specialist campaigns of this complexity.\n\nScaling is earned through evidence, not assumed.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.17.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - Enable: Strategic Foundation** |  | **3,817,095 ADA** ($648,906) |\n| Enable: Strategic Foundation | Engagement & Ecosystem support | 3,817,095 ADA ($648,906) |\n| **WP 2 - Kick-off Campaign Launch & Media** |  | **3,292,397 ADA** ($559,707) |\n| Campaign Launch & Media | Engagement & Ecosystem support | 3,292,397 ADA ($559,707) |\n| **WP3 - Scale: V1 DeFi Growth & Optimization + Media** |  | **3,919,676 ADA** ($666,345) |\n| DeFi Growth & Optimization + Media | Engagement & Ecosystem support | 3,919,676 ADA ($666,345) |\n| **WP 4 - V2 Supply Chain Traceability** |  | **9,234,345 ADA** ($1,569,839) |\n| Supply Chain Traceability Vertical | Engagement & Ecosystem support | 9,234,345 ADA ($1,569,839) |\n| **Intersect Budget Administration fee** |  | **607,905 ADA** ($103,344) |\n| **Total budget** |  | **20,871,418 ADA** ($3,548,141) |","authors":["Serviceplan Group"],"version":"1","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth","totalBudget":20871418,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.727Z","updatedAt":"2026-05-26T03:26:15.912Z"},{"_id":"6a1512d73ea9a75799cf8eee","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Wormhole Cross-Chain Infrastructure for Cardano: Institutional RWAs, Native Multichain Stablecoins","summary":"Wormhole connects 40+ blockchains with $70B+ cumulative volume and 1B+ messages. The infrastructure enables Securitize ($4B+ AUM: BlackRock BUIDL, Apollo, Hamilton Lane, VanEck), DigiFT ($205M: UBS uMINT, Invesco, China Merchants Bank), M0 ($779M wholesale stablecoin infrastructure powering MetaMask mUSD and Noble USDN), and pipeline partners (Sky/USDS, RLUSD, Transfero BRZ, Folks Finance, Centrifuge, tBTC, sBTC) to extend to Cardano. The integration is complementary to existing cross-chain efforts on Cardano, expanding the ecosystem's capabilities in institutional RWAs, native mint/burn stablecoins, Bitcoin liquidity, and multichain ADA.\n\nEach cross-chain transaction executes on Cardano and pays fees to the treasury. Base case: 50,000+ Y1 messages, with order-of-magnitude growth in Y2. Break-even from direct fee capture targeted within 36-48 months.\n\nEvery KPI is auditable on-chain via WormholeScan. The community can independently verify delivery in real time. The proposal commits to bridge + swap and bridge + deposit flows so users arriving on Cardano are immediately active in DeFi, driving real volume and treasury fee revenue from day one.\n\n5-6 months active engineering with Cardano Foundation engineering support. Single $5M treasury withdrawal upon vote approval. Quarterly delivery reporting against published milestones. Administrator: Intersect.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Infrastructure, Integration & 24-Month Operational Support** |  | **16,000,000 ADA** ($4,000,000) |\n| Integration & Development | Development | 16,000,000 ADA ($4,000,000) |\n| **Bridge TVL Campaigns & Ecosystem Activation** |  | **4,000,000 ADA** ($1,000,000) |\n| Portal Bridge TVL campaigns | Engagement & Ecosystem support | 1,600,000 ADA ($400,000) |\n| DEX LP bootstrapping | Engagement & Ecosystem support | 1,000,000 ADA ($250,000) |\n| Lending protocol incentives | Engagement & Ecosystem support | 600,000 ADA ($150,000) |\n| Cross-chain flow incentives | Engagement & Ecosystem support | 400,000 ADA ($100,000) |\n| Co-incentive programs with asset partners | Engagement & Ecosystem support | 400,000 ADA ($100,000) |\n| **Intersect Budget Administration fee** |  | **600,000 ADA** ($150,000) |\n| **Total budget** |  | **20,600,000 ADA** ($5,150,000) |","authors":[{"name":"Wormhole Foundation"}],"version":"1","data":{"upstream":{"contentHash":"5653efde1932fd5bdc7b7be5fe29d3eba2dddf2e298fcad0e6fcd88df905015c","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fce80ae1ab5d003a0cab6c","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fce80ae1ab5d003a0cab6c","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"7a784b05b1747872e9efc51f01b85afb81b697d15213078632857344b4dd3e01","contentCid":null,"externalProposal":{"id":"69fce80ae1ab5d003a0cab6c","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fce80ae1ab5d003a0cab6c","snapshot":{"title":"Wormhole Cross-Chain Infrastructure for Cardano: Institutional RWAs, Native Multichain Stablecoins","summary":"Wormhole connects 40+ blockchains with $70B+ cumulative volume and 1B+ messages. The infrastructure enables Securitize ($4B+ AUM: BlackRock BUIDL, Apollo, Hamilton Lane, VanEck), DigiFT ($205M: UBS uMINT, Invesco, China Merchants Bank), M0 ($779M wholesale stablecoin infrastructure powering MetaMask mUSD and Noble USDN), and pipeline partners (Sky/USDS, RLUSD, Transfero BRZ, Folks Finance, Centrifuge, tBTC, sBTC) to extend to Cardano. The integration is complementary to existing cross-chain efforts on Cardano, expanding the ecosystem's capabilities in institutional RWAs, native mint/burn stablecoins, Bitcoin liquidity, and multichain ADA.\n\nEach cross-chain transaction executes on Cardano and pays fees to the treasury. Base case: 50,000+ Y1 messages, with order-of-magnitude growth in Y2. Break-even from direct fee capture targeted within 36-48 months.\n\nEvery KPI is auditable on-chain via WormholeScan. The community can independently verify delivery in real time. The proposal commits to bridge + swap and bridge + deposit flows so users arriving on Cardano are immediately active in DeFi, driving real volume and treasury fee revenue from day one.\n\n5-6 months active engineering with Cardano Foundation engineering support. Single $5M treasury withdrawal upon vote approval. Quarterly delivery reporting against published milestones. Administrator: Intersect.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Infrastructure, Integration & 24-Month Operational Support** |  | **16,000,000 ADA** ($4,000,000) |\n| Integration & Development | Development | 16,000,000 ADA ($4,000,000) |\n| **Bridge TVL Campaigns & Ecosystem Activation** |  | **4,000,000 ADA** ($1,000,000) |\n| Portal Bridge TVL campaigns | Engagement & Ecosystem support | 1,600,000 ADA ($400,000) |\n| DEX LP bootstrapping | Engagement & Ecosystem support | 1,000,000 ADA ($250,000) |\n| Lending protocol incentives | Engagement & Ecosystem support | 600,000 ADA ($150,000) |\n| Cross-chain flow incentives | Engagement & Ecosystem support | 400,000 ADA ($100,000) |\n| Co-incentive programs with asset partners | Engagement & Ecosystem support | 400,000 ADA ($100,000) |\n| **Intersect Budget Administration fee** |  | **600,000 ADA** ($150,000) |\n| **Total budget** |  | **20,600,000 ADA** ($5,150,000) |","authors":["Wormhole Foundation"],"version":"1","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth","totalBudget":20600000,"estimatedDuration":24,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.715Z","updatedAt":"2026-05-26T03:26:15.843Z"},{"_id":"6a1512d73ea9a75799cf8f1b","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Cardano Builder DAO","summary":"The Cardano Builder DAO is an ecosystem-wide, purpose-built, smart contract-governed funding mechanism to support projects advancing Cardano’s Vision 2030 through measurable ecosystem KPIs. Its role is to allocate capital to builders who can drive growth in the metrics that matter most to Cardano’s long-term success, including monthly active users, monthly on-chain transactions, and TVL. ([One Pager](https://docsend.com/view/rk8fzhjmv49ijn6m))\n\nThis proposal is part of the Initiative DAO Framework: [One Pager](https://docsend.com/view/9jvuzx6ejpnutpmq) and [Explainer Video](https://www.youtube.com/watch?v=E4Y_tByBs7E), and how this helps [Cardano evolve past Catalyst](https://medium.com/@Clarity_/evolving-past-catalyst-why-cardano-needs-domain-specific-daos-fa9a84af4e63)\n\nThe CB DAO was the first successful pilot of the Initiative DAO framework in 2025. In the 2026 budget cycle, dReps, builders, marketers, and developers across the Cardano ecosystem have come together to propose expanding the application of this framework to other parts of the ecosystem. This is a grassroots, community driven effort to expand a proven model of funding to essential parts of the ecosystem that have traditionally been candidates for Catalyst funding.\n\nThe Initiative DAO Framework improves how ecosystem funding is allocated across the verticals that matter most for Cardano’s growth and operation. Rather than distributing treasury capital through fragmented proposal-by-proposal processes, the framework organizes capital into specialized DAOs with clear mandates, transparent reporting, aligned incentives, and built-in accountability. To preserve clarity of mandate and avoid overlapping treasury support, requesting members of the CB DAO are not permitted to receive funding from other DAOs at the same time.\n\nHere are our reflections on operating the [CB DAO](https://medium.com/@Clarity_/reflections-on-the-two-governance-cycles-of-claritys-biggest-dao-the-cardano-builder-dao-500d84d6fbec)","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **DAO Deployment, Treasury Setup, and Member Onboarding** |  | **1,000,000 ADA** ($250,000) |\n| Entity Renewal | Legal & Compliance | 8,000 ADA ($2,000) |\n| Council Compensation | Operations | 300,000 ADA ($75,000) |\n| Legal Costs | Legal & Compliance | 60,000 ADA ($15,000) |\n| DAO Service Providers | Operations | 632,000 ADA ($158,000) |\n| **Governance Round 3 Temperature Checks and Proposal Signaling** |  | **9,500,000 ADA** ($2,375,000) |\n| Ecosystem Builder Funding | Governance | 9,500,000 ADA ($2,375,000) |\n| **Governance Round 4 Temperature Checks and Participation Records** |  | **9,500,000 ADA** ($2,375,000) |\n| Ecosystem Builder Funding | Governance | 9,500,000 ADA ($2,375,000) |\n| **Intersect Budget Administration fee** |  | **600,000 ADA** ($150,000) |\n| **Total budget** |  | **20,600,000 ADA** ($5,150,000) |","authors":[{"name":"Cardano Builder DAO"}],"version":"3","data":{"upstream":{"contentHash":"b122ff5007684551306b469f8a044f2eec6e47189c5c4c2639ebb327307686eb","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69ebc7cdd73bae0eb2a9952d","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69ebc7cdd73bae0eb2a9952d","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"087d913601c161adc564dd30bd7f54c7bd21c65d8e76fc6bd1f6f2d18f48ce20","contentCid":null,"externalProposal":{"id":"69ebc7cdd73bae0eb2a9952d","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69ebc7cdd73bae0eb2a9952d","snapshot":{"title":"Cardano Builder DAO","summary":"The Cardano Builder DAO is an ecosystem-wide, purpose-built, smart contract-governed funding mechanism to support projects advancing Cardano’s Vision 2030 through measurable ecosystem KPIs. Its role is to allocate capital to builders who can drive growth in the metrics that matter most to Cardano’s long-term success, including monthly active users, monthly on-chain transactions, and TVL. ([One Pager](https://docsend.com/view/rk8fzhjmv49ijn6m))\n\nThis proposal is part of the Initiative DAO Framework: [One Pager](https://docsend.com/view/9jvuzx6ejpnutpmq) and [Explainer Video](https://www.youtube.com/watch?v=E4Y_tByBs7E), and how this helps [Cardano evolve past Catalyst](https://medium.com/@Clarity_/evolving-past-catalyst-why-cardano-needs-domain-specific-daos-fa9a84af4e63)\n\nThe CB DAO was the first successful pilot of the Initiative DAO framework in 2025. In the 2026 budget cycle, dReps, builders, marketers, and developers across the Cardano ecosystem have come together to propose expanding the application of this framework to other parts of the ecosystem. This is a grassroots, community driven effort to expand a proven model of funding to essential parts of the ecosystem that have traditionally been candidates for Catalyst funding.\n\nThe Initiative DAO Framework improves how ecosystem funding is allocated across the verticals that matter most for Cardano’s growth and operation. Rather than distributing treasury capital through fragmented proposal-by-proposal processes, the framework organizes capital into specialized DAOs with clear mandates, transparent reporting, aligned incentives, and built-in accountability. To preserve clarity of mandate and avoid overlapping treasury support, requesting members of the CB DAO are not permitted to receive funding from other DAOs at the same time.\n\nHere are our reflections on operating the [CB DAO](https://medium.com/@Clarity_/reflections-on-the-two-governance-cycles-of-claritys-biggest-dao-the-cardano-builder-dao-500d84d6fbec)","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **DAO Deployment, Treasury Setup, and Member Onboarding** |  | **1,000,000 ADA** ($250,000) |\n| Entity Renewal | Legal & Compliance | 8,000 ADA ($2,000) |\n| Council Compensation | Operations | 300,000 ADA ($75,000) |\n| Legal Costs | Legal & Compliance | 60,000 ADA ($15,000) |\n| DAO Service Providers | Operations | 632,000 ADA ($158,000) |\n| **Governance Round 3 Temperature Checks and Proposal Signaling** |  | **9,500,000 ADA** ($2,375,000) |\n| Ecosystem Builder Funding | Governance | 9,500,000 ADA ($2,375,000) |\n| **Governance Round 4 Temperature Checks and Participation Records** |  | **9,500,000 ADA** ($2,375,000) |\n| Ecosystem Builder Funding | Governance | 9,500,000 ADA ($2,375,000) |\n| **Intersect Budget Administration fee** |  | **600,000 ADA** ($150,000) |\n| **Total budget** |  | **20,600,000 ADA** ($5,150,000) |","authors":["Cardano Builder DAO"],"version":"3","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 3: Governance,Pillar 4: Community & Ecosystem Growth","totalBudget":20600000,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.726Z","updatedAt":"2026-05-26T03:26:15.905Z"},{"_id":"6a1512d73ea9a75799cf8ee0","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Project Janus: A Roadmap to Decentralized Bridge Authorization and Generalized Cross-Chain Messaging","summary":"ChainPort has operated on Cardano mainnet since November 2022 as a primary liquidity gateway, but decentralized minting and release authorization is not live today, and the network still lacks generalized cross-chain messaging. Project Janus funds the architecture to change that.\n\nThe Current State: ChainPort uses Federated MPC where trusted nodes authorize asset releases. Fireblocks resists external attack, but a small federation controls authorization. For Cardano to host mission-critical DeFi and RWA applications, this trust assumption must be removed.\n\nPillar 1: The DVN replaces federated signing with a stake-based BFT quorum (>2/3) of Cardano SPOs. Mithril anchors outbound verification to Ouroboros itself, making Cardano-to-EVM trustless.\n\nPillar 2: Cross-Chain Token (CCT) Standard. An open Plutus policy on CIP-113/143 supporting Burn-and-Mint and controlled Lock-and-Release. A single canonical policy eliminates wrapped-token fragmentation and honeypot risk.\n\nPillar 3: Generalized Cross-Chain Messaging (GMP). A Mailbox-pattern layer enabling Cardano contracts to call functions on EVM chains, unlocking cross-chain governance, RWA synchronization, and one-click DeFi.\n\nSecurity: Five defensive layers: Mithril (outbound), DVN BFT (inbound), rate-limited circuit breakers, 98% cold storage, and independent monitors. Compromising one does not compromise the others.\n\nThe Outcome: Janus decentralizes ChainPort's Cardano infrastructure. The DVN and CCT are published as open CIPs; governance transfers to a DAO treasury. This fulfills IntersectMBO's 2026 Critical Integrations mandate and positions Cardano as a secure, interoperable hub for RWA and DeFi.\n\nJanus complements other cross-chain providers, not competes. They rely on external validator networks. Janus anchors verification to Ouroboros via Mithril and a DVN of Cardano SPOs, and publishes the CCT standard as an open CIP any bridge can adopt. These are Cardano-native primitives external networks cannot provide.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Work Package 1: Foundations, Compliance and Team Scaling** |  | **2,300,000 ADA** ($575,000) |\n| Core research and architecture team | Resources (Labor) | 820,000 ADA ($205,000) |\n| Legal counsel and compliance assessment | Legal & Compliance | 200,000 ADA ($50,000) |\n| Research, simulations, POC work and specification documentation | Research | 480,000 ADA ($120,000) |\n| Operations and project setup | Operations | 400,000 ADA ($100,000) |\n| Governance Info Action and community engagement | Governance | 400,000 ADA ($100,000) |\n| **Work Package 2: Core Engineering and Developer Ecosystem** |  | **9,360,000 ADA** ($2,340,000) |\n| Core protocol engineering team | Resources (Labor) | 3,400,000 ADA ($850,000) |\n| DVN and CCT smart contract development operations | Development | 960,000 ADA ($240,000) |\n| GMP Mailbox and Mithril integration | Development | 1,000,000 ADA ($250,000) |\n| SDK development (JS/TS and Rust) | Development | 800,000 ADA ($200,000) |\n| DVN pre-production infrastructure | Infrastructure | 1,200,000 ADA ($300,000) |\n| Wallet integrations (Vespr, Lace, Eternl) | Engagement & Ecosystem support | 400,000 ADA ($100,000) |\n| Operations | Operations | 1,200,000 ADA ($300,000) |\n| Testnet Deployment | Development | 400,000 ADA ($100,000) |\n| **Work Package 3: Production Deployment & Decentralization Handover** |  | **3,700,000 ADA** ($925,000) |\n| Core protocol engineering team | Resources (Labor) | 1,200,000 ADA ($300,000) |\n| Production Deployment | Development | 600,000 ADA ($150,000) |\n| Operations and launch coordination | Operations | 1,000,000 ADA ($250,000) |\n| Decentralized bridge monitor and admin key transfer engineering | Development | 900,000 ADA ($225,000) |\n| **Intersect Budget Administration fee** |  | **460,800 ADA** ($115,200) |\n| **Total budget** |  | **15,820,800 ADA** ($3,955,200) |","authors":[{"name":"ChainPort (by DcentraLab)"}],"version":"6","data":{"upstream":{"contentHash":"1ba9a20088bbcd7c8d74d9630bf4c7216aab22b1969469fa1933d3c6176a0974","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fdbabbe1ab5d003a0cab77","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fdbabbe1ab5d003a0cab77","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"67c62abccdf8c220469d1678a45ef4e98c065125a79bb309361986d133cc04f9","contentCid":null,"externalProposal":{"id":"69fdbabbe1ab5d003a0cab77","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fdbabbe1ab5d003a0cab77","snapshot":{"title":"Project Janus: A Roadmap to Decentralized Bridge Authorization and Generalized Cross-Chain Messaging","summary":"ChainPort has operated on Cardano mainnet since November 2022 as a primary liquidity gateway, but decentralized minting and release authorization is not live today, and the network still lacks generalized cross-chain messaging. Project Janus funds the architecture to change that.\n\nThe Current State: ChainPort uses Federated MPC where trusted nodes authorize asset releases. Fireblocks resists external attack, but a small federation controls authorization. For Cardano to host mission-critical DeFi and RWA applications, this trust assumption must be removed.\n\nPillar 1: The DVN replaces federated signing with a stake-based BFT quorum (>2/3) of Cardano SPOs. Mithril anchors outbound verification to Ouroboros itself, making Cardano-to-EVM trustless.\n\nPillar 2: Cross-Chain Token (CCT) Standard. An open Plutus policy on CIP-113/143 supporting Burn-and-Mint and controlled Lock-and-Release. A single canonical policy eliminates wrapped-token fragmentation and honeypot risk.\n\nPillar 3: Generalized Cross-Chain Messaging (GMP). A Mailbox-pattern layer enabling Cardano contracts to call functions on EVM chains, unlocking cross-chain governance, RWA synchronization, and one-click DeFi.\n\nSecurity: Five defensive layers: Mithril (outbound), DVN BFT (inbound), rate-limited circuit breakers, 98% cold storage, and independent monitors. Compromising one does not compromise the others.\n\nThe Outcome: Janus decentralizes ChainPort's Cardano infrastructure. The DVN and CCT are published as open CIPs; governance transfers to a DAO treasury. This fulfills IntersectMBO's 2026 Critical Integrations mandate and positions Cardano as a secure, interoperable hub for RWA and DeFi.\n\nJanus complements other cross-chain providers, not competes. They rely on external validator networks. Janus anchors verification to Ouroboros via Mithril and a DVN of Cardano SPOs, and publishes the CCT standard as an open CIP any bridge can adopt. These are Cardano-native primitives external networks cannot provide.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Work Package 1: Foundations, Compliance and Team Scaling** |  | **2,300,000 ADA** ($575,000) |\n| Core research and architecture team | Resources (Labor) | 820,000 ADA ($205,000) |\n| Legal counsel and compliance assessment | Legal & Compliance | 200,000 ADA ($50,000) |\n| Research, simulations, POC work and specification documentation | Research | 480,000 ADA ($120,000) |\n| Operations and project setup | Operations | 400,000 ADA ($100,000) |\n| Governance Info Action and community engagement | Governance | 400,000 ADA ($100,000) |\n| **Work Package 2: Core Engineering and Developer Ecosystem** |  | **9,360,000 ADA** ($2,340,000) |\n| Core protocol engineering team | Resources (Labor) | 3,400,000 ADA ($850,000) |\n| DVN and CCT smart contract development operations | Development | 960,000 ADA ($240,000) |\n| GMP Mailbox and Mithril integration | Development | 1,000,000 ADA ($250,000) |\n| SDK development (JS/TS and Rust) | Development | 800,000 ADA ($200,000) |\n| DVN pre-production infrastructure | Infrastructure | 1,200,000 ADA ($300,000) |\n| Wallet integrations (Vespr, Lace, Eternl) | Engagement & Ecosystem support | 400,000 ADA ($100,000) |\n| Operations | Operations | 1,200,000 ADA ($300,000) |\n| Testnet Deployment | Development | 400,000 ADA ($100,000) |\n| **Work Package 3: Production Deployment & Decentralization Handover** |  | **3,700,000 ADA** ($925,000) |\n| Core protocol engineering team | Resources (Labor) | 1,200,000 ADA ($300,000) |\n| Production Deployment | Development | 600,000 ADA ($150,000) |\n| Operations and launch coordination | Operations | 1,000,000 ADA ($250,000) |\n| Decentralized bridge monitor and admin key transfer engineering | Development | 900,000 ADA ($225,000) |\n| **Intersect Budget Administration fee** |  | **460,800 ADA** ($115,200) |\n| **Total budget** |  | **15,820,800 ADA** ($3,955,200) |","authors":["ChainPort (by DcentraLab)"],"version":"6","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility","totalBudget":15820800,"estimatedDuration":18,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.711Z","updatedAt":"2026-05-26T03:26:15.825Z"},{"_id":"6a1512d73ea9a75799cf8ef8","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Innovation & Growth DAO","summary":"*Cardano has a powerful Treasury and maturing governance, yet many smaller, high-potential initiatives still lack a suitable funding route. Direct Treasury Withdrawals are too heavy for early-stage, experimental, public-good, governance, research, tooling or community work and it is not realistic to expect hundreds of DReps to assess every sub-300k ADA proposal through the full on-chain process.*\n\n*The Innovation & Growth DAO is designed to fill this gap.*\n\n*We propose a DRep-governed funding mechanism that allocates 12 million ADA across three smaller-ticket funding rounds with maximum ADA submission cap per round and maximum 1 submission per entity per round, supporting proposals in the range of 20,000 to 300,000 ADA. The objective is to create a focused, Treasury-native pathway for projects that are too small or too early for large direct Treasury requests, yet too valuable to be left without credible support.*\n\n*The DAO will operate through structured application rounds, submission fees and skin in the game as initial filter, clear eligibility rules, DRep-based and domain experts reviews, public voting rationales, milestone-based disbursement, and transparent reporting. It will act as an early validation layer and top funnel in Cardano’s funding ecosystem, helping smaller initiatives build traction, and graduate toward larger Treasury proposals, commercial funding, or self-sustaining models.*\n\n*Funds will be released against milestones rather than unconditionally. DRep and expert participation will be subject to conflict-of-interest rules, rationale requirements, and capped compensation for documented review and oversight work. Independent assurance, public reporting, and the return of unused or unallocated funds will help protect Treasury resources.*\n\n*The Innovation & Growth DAO is intended to be a disciplined, transparent, and human-scale funding layer for Cardano: large enough to matter, small enough to manage, and structured to earn the community’s trust.*","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Innovation & Growth DAO setup** |  | **1,188,000 ADA** ($297,000) |\n| Legal & Compliance | Legal & Compliance | 28,000 ADA ($7,000) |\n| Council compensation | Operations | 500,000 ADA ($125,000) |\n| Legal Costs | Legal & Compliance | 60,000 ADA ($15,000) |\n| DAO Service provider | Operations | 600,000 ADA ($150,000) |\n| **Funding Round 1** |  | **4,200,000 ADA** ($1,050,000) |\n| Round 1 Grant Pool | Governance | 4,000,000 ADA ($1,000,000) |\n| Round 1 DRep and Experts rewards | Resources (Labor) | 200,000 ADA ($50,000) |\n| **Funding Round 2** |  | **4,200,000 ADA** ($1,050,000) |\n| Round 2 Grant Pool | Governance | 4,000,000 ADA ($1,000,000) |\n| Round 2 DRep and Experts rewards | Resources (Labor) | 200,000 ADA ($50,000) |\n| **Funding Round 3** |  | **4,200,000 ADA** ($1,050,000) |\n| Round 3 Grant Pool | Governance | 4,000,000 ADA ($1,000,000) |\n| Round 3 DRep and Experts rewards | Resources (Labor) | 200,000 ADA ($50,000) |\n| **Final Reporting** |  | **100,000 ADA** ($25,000) |\n| Final reward for the council member | Resources (Labor) | 100,000 ADA ($25,000) |\n| **Intersect Budget Administration fee** |  | **416,640 ADA** ($104,160) |\n| **Total budget** |  | **14,304,640 ADA** ($3,576,160) |","authors":[{"name":"Innovation & Growth DAO"}],"version":"3","data":{"upstream":{"contentHash":"d88f84744e25a063fe1b92648006466c6858123ad8f9f65077f00bc8cb8c194a","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fc50fd89371182537b309e","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fc50fd89371182537b309e","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"d5ca4aa9fb2bc72ab77cf6269727db21d6c34fb12645c475af622ff26398be42","contentCid":null,"externalProposal":{"id":"69fc50fd89371182537b309e","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fc50fd89371182537b309e","snapshot":{"title":"Innovation & Growth DAO","summary":"*Cardano has a powerful Treasury and maturing governance, yet many smaller, high-potential initiatives still lack a suitable funding route. Direct Treasury Withdrawals are too heavy for early-stage, experimental, public-good, governance, research, tooling or community work and it is not realistic to expect hundreds of DReps to assess every sub-300k ADA proposal through the full on-chain process.*\n\n*The Innovation & Growth DAO is designed to fill this gap.*\n\n*We propose a DRep-governed funding mechanism that allocates 12 million ADA across three smaller-ticket funding rounds with maximum ADA submission cap per round and maximum 1 submission per entity per round, supporting proposals in the range of 20,000 to 300,000 ADA. The objective is to create a focused, Treasury-native pathway for projects that are too small or too early for large direct Treasury requests, yet too valuable to be left without credible support.*\n\n*The DAO will operate through structured application rounds, submission fees and skin in the game as initial filter, clear eligibility rules, DRep-based and domain experts reviews, public voting rationales, milestone-based disbursement, and transparent reporting. It will act as an early validation layer and top funnel in Cardano’s funding ecosystem, helping smaller initiatives build traction, and graduate toward larger Treasury proposals, commercial funding, or self-sustaining models.*\n\n*Funds will be released against milestones rather than unconditionally. DRep and expert participation will be subject to conflict-of-interest rules, rationale requirements, and capped compensation for documented review and oversight work. Independent assurance, public reporting, and the return of unused or unallocated funds will help protect Treasury resources.*\n\n*The Innovation & Growth DAO is intended to be a disciplined, transparent, and human-scale funding layer for Cardano: large enough to matter, small enough to manage, and structured to earn the community’s trust.*","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Innovation & Growth DAO setup** |  | **1,188,000 ADA** ($297,000) |\n| Legal & Compliance | Legal & Compliance | 28,000 ADA ($7,000) |\n| Council compensation | Operations | 500,000 ADA ($125,000) |\n| Legal Costs | Legal & Compliance | 60,000 ADA ($15,000) |\n| DAO Service provider | Operations | 600,000 ADA ($150,000) |\n| **Funding Round 1** |  | **4,200,000 ADA** ($1,050,000) |\n| Round 1 Grant Pool | Governance | 4,000,000 ADA ($1,000,000) |\n| Round 1 DRep and Experts rewards | Resources (Labor) | 200,000 ADA ($50,000) |\n| **Funding Round 2** |  | **4,200,000 ADA** ($1,050,000) |\n| Round 2 Grant Pool | Governance | 4,000,000 ADA ($1,000,000) |\n| Round 2 DRep and Experts rewards | Resources (Labor) | 200,000 ADA ($50,000) |\n| **Funding Round 3** |  | **4,200,000 ADA** ($1,050,000) |\n| Round 3 Grant Pool | Governance | 4,000,000 ADA ($1,000,000) |\n| Round 3 DRep and Experts rewards | Resources (Labor) | 200,000 ADA ($50,000) |\n| **Final Reporting** |  | **100,000 ADA** ($25,000) |\n| Final reward for the council member | Resources (Labor) | 100,000 ADA ($25,000) |\n| **Intersect Budget Administration fee** |  | **416,640 ADA** ($104,160) |\n| **Total budget** |  | **14,304,640 ADA** ($3,576,160) |","authors":["Innovation & Growth DAO"],"version":"3","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 3: Governance,Pillar 4: Community & Ecosystem Growth,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":14304640,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"individual"}}},"createdAt":"2026-05-26T03:26:15.718Z","updatedAt":"2026-05-26T03:26:15.854Z"},{"_id":"6a1512d73ea9a75799cf8f1e","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"A High-Performance Partner Chain Factory using Ouroboros Tachýs","summary":"Building a partner chain on Cardano today requires independently solving every problem that the first team solved — years of work and millions in investment. Builders on Ethereum, Polkadot and Cosmos do not face this. Those ecosystems have already built the shared infrastructure layer. This project builds it for Cardano.\n\nWe propose to build a partner chain factory for Cardano — a complete, reusable toolkit that allows new high-performance partner chains to be deployed in hours rather than months, including the ability to start new chains directly in the current Cardano era, customised to meet specific application requirements, and immediately connected to Cardano mainnet via production-grade bridging infrastructure. The toolkit will be open-source, maintained within the Intersect-governed Cardano codebase, and available to any builder in the ecosystem without restriction or licence fee.\n\nPartner chains built on this infrastructure create more demand for Cardano mainnet — not less. They require ADA for stake, use Cardano as their settlement layer, and generate bridging fees. The treasury is not being asked to fund a product that benefits its builders. It is being asked to fund public infrastructure that makes ADA more valuable and the treasury itself more sustainable.\n\nThe technical foundation is Ouroboros Tachýs — a high-performance Ouroboros variant delivering 1–2 second confirmation and \\~40x mainnet throughput, while retaining Ouroboros security properties.\n\nThis is not speculative research. The core ideas have been validated through the Vector chain — launched in late 2025 as the first Cardano-derived partner chain in production. The team built the Cardano node, implemented Ouroboros, and delivered every hard fork from Byron through Plomin. This is focused infrastructure investment — exactly the kind the treasury exists to fund.\n\nThe Consortium has signed a Letter of Intent with Trace Labs (OriginTrail) — demonstrating external ecosystem demand.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Project Management and Evaluation** |  | **2,105,829 ADA** ($526,457) |\n| Technical Delivery Lead — Kevin Hammond (Ensurable Systems) | Resources (Labor) | 624,998 ADA ($156,249) |\n| Programme Delivery Lead — Christopher Greenwood (Apex Fusion Foundation) | Resources (Labor) | 624,998 ADA ($156,249) |\n| Ecosystem and Partner Engagement Lead (Apex Fusion Foundation) | Resources (Labor) | 312,503 ADA ($78,126) |\n| Governance and assurance input from non-lead partners (ES, WT, PNSol, HAL8, ETNL) | Resources (Labor) | 483,331 ADA ($120,833) |\n| Third-Party Audit | Legal & Compliance | 60,000 ADA ($15,000) |\n| **WP2 – Ouroboros Tachýs Design and Implementation** |  | **1,333,328 ADA** ($333,332) |\n| Well Typed LLP (WT) | Resources (Labor) | 749,997 ADA ($187,499) |\n| Ensurable Systems (ES) | Resources (Labor) | 416,665 ADA ($104,166) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 125,000 ADA ($31,250) |\n| HAL8 | Resources (Labor) | 41,667 ADA ($10,417) |\n| **WP3 – System Integration** |  | **1,569,994 ADA** ($392,499) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 749,997 ADA ($187,499) |\n| Ensurable Systems (ES) | Resources (Labor) | 374,999 ADA ($93,750) |\n| Well Typed LLP (WT) | Resources (Labor) | 374,999 ADA ($93,750) |\n| Infrastructure and test platform | Infrastructure | 70,000 ADA ($17,500) |\n| **WP4 – Cardano Bridging Technology** |  | **3,316,655 ADA** ($829,164) |\n| Ethernal (ETNL) | Resources (Labor) | 2,333,324 ADA ($583,331) |\n| Ensurable Systems (ES) | Resources (Labor) | 249,999 ADA ($62,500) |\n| Well Typed LLP (WT) | Resources (Labor) | 249,999 ADA ($62,500) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Independent security audit | Security & Audits | 400,000 ADA ($100,000) |\n| **WP5 – Partner Chain Tooling Standards and Ecosystem Integration** |  | **1,166,662 ADA** ($291,666) |\n| HAL8 | Resources (Labor) | 999,996 ADA ($249,999) |\n| Ensurable Systems (ES) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Well Typed LLP (WT) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Ethernal (ETNL) | Resources (Labor) | 41,667 ADA ($10,417) |\n| **WP6 – Documentation and Knowledge Management** |  | **562,498 ADA** ($140,624) |\n| HAL8 | Resources (Labor) | 312,499 ADA ($78,125) |\n| Ensurable Systems (ES) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Well Typed LLP (WT) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 125,000 ADA ($31,250) |\n| Ethernal (ETNL) | Resources (Labor) | 41,667 ADA ($10,417) |\n| **WP7 – Tachýs Demonstrators** |  | **1,903,326 ADA** ($475,832) |\n| HAL8 | Resources (Labor) | 1,249,995 ADA ($312,499) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 125,000 ADA ($31,250) |\n| Ethernal (ETNL) | Resources (Labor) | 166,666 ADA ($41,667) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 125,000 ADA ($31,250) |\n| Well Typed LLP (WT) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Ensurable Systems (ES) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Infrastructure and test platform | Infrastructure | 70,000 ADA ($17,500) |\n| **WP8 – Dissemination, Exploitation and Sustainability** |  | **809,164 ADA** ($202,291) |\n| HAL8 | Resources (Labor) | 312,499 ADA ($78,125) |\n| Ensurable Systems (ES) | Resources (Labor) | 66,666 ADA ($16,667) |\n| Well Typed LLP (WT) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Ethernal (ETNL) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Workshops and community events | Engagement & Ecosystem support | 60,000 ADA ($15,000) |\n| Language translations | Engagement & Ecosystem support | 80,000 ADA ($20,000) |\n| Legal and consortium review | Legal & Compliance | 40,000 ADA ($10,000) |\n| **Intersect Budget Administration fee** |  | **383,023 ADA** ($95,756) |\n| **Total budget** |  | **13,150,479 ADA** ($3,287,620) |","authors":[{"name":"Ensurable Systems Ltd"}],"version":"2","data":{"upstream":{"contentHash":"28ca05a735de5b77d3eb1a590a325da0f5e542a6f2ae12e6e72504894b454317","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69e8c0e2ae91c89d305701f5","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e8c0e2ae91c89d305701f5","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"1c1a65db524e05ec8f59bc3cbc1301cb50ce5279f01d4354984cda5c2923b0e9","contentCid":null,"externalProposal":{"id":"69e8c0e2ae91c89d305701f5","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e8c0e2ae91c89d305701f5","snapshot":{"title":"A High-Performance Partner Chain Factory using Ouroboros Tachýs","summary":"Building a partner chain on Cardano today requires independently solving every problem that the first team solved — years of work and millions in investment. Builders on Ethereum, Polkadot and Cosmos do not face this. Those ecosystems have already built the shared infrastructure layer. This project builds it for Cardano.\n\nWe propose to build a partner chain factory for Cardano — a complete, reusable toolkit that allows new high-performance partner chains to be deployed in hours rather than months, including the ability to start new chains directly in the current Cardano era, customised to meet specific application requirements, and immediately connected to Cardano mainnet via production-grade bridging infrastructure. The toolkit will be open-source, maintained within the Intersect-governed Cardano codebase, and available to any builder in the ecosystem without restriction or licence fee.\n\nPartner chains built on this infrastructure create more demand for Cardano mainnet — not less. They require ADA for stake, use Cardano as their settlement layer, and generate bridging fees. The treasury is not being asked to fund a product that benefits its builders. It is being asked to fund public infrastructure that makes ADA more valuable and the treasury itself more sustainable.\n\nThe technical foundation is Ouroboros Tachýs — a high-performance Ouroboros variant delivering 1–2 second confirmation and \\~40x mainnet throughput, while retaining Ouroboros security properties.\n\nThis is not speculative research. The core ideas have been validated through the Vector chain — launched in late 2025 as the first Cardano-derived partner chain in production. The team built the Cardano node, implemented Ouroboros, and delivered every hard fork from Byron through Plomin. This is focused infrastructure investment — exactly the kind the treasury exists to fund.\n\nThe Consortium has signed a Letter of Intent with Trace Labs (OriginTrail) — demonstrating external ecosystem demand.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Project Management and Evaluation** |  | **2,105,829 ADA** ($526,457) |\n| Technical Delivery Lead — Kevin Hammond (Ensurable Systems) | Resources (Labor) | 624,998 ADA ($156,249) |\n| Programme Delivery Lead — Christopher Greenwood (Apex Fusion Foundation) | Resources (Labor) | 624,998 ADA ($156,249) |\n| Ecosystem and Partner Engagement Lead (Apex Fusion Foundation) | Resources (Labor) | 312,503 ADA ($78,126) |\n| Governance and assurance input from non-lead partners (ES, WT, PNSol, HAL8, ETNL) | Resources (Labor) | 483,331 ADA ($120,833) |\n| Third-Party Audit | Legal & Compliance | 60,000 ADA ($15,000) |\n| **WP2 – Ouroboros Tachýs Design and Implementation** |  | **1,333,328 ADA** ($333,332) |\n| Well Typed LLP (WT) | Resources (Labor) | 749,997 ADA ($187,499) |\n| Ensurable Systems (ES) | Resources (Labor) | 416,665 ADA ($104,166) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 125,000 ADA ($31,250) |\n| HAL8 | Resources (Labor) | 41,667 ADA ($10,417) |\n| **WP3 – System Integration** |  | **1,569,994 ADA** ($392,499) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 749,997 ADA ($187,499) |\n| Ensurable Systems (ES) | Resources (Labor) | 374,999 ADA ($93,750) |\n| Well Typed LLP (WT) | Resources (Labor) | 374,999 ADA ($93,750) |\n| Infrastructure and test platform | Infrastructure | 70,000 ADA ($17,500) |\n| **WP4 – Cardano Bridging Technology** |  | **3,316,655 ADA** ($829,164) |\n| Ethernal (ETNL) | Resources (Labor) | 2,333,324 ADA ($583,331) |\n| Ensurable Systems (ES) | Resources (Labor) | 249,999 ADA ($62,500) |\n| Well Typed LLP (WT) | Resources (Labor) | 249,999 ADA ($62,500) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Independent security audit | Security & Audits | 400,000 ADA ($100,000) |\n| **WP5 – Partner Chain Tooling Standards and Ecosystem Integration** |  | **1,166,662 ADA** ($291,666) |\n| HAL8 | Resources (Labor) | 999,996 ADA ($249,999) |\n| Ensurable Systems (ES) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Well Typed LLP (WT) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Ethernal (ETNL) | Resources (Labor) | 41,667 ADA ($10,417) |\n| **WP6 – Documentation and Knowledge Management** |  | **562,498 ADA** ($140,624) |\n| HAL8 | Resources (Labor) | 312,499 ADA ($78,125) |\n| Ensurable Systems (ES) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Well Typed LLP (WT) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 125,000 ADA ($31,250) |\n| Ethernal (ETNL) | Resources (Labor) | 41,667 ADA ($10,417) |\n| **WP7 – Tachýs Demonstrators** |  | **1,903,326 ADA** ($475,832) |\n| HAL8 | Resources (Labor) | 1,249,995 ADA ($312,499) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 125,000 ADA ($31,250) |\n| Ethernal (ETNL) | Resources (Labor) | 166,666 ADA ($41,667) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 125,000 ADA ($31,250) |\n| Well Typed LLP (WT) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Ensurable Systems (ES) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Infrastructure and test platform | Infrastructure | 70,000 ADA ($17,500) |\n| **WP8 – Dissemination, Exploitation and Sustainability** |  | **809,164 ADA** ($202,291) |\n| HAL8 | Resources (Labor) | 312,499 ADA ($78,125) |\n| Ensurable Systems (ES) | Resources (Labor) | 66,666 ADA ($16,667) |\n| Well Typed LLP (WT) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Apex Fusion Foundation (AFF) | Resources (Labor) | 83,333 ADA ($20,833) |\n| Predictable Network Solutions (PNSol) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Ethernal (ETNL) | Resources (Labor) | 41,667 ADA ($10,417) |\n| Workshops and community events | Engagement & Ecosystem support | 60,000 ADA ($15,000) |\n| Language translations | Engagement & Ecosystem support | 80,000 ADA ($20,000) |\n| Legal and consortium review | Legal & Compliance | 40,000 ADA ($10,000) |\n| **Intersect Budget Administration fee** |  | **383,023 ADA** ($95,756) |\n| **Total budget** |  | **13,150,479 ADA** ($3,287,620) |","authors":["Ensurable Systems Ltd"],"version":"2","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":13150479,"estimatedDuration":15,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.727Z","updatedAt":"2026-05-26T03:26:15.909Z"},{"_id":"6a1512d73ea9a75799cf8eef","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Support Cardano 2030: A Techstars Strategy for Global Ecosystem Adoption & Utility.","summary":"By 2030, the network aims to anchor $3 billion in TVL and support 1 million monthly active users.\n\n**Techstars proposal is to serve as one of the primary engines to source, accelerate, and scale the startups required to meet these 2030 milestones.**\n\nBy merging the Techstars global brand with Cardano’s 2030 vision, we address **Adoption and Utility (P2)**, **Ecosystem Growth (P4)**, and will **establish Cardano hubs in New York and London**, bridging traditional finance and emerging tech to drive institutional adoption.\n\n**Strategic Focus Areas:**\n\n- Talent Acquisition (**P4**): Techstars leverages its scouting networks to recruit the next generation of builders, ensuring a steady influx of talent and a **curated pipeline** for Cardano-focused funds, such as the **Orion Fund**.\n- Targeted Verticals: We focus on DeFi, Real-World Assets (RWA), and Payments. We will **leverage community-delivered results** on programmable tokens and **work with Cardano Contributors**.\n- Sustainability (**P5**): This partnership **professionalizes the project pipeline**, i.e., we ensure Cardano Treasury and Cardano-dedicated private funds, such as the **Orion Fund, are deployed into vetted, high-impact ventures**.\n\n**To execute this strategy, we will deliver the following programming:**\n\n- **4 Techstars Founder Catalysts:** This pre-accelerator program will run four units, each unit will support up to 25 companies, for a total of **100 participants**.\n- **2 Community Development Labs**: These in-person events will take place in **London and New York City**. These labs are designed to position Cardano as the anchor partner for Web3 innovation and **establish a Cardano Community in the world’s leading Financial Hubs**.\n\n**We aren't just building startups; we are constructing the resilient, revenue-generating adoption infrastructure required for Cardano 2030.**","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1: Sourcing and Selection** |  | **3,300,000 ADA** ($825,000) |\n| Sourcing and Selection | Resources (Labor) | 3,300,000 ADA ($825,000) |\n| **WP2: Program Delivery, Techstars Founder Catalyst** |  | **5,800,000 ADA** ($1,450,000) |\n| Techstars Founder Catalyst Program Delivery | Resources (Labor) | 5,800,000 ADA ($1,450,000) |\n| **WP3: Events - Community Development Labs** |  | **780 ADA** ($195) |\n| Techstars Community Development Lab Delivery | Resources (Labor) | 780 ADA ($195) |\n| **Intersect Budget Administration fee** |  | **273,023 ADA** ($68,256) |\n| **Total budget** |  | **9,373,803 ADA** ($2,343,451) |","authors":[{"name":"Techstars"}],"version":"7","data":{"upstream":{"contentHash":"af6155719dbe554d65348e542674cefb1801ea02b5bd602049a1f9bea9578de7","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69f8328b93fdcc8059d4cc20","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f8328b93fdcc8059d4cc20","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"c2e537ca079524e634715df1e9d76cdad7b0becc12b2b659bfe6d9822612f68d","contentCid":null,"externalProposal":{"id":"69f8328b93fdcc8059d4cc20","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f8328b93fdcc8059d4cc20","snapshot":{"title":"Support Cardano 2030: A Techstars Strategy for Global Ecosystem Adoption & Utility.","summary":"By 2030, the network aims to anchor $3 billion in TVL and support 1 million monthly active users.\n\n**Techstars proposal is to serve as one of the primary engines to source, accelerate, and scale the startups required to meet these 2030 milestones.**\n\nBy merging the Techstars global brand with Cardano’s 2030 vision, we address **Adoption and Utility (P2)**, **Ecosystem Growth (P4)**, and will **establish Cardano hubs in New York and London**, bridging traditional finance and emerging tech to drive institutional adoption.\n\n**Strategic Focus Areas:**\n\n- Talent Acquisition (**P4**): Techstars leverages its scouting networks to recruit the next generation of builders, ensuring a steady influx of talent and a **curated pipeline** for Cardano-focused funds, such as the **Orion Fund**.\n- Targeted Verticals: We focus on DeFi, Real-World Assets (RWA), and Payments. We will **leverage community-delivered results** on programmable tokens and **work with Cardano Contributors**.\n- Sustainability (**P5**): This partnership **professionalizes the project pipeline**, i.e., we ensure Cardano Treasury and Cardano-dedicated private funds, such as the **Orion Fund, are deployed into vetted, high-impact ventures**.\n\n**To execute this strategy, we will deliver the following programming:**\n\n- **4 Techstars Founder Catalysts:** This pre-accelerator program will run four units, each unit will support up to 25 companies, for a total of **100 participants**.\n- **2 Community Development Labs**: These in-person events will take place in **London and New York City**. These labs are designed to position Cardano as the anchor partner for Web3 innovation and **establish a Cardano Community in the world’s leading Financial Hubs**.\n\n**We aren't just building startups; we are constructing the resilient, revenue-generating adoption infrastructure required for Cardano 2030.**","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1: Sourcing and Selection** |  | **3,300,000 ADA** ($825,000) |\n| Sourcing and Selection | Resources (Labor) | 3,300,000 ADA ($825,000) |\n| **WP2: Program Delivery, Techstars Founder Catalyst** |  | **5,800,000 ADA** ($1,450,000) |\n| Techstars Founder Catalyst Program Delivery | Resources (Labor) | 5,800,000 ADA ($1,450,000) |\n| **WP3: Events - Community Development Labs** |  | **780 ADA** ($195) |\n| Techstars Community Development Lab Delivery | Resources (Labor) | 780 ADA ($195) |\n| **Intersect Budget Administration fee** |  | **273,023 ADA** ($68,256) |\n| **Total budget** |  | **9,373,803 ADA** ($2,343,451) |","authors":["Techstars"],"version":"7","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":9373803,"estimatedDuration":24,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.715Z","updatedAt":"2026-05-26T03:26:15.844Z"},{"_id":"6a1512d73ea9a75799cf8f11","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Amplify Cardano: Ecosystem Accelerator + Community-Led Marketing & Events Fund","summary":"***Please see the full presentation @ ***[***https://amplifycardano.io/proposals***](https://amplifycardano.io/proposals)***!***\n\nThe Problem\n\nCardano trails its peers' ability to generate industry-leading community projects.\n\nCardano needs to match Solana’s success incubating homegrown successes like Jupiter, Jito, Kamino, Pyth, Radium, etc.\n\nThese projects drive immense network value: economic fundamentals and secondary benefits like onboarding builders and users.\n\nL1s usually support ecosystem marketing through grants programs - but those fail at a high rate.\n\nEcosystem projects have lean teams. Grants programs provide funding, but leave projects unprepared to execute. Getting it right is difficult; especially on the first attempt.\n\nHelping marquee projects is only part of the solution. Unlike L1 peers, Cardano lacks effective systems to support its incubation pipeline.\n\nCurrent processes are too slow, cumbersome, & uncertain.\n\nThe Solution:\n\nThis two-part program will:\n\n1. Enable 3-5 Cardano marquee Ecosystem Projects to achieve leadership positions and Tier-1 listings. This will drive the network’s economic growth and reset Cardano’s ‘ghost-chain’ narrative.\n2. Support 100+ grassroots projects / contributors and enable Cardano to sustain a robust incubation pipeline.\n\nAligned w/ Community Demand & Cardano 2030 Vision\n\n- In the [GMC’s Q4 2025 Community Survey](https://docs.google.com/presentation/d/1EsxjreSd0dAAhY-uXTUtb7YPLzHoFaNr3gjDTxcQcEg/edit?slide=id.g38de6a4e3e3_3_688#slide=id.g38de6a4e3e3_3_688), Marketing Support for Builders (No. 2) and Community Events / Local Activations (No. 3) were two of the Community’s top three priorities to receive Treasury Funds.\n- Accelerating Ecosystem Projects & Driving Tier-1 Listings are [Top ‘Cardano 2030’ Goals](https://medium.com/tap-in-with-taptools/cardano-pentad-to-boost-top-cardano-dapps-a6d68521461c).\n\nThis program will both address longstanding grassroots demand and advance Cardano’s global strategy.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.24.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Cardano Ecosystem Accelerator** |  | **4,166,667 ADA** ($1,000,000) |\n| Ecosystem Marketing Services | Resources (Labor) | 4,166,667 ADA ($1,000,000) |\n| **Community-Led Marketing and Events Fund** |  | **4,166,667 ADA** ($1,000,000) |\n| Community-Led Marketing and Events Fund Allocation | Operations | 4,166,667 ADA ($1,000,000) |\n| **Intersect Budget Administration fee** |  | **250,000 ADA** ($60,000) |\n| **Total budget** |  | **8,583,334 ADA** ($2,060,000) |","authors":[{"name":"Rare Network (Rare Evo) & SCRIB3"}],"version":"1","data":{"upstream":{"contentHash":"f7c309e5f8fb546706c21fe385f9c8f4d0507175889411a09abdd2631280966b","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69f293527822b26563397afd","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f293527822b26563397afd","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"996567a0e9d561aea01fc865d1f6d5de92aa9fa8e0ff3f58e8291fd4c5190046","contentCid":null,"externalProposal":{"id":"69f293527822b26563397afd","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f293527822b26563397afd","snapshot":{"title":"Amplify Cardano: Ecosystem Accelerator + Community-Led Marketing & Events Fund","summary":"***Please see the full presentation @ ***[***https://amplifycardano.io/proposals***](https://amplifycardano.io/proposals)***!***\n\nThe Problem\n\nCardano trails its peers' ability to generate industry-leading community projects.\n\nCardano needs to match Solana’s success incubating homegrown successes like Jupiter, Jito, Kamino, Pyth, Radium, etc.\n\nThese projects drive immense network value: economic fundamentals and secondary benefits like onboarding builders and users.\n\nL1s usually support ecosystem marketing through grants programs - but those fail at a high rate.\n\nEcosystem projects have lean teams. Grants programs provide funding, but leave projects unprepared to execute. Getting it right is difficult; especially on the first attempt.\n\nHelping marquee projects is only part of the solution. Unlike L1 peers, Cardano lacks effective systems to support its incubation pipeline.\n\nCurrent processes are too slow, cumbersome, & uncertain.\n\nThe Solution:\n\nThis two-part program will:\n\n1. Enable 3-5 Cardano marquee Ecosystem Projects to achieve leadership positions and Tier-1 listings. This will drive the network’s economic growth and reset Cardano’s ‘ghost-chain’ narrative.\n2. Support 100+ grassroots projects / contributors and enable Cardano to sustain a robust incubation pipeline.\n\nAligned w/ Community Demand & Cardano 2030 Vision\n\n- In the [GMC’s Q4 2025 Community Survey](https://docs.google.com/presentation/d/1EsxjreSd0dAAhY-uXTUtb7YPLzHoFaNr3gjDTxcQcEg/edit?slide=id.g38de6a4e3e3_3_688#slide=id.g38de6a4e3e3_3_688), Marketing Support for Builders (No. 2) and Community Events / Local Activations (No. 3) were two of the Community’s top three priorities to receive Treasury Funds.\n- Accelerating Ecosystem Projects & Driving Tier-1 Listings are [Top ‘Cardano 2030’ Goals](https://medium.com/tap-in-with-taptools/cardano-pentad-to-boost-top-cardano-dapps-a6d68521461c).\n\nThis program will both address longstanding grassroots demand and advance Cardano’s global strategy.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.24.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Cardano Ecosystem Accelerator** |  | **4,166,667 ADA** ($1,000,000) |\n| Ecosystem Marketing Services | Resources (Labor) | 4,166,667 ADA ($1,000,000) |\n| **Community-Led Marketing and Events Fund** |  | **4,166,667 ADA** ($1,000,000) |\n| Community-Led Marketing and Events Fund Allocation | Operations | 4,166,667 ADA ($1,000,000) |\n| **Intersect Budget Administration fee** |  | **250,000 ADA** ($60,000) |\n| **Total budget** |  | **8,583,334 ADA** ($2,060,000) |","authors":["Rare Network (Rare Evo) & SCRIB3"],"version":"1","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":8583334,"estimatedDuration":18,"treasuryRepayment":"No","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.723Z","updatedAt":"2026-05-26T03:26:15.885Z"},{"_id":"6a1512d73ea9a75799cf8f1d","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Security Threat Assessment Guard (STAG): Continuous Security Assurance for the Cardano Ecosystem","summary":"This programme exists because no other programme does.\n\nCardano is now a multi-client blockchain. Amaru is enacted; Dingo and Gerolamo are in active development; Leios will introduce further implementation surface. Wherever two independent implementations handle a consensus edge case, a state transition, or a mini-protocol message differently, an exploitable inconsistency exists — invisible to any review examining a single node. That is the class of vulnerability STAG is built to find.\n\nSTAG is an independent, continuous red team programme for the full Cardano protocol stack: UPLC smart contract execution, compiler toolchains, ledger rules, consensus, peer-to-peer networking, wallet interfaces, and mainnet performance monitoring. All critical findings are reported within 24 hours under responsible disclosure to the Security Council and relevant development teams.\n\nThe programme costs $1,972,622 over 18 months — approximately $110,000 per month for continuous, full-stack adversarial analysis by the original protocol architects, across four independent organisations: QuviQ AB, Predictable Network Solutions, Well Typed LLP, and Ensurable Systems. Community opt-out checkpoints at Month 6 and Month 12 give DReps oversight throughout without locking in an 18-month commitment from day one.\n\nCommunity treasury funding — not IOG, the Cardano Foundation, or Intersect — is the structural basis of STAG's independence. An adversarial security team whose funding runs through the institutions whose code it tests faces pressures that compromise adversarial thinking. Community funding removes those pressures. All deliverables are dedicated to the public domain under CC0. The sandboxed AI tooling infrastructure is handed over to Intersect at programme end for use by any successor programme.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 — UPLC & Smart Contract Execution Layer Security** |  | **1,550,000 ADA** ($387,500) |\n| Senior security researchers / AI agent operators | Resources (Labor) | 900,000 ADA ($225,000) |\n| AI tooling support / security researcher | Resources (Labor) | 400,000 ADA ($100,000) |\n| Sandboxed AI agent compute infrastructure | Infrastructure | 150,000 ADA ($37,500) |\n| Fuzzing and property-based testing tooling and infrastructure | Infrastructure | 60,000 ADA ($15,000) |\n| Security report production and disclosure coordination | Engagement & Ecosystem support | 40,000 ADA ($10,000) |\n| **WP2 — Compiler Toolchain Security** |  | **956,667 ADA** ($239,167) |\n| Senior compiler / property-based testing specialist | Resources (Labor) | 400,000 ADA ($100,000) |\n| Formal methods / security researcher | Resources (Labor) | 166,667 ADA ($41,667) |\n| Senior Haskell / compiler engineer | Resources (Labor) | 300,000 ADA ($75,000) |\n| Differential testing infrastructure and CI tooling | Infrastructure | 60,000 ADA ($15,000) |\n| Compiler security report production and upstream coordination | Engagement & Ecosystem support | 30,000 ADA ($7,500) |\n| **WP3 — Ledger Security & Specification** |  | **1,170,000 ADA** ($292,500) |\n| Senior formal methods / ledger specialist | Resources (Labor) | 400,000 ADA ($100,000) |\n| Ledger security researcher | Resources (Labor) | 350,000 ADA ($87,500) |\n| Senior Haskell / formal methods specialist | Resources (Labor) | 300,000 ADA ($75,000) |\n| Formal methods tooling | Infrastructure | 90,000 ADA ($22,500) |\n| Ledger security report production and disclosure coordination | Engagement & Ecosystem support | 30,000 ADA ($7,500) |\n| **WP4 — Consensus & Network Protocol Security** |  | **785,000 ADA** ($196,250) |\n| Network / consensus protocol specialist | Resources (Labor) | 450,000 ADA ($112,500) |\n| Cardano node consensus engineer | Resources (Labor) | 250,000 ADA ($62,500) |\n| Multi-node test environment | Infrastructure | 55,000 ADA ($13,750) |\n| Consensus and networking security report production | Engagement & Ecosystem support | 30,000 ADA ($7,500) |\n| **WP5 — CLI Security, Risk Assessment, AI Tooling & Reporting** |  | **849,000 ADA** ($212,250) |\n| Project coordinator / lead | Resources (Labor) | 450,000 ADA ($112,500) |\n| Formal methods consultant | Resources (Labor) | 50,000 ADA ($12,500) |\n| Shared AI agent tooling development and maintenance | Infrastructure | 80,000 ADA ($20,000) |\n| Sandboxed vulnerability findings database | Infrastructure | 30,000 ADA ($7,500) |\n| Quarterly community summaries and Security Council reports | Engagement & Ecosystem support | 42,000 ADA ($10,500) |\n| CLI security assessment report | Engagement & Ecosystem support | 25,000 ADA ($6,250) |\n| Responsible disclosure legal counsel | Legal & Compliance | 40,000 ADA ($10,000) |\n| Travel and collaboration | Operations | 60,000 ADA ($15,000) |\n| Third-party delivery and financial audit | Security & Audits | 72,000 ADA ($18,000) |\n| **WP6 — Wallet & Client Security** |  | **875,000 ADA** ($218,750) |\n| Senior security researcher / formal methods analyst | Resources (Labor) | 700,000 ADA ($175,000) |\n| Wallet and client test environment and API testing tooling | Infrastructure | 105,000 ADA ($26,250) |\n| Wallet security reports and adversarial test suite | Engagement & Ecosystem support | 70,000 ADA ($17,500) |\n| **WP7 — Mainnet Performance Monitoring & Operational Assurance** |  | **1,475,000 ADA** ($368,750) |\n| Performance monitoring operations specialist | Resources (Labor) | 1,125,000 ADA ($281,250) |\n| Co-location setup | Infrastructure | 100,000 ADA ($25,000) |\n| Co-location running costs | Infrastructure | 90,000 ADA ($22,500) |\n| Per-node monitoring hardware | Infrastructure | 80,000 ADA ($20,000) |\n| Data publication infrastructure and performance summaries | Engagement & Ecosystem support | 80,000 ADA ($20,000) |\n| **Intersect Budget Administration fee** |  | **229,820 ADA** ($57,455) |\n| **Total budget** |  | **7,890,487 ADA** ($1,972,622) |","authors":[{"name":"Ensurable Systems Ltd"}],"version":"3","data":{"upstream":{"contentHash":"357acd7bf969398d3f632862808b9b855054e38d7a368c985204eb6100862796","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69e90478d699758cde5d4a5e","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e90478d699758cde5d4a5e","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"b3003c4d94f2c3a7ef2ee53862e649cb9387b852ad75880f55893054b29c8c1a","contentCid":null,"externalProposal":{"id":"69e90478d699758cde5d4a5e","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e90478d699758cde5d4a5e","snapshot":{"title":"Security Threat Assessment Guard (STAG): Continuous Security Assurance for the Cardano Ecosystem","summary":"This programme exists because no other programme does.\n\nCardano is now a multi-client blockchain. Amaru is enacted; Dingo and Gerolamo are in active development; Leios will introduce further implementation surface. Wherever two independent implementations handle a consensus edge case, a state transition, or a mini-protocol message differently, an exploitable inconsistency exists — invisible to any review examining a single node. That is the class of vulnerability STAG is built to find.\n\nSTAG is an independent, continuous red team programme for the full Cardano protocol stack: UPLC smart contract execution, compiler toolchains, ledger rules, consensus, peer-to-peer networking, wallet interfaces, and mainnet performance monitoring. All critical findings are reported within 24 hours under responsible disclosure to the Security Council and relevant development teams.\n\nThe programme costs $1,972,622 over 18 months — approximately $110,000 per month for continuous, full-stack adversarial analysis by the original protocol architects, across four independent organisations: QuviQ AB, Predictable Network Solutions, Well Typed LLP, and Ensurable Systems. Community opt-out checkpoints at Month 6 and Month 12 give DReps oversight throughout without locking in an 18-month commitment from day one.\n\nCommunity treasury funding — not IOG, the Cardano Foundation, or Intersect — is the structural basis of STAG's independence. An adversarial security team whose funding runs through the institutions whose code it tests faces pressures that compromise adversarial thinking. Community funding removes those pressures. All deliverables are dedicated to the public domain under CC0. The sandboxed AI tooling infrastructure is handed over to Intersect at programme end for use by any successor programme.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 — UPLC & Smart Contract Execution Layer Security** |  | **1,550,000 ADA** ($387,500) |\n| Senior security researchers / AI agent operators | Resources (Labor) | 900,000 ADA ($225,000) |\n| AI tooling support / security researcher | Resources (Labor) | 400,000 ADA ($100,000) |\n| Sandboxed AI agent compute infrastructure | Infrastructure | 150,000 ADA ($37,500) |\n| Fuzzing and property-based testing tooling and infrastructure | Infrastructure | 60,000 ADA ($15,000) |\n| Security report production and disclosure coordination | Engagement & Ecosystem support | 40,000 ADA ($10,000) |\n| **WP2 — Compiler Toolchain Security** |  | **956,667 ADA** ($239,167) |\n| Senior compiler / property-based testing specialist | Resources (Labor) | 400,000 ADA ($100,000) |\n| Formal methods / security researcher | Resources (Labor) | 166,667 ADA ($41,667) |\n| Senior Haskell / compiler engineer | Resources (Labor) | 300,000 ADA ($75,000) |\n| Differential testing infrastructure and CI tooling | Infrastructure | 60,000 ADA ($15,000) |\n| Compiler security report production and upstream coordination | Engagement & Ecosystem support | 30,000 ADA ($7,500) |\n| **WP3 — Ledger Security & Specification** |  | **1,170,000 ADA** ($292,500) |\n| Senior formal methods / ledger specialist | Resources (Labor) | 400,000 ADA ($100,000) |\n| Ledger security researcher | Resources (Labor) | 350,000 ADA ($87,500) |\n| Senior Haskell / formal methods specialist | Resources (Labor) | 300,000 ADA ($75,000) |\n| Formal methods tooling | Infrastructure | 90,000 ADA ($22,500) |\n| Ledger security report production and disclosure coordination | Engagement & Ecosystem support | 30,000 ADA ($7,500) |\n| **WP4 — Consensus & Network Protocol Security** |  | **785,000 ADA** ($196,250) |\n| Network / consensus protocol specialist | Resources (Labor) | 450,000 ADA ($112,500) |\n| Cardano node consensus engineer | Resources (Labor) | 250,000 ADA ($62,500) |\n| Multi-node test environment | Infrastructure | 55,000 ADA ($13,750) |\n| Consensus and networking security report production | Engagement & Ecosystem support | 30,000 ADA ($7,500) |\n| **WP5 — CLI Security, Risk Assessment, AI Tooling & Reporting** |  | **849,000 ADA** ($212,250) |\n| Project coordinator / lead | Resources (Labor) | 450,000 ADA ($112,500) |\n| Formal methods consultant | Resources (Labor) | 50,000 ADA ($12,500) |\n| Shared AI agent tooling development and maintenance | Infrastructure | 80,000 ADA ($20,000) |\n| Sandboxed vulnerability findings database | Infrastructure | 30,000 ADA ($7,500) |\n| Quarterly community summaries and Security Council reports | Engagement & Ecosystem support | 42,000 ADA ($10,500) |\n| CLI security assessment report | Engagement & Ecosystem support | 25,000 ADA ($6,250) |\n| Responsible disclosure legal counsel | Legal & Compliance | 40,000 ADA ($10,000) |\n| Travel and collaboration | Operations | 60,000 ADA ($15,000) |\n| Third-party delivery and financial audit | Security & Audits | 72,000 ADA ($18,000) |\n| **WP6 — Wallet & Client Security** |  | **875,000 ADA** ($218,750) |\n| Senior security researcher / formal methods analyst | Resources (Labor) | 700,000 ADA ($175,000) |\n| Wallet and client test environment and API testing tooling | Infrastructure | 105,000 ADA ($26,250) |\n| Wallet security reports and adversarial test suite | Engagement & Ecosystem support | 70,000 ADA ($17,500) |\n| **WP7 — Mainnet Performance Monitoring & Operational Assurance** |  | **1,475,000 ADA** ($368,750) |\n| Performance monitoring operations specialist | Resources (Labor) | 1,125,000 ADA ($281,250) |\n| Co-location setup | Infrastructure | 100,000 ADA ($25,000) |\n| Co-location running costs | Infrastructure | 90,000 ADA ($22,500) |\n| Per-node monitoring hardware | Infrastructure | 80,000 ADA ($20,000) |\n| Data publication infrastructure and performance summaries | Engagement & Ecosystem support | 80,000 ADA ($20,000) |\n| **Intersect Budget Administration fee** |  | **229,820 ADA** ($57,455) |\n| **Total budget** |  | **7,890,487 ADA** ($1,972,622) |","authors":["Ensurable Systems Ltd"],"version":"3","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 3: Governance,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":7890487,"estimatedDuration":18,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.727Z","updatedAt":"2026-05-26T03:26:15.908Z"},{"_id":"6a1512d73ea9a75799cf8edd","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Cardano Startup Mainnet Runway (CSMR)","summary":"**Cardano Startup Mainnet Runway** is a milestone-gated program that takes pre-qualified European startups from zero blockchain presence to live Cardano mainnet deployment, measured in on-chain transactions. **We request ₳6.2M total.**\n\nOperated by [NMA.VC](https://nma.vc), a Hamburg-based venture studio sourcing European startups since 2015. We are not a crypto-native team pitching a vision — we are an established ecosystem operator bringing that capability to Cardano. We know Cardano from the inside through the Masumi project since October 2024. The Mainnet Runway takes that experience beyond a single project into ecosystem-wide growth.\n\nThe thesis is simple. Cardano's 2030 targets — 27M monthly transactions, 1M users, $3B TVL — cannot be reached by the crypto-native community alone. They require real companies, with real customers, running real transaction volume on Cardano. Today no systematic mechanism exists to bring such companies onto the chain. This program is that mechanism.\n\nUsing GRID, our platform profiling 25,000+ European startups, we proactively identify companies whose existing product fits Cardano — compliance tooling, regulated fintech, agentic AI, digital infrastructure. No open calls. We approach specific companies, qualify them hard, onboard 10 per cohort.\n\nEach company receives a milestone-gated stipend via Intersect smart contract. Funds release only against verified on-chain output. M1: testnet environment live. M2: verified testnet transactions. M3: live mainnet deployment with minimum 500 transactions from 10+ distinct wallets and at least one paying customer, confirmed by a 60-day retention check. No demo unlocks funding.\n\n**The deliverable is not investment-ready founders or pitch decks. It is 10 non-crypto European companies with live code on Cardano mainnet generating transactions any DRep can verify. That is the value proposition: durable, organic, measurable Cardano adoption.**","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - Startup Sourcing and Cohort Selection** |  | **224,000 ADA** ($58,240) |\n| GRID screening, candidate outreach, qualification interviews, legal agreements | Resources (Labor) | 224,000 ADA ($58,240) |\n| **WP2 - Integration Architecture and Testnet (M1 and M2)** |  | **673,000 ADA** ($174,980) |\n| Integration sprint support, developer resources, technical guidance per company | Infrastructure | 673,000 ADA ($174,980) |\n| **WP3 - Mainnet Deployment** |  | **3,890,000 ADA** ($1,011,400) |\n| Mainnet deployment support, case study production, oversight verification | Infrastructure | 1,650,000 ADA ($429,000) |\n| Milestone Onboarding Stipends M1-M3 (10 companies) | Resources (Labor) | 2,240,000 ADA ($582,400) |\n| **WP4 - Program Oversight and Independent Audit** |  | **1,009,000 ADA** ($262,340) |\n| Oversight committee coordination, independent auditor fees, legal and compliance costs | Security & Audits | 112,000 ADA ($29,120) |\n| NMA program management fee | Resources (Labor) | 897,000 ADA ($233,220) |\n| **WP5 - Reporting and DRep Accountability** |  | **224,000 ADA** ($58,240) |\n| Reporting, data analysis, dashboard integration, DRep communications | Governance | 224,000 ADA ($58,240) |\n| **Intersect Budget Administration fee** |  | **180,600 ADA** ($46,956) |\n| **Total budget** |  | **6,200,600 ADA** ($1,612,156) |","authors":[{"name":"NMA Venture Capital GmbH"}],"version":"3","data":{"upstream":{"contentHash":"ee41e0f192b25fd3895ee629b467f19a6db3b76e5e10427020d0f7cb98ab6d03","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fdc4a5b05ff80adc7d5c62","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fdc4a5b05ff80adc7d5c62","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"9b1820e537b53682d2a6cf8f33eade61404091d064a204ac7f3ac4e0160b545d","contentCid":null,"externalProposal":{"id":"69fdc4a5b05ff80adc7d5c62","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fdc4a5b05ff80adc7d5c62","snapshot":{"title":"Cardano Startup Mainnet Runway (CSMR)","summary":"**Cardano Startup Mainnet Runway** is a milestone-gated program that takes pre-qualified European startups from zero blockchain presence to live Cardano mainnet deployment, measured in on-chain transactions. **We request ₳6.2M total.**\n\nOperated by [NMA.VC](https://nma.vc), a Hamburg-based venture studio sourcing European startups since 2015. We are not a crypto-native team pitching a vision — we are an established ecosystem operator bringing that capability to Cardano. We know Cardano from the inside through the Masumi project since October 2024. The Mainnet Runway takes that experience beyond a single project into ecosystem-wide growth.\n\nThe thesis is simple. Cardano's 2030 targets — 27M monthly transactions, 1M users, $3B TVL — cannot be reached by the crypto-native community alone. They require real companies, with real customers, running real transaction volume on Cardano. Today no systematic mechanism exists to bring such companies onto the chain. This program is that mechanism.\n\nUsing GRID, our platform profiling 25,000+ European startups, we proactively identify companies whose existing product fits Cardano — compliance tooling, regulated fintech, agentic AI, digital infrastructure. No open calls. We approach specific companies, qualify them hard, onboard 10 per cohort.\n\nEach company receives a milestone-gated stipend via Intersect smart contract. Funds release only against verified on-chain output. M1: testnet environment live. M2: verified testnet transactions. M3: live mainnet deployment with minimum 500 transactions from 10+ distinct wallets and at least one paying customer, confirmed by a 60-day retention check. No demo unlocks funding.\n\n**The deliverable is not investment-ready founders or pitch decks. It is 10 non-crypto European companies with live code on Cardano mainnet generating transactions any DRep can verify. That is the value proposition: durable, organic, measurable Cardano adoption.**","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - Startup Sourcing and Cohort Selection** |  | **224,000 ADA** ($58,240) |\n| GRID screening, candidate outreach, qualification interviews, legal agreements | Resources (Labor) | 224,000 ADA ($58,240) |\n| **WP2 - Integration Architecture and Testnet (M1 and M2)** |  | **673,000 ADA** ($174,980) |\n| Integration sprint support, developer resources, technical guidance per company | Infrastructure | 673,000 ADA ($174,980) |\n| **WP3 - Mainnet Deployment** |  | **3,890,000 ADA** ($1,011,400) |\n| Mainnet deployment support, case study production, oversight verification | Infrastructure | 1,650,000 ADA ($429,000) |\n| Milestone Onboarding Stipends M1-M3 (10 companies) | Resources (Labor) | 2,240,000 ADA ($582,400) |\n| **WP4 - Program Oversight and Independent Audit** |  | **1,009,000 ADA** ($262,340) |\n| Oversight committee coordination, independent auditor fees, legal and compliance costs | Security & Audits | 112,000 ADA ($29,120) |\n| NMA program management fee | Resources (Labor) | 897,000 ADA ($233,220) |\n| **WP5 - Reporting and DRep Accountability** |  | **224,000 ADA** ($58,240) |\n| Reporting, data analysis, dashboard integration, DRep communications | Governance | 224,000 ADA ($58,240) |\n| **Intersect Budget Administration fee** |  | **180,600 ADA** ($46,956) |\n| **Total budget** |  | **6,200,600 ADA** ($1,612,156) |","authors":["NMA Venture Capital GmbH"],"version":"3","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth","totalBudget":6200600,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.710Z","updatedAt":"2026-05-26T03:26:15.820Z"},{"_id":"6a1512d73ea9a75799cf8f01","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Cardano Tooling DAO","summary":"The Cardano Tooling DAO is an ecosystem-wide, purpose-built, smart contract-governed funding mechanism designed to support teams building the tools and infrastructure that power Cardano’s long-term growth. Its role is to allocate capital to tooling and infrastructure providers whose products create measurable ecosystem value through developer usage, product adoption, and broader utility across the network. CT DAO focuses on explorers, APIs, SDKs, analytics platforms, and other infrastructure, with KPIs such as Monthly Active Users (MAU) and Monthly Active Developers (MAD) playing an important role in evaluation. ([https://docsend.com/view/kbbzv37vw3ifx587](https://docsend.com/view/kbbzv37vw3ifx587))\n\nThis proposal is part of the Initiative DAO Framework. ([https://docsend.com/view/9jvuzx6ejpnutpmq](https://docsend.com/view/9jvuzx6ejpnutpmq))\n\nThe Cardano Builder DAO was the first successful pilot implementation of the Initiative DAO framework in 2025. In the 2026 budget cycle, dReps, builders, marketers, and developers across the Cardano ecosystem have come together to propose expanding the application of this framework to other parts of the ecosystem. This is a grassroots, community driven effort to expand a proven model of funding to essential parts of the ecosystem that have traditionally been candidates for Catalyst funding.\n\nThe Initiative DAO Framework improves how ecosystem funding is allocated across the verticals that matter most for Cardano’s growth and operation. Rather than distributing treasury capital through fragmented proposal-by-proposal processes, the framework organizes capital into specialized DAOs with clear mandates, transparent reporting, aligned incentives, and built-in accountability. To preserve clarity of mandate and avoid overlapping treasury support, members of the Tooling DAO are not permitted to seek funding from the Builder DAO and the Tooling DAO at the same time.\n\nIf you would like to join: https://www.cardanotooling.com/","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **DAO Deployment, Treasury Setup, Member Onboarding** |  | **840,000 ADA** ($210,000) |\n| Entity Creation and Set Up | Legal & Compliance | 28,000 ADA ($7,000) |\n| Council Compensation | Operations | 140,000 ADA ($35,000) |\n| Legal Costs | Legal & Compliance | 60,000 ADA ($15,000) |\n| DAO Service Providers | Operations | 612,000 ADA ($153,000) |\n| **Governance Round 1 Temperature Checks and Proposal Signaling** |  | **2,580,000 ADA** ($645,000) |\n| Ecosystem Tooling Funding | Governance | 2,580,000 ADA ($645,000) |\n| **Governance Round 2 Temperature Checks, Participation Records, and KPI Tracking** |  | **2,580,000 ADA** ($645,000) |\n| Ecosystem Tooling Funding | Governance | 2,580,000 ADA ($645,000) |\n| **Intersect Budget Administration fee** |  | **180,000 ADA** ($45,000) |\n| **Total budget** |  | **6,180,000 ADA** ($1,545,000) |","authors":[{"name":"Cardano Tooling DAO LLC"}],"version":"1","data":{"upstream":{"contentHash":"75e6108830db48b6f12d58a8bd81a20570d63050aac795bc6f08bab8c17750f4","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fb466181aade1f18481c1e","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fb466181aade1f18481c1e","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"03d67513b453422f4b4bf6b7388fd134120ba651b785f21dc1146e52bc11a0f3","contentCid":null,"externalProposal":{"id":"69fb466181aade1f18481c1e","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fb466181aade1f18481c1e","snapshot":{"title":"Cardano Tooling DAO","summary":"The Cardano Tooling DAO is an ecosystem-wide, purpose-built, smart contract-governed funding mechanism designed to support teams building the tools and infrastructure that power Cardano’s long-term growth. Its role is to allocate capital to tooling and infrastructure providers whose products create measurable ecosystem value through developer usage, product adoption, and broader utility across the network. CT DAO focuses on explorers, APIs, SDKs, analytics platforms, and other infrastructure, with KPIs such as Monthly Active Users (MAU) and Monthly Active Developers (MAD) playing an important role in evaluation. ([https://docsend.com/view/kbbzv37vw3ifx587](https://docsend.com/view/kbbzv37vw3ifx587))\n\nThis proposal is part of the Initiative DAO Framework. ([https://docsend.com/view/9jvuzx6ejpnutpmq](https://docsend.com/view/9jvuzx6ejpnutpmq))\n\nThe Cardano Builder DAO was the first successful pilot implementation of the Initiative DAO framework in 2025. In the 2026 budget cycle, dReps, builders, marketers, and developers across the Cardano ecosystem have come together to propose expanding the application of this framework to other parts of the ecosystem. This is a grassroots, community driven effort to expand a proven model of funding to essential parts of the ecosystem that have traditionally been candidates for Catalyst funding.\n\nThe Initiative DAO Framework improves how ecosystem funding is allocated across the verticals that matter most for Cardano’s growth and operation. Rather than distributing treasury capital through fragmented proposal-by-proposal processes, the framework organizes capital into specialized DAOs with clear mandates, transparent reporting, aligned incentives, and built-in accountability. To preserve clarity of mandate and avoid overlapping treasury support, members of the Tooling DAO are not permitted to seek funding from the Builder DAO and the Tooling DAO at the same time.\n\nIf you would like to join: https://www.cardanotooling.com/","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **DAO Deployment, Treasury Setup, Member Onboarding** |  | **840,000 ADA** ($210,000) |\n| Entity Creation and Set Up | Legal & Compliance | 28,000 ADA ($7,000) |\n| Council Compensation | Operations | 140,000 ADA ($35,000) |\n| Legal Costs | Legal & Compliance | 60,000 ADA ($15,000) |\n| DAO Service Providers | Operations | 612,000 ADA ($153,000) |\n| **Governance Round 1 Temperature Checks and Proposal Signaling** |  | **2,580,000 ADA** ($645,000) |\n| Ecosystem Tooling Funding | Governance | 2,580,000 ADA ($645,000) |\n| **Governance Round 2 Temperature Checks, Participation Records, and KPI Tracking** |  | **2,580,000 ADA** ($645,000) |\n| Ecosystem Tooling Funding | Governance | 2,580,000 ADA ($645,000) |\n| **Intersect Budget Administration fee** |  | **180,000 ADA** ($45,000) |\n| **Total budget** |  | **6,180,000 ADA** ($1,545,000) |","authors":["Cardano Tooling DAO LLC"],"version":"1","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 3: Governance,Pillar 4: Community & Ecosystem Growth","totalBudget":6180000,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"individual"}}},"createdAt":"2026-05-26T03:26:15.719Z","updatedAt":"2026-05-26T03:26:15.862Z"},{"_id":"6a1512d73ea9a75799cf8f12","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"DeltaDeFi: Cardano Flagship Exchange: ₳5,000,000 Treasury Loan with Perpetual Upside","summary":"DeltaDeFi proposes a ₳5,000,000 loan from the Cardano Treasury over 24 months, with full repayment plus a perpetual revenue share to ADA holders for the life of the protocol.\n\nDeltaDeFi is a Hydra-based, low-latency order-book exchange live on Cardano mainnet since Cardano Summit 2025. With $20,000 of in-house market-making capital, it holds the best ADA execution price on Cardano (20 bps spread on ADA/USDCx), has matched $607,000 of cumulative volume, and serves 169 active traders. This proposal funds hardening and scale-up.\n\nLoan terms:\n\n- ₳5,000,000 ADA-denominated, disbursed in two pools across 24 months\n- 50% of retained trading fees remitted monthly until ₳5,000,000 is fully repaid\n- 15% of retained trading fees remitted in perpetuity thereafter — a permanent income stream for ADA holders\n- Administered by Intersect via the 2025 TRSC framework, with a third-party assurer validating each milestone\n\n## Changes from previous draft\n\nThe ₳1,500,000 / 6-month draft was rejected by \\~82.6% of DRep voting power. This proposal addresses the five most-cited objections:\n\n- \\*\\*Repayable loan with perpetual upside\\*\\*, not a grant\n- \\*\\*Concrete liquidity\\*\\* via an in-house MM model already live on mainnet\n- \\*\\*Two binding, auditable decentralization milestones\\*\\* at M12 and M24\n- \\*\\*Proprietary KPI dashboard removed\\*\\*; average monthly burn is lower\n- \\*\\*Three months of mainnet evidence\\*\\* replaces pre-launch projections","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Pool A — Operating Budget** |  | **2,500,000 ADA** ($625,000) |\n| Engineering Monthly Cost | Resources (Labor) | 1,500,000 ADA ($375,000) |\n| Security Audit | Security & Audits | 160,000 ADA ($40,000) |\n| Security audit 2 | Security & Audits | 120,000 ADA ($30,000) |\n| Operations Monthly Cost | Operations | 360,000 ADA ($90,000) |\n| Infrastructure Monthly Cost | Infrastructure | 240,000 ADA ($60,000) |\n| Documentation Monthly Cost | Operations | 120,000 ADA ($30,000) |\n| **WP2 – Pool B — Working Capital (Market Making)** |  | **2,500,000 ADA** ($625,000) |\n| Working capital | Operations | 2,500,000 ADA ($625,000) |\n| **Intersect Budget Administration fee** |  | **150,000 ADA** ($37,500) |\n| **Total budget** |  | **5,150,000 ADA** ($1,287,500) |","authors":[{"name":"DeltaDeFi"}],"version":"3","data":{"upstream":{"contentHash":"636170c6d6289f5efa3d16e9bef6919547a94e0e85d97ada72fd661de8246ac5","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69f70e22ae91c89d30570211","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f70e22ae91c89d30570211","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"eb9b4041a7a69186efbd72b6e46bacfaea45756b2c5fb0988607ce96d46dbde0","contentCid":null,"externalProposal":{"id":"69f70e22ae91c89d30570211","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f70e22ae91c89d30570211","snapshot":{"title":"DeltaDeFi: Cardano Flagship Exchange: ₳5,000,000 Treasury Loan with Perpetual Upside","summary":"DeltaDeFi proposes a ₳5,000,000 loan from the Cardano Treasury over 24 months, with full repayment plus a perpetual revenue share to ADA holders for the life of the protocol.\n\nDeltaDeFi is a Hydra-based, low-latency order-book exchange live on Cardano mainnet since Cardano Summit 2025. With $20,000 of in-house market-making capital, it holds the best ADA execution price on Cardano (20 bps spread on ADA/USDCx), has matched $607,000 of cumulative volume, and serves 169 active traders. This proposal funds hardening and scale-up.\n\nLoan terms:\n\n- ₳5,000,000 ADA-denominated, disbursed in two pools across 24 months\n- 50% of retained trading fees remitted monthly until ₳5,000,000 is fully repaid\n- 15% of retained trading fees remitted in perpetuity thereafter — a permanent income stream for ADA holders\n- Administered by Intersect via the 2025 TRSC framework, with a third-party assurer validating each milestone\n\n## Changes from previous draft\n\nThe ₳1,500,000 / 6-month draft was rejected by \\~82.6% of DRep voting power. This proposal addresses the five most-cited objections:\n\n- \\*\\*Repayable loan with perpetual upside\\*\\*, not a grant\n- \\*\\*Concrete liquidity\\*\\* via an in-house MM model already live on mainnet\n- \\*\\*Two binding, auditable decentralization milestones\\*\\* at M12 and M24\n- \\*\\*Proprietary KPI dashboard removed\\*\\*; average monthly burn is lower\n- \\*\\*Three months of mainnet evidence\\*\\* replaces pre-launch projections","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Pool A — Operating Budget** |  | **2,500,000 ADA** ($625,000) |\n| Engineering Monthly Cost | Resources (Labor) | 1,500,000 ADA ($375,000) |\n| Security Audit | Security & Audits | 160,000 ADA ($40,000) |\n| Security audit 2 | Security & Audits | 120,000 ADA ($30,000) |\n| Operations Monthly Cost | Operations | 360,000 ADA ($90,000) |\n| Infrastructure Monthly Cost | Infrastructure | 240,000 ADA ($60,000) |\n| Documentation Monthly Cost | Operations | 120,000 ADA ($30,000) |\n| **WP2 – Pool B — Working Capital (Market Making)** |  | **2,500,000 ADA** ($625,000) |\n| Working capital | Operations | 2,500,000 ADA ($625,000) |\n| **Intersect Budget Administration fee** |  | **150,000 ADA** ($37,500) |\n| **Total budget** |  | **5,150,000 ADA** ($1,287,500) |","authors":["DeltaDeFi"],"version":"3","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":5150000,"estimatedDuration":24,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.724Z","updatedAt":"2026-05-26T03:26:15.887Z"},{"_id":"6a1512d73ea9a75799cf8f15","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Paid Open Source Model - Continued","summary":"The Open Source Committee (OSC), in coordination with the Open Source Office (OSO), requests a Cardano Treasury Withdrawal - totaling **\\~ ₳4.6M** to support structured, performance-based open-source sustainability across the Cardano ecosystem over **18 months**.\n\n**Key Objectives & Strategic Impact**\n\n- **Sustainable Open-Source Development:** Structured funding for maintainers, maintainer needs, and critical tooling to prevent infrastructure degradation.\n- **Security & Risk Mitigation:** Bug bounties and incident monitoring to reduce systemic protocol risk. (Co-managed risk with Intersect Cardano Technology Team)\n- **Developer Pipeline & Retention:** Developer Advocacy and related working group(s) to strengthen contributor flow into core repositories and community projects.\n- **Ecosystem Stability & Operational Continuity:** Measured funding for strategic events attendance/sponsorship, development metrics tracking, and public reporting.\n\n**What’s New**\nOver the course of activating the Paid Open Source Model for the first time, via a 2025 Cardano Treasury withdrawal, The OSC engaged ecosystem partners to assist with delivery. Notably, TxPipe, Andamio, STORM Partners, and Chinstrap Community.\n\n**Other Program Updates:**\n\n- The **Developer Advocate** program was originally and continues to be paid in ADA. In the future, the Developer Advocate Program will always be paid in ADA, in an effort to continue inspiring wider use of and activity on the Cardano Blockchain.\n- The **Strategic Presence **(formerly Travel and Events) program requires fiat transactions as most travel and sponsorship costs are commonly billed in USD. When and where available reimbursement payments are made in ADA.\n\nThe OSC seeks to steward treasury spend with additional transactions on the Cardano Blockchain.\n\n**NOTE:** The execution of the work packages outlined in the proposal is contingent on the IntersectMBO budget proposal's approval.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Maintainer Retainer Program** |  | **1,500,000 ADA** ($375,000) |\n| Community Maintainers | Resources (Labor) | 1,440,000 ADA ($360,000) |\n| Andamio Platform Costs | Infrastructure | 60,000 ADA ($15,000) |\n| **Tooling Sustainability Program** |  | **2,000,000 ADA** ($500,000) |\n| Structured Project Funding | Infrastructure | 2,000,000 ADA ($500,000) |\n| **Developer Advocate Program** |  | **300,000 ADA** ($75,000) |\n| Developer Advocate (Part-Time) | Resources (Labor) | 270,000 ADA ($67,500) |\n| Developer Advocate Tooling/Miscellaneous | Operations | 30,000 ADA ($7,500) |\n| **Strategic Presence Program** |  | **600,000 ADA** ($150,000) |\n| Ad-hoc Travel/Sponsorship Costs | Operations | 600,000 ADA ($150,000) |\n| **Development Metrics and Reporting** |  | **201,000 ADA** ($50,250) |\n| Monthly Dashboard Hosting Costs | Infrastructure | 81,000 ADA ($20,250) |\n| Research Based Reporting | Research | 120,000 ADA ($30,000) |\n| **Total budget** |  | **4,601,000 ADA** ($1,150,250) |","authors":[{"name":"Open Source Committee (Intersect)"}],"version":"2","data":{"upstream":{"contentHash":"9222ccc93ae1b1253de435516c981317e82018fca0a0c73ca97d3c7918864800","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69ea4790d73bae0eb2a99522","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69ea4790d73bae0eb2a99522","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"a88a6f63fefa20d3a8a93b6d20b9deb1713cef01a595a15508e029ca05c57c67","contentCid":null,"externalProposal":{"id":"69ea4790d73bae0eb2a99522","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69ea4790d73bae0eb2a99522","snapshot":{"title":"Paid Open Source Model - Continued","summary":"The Open Source Committee (OSC), in coordination with the Open Source Office (OSO), requests a Cardano Treasury Withdrawal - totaling **\\~ ₳4.6M** to support structured, performance-based open-source sustainability across the Cardano ecosystem over **18 months**.\n\n**Key Objectives & Strategic Impact**\n\n- **Sustainable Open-Source Development:** Structured funding for maintainers, maintainer needs, and critical tooling to prevent infrastructure degradation.\n- **Security & Risk Mitigation:** Bug bounties and incident monitoring to reduce systemic protocol risk. (Co-managed risk with Intersect Cardano Technology Team)\n- **Developer Pipeline & Retention:** Developer Advocacy and related working group(s) to strengthen contributor flow into core repositories and community projects.\n- **Ecosystem Stability & Operational Continuity:** Measured funding for strategic events attendance/sponsorship, development metrics tracking, and public reporting.\n\n**What’s New**\nOver the course of activating the Paid Open Source Model for the first time, via a 2025 Cardano Treasury withdrawal, The OSC engaged ecosystem partners to assist with delivery. Notably, TxPipe, Andamio, STORM Partners, and Chinstrap Community.\n\n**Other Program Updates:**\n\n- The **Developer Advocate** program was originally and continues to be paid in ADA. In the future, the Developer Advocate Program will always be paid in ADA, in an effort to continue inspiring wider use of and activity on the Cardano Blockchain.\n- The **Strategic Presence **(formerly Travel and Events) program requires fiat transactions as most travel and sponsorship costs are commonly billed in USD. When and where available reimbursement payments are made in ADA.\n\nThe OSC seeks to steward treasury spend with additional transactions on the Cardano Blockchain.\n\n**NOTE:** The execution of the work packages outlined in the proposal is contingent on the IntersectMBO budget proposal's approval.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Maintainer Retainer Program** |  | **1,500,000 ADA** ($375,000) |\n| Community Maintainers | Resources (Labor) | 1,440,000 ADA ($360,000) |\n| Andamio Platform Costs | Infrastructure | 60,000 ADA ($15,000) |\n| **Tooling Sustainability Program** |  | **2,000,000 ADA** ($500,000) |\n| Structured Project Funding | Infrastructure | 2,000,000 ADA ($500,000) |\n| **Developer Advocate Program** |  | **300,000 ADA** ($75,000) |\n| Developer Advocate (Part-Time) | Resources (Labor) | 270,000 ADA ($67,500) |\n| Developer Advocate Tooling/Miscellaneous | Operations | 30,000 ADA ($7,500) |\n| **Strategic Presence Program** |  | **600,000 ADA** ($150,000) |\n| Ad-hoc Travel/Sponsorship Costs | Operations | 600,000 ADA ($150,000) |\n| **Development Metrics and Reporting** |  | **201,000 ADA** ($50,250) |\n| Monthly Dashboard Hosting Costs | Infrastructure | 81,000 ADA ($20,250) |\n| Research Based Reporting | Research | 120,000 ADA ($30,000) |\n| **Total budget** |  | **4,601,000 ADA** ($1,150,250) |","authors":["Open Source Committee (Intersect)"],"version":"2","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth","totalBudget":4601000,"estimatedDuration":18,"treasuryRepayment":"Yes","administrator":"Other","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.724Z","updatedAt":"2026-05-26T03:26:15.894Z"},{"_id":"6a1512d73ea9a75799cf8f0b","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Cardano Enterprise Adoption: Production Ticketing Platform","summary":"This treasury withdrawal funds **Phase 2** of a production Cardano-native ticketing system operated by Sellout.io and built by Anvil Development Agency.\n\n**Phase 1 (Completed):** On-chain event creation, CIP-68 ticket minting, ticket transfers, and attendance verification. Phase 1 is already live on Cardano mainnet, funded entirely by Sellout (over $130k invested), with no Cardano-related funding, as a tie-in to their existing product.\n\n**Phase 2** delivers the components required to scale this system to mass adoption:\n\n- A secondary marketplace with on-chain royalty enforcement\n- Anti-scalping controls configurable per event\n- Wallet onboarding capable of serving Sellout's 200,000+ existing users\n- Organizer-facing tools\n- An independent third-party security audit\n- A professional marketing-firm launch amplification campaign\n\n\n**Phase 2** is delivered through a new operating entity that consolidates the Phase 1 IP and pays a defined revenue share to the Cardano Treasury until cost recovery (see Treasury Repayment below). We are **committing to repay $1,093,216 **to the Cardano treasury through this mechanism. \n\nThe anchor deployment is the **Yellowstone Club 2026 concert series,** a contracted lineup including Noah Kahan, Sting, Weezer, The Black Crows, Mumford & Sons, Dierks Bentley, and The B52; with, $5.88M in 2025 historical revenue, projecting $6M+ in value on-chain for the 2026 series, and individual ticket prices ranging from $400 to $8,000. Sellout currently operates nationwide with over 200,000 registered users and over 250,000 tickets issued. This is the kind of *mission critical* commercial workload aligned with the Cardano 2030 Vision, where Cardano's eUTxO determinism, CIP-68 metadata, and native multi-asset architecture uniquely fit to solve real-world problems.\n\nReal businesses, real revenue, building products for the real world, providing real value back to the treasury.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Event Ticketing Marketplace** |  | **4,245,500 ADA** ($1,061,375) |\n| Anvil Blockchain Engineer (Lead) | Resources (Labor) | 394,400 ADA ($98,600) |\n| Anvil Senior Full-Stack Engineer | Resources (Labor) | 368,500 ADA ($92,125) |\n| Anvil Smart Contract Engineer | Resources (Labor) | 335,000 ADA ($83,750) |\n| Anvil Front-End / UX Engineer | Resources (Labor) | 254,600 ADA ($63,650) |\n| Anvil Jr. Engineer / QA | Resources (Labor) | 69,000 ADA ($17,250) |\n| Anvil Designer (UX + Visual) | Resources (Labor) | 89,000 ADA ($22,250) |\n| Anvil Project Management & Technical Leadership | Resources (Labor) | 123,000 ADA ($30,750) |\n| Anvil Executive Oversight (CEO/COO) | Resources (Labor) | 165,000 ADA ($41,250) |\n| Sellout Project Lead | Resources (Labor) | 400,000 ADA ($100,000) |\n| Sellout DevOps Lead | Resources (Labor) | 200,000 ADA ($50,000) |\n| Sellout Web2 Development - Marketplace UI | Development | 240,000 ADA ($60,000) |\n| Sellout Web2 Development - Wallet Integration | Development | 200,000 ADA ($50,000) |\n| Sellout Web2 Development - Organizer Dashboard Updates | Development | 160,000 ADA ($40,000) |\n| Sellout Web2 Development - Account Auth and Integration Plumbing | Development | 120,000 ADA ($30,000) |\n| Sellout Marketing - NIVA Conference | Engagement & Ecosystem support | 160,000 ADA ($40,000) |\n| Sellout Marketing - INTIX Conference & Expo | Engagement & Ecosystem support | 160,000 ADA ($40,000) |\n| Sellout Marketing - Pollstar Live! Conference | Engagement & Ecosystem support | 160,000 ADA ($40,000) |\n| Sellout Marketing - BigStorm Marketing Campaign | Engagement & Ecosystem support | 200,000 ADA ($50,000) |\n| Independent 3rd Party Audit | Security & Audits | 200,000 ADA ($50,000) |\n| Infrastructure, Tooling, Dev Environments | Infrastructure | 100,000 ADA ($25,000) |\n| Reserve/ Scope Contingency (3%) | Operations | 120,000 ADA ($30,000) |\n| Legal Entity Formation | Legal & Compliance | 27,000 ADA ($6,750) |\n| **Intersect Budget Administration fee** |  | **127,365 ADA** ($31,841) |\n| **Total budget** |  | **4,372,865 ADA** ($1,093,216) |","authors":[{"name":"Anvil Development Agency, Inc."}],"version":"2","data":{"upstream":{"contentHash":"d712ef9623cbfe04b58d5471f707fa19c8c72493660583fb263b3af5fd37dd88","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fa01a5e8a58900f4a05a09","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fa01a5e8a58900f4a05a09","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"2bbac94ce25fe00ebaaf83aa1897dede39ea803353bf524775e59051853bb78a","contentCid":null,"externalProposal":{"id":"69fa01a5e8a58900f4a05a09","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fa01a5e8a58900f4a05a09","snapshot":{"title":"Cardano Enterprise Adoption: Production Ticketing Platform","summary":"This treasury withdrawal funds **Phase 2** of a production Cardano-native ticketing system operated by Sellout.io and built by Anvil Development Agency.\n\n**Phase 1 (Completed):** On-chain event creation, CIP-68 ticket minting, ticket transfers, and attendance verification. Phase 1 is already live on Cardano mainnet, funded entirely by Sellout (over $130k invested), with no Cardano-related funding, as a tie-in to their existing product.\n\n**Phase 2** delivers the components required to scale this system to mass adoption:\n\n- A secondary marketplace with on-chain royalty enforcement\n- Anti-scalping controls configurable per event\n- Wallet onboarding capable of serving Sellout's 200,000+ existing users\n- Organizer-facing tools\n- An independent third-party security audit\n- A professional marketing-firm launch amplification campaign\n\n\n**Phase 2** is delivered through a new operating entity that consolidates the Phase 1 IP and pays a defined revenue share to the Cardano Treasury until cost recovery (see Treasury Repayment below). We are **committing to repay $1,093,216 **to the Cardano treasury through this mechanism. \n\nThe anchor deployment is the **Yellowstone Club 2026 concert series,** a contracted lineup including Noah Kahan, Sting, Weezer, The Black Crows, Mumford & Sons, Dierks Bentley, and The B52; with, $5.88M in 2025 historical revenue, projecting $6M+ in value on-chain for the 2026 series, and individual ticket prices ranging from $400 to $8,000. Sellout currently operates nationwide with over 200,000 registered users and over 250,000 tickets issued. This is the kind of *mission critical* commercial workload aligned with the Cardano 2030 Vision, where Cardano's eUTxO determinism, CIP-68 metadata, and native multi-asset architecture uniquely fit to solve real-world problems.\n\nReal businesses, real revenue, building products for the real world, providing real value back to the treasury.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Event Ticketing Marketplace** |  | **4,245,500 ADA** ($1,061,375) |\n| Anvil Blockchain Engineer (Lead) | Resources (Labor) | 394,400 ADA ($98,600) |\n| Anvil Senior Full-Stack Engineer | Resources (Labor) | 368,500 ADA ($92,125) |\n| Anvil Smart Contract Engineer | Resources (Labor) | 335,000 ADA ($83,750) |\n| Anvil Front-End / UX Engineer | Resources (Labor) | 254,600 ADA ($63,650) |\n| Anvil Jr. Engineer / QA | Resources (Labor) | 69,000 ADA ($17,250) |\n| Anvil Designer (UX + Visual) | Resources (Labor) | 89,000 ADA ($22,250) |\n| Anvil Project Management & Technical Leadership | Resources (Labor) | 123,000 ADA ($30,750) |\n| Anvil Executive Oversight (CEO/COO) | Resources (Labor) | 165,000 ADA ($41,250) |\n| Sellout Project Lead | Resources (Labor) | 400,000 ADA ($100,000) |\n| Sellout DevOps Lead | Resources (Labor) | 200,000 ADA ($50,000) |\n| Sellout Web2 Development - Marketplace UI | Development | 240,000 ADA ($60,000) |\n| Sellout Web2 Development - Wallet Integration | Development | 200,000 ADA ($50,000) |\n| Sellout Web2 Development - Organizer Dashboard Updates | Development | 160,000 ADA ($40,000) |\n| Sellout Web2 Development - Account Auth and Integration Plumbing | Development | 120,000 ADA ($30,000) |\n| Sellout Marketing - NIVA Conference | Engagement & Ecosystem support | 160,000 ADA ($40,000) |\n| Sellout Marketing - INTIX Conference & Expo | Engagement & Ecosystem support | 160,000 ADA ($40,000) |\n| Sellout Marketing - Pollstar Live! Conference | Engagement & Ecosystem support | 160,000 ADA ($40,000) |\n| Sellout Marketing - BigStorm Marketing Campaign | Engagement & Ecosystem support | 200,000 ADA ($50,000) |\n| Independent 3rd Party Audit | Security & Audits | 200,000 ADA ($50,000) |\n| Infrastructure, Tooling, Dev Environments | Infrastructure | 100,000 ADA ($25,000) |\n| Reserve/ Scope Contingency (3%) | Operations | 120,000 ADA ($30,000) |\n| Legal Entity Formation | Legal & Compliance | 27,000 ADA ($6,750) |\n| **Intersect Budget Administration fee** |  | **127,365 ADA** ($31,841) |\n| **Total budget** |  | **4,372,865 ADA** ($1,093,216) |","authors":["Anvil Development Agency, Inc."],"version":"2","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":4372865,"estimatedDuration":8,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.722Z","updatedAt":"2026-05-26T03:26:15.874Z"},{"_id":"6a1512d73ea9a75799cf8f1f","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Indigo Innovation Proposal: V2030RS, Tokenized RWA, BTC-Fi & Privacy","summary":"Indigo aims to bring the first truly institutional-grade, tokenized RWA solution to the Cardano ecosystem with iUSDt. By linking Cardano with institutional liquidity funds, powering Bitcoin DeFi markets on Indigo, and developing shielded iAssets on partnerchain ecosystems, Indigo also seeks to pioneer a landmark revenue-sharing model (V2030RS) with the Cardano Treasury.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.3.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – RWA Compliance: Legal, Compliance & Entity Setup** |  | **3,850,000 ADA** ($1,155,000) |\n| RWA Compliance: Legal, Compliance & Entity Setup | Legal & Compliance | 2,300,000 ADA ($690,000) |\n| RWA Core, BTC DeFi, Midnight, Audits & Open Tooling | Development | 1,550,000 ADA ($465,000) |\n| **Intersect Budget Administration fee** |  | **115,500 ADA** ($34,650) |\n| **Total budget** |  | **3,965,500 ADA** ($1,189,650) |","authors":[{"name":"Indigo Foundation"}],"version":"1","data":{"upstream":{"contentHash":"4e467cacb61ae047f39fae62a61b75d349cf207f4e30c55a1a03d0d73e69c4fd","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69e63a4ed6a29288536b11fc","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e63a4ed6a29288536b11fc","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"686225e74395458c60ebb7ef77bc2e41dd974ecfb371313fcf79c9061ed988f7","contentCid":null,"externalProposal":{"id":"69e63a4ed6a29288536b11fc","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69e63a4ed6a29288536b11fc","snapshot":{"title":"Indigo Innovation Proposal: V2030RS, Tokenized RWA, BTC-Fi & Privacy","summary":"Indigo aims to bring the first truly institutional-grade, tokenized RWA solution to the Cardano ecosystem with iUSDt. By linking Cardano with institutional liquidity funds, powering Bitcoin DeFi markets on Indigo, and developing shielded iAssets on partnerchain ecosystems, Indigo also seeks to pioneer a landmark revenue-sharing model (V2030RS) with the Cardano Treasury.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.3.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – RWA Compliance: Legal, Compliance & Entity Setup** |  | **3,850,000 ADA** ($1,155,000) |\n| RWA Compliance: Legal, Compliance & Entity Setup | Legal & Compliance | 2,300,000 ADA ($690,000) |\n| RWA Core, BTC DeFi, Midnight, Audits & Open Tooling | Development | 1,550,000 ADA ($465,000) |\n| **Intersect Budget Administration fee** |  | **115,500 ADA** ($34,650) |\n| **Total budget** |  | **3,965,500 ADA** ($1,189,650) |","authors":["Indigo Foundation"],"version":"1","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":3965500,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.727Z","updatedAt":"2026-05-26T03:26:15.910Z"},{"_id":"6a1512d73ea9a75799cf8f0e","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Bringing Real-World Payments to Cardano with Wirex","summary":"Wirex addresses a key gap in Cardano’s ecosystem: the lack of integrated infrastructure to support real-world payments at scale. While Cardano has strong foundations in DeFi and decentralized applications, it currently lacks seamless rails for everyday spending, merchant acceptance, and fiat-connected financial activity.\n\nThis proposal delivers a full-stack, open-source payments infrastructure that enables onchain settlement through smart contracts while connecting Cardano to banking rails, stablecoin systems, and wallet interfaces. A core outcome is Visa card issuance linked directly to onchain balances, allowing users to spend digital assets globally at millions of merchants. The solution also supports native integration with self-custody wallets, enabling payment functionality without reliance on closed platforms.\n\nWirex brings proven execution capability, with 7M users, $20B+ in processed volume, and experience as a Visa Principal Member. This positions the team to accelerate deployment and drive real-world adoption.\n\nThe expected impact is a step change in Cardano’s utility, unlocking new transaction volume, user growth, and institutional participation. By enabling everyday payments, the proposal directly contributes to increased network usage and real-world economic activity onchain.\n\nThis aligns with Cardano’s vision to become a secure, reliable, and censorship-resistant blockchain powering economies and societies, by extending its capabilities into practical financial use cases and positioning it as a viable settlement layer for global commerce.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Enabling Onchain Payments & Card Infrastructure** |  | **3,846,153 ADA** ($1,000,000) |\n| Core Infrastructure | Development | 1,346,154 ADA ($350,000) |\n| Visa & Banking Integration | Infrastructure | 961,538 ADA ($250,000) |\n| Wallet & API Ecosystem Layer | Development | 769,231 ADA ($200,000) |\n| Security & External Audit | Security & Audits | 384,615 ADA ($100,000) |\n| Launch & Ecosystem Activation | Engagement & Ecosystem support | 384,615 ADA ($100,000) |\n| **Intersect Budget Administration fee** |  | **115,385 ADA** ($30,000) |\n| **Total budget** |  | **3,961,538 ADA** ($1,030,000) |","authors":[{"name":"Wirex Limited"}],"version":"3","data":{"upstream":{"contentHash":"7658225fb36fbfd9587013c82a7191c6c82f009016f29ede168b76f236a64713","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69f9d441f86410919eef6bd5","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f9d441f86410919eef6bd5","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"41fb8149d083f24ff78204b9a73cdec003776a56c668c02cb927ab1001ca3f42","contentCid":null,"externalProposal":{"id":"69f9d441f86410919eef6bd5","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f9d441f86410919eef6bd5","snapshot":{"title":"Bringing Real-World Payments to Cardano with Wirex","summary":"Wirex addresses a key gap in Cardano’s ecosystem: the lack of integrated infrastructure to support real-world payments at scale. While Cardano has strong foundations in DeFi and decentralized applications, it currently lacks seamless rails for everyday spending, merchant acceptance, and fiat-connected financial activity.\n\nThis proposal delivers a full-stack, open-source payments infrastructure that enables onchain settlement through smart contracts while connecting Cardano to banking rails, stablecoin systems, and wallet interfaces. A core outcome is Visa card issuance linked directly to onchain balances, allowing users to spend digital assets globally at millions of merchants. The solution also supports native integration with self-custody wallets, enabling payment functionality without reliance on closed platforms.\n\nWirex brings proven execution capability, with 7M users, $20B+ in processed volume, and experience as a Visa Principal Member. This positions the team to accelerate deployment and drive real-world adoption.\n\nThe expected impact is a step change in Cardano’s utility, unlocking new transaction volume, user growth, and institutional participation. By enabling everyday payments, the proposal directly contributes to increased network usage and real-world economic activity onchain.\n\nThis aligns with Cardano’s vision to become a secure, reliable, and censorship-resistant blockchain powering economies and societies, by extending its capabilities into practical financial use cases and positioning it as a viable settlement layer for global commerce.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Enabling Onchain Payments & Card Infrastructure** |  | **3,846,153 ADA** ($1,000,000) |\n| Core Infrastructure | Development | 1,346,154 ADA ($350,000) |\n| Visa & Banking Integration | Infrastructure | 961,538 ADA ($250,000) |\n| Wallet & API Ecosystem Layer | Development | 769,231 ADA ($200,000) |\n| Security & External Audit | Security & Audits | 384,615 ADA ($100,000) |\n| Launch & Ecosystem Activation | Engagement & Ecosystem support | 384,615 ADA ($100,000) |\n| **Intersect Budget Administration fee** |  | **115,385 ADA** ($30,000) |\n| **Total budget** |  | **3,961,538 ADA** ($1,030,000) |","authors":["Wirex Limited"],"version":"3","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility","totalBudget":3961538,"estimatedDuration":9,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.722Z","updatedAt":"2026-05-26T03:26:15.881Z"},{"_id":"6a1512d73ea9a75799cf8f10","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Mithril Protocol","summary":"Mithril solves one of Cardano's most pressing infrastructure challenges: the cost and complexity of securely accessing and verifying blockchain state. As today full node synchronisation is slow and light clients rely on centralized trust. Mithril addresses this by using stake-based threshold multi-signatures to certify Cardano state in a trustless way, enabling nodes and applications to verify state rapidly without relying on the entire chain.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Mithril Protocol Continuous Development** |  | **3,699,440 ADA** ($924,860) |\n| Decentralize configuration parameters of Mithril networks | Resources (Labor) | 329,656 ADA ($82,414) |\n| Cardano database artifacts on IPFS - PoC | Resources (Labor) | 329,656 ADA ($82,414) |\n| Production-candidate Recursive SNARK proofs | Resources (Labor) | 733,336 ADA ($183,334) |\n| Certificate chain caching | Resources (Labor) | 241,496 ADA ($60,374) |\n| Debt reduction and maintenance | Resources (Labor) | 241,496 ADA ($60,374) |\n| Infrastructure for production and testing of Mithril | Infrastructure | 220,000 ADA ($55,000) |\n| Cardano database artifacts on IPFS - MVP | Resources (Labor) | 417,816 ADA ($104,454) |\n| Certificate chain optimization | Resources (Labor) | 241,496 ADA ($60,374) |\n| Prepare Mithril for Cardano hard fork | Resources (Labor) | 241,496 ADA ($60,374) |\n| One command SPO onboarding | Resources (Labor) | 241,496 ADA ($60,374) |\n| Debt reduction and maintenance | Resources (Labor) | 241,496 ADA ($60,374) |\n| Infrastructure for production and testing of Mithril | Infrastructure | 220,000 ADA ($55,000) |\n| **Intersect Budget Administration fee** |  | **110,983 ADA** ($27,746) |\n| **Total budget** |  | **3,810,423 ADA** ($952,606) |","authors":[{"name":"Teragone Factory"}],"version":"6","data":{"upstream":{"contentHash":"8cd63d4f0157f82af9403e3ce5cc3cd702cf73a74626678aa67c2640475936f1","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69f3529e1e63d3708e0dadb6","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f3529e1e63d3708e0dadb6","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"2b6feea765203fcde2edd252eedbf6ba6db58bcc0cba51f34d7bc10a060747e6","contentCid":null,"externalProposal":{"id":"69f3529e1e63d3708e0dadb6","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69f3529e1e63d3708e0dadb6","snapshot":{"title":"Mithril Protocol","summary":"Mithril solves one of Cardano's most pressing infrastructure challenges: the cost and complexity of securely accessing and verifying blockchain state. As today full node synchronisation is slow and light clients rely on centralized trust. Mithril addresses this by using stake-based threshold multi-signatures to certify Cardano state in a trustless way, enabling nodes and applications to verify state rapidly without relying on the entire chain.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Mithril Protocol Continuous Development** |  | **3,699,440 ADA** ($924,860) |\n| Decentralize configuration parameters of Mithril networks | Resources (Labor) | 329,656 ADA ($82,414) |\n| Cardano database artifacts on IPFS - PoC | Resources (Labor) | 329,656 ADA ($82,414) |\n| Production-candidate Recursive SNARK proofs | Resources (Labor) | 733,336 ADA ($183,334) |\n| Certificate chain caching | Resources (Labor) | 241,496 ADA ($60,374) |\n| Debt reduction and maintenance | Resources (Labor) | 241,496 ADA ($60,374) |\n| Infrastructure for production and testing of Mithril | Infrastructure | 220,000 ADA ($55,000) |\n| Cardano database artifacts on IPFS - MVP | Resources (Labor) | 417,816 ADA ($104,454) |\n| Certificate chain optimization | Resources (Labor) | 241,496 ADA ($60,374) |\n| Prepare Mithril for Cardano hard fork | Resources (Labor) | 241,496 ADA ($60,374) |\n| One command SPO onboarding | Resources (Labor) | 241,496 ADA ($60,374) |\n| Debt reduction and maintenance | Resources (Labor) | 241,496 ADA ($60,374) |\n| Infrastructure for production and testing of Mithril | Infrastructure | 220,000 ADA ($55,000) |\n| **Intersect Budget Administration fee** |  | **110,983 ADA** ($27,746) |\n| **Total budget** |  | **3,810,423 ADA** ($952,606) |","authors":["Teragone Factory"],"version":"6","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth","totalBudget":3810423,"estimatedDuration":6,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.722Z","updatedAt":"2026-05-26T03:26:15.884Z"},{"_id":"6a1512d73ea9a75799cf8ee5","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"DeFi Ecosystem Connectivity via Ledger Wallet with Clear Signing","summary":"This proposal aims to bridge the gap between secure cold storage and the Cardano DeFi ecosystem. Currently, ADA is a top-6 asset secured on Ledger, yet activity is largely limited to native staking. We propose a full integration that allows retail ADA holders to connect to Cardano dApps directly through Ledger Wallet. This integration is centered on two industry-leading security pillars: **Clear Signing** and **Transaction Check**, ensuring that as liquidity flows into Cardano DeFi, user security remains uncompromised.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Clear signing of Cardano Top 5 dApps & Ledger Button** |  | **1,500,000 ADA** ($390,000) |\n| Senior Embedded Engineer | Resources (Labor) | 750,000 ADA ($195,000) |\n| Coin Integration Engineer | Resources (Labor) | 390,000 ADA ($101,400) |\n| Ledger Security Engineer | Resources (Labor) | 90,000 ADA ($23,400) |\n| External Audit Lab | Resources (Labor) | 60,000 ADA ($15,600) |\n| Ledger QA Engineer | Resources (Labor) | 75,000 ADA ($19,500) |\n| Ledger Engineering PM | Resources (Labor) | 135,000 ADA ($35,100) |\n| **Cardano DeFi Connectivity via Ledger Wallet** |  | **1,995,000 ADA** ($518,700) |\n| Senior TypeScript / Wallet Engineer x 2 | Resources (Labor) | 1,200,000 ADA ($312,000) |\n| Senior Engineer | Resources (Labor) | 360,000 ADA ($93,600) |\n| Backend / Coin Services Engineer | Resources (Labor) | 195,000 ADA ($50,700) |\n| Ledger QA Engineer | Resources (Labor) | 90,000 ADA ($23,400) |\n| Ledger Engineering PM | Resources (Labor) | 150,000 ADA ($39,000) |\n| **Intersect Budget Administration fee** |  | **104,850 ADA** ($27,261) |\n| **Total budget** |  | **3,599,850 ADA** ($935,961) |","authors":[{"name":"Ledger Technologies SAS"}],"version":"4","data":{"upstream":{"contentHash":"3de9a9ba1d66a6d39dddc0229aa4ab0851423898b637a08a588a624565cb3881","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fd6ef7f9ebc26d057f51d9","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd6ef7f9ebc26d057f51d9","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"13d2a63920bee47b07e6a205dcd71901d837f70c3558e5eb0a653423c4057b5a","contentCid":null,"externalProposal":{"id":"69fd6ef7f9ebc26d057f51d9","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd6ef7f9ebc26d057f51d9","snapshot":{"title":"DeFi Ecosystem Connectivity via Ledger Wallet with Clear Signing","summary":"This proposal aims to bridge the gap between secure cold storage and the Cardano DeFi ecosystem. Currently, ADA is a top-6 asset secured on Ledger, yet activity is largely limited to native staking. We propose a full integration that allows retail ADA holders to connect to Cardano dApps directly through Ledger Wallet. This integration is centered on two industry-leading security pillars: **Clear Signing** and **Transaction Check**, ensuring that as liquidity flows into Cardano DeFi, user security remains uncompromised.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.26.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **Clear signing of Cardano Top 5 dApps & Ledger Button** |  | **1,500,000 ADA** ($390,000) |\n| Senior Embedded Engineer | Resources (Labor) | 750,000 ADA ($195,000) |\n| Coin Integration Engineer | Resources (Labor) | 390,000 ADA ($101,400) |\n| Ledger Security Engineer | Resources (Labor) | 90,000 ADA ($23,400) |\n| External Audit Lab | Resources (Labor) | 60,000 ADA ($15,600) |\n| Ledger QA Engineer | Resources (Labor) | 75,000 ADA ($19,500) |\n| Ledger Engineering PM | Resources (Labor) | 135,000 ADA ($35,100) |\n| **Cardano DeFi Connectivity via Ledger Wallet** |  | **1,995,000 ADA** ($518,700) |\n| Senior TypeScript / Wallet Engineer x 2 | Resources (Labor) | 1,200,000 ADA ($312,000) |\n| Senior Engineer | Resources (Labor) | 360,000 ADA ($93,600) |\n| Backend / Coin Services Engineer | Resources (Labor) | 195,000 ADA ($50,700) |\n| Ledger QA Engineer | Resources (Labor) | 90,000 ADA ($23,400) |\n| Ledger Engineering PM | Resources (Labor) | 150,000 ADA ($39,000) |\n| **Intersect Budget Administration fee** |  | **104,850 ADA** ($27,261) |\n| **Total budget** |  | **3,599,850 ADA** ($935,961) |","authors":["Ledger Technologies SAS"],"version":"4","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":3599850,"estimatedDuration":6,"treasuryRepayment":"No","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.713Z","updatedAt":"2026-05-26T03:26:15.833Z"},{"_id":"6a1512d73ea9a75799cf8eec","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Eryx: Zero-Knowledge Capabilities","summary":"Over the last years, zero-knowledge technology has grown to solve many challenges in scalability, decentralization, and privacy. It is the core of fourth-generation blockchains. In Cardano, we currently lack variety and accessibility of on-chain proof verification tools for most modern ZK systems. Competing ecosystems are investing a lot of resources into ZK and privacy infrastructure. Ethereum has already built a solid ZK infrastructure layer that developers rely on to build private and scalable dApps. Cardano, despite strong demand, motivation and innovation, sees its ZK initiatives limited by the lack of a common stack.\n\nWe aim to make ZK accessible for developers and end users alike. While Midnight is a big step forward, building ZK infrastructure on the L1 strengthens its own ZK capabilities and enhances interoperability with Midnight. This proposal tackles these issues by delivering concrete ZK framework solutions for Cardano, bringing  ZK and privacy infrastructure directly to the L1.\n\nContributions:\n\n1. A PLONK verifier in Aiken, as an alternative verifier for Circom/SnarkJS proofs.\n2. An adaptation of the RISC Zero zkVM to integrate its general-purpose verifiable computation with Cardano.\n3. An extension of our ZK library in Aiken to improve robustness, usability and AI compatibility.\n4. An implementation of the Semaphore protocol for anonymous on-chain group signaling.\n\nThey will be open-source, and done by Eryx, a 15-year-old company experienced in both Cardano and ZK.\n\nAlthough this initiative delivers infrastructure rather than a product, the ultimate beneficiary is the regular Cardano user. It expands what is possible to build on Cardano. Computations only being verified on-chain lowers fees and speeds up interactions. ZK lets users prove eligibility, membership, or compliance without exposing sensitive information. Applications already competitive on other chains, including private voting, ZK-based DeFi, and cross-chain identity, become viable here.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **PLONK Verifier for SnarkJS in Aiken** |  | **846,133 ADA** ($211,533) |\n| Engineers | Resources (Labor) | 750,000 ADA ($187,500) |\n| Management | Operations | 83,333 ADA ($20,833) |\n| Third Party Assurance | Governance | 12,800 ADA ($3,200) |\n| **RISC Zero Integration** |  | **1,182,667 ADA** ($295,667) |\n| Engineers | Resources (Labor) | 1,050,000 ADA ($262,500) |\n| Management | Operations | 116,667 ADA ($29,167) |\n| Third Party Assurance | Governance | 16,000 ADA ($4,000) |\n| **Aiken ZK Library Extensions** |  | **676,267 ADA** ($169,067) |\n| Engineers | Resources (Labor) | 600,000 ADA ($150,000) |\n| Management | Operations | 66,667 ADA ($16,667) |\n| Third Party Assurance | Governance | 9,600 ADA ($2,400) |\n| **Semaphore V4 for Cardano** |  | **682,667 ADA** ($170,667) |\n| Engineers | Resources (Labor) | 600,000 ADA ($150,000) |\n| Management | Operations | 66,667 ADA ($16,667) |\n| Third Party Assurance | Governance | 16,000 ADA ($4,000) |\n| **Intersect Budget Administration fee** |  | **101,632 ADA** ($25,408) |\n| **Total budget** |  | **3,489,366 ADA** ($872,342) |","authors":[{"name":"Eryx"}],"version":"4","data":{"upstream":{"contentHash":"d4fd59875f5717604abf6c6dd70faf1e525a0388feadaa21eedda4f41f902d69","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fd0b20b05ff80adc7d5c55","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd0b20b05ff80adc7d5c55","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"48f05ecb06f8b1388a21b4888d84b4841589e754cccc9d7989f22c4b746547a1","contentCid":null,"externalProposal":{"id":"69fd0b20b05ff80adc7d5c55","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd0b20b05ff80adc7d5c55","snapshot":{"title":"Eryx: Zero-Knowledge Capabilities","summary":"Over the last years, zero-knowledge technology has grown to solve many challenges in scalability, decentralization, and privacy. It is the core of fourth-generation blockchains. In Cardano, we currently lack variety and accessibility of on-chain proof verification tools for most modern ZK systems. Competing ecosystems are investing a lot of resources into ZK and privacy infrastructure. Ethereum has already built a solid ZK infrastructure layer that developers rely on to build private and scalable dApps. Cardano, despite strong demand, motivation and innovation, sees its ZK initiatives limited by the lack of a common stack.\n\nWe aim to make ZK accessible for developers and end users alike. While Midnight is a big step forward, building ZK infrastructure on the L1 strengthens its own ZK capabilities and enhances interoperability with Midnight. This proposal tackles these issues by delivering concrete ZK framework solutions for Cardano, bringing  ZK and privacy infrastructure directly to the L1.\n\nContributions:\n\n1. A PLONK verifier in Aiken, as an alternative verifier for Circom/SnarkJS proofs.\n2. An adaptation of the RISC Zero zkVM to integrate its general-purpose verifiable computation with Cardano.\n3. An extension of our ZK library in Aiken to improve robustness, usability and AI compatibility.\n4. An implementation of the Semaphore protocol for anonymous on-chain group signaling.\n\nThey will be open-source, and done by Eryx, a 15-year-old company experienced in both Cardano and ZK.\n\nAlthough this initiative delivers infrastructure rather than a product, the ultimate beneficiary is the regular Cardano user. It expands what is possible to build on Cardano. Computations only being verified on-chain lowers fees and speeds up interactions. ZK lets users prove eligibility, membership, or compliance without exposing sensitive information. Applications already competitive on other chains, including private voting, ZK-based DeFi, and cross-chain identity, become viable here.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **PLONK Verifier for SnarkJS in Aiken** |  | **846,133 ADA** ($211,533) |\n| Engineers | Resources (Labor) | 750,000 ADA ($187,500) |\n| Management | Operations | 83,333 ADA ($20,833) |\n| Third Party Assurance | Governance | 12,800 ADA ($3,200) |\n| **RISC Zero Integration** |  | **1,182,667 ADA** ($295,667) |\n| Engineers | Resources (Labor) | 1,050,000 ADA ($262,500) |\n| Management | Operations | 116,667 ADA ($29,167) |\n| Third Party Assurance | Governance | 16,000 ADA ($4,000) |\n| **Aiken ZK Library Extensions** |  | **676,267 ADA** ($169,067) |\n| Engineers | Resources (Labor) | 600,000 ADA ($150,000) |\n| Management | Operations | 66,667 ADA ($16,667) |\n| Third Party Assurance | Governance | 9,600 ADA ($2,400) |\n| **Semaphore V4 for Cardano** |  | **682,667 ADA** ($170,667) |\n| Engineers | Resources (Labor) | 600,000 ADA ($150,000) |\n| Management | Operations | 66,667 ADA ($16,667) |\n| Third Party Assurance | Governance | 16,000 ADA ($4,000) |\n| **Intersect Budget Administration fee** |  | **101,632 ADA** ($25,408) |\n| **Total budget** |  | **3,489,366 ADA** ($872,342) |","authors":["Eryx"],"version":"4","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility","totalBudget":3489366,"estimatedDuration":10,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.715Z","updatedAt":"2026-05-26T03:26:15.841Z"},{"_id":"6a1512d73ea9a75799cf8edc","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"Dano Finance: DeFi Kernel, American Options, and Orderbook SDK","summary":"This proposal requests **3,300,000 ADA** for Dano Finance to accelerate the **DeFi Kernel** as an open standard for shared liquidity, on-chain financial intents, and global order-book coordination on Cardano.\n\nCardano DeFi is still fragmented. DEXs, lending protocols, options protocols, marketplaces, and future synthetic asset systems often operate as separate liquidity silos. The DeFi Kernel addresses this by defining a common standard where compatible smart contracts are permissionless, composable, and discoverable: users can write or fill orders without a privileged batcher, contracts publish clear datum/redeemer schemas, and orders can be found through on-chain mechanisms such as CIP-89 beacon tokens, deterministic addresses, or other tagging methods.\n\nDano Finance will support the DeFi Kernel adoption by improving the public **defikernel.org** platform and registry so any Cardano builder can submit a compatible smart contract and make its information visible to the ecosystem. The platform will document script hashes, datum/redeemer schemas, integration steps, supported off-chain libraries, audit/security status, TVL references, and other metadata that wallets, bots, indexers, and protocols need to integrate reliably.\n\nAlongside the DeFi Kernel registry work, Dano Finance will deliver two practical DeFi Kernel-compatible primitives, **Spot Leverage Order Book** and **American Options Market-Making Pools**, plus a **Composable DeFi Transaction Builder SDK** that helps wallets, bots, indexers, and other dApps discover, compose, and settle DeFi Kernel-compatible orders.\n\nThe value to Cardano is a more connected DeFi stack: a stronger DeFi Kernel platform, clearer smart contract metadata, easier integrations, deeper liquidity, better composability, new risk-management markets, and a foundation for future financial applications.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **DeFi Kernel Registry Website and Submission Process** |  | **300,000 ADA** ($75,000) |\n| Standard and submission process | Research | 40,000 ADA ($10,000) |\n| Registry and website implementation | Development | 120,000 ADA ($30,000) |\n| Registry documentation and examples | Development | 40,000 ADA ($10,000) |\n| Registry operations and onboarding | Operations | 100,000 ADA ($25,000) |\n| **Spot Leverage Order Book** |  | **1,000,000 ADA** ($250,000) |\n| Protocol research and specification | Research | 150,000 ADA ($37,500) |\n| Smart contract development | Development | 350,000 ADA ($87,500) |\n| Backend/Frontend/integration support | Development | 150,000 ADA ($37,500) |\n| Security review / audit | Security & Audits | 150,000 ADA ($37,500) |\n| Mainnet release, reporting, and ecosystem support | Engagement & Ecosystem support | 200,000 ADA ($50,000) |\n| **American Options Protocol** |  | **1,000,000 ADA** ($250,000) |\n| Protocol research and specification | Research | 150,000 ADA ($37,500) |\n| Smart contract development | Development | 350,000 ADA ($87,500) |\n| BE/FE intergration | Development | 150,000 ADA ($37,500) |\n| Security review / audit | Security & Audits | 150,000 ADA ($37,500) |\n| Mainnet release, reporting, and ecosystem support | Engagement & Ecosystem support | 200,000 ADA ($50,000) |\n| **Composable DeFi Transaction Builder SDK** |  | **1,000,000 ADA** ($250,000) |\n| SDK architecture and API design | Research | 150,000 ADA ($37,500) |\n| Core SDK development | Development | 400,000 ADA ($100,000) |\n| Protocol adapters and examples | Development | 150,000 ADA ($37,500) |\n| Documentation, QA, and developer tooling | Development | 150,000 ADA ($37,500) |\n| Ecosystem integration support and reporting | Engagement & Ecosystem support | 150,000 ADA ($37,500) |\n| **Intersect Budget Administration fee** |  | **99,000 ADA** ($24,750) |\n| **Total budget** |  | **3,399,000 ADA** ($849,750) |","authors":[{"name":"Mai Thanh Binh"}],"version":"9","data":{"upstream":{"contentHash":"953a8a57262b8615e833fd5f717996a3efabc0222fe0b6f899512c92b1ed6fee","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fdc9b261c4f060e2fef6c9","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fdc9b261c4f060e2fef6c9","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"7d2b9f7d91389c941fecd4c8641dc4397affa800792a5a09e066388637e42c5f","contentCid":null,"externalProposal":{"id":"69fdc9b261c4f060e2fef6c9","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fdc9b261c4f060e2fef6c9","snapshot":{"title":"Dano Finance: DeFi Kernel, American Options, and Orderbook SDK","summary":"This proposal requests **3,300,000 ADA** for Dano Finance to accelerate the **DeFi Kernel** as an open standard for shared liquidity, on-chain financial intents, and global order-book coordination on Cardano.\n\nCardano DeFi is still fragmented. DEXs, lending protocols, options protocols, marketplaces, and future synthetic asset systems often operate as separate liquidity silos. The DeFi Kernel addresses this by defining a common standard where compatible smart contracts are permissionless, composable, and discoverable: users can write or fill orders without a privileged batcher, contracts publish clear datum/redeemer schemas, and orders can be found through on-chain mechanisms such as CIP-89 beacon tokens, deterministic addresses, or other tagging methods.\n\nDano Finance will support the DeFi Kernel adoption by improving the public **defikernel.org** platform and registry so any Cardano builder can submit a compatible smart contract and make its information visible to the ecosystem. The platform will document script hashes, datum/redeemer schemas, integration steps, supported off-chain libraries, audit/security status, TVL references, and other metadata that wallets, bots, indexers, and protocols need to integrate reliably.\n\nAlongside the DeFi Kernel registry work, Dano Finance will deliver two practical DeFi Kernel-compatible primitives, **Spot Leverage Order Book** and **American Options Market-Making Pools**, plus a **Composable DeFi Transaction Builder SDK** that helps wallets, bots, indexers, and other dApps discover, compose, and settle DeFi Kernel-compatible orders.\n\nThe value to Cardano is a more connected DeFi stack: a stronger DeFi Kernel platform, clearer smart contract metadata, easier integrations, deeper liquidity, better composability, new risk-management markets, and a foundation for future financial applications.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **DeFi Kernel Registry Website and Submission Process** |  | **300,000 ADA** ($75,000) |\n| Standard and submission process | Research | 40,000 ADA ($10,000) |\n| Registry and website implementation | Development | 120,000 ADA ($30,000) |\n| Registry documentation and examples | Development | 40,000 ADA ($10,000) |\n| Registry operations and onboarding | Operations | 100,000 ADA ($25,000) |\n| **Spot Leverage Order Book** |  | **1,000,000 ADA** ($250,000) |\n| Protocol research and specification | Research | 150,000 ADA ($37,500) |\n| Smart contract development | Development | 350,000 ADA ($87,500) |\n| Backend/Frontend/integration support | Development | 150,000 ADA ($37,500) |\n| Security review / audit | Security & Audits | 150,000 ADA ($37,500) |\n| Mainnet release, reporting, and ecosystem support | Engagement & Ecosystem support | 200,000 ADA ($50,000) |\n| **American Options Protocol** |  | **1,000,000 ADA** ($250,000) |\n| Protocol research and specification | Research | 150,000 ADA ($37,500) |\n| Smart contract development | Development | 350,000 ADA ($87,500) |\n| BE/FE intergration | Development | 150,000 ADA ($37,500) |\n| Security review / audit | Security & Audits | 150,000 ADA ($37,500) |\n| Mainnet release, reporting, and ecosystem support | Engagement & Ecosystem support | 200,000 ADA ($50,000) |\n| **Composable DeFi Transaction Builder SDK** |  | **1,000,000 ADA** ($250,000) |\n| SDK architecture and API design | Research | 150,000 ADA ($37,500) |\n| Core SDK development | Development | 400,000 ADA ($100,000) |\n| Protocol adapters and examples | Development | 150,000 ADA ($37,500) |\n| Documentation, QA, and developer tooling | Development | 150,000 ADA ($37,500) |\n| Ecosystem integration support and reporting | Engagement & Ecosystem support | 150,000 ADA ($37,500) |\n| **Intersect Budget Administration fee** |  | **99,000 ADA** ($24,750) |\n| **Total budget** |  | **3,399,000 ADA** ($849,750) |","authors":["Mai Thanh Binh"],"version":"9","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":3399000,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"individual"}}},"createdAt":"2026-05-26T03:26:15.709Z","updatedAt":"2026-05-26T03:26:15.817Z"},{"_id":"6a1512d73ea9a75799cf8eed","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"GOV.EXE by TxPipe & gf Consulting Group: Public Project Execution Integrity, Pilot in Argentina","summary":"This proposal requests 2,335,400 ADA (plus 583,850 ADA contingency reserve) for a 9-month pilot to build and validate GOV.EXE, an open-source platform that helps governments execute public projects with transparency and accountability, in a real government environment. The Secretariat of Modernization of the Province of Entre Ríos, Argentina has issued a [formal letter of intent](https://drive.google.com/file/d/1o5u-TF-HKAr36Aq_VqQglDtcDMah2B3Y/view?usp=sharing) and will serve as the institutional partner.\n\nOfficials executing public projects operate across disconnected systems for planning, procurement, and payment. No single authority sees a project's full lifecycle, producing delays, coordination failures, and accountability gaps. The problem is a recognized multilateral priority; World Bank, OECD, and IDB run dedicated programs, publish benchmarks, and actively fund digital government in LATAM.\n\nGOV.EXE sits above existing government systems, and helps officials move public projects through the five stages where decisions are actually made: Mandate, Planning, Procurement, Payment, Closure. As [per preliminary design](https://github.com/txpipe/gov.exe), an AI agent does the work between steps, checking that conditions are met, and preparing each transition for authority signature. On-chain validators enforce the rules of progression, producing an audit trail no single institution can rewrite.\n\nWhat Cardano gets from the pilot is concrete and bounded:\n\n(1) an institutionally endorsed case study Cardano builders can use to approach leads in their own regions; (2) an open-source solution and working-group sessions walking builders through the framework; (3) documented learnings from prospecting LATAM jurisdictions and multilaterals with the solution and pilot results in hand.\n\nThe pilot tests whether this public-sector vertical can scale on Cardano through builder uptake, jurisdiction interest, and measurable ROI. The deliverables are the outcomes of the experiment.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Institutional Blueprint & Platform Specification** |  | **579,000 ADA** ($144,750) |\n| Institutional Specialist (2 months) | Resources (Labor) | 256,000 ADA ($64,000) |\n| Software Engineer (2 months) | Resources (Labor) | 140,000 ADA ($35,000) |\n| Project Manager (2 months) | Resources (Labor) | 47,200 ADA ($11,800) |\n| Third Party Assurance | Security & Audits | 20,000 ADA ($5,000) |\n| Contingency Reserve (Ada Rate) | Operations | 115,800 ADA ($28,950) |\n| **WP2 - Platform Development & Institutional Readiness** |  | **1,317,250 ADA** ($329,313) |\n| Institutional Specialist (3 months) | Resources (Labor) | 288,000 ADA ($72,000) |\n| Software Engineer (3 months) | Resources (Labor) | 525,000 ADA ($131,250) |\n| Project Manage (3 months) | Resources (Labor) | 70,800 ADA ($17,700) |\n| Cloud Infra + Inference | Infrastructure | 30,000 ADA ($7,500) |\n| On-chain Code Audit | Security & Audits | 120,000 ADA ($30,000) |\n| Third Party Assurance | Security & Audits | 20,000 ADA ($5,000) |\n| Contingency Reserve (Ada Rate) | Operations | 263,450 ADA ($65,863) |\n| **WP3 - Pilot Operations, Case Study & Replication** |  | **1,023,000 ADA** ($255,750) |\n| Institutional Specialist (4 months) | Resources (Labor) | 384,000 ADA ($96,000) |\n| Software Engineer (4 months) | Resources (Labor) | 280,000 ADA ($70,000) |\n| Project Manager (4 months) | Resources (Labor) | 94,400 ADA ($23,600) |\n| Cloud Infra + Inference | Infrastructure | 40,000 ADA ($10,000) |\n| Third Party Assurance | Security & Audits | 20,000 ADA ($5,000) |\n| Contingency Reserve (Ada Rate) | Operations | 204,600 ADA ($51,150) |\n| **Intersect Budget Administration fee** |  | **87,578 ADA** ($21,895) |\n| **Total budget** |  | **3,006,828 ADA** ($751,707) |","authors":[{"name":"TxPipe"}],"version":"11","data":{"upstream":{"contentHash":"7a2ace888fcad784f37e080ba990170835a78264dac7b261cafc5e7319e8dc79","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fd1b97e1ab5d003a0cab6f","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd1b97e1ab5d003a0cab6f","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"947de30eb8bbbc75b3f517fd7a2c66c314bb9ceeb3044c7ef5bd4341b271f261","contentCid":null,"externalProposal":{"id":"69fd1b97e1ab5d003a0cab6f","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fd1b97e1ab5d003a0cab6f","snapshot":{"title":"GOV.EXE by TxPipe & gf Consulting Group: Public Project Execution Integrity, Pilot in Argentina","summary":"This proposal requests 2,335,400 ADA (plus 583,850 ADA contingency reserve) for a 9-month pilot to build and validate GOV.EXE, an open-source platform that helps governments execute public projects with transparency and accountability, in a real government environment. The Secretariat of Modernization of the Province of Entre Ríos, Argentina has issued a [formal letter of intent](https://drive.google.com/file/d/1o5u-TF-HKAr36Aq_VqQglDtcDMah2B3Y/view?usp=sharing) and will serve as the institutional partner.\n\nOfficials executing public projects operate across disconnected systems for planning, procurement, and payment. No single authority sees a project's full lifecycle, producing delays, coordination failures, and accountability gaps. The problem is a recognized multilateral priority; World Bank, OECD, and IDB run dedicated programs, publish benchmarks, and actively fund digital government in LATAM.\n\nGOV.EXE sits above existing government systems, and helps officials move public projects through the five stages where decisions are actually made: Mandate, Planning, Procurement, Payment, Closure. As [per preliminary design](https://github.com/txpipe/gov.exe), an AI agent does the work between steps, checking that conditions are met, and preparing each transition for authority signature. On-chain validators enforce the rules of progression, producing an audit trail no single institution can rewrite.\n\nWhat Cardano gets from the pilot is concrete and bounded:\n\n(1) an institutionally endorsed case study Cardano builders can use to approach leads in their own regions; (2) an open-source solution and working-group sessions walking builders through the framework; (3) documented learnings from prospecting LATAM jurisdictions and multilaterals with the solution and pilot results in hand.\n\nThe pilot tests whether this public-sector vertical can scale on Cardano through builder uptake, jurisdiction interest, and measurable ROI. The deliverables are the outcomes of the experiment.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 – Institutional Blueprint & Platform Specification** |  | **579,000 ADA** ($144,750) |\n| Institutional Specialist (2 months) | Resources (Labor) | 256,000 ADA ($64,000) |\n| Software Engineer (2 months) | Resources (Labor) | 140,000 ADA ($35,000) |\n| Project Manager (2 months) | Resources (Labor) | 47,200 ADA ($11,800) |\n| Third Party Assurance | Security & Audits | 20,000 ADA ($5,000) |\n| Contingency Reserve (Ada Rate) | Operations | 115,800 ADA ($28,950) |\n| **WP2 - Platform Development & Institutional Readiness** |  | **1,317,250 ADA** ($329,313) |\n| Institutional Specialist (3 months) | Resources (Labor) | 288,000 ADA ($72,000) |\n| Software Engineer (3 months) | Resources (Labor) | 525,000 ADA ($131,250) |\n| Project Manage (3 months) | Resources (Labor) | 70,800 ADA ($17,700) |\n| Cloud Infra + Inference | Infrastructure | 30,000 ADA ($7,500) |\n| On-chain Code Audit | Security & Audits | 120,000 ADA ($30,000) |\n| Third Party Assurance | Security & Audits | 20,000 ADA ($5,000) |\n| Contingency Reserve (Ada Rate) | Operations | 263,450 ADA ($65,863) |\n| **WP3 - Pilot Operations, Case Study & Replication** |  | **1,023,000 ADA** ($255,750) |\n| Institutional Specialist (4 months) | Resources (Labor) | 384,000 ADA ($96,000) |\n| Software Engineer (4 months) | Resources (Labor) | 280,000 ADA ($70,000) |\n| Project Manager (4 months) | Resources (Labor) | 94,400 ADA ($23,600) |\n| Cloud Infra + Inference | Infrastructure | 40,000 ADA ($10,000) |\n| Third Party Assurance | Security & Audits | 20,000 ADA ($5,000) |\n| Contingency Reserve (Ada Rate) | Operations | 204,600 ADA ($51,150) |\n| **Intersect Budget Administration fee** |  | **87,578 ADA** ($21,895) |\n| **Total budget** |  | **3,006,828 ADA** ($751,707) |","authors":["TxPipe"],"version":"11","facets":{"pillar":"Pillar 2: Adoption & Utility,Pillar 4: Community & Ecosystem Growth","totalBudget":3006828,"estimatedDuration":9,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.715Z","updatedAt":"2026-05-26T03:26:15.842Z"},{"_id":"6a1512d73ea9a75799cf8ef4","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"DeFi Rails & Deployment Pilot Program","summary":"This program supports Vision2030 Pillars 2 & 5 by extending Cardano’s DeFi deployment execution capacity. It complements native teams, wallets, liquidity programs, infrastructure efforts and governance actors, including Critical Integrations, the DeFi Liquidity Program and Orion, by moving qualified opportunities toward deployment and activation.\n\nCardano’s DeFi infrastructure is stronger than in prior cycles, but gaps remain: fragmented liquidity, limited stablecoin usage, narrow lending and credit markets and missing primitives. Magenta Labs targets execution paths that can reduce these gaps. Each counted opportunity includes a KPI impact rationale showing potential Vision 2030 impact.\n\nThis is not marketing, intros or generic BD. It does not fund liquidity, audits, incentives, grants or third-party costs. Where those needs arise, Magenta tags the decision owner and routes the opportunity to the relevant treasury process, liquidity program, infrastructure team, native protocol, wallet, capital vehicle or third-party path.\n\nThe intended result is capital-efficient DeFi progress: more qualified opportunities moving into deployment or activation, stronger liquidity and capital routes, and better evidence for future ecosystem decisions.\n\nThis is a 6-month pilot-to-scale program, with conditional scale from months 6 to 12. Payment is 15%-25%-30%-30% across four reporting events. Only 40% is released before the continuation gate, with 60% conditional on accepted midpoint evidence, external validation signals and administrator approval.\n\nThe proposal complements Magenta’s US App-Layer Demand Activation Pilot but is accountable on its own. If both are approved, funds will not be pooled, costs will not be mixed, shared infrastructure will not be double charged, and each proposal will maintain separate gates, evidence, KPI logic, cost tracking and team allocation. Intersect, the administrator and reviewers can verify cost attribution, evidence integrity and non-duplication.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - Opportunity Sourcing and Qualification** |  | **716,000 ADA** ($179,000) |\n| Pipeline sourcing and qualification | Engagement & Ecosystem support | 322,000 ADA ($80,500) |\n| Counterparty engagement and relationship advancement | Engagement & Ecosystem support | 215,000 ADA ($53,750) |\n| Evidence preparation and reporting | Operations | 107,500 ADA ($26,875) |\n| Technical-commercial qualification support | Operations | 71,500 ADA ($17,875) |\n| **WP2 - Deployment Track Setup** |  | **1,002,000 ADA** ($250,500) |\n| Deployment track design and implementation setup | Operations | 350,500 ADA ($87,625) |\n| Specialist technical-commercial feasibility input | Operations | 250,000 ADA ($62,500) |\n| Ecosystem and integration partner coordination | Engagement & Ecosystem support | 180,500 ADA ($45,125) |\n| Deployment track documentation | Operations | 150,000 ADA ($37,500) |\n| Evidence preparation and reporting | Operations | 71,000 ADA ($17,750) |\n| **WP3 - Deployment and Activation Coordination** |  | **716,000 ADA** ($179,000) |\n| Deployment and activation coordination | Engagement & Ecosystem support | 322,000 ADA ($80,500) |\n| Operational issue tracking and support route follow-through | Operations | 178,500 ADA ($44,625) |\n| Checkpoint reporting and activation analytics | Operations | 107,500 ADA ($26,875) |\n| Risk, curator, liquidity and capital partner coordination | Engagement & Ecosystem support | 108,000 ADA ($27,000) |\n| **WP4 - Evidence, Reporting and Program Accountability** |  | **430,078 ADA** ($107,520) |\n| Program management and governance reporting | Operations | 172,000 ADA ($43,000) |\n| Analytics framework and periodic updates | Operations | 107,000 ADA ($26,750) |\n| Independent reviewers and assurance support | Operations | 86,000 ADA ($21,500) |\n| Strategic assessment and gap analysis | Operations | 65,078 ADA ($16,270) |\n| **Intersect Budget Administration fee** |  | **85,922 ADA** ($21,481) |\n| **Total budget** |  | **2,950,000 ADA** ($737,500) |","authors":[{"name":"Magenta Labs"}],"version":"6","data":{"upstream":{"contentHash":"dea661593d54ace7fc7b1ee3fc4dcb9a98194de04ecc77b679eefed731f299cf","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fb674589371182537b309c","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fb674589371182537b309c","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"2497311c0be50a8cee85ffca1a5dd8db5806e6a1394f6605943444a4a075071e","contentCid":null,"externalProposal":{"id":"69fb674589371182537b309c","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fb674589371182537b309c","snapshot":{"title":"DeFi Rails & Deployment Pilot Program","summary":"This program supports Vision2030 Pillars 2 & 5 by extending Cardano’s DeFi deployment execution capacity. It complements native teams, wallets, liquidity programs, infrastructure efforts and governance actors, including Critical Integrations, the DeFi Liquidity Program and Orion, by moving qualified opportunities toward deployment and activation.\n\nCardano’s DeFi infrastructure is stronger than in prior cycles, but gaps remain: fragmented liquidity, limited stablecoin usage, narrow lending and credit markets and missing primitives. Magenta Labs targets execution paths that can reduce these gaps. Each counted opportunity includes a KPI impact rationale showing potential Vision 2030 impact.\n\nThis is not marketing, intros or generic BD. It does not fund liquidity, audits, incentives, grants or third-party costs. Where those needs arise, Magenta tags the decision owner and routes the opportunity to the relevant treasury process, liquidity program, infrastructure team, native protocol, wallet, capital vehicle or third-party path.\n\nThe intended result is capital-efficient DeFi progress: more qualified opportunities moving into deployment or activation, stronger liquidity and capital routes, and better evidence for future ecosystem decisions.\n\nThis is a 6-month pilot-to-scale program, with conditional scale from months 6 to 12. Payment is 15%-25%-30%-30% across four reporting events. Only 40% is released before the continuation gate, with 60% conditional on accepted midpoint evidence, external validation signals and administrator approval.\n\nThe proposal complements Magenta’s US App-Layer Demand Activation Pilot but is accountable on its own. If both are approved, funds will not be pooled, costs will not be mixed, shared infrastructure will not be double charged, and each proposal will maintain separate gates, evidence, KPI logic, cost tracking and team allocation. Intersect, the administrator and reviewers can verify cost attribution, evidence integrity and non-duplication.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.25.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - Opportunity Sourcing and Qualification** |  | **716,000 ADA** ($179,000) |\n| Pipeline sourcing and qualification | Engagement & Ecosystem support | 322,000 ADA ($80,500) |\n| Counterparty engagement and relationship advancement | Engagement & Ecosystem support | 215,000 ADA ($53,750) |\n| Evidence preparation and reporting | Operations | 107,500 ADA ($26,875) |\n| Technical-commercial qualification support | Operations | 71,500 ADA ($17,875) |\n| **WP2 - Deployment Track Setup** |  | **1,002,000 ADA** ($250,500) |\n| Deployment track design and implementation setup | Operations | 350,500 ADA ($87,625) |\n| Specialist technical-commercial feasibility input | Operations | 250,000 ADA ($62,500) |\n| Ecosystem and integration partner coordination | Engagement & Ecosystem support | 180,500 ADA ($45,125) |\n| Deployment track documentation | Operations | 150,000 ADA ($37,500) |\n| Evidence preparation and reporting | Operations | 71,000 ADA ($17,750) |\n| **WP3 - Deployment and Activation Coordination** |  | **716,000 ADA** ($179,000) |\n| Deployment and activation coordination | Engagement & Ecosystem support | 322,000 ADA ($80,500) |\n| Operational issue tracking and support route follow-through | Operations | 178,500 ADA ($44,625) |\n| Checkpoint reporting and activation analytics | Operations | 107,500 ADA ($26,875) |\n| Risk, curator, liquidity and capital partner coordination | Engagement & Ecosystem support | 108,000 ADA ($27,000) |\n| **WP4 - Evidence, Reporting and Program Accountability** |  | **430,078 ADA** ($107,520) |\n| Program management and governance reporting | Operations | 172,000 ADA ($43,000) |\n| Analytics framework and periodic updates | Operations | 107,000 ADA ($26,750) |\n| Independent reviewers and assurance support | Operations | 86,000 ADA ($21,500) |\n| Strategic assessment and gap analysis | Operations | 65,078 ADA ($16,270) |\n| **Intersect Budget Administration fee** |  | **85,922 ADA** ($21,481) |\n| **Total budget** |  | **2,950,000 ADA** ($737,500) |","authors":["Magenta Labs"],"version":"6","facets":{"pillar":"Pillar 1: Infrastructure & Research Excellence,Pillar 2: Adoption & Utility,Pillar 5: Ecosystem Sustainability & Resilience","totalBudget":2950000,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.717Z","updatedAt":"2026-05-26T03:26:15.851Z"},{"_id":"6a1512d73ea9a75799cf8efb","ballotId":"6a1512d782978c99456fe6de","ipfsHash":null,"title":"MLabs - TrueInventory: An accessible blockchain inventory for videogame developers","summary":"Online videogames are complex software projects, and integrating a blockchain into one is even harder. Game developers must solve difficult engineering problems while keeping players engaged, and current Cardano tooling is rarely designed with games in mind. The result: blockchain integration in Cardano games is mostly limited to NFT minting at the edges, rather than running through the systems where in-game economies actually live.\n\nTrueInventory addresses this gap. It is a complete, open-source inventory management service that fits naturally into existing game architectures, with familiar features developers already expect — items, bundles, recipes, generators, transfers, and crafting — combined with native Cardano tokenization. Players gain real ownership of in-game items as Cardano tokens, can freely transact those items on-chain, and can redeem tokens for in-game access. Developers get a working system they can drop into a new or existing game without having to invent the integration themselves.\n\nThe 1.0 release will include a server implementing three HTTP APIs (GameServer, GameClient, Claim), a set of open-source native scripts for tokenized items, and client libraries plus end-to-end demonstration projects for the three most widely used game engines: Godot, Unity, and Unreal Engine.\n\nThis is open-source, foundational ecosystem work. There is no specific game studio it is being built for. The goal is to make it materially easier for any team to bring a Cardano-aware game to production, in turn making \"build your blockchain game on Cardano\" a more credible default than it is today.\n\nMLabs delivers this proposal building on prior Catalyst-funded Godot wallet integration work for Cardano — direct, recent experience at the intersection of Cardano-style cryptographic tooling and game engine code.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.18.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - TrueInventory v1.0 Design and Implementation** |  | **2,837,752 ADA** ($510,795) |\n| Software development - engineering hours | Resources (Labor) | 2,815,527 ADA ($506,795) |\n| Milestone Audits | Security & Audits | 22,225 ADA ($4,001) |\n| **Intersect Budget Administration fee** |  | **85,133 ADA** ($15,324) |\n| **Total budget** |  | **2,922,885 ADA** ($526,119) |","authors":[{"name":"MLabs LTD"}],"version":"5","data":{"upstream":{"contentHash":"cda299695fb95ea5b3babcd90c84ac1a0f6e9e194090ecde2c9429fc94cc3f2c","hashAlg":"blake2b-256","canonicalization":"RFC 8785-style (helper/canonicalJson.js)","projection":"public-v0","source":"intersectmbo-hydra-voting","apiUrl":"https://hydra-voting.intersectmbo.org/api/v0/proposals/69fc919e8a0de51b89857e19","viewUrl":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fc919e8a0de51b89857e19","snapshotAt":"2026-05-26T03:26:14.854Z"}},"voteType":"choice","voteIncrement":1,"ratingRange":null,"voterBudget":1,"minSelections":null,"maxSelections":null,"voteOptions":[{"id":1,"label":"Yes"},{"id":2,"label":"No"}],"requireAnswer":false,"contentHash":"afe234cf6b732a34213a7d4485eb9437f2272b29fc171723852e711f9f19ab40","contentCid":null,"externalProposal":{"id":"69fc919e8a0de51b89857e19","url":"https://hydra-voting.intersectmbo.org/votes/cardano-budget-2026/69fc919e8a0de51b89857e19","snapshot":{"title":"MLabs - TrueInventory: An accessible blockchain inventory for videogame developers","summary":"Online videogames are complex software projects, and integrating a blockchain into one is even harder. Game developers must solve difficult engineering problems while keeping players engaged, and current Cardano tooling is rarely designed with games in mind. The result: blockchain integration in Cardano games is mostly limited to NFT minting at the edges, rather than running through the systems where in-game economies actually live.\n\nTrueInventory addresses this gap. It is a complete, open-source inventory management service that fits naturally into existing game architectures, with familiar features developers already expect — items, bundles, recipes, generators, transfers, and crafting — combined with native Cardano tokenization. Players gain real ownership of in-game items as Cardano tokens, can freely transact those items on-chain, and can redeem tokens for in-game access. Developers get a working system they can drop into a new or existing game without having to invent the integration themselves.\n\nThe 1.0 release will include a server implementing three HTTP APIs (GameServer, GameClient, Claim), a set of open-source native scripts for tokenized items, and client libraries plus end-to-end demonstration projects for the three most widely used game engines: Godot, Unity, and Unreal Engine.\n\nThis is open-source, foundational ecosystem work. There is no specific game studio it is being built for. The goal is to make it materially easier for any team to bring a Cardano-aware game to production, in turn making \"build your blockchain game on Cardano\" a more credible default than it is today.\n\nMLabs delivers this proposal building on prior Catalyst-funded Godot wallet integration work for Cardano — direct, recent experience at the intersection of Cardano-style cryptographic tooling and game engine code.","rationale":"All figures in ADA; USD shown at this proposal's ADA/USD conversion rate of 0.18.\n\n| Work Package / Item | Cost Category | Total Cost |\n|---|---|---|\n| **WP1 - TrueInventory v1.0 Design and Implementation** |  | **2,837,752 ADA** ($510,795) |\n| Software development - engineering hours | Resources (Labor) | 2,815,527 ADA ($506,795) |\n| Milestone Audits | Security & Audits | 22,225 ADA ($4,001) |\n| **Intersect Budget Administration fee** |  | **85,133 ADA** ($15,324) |\n| **Total budget** |  | **2,922,885 ADA** ($526,119) |","authors":["MLabs LTD"],"version":"5","facets":{"pillar":"Pillar 2: Adoption & Utility","totalBudget":2922885,"estimatedDuration":12,"treasuryRepayment":"Yes","administrator":"Intersect","legalEntityType":"company"}}},"createdAt":"2026-05-26T03:26:15.719Z","updatedAt":"2026-05-26T03:26:15.857Z"}],"pagination":{"total":69,"page":1,"limit":25},"applied":{"filters":{},"sort":{"key":"totalBudget","direction":"desc","source":"default"},"search":null}}