The Draper Dragon Orion Fund, L.P. (“Orion Fund”), managed by Draper Dragon Orion GP, LLC (“General Partner” or “GP”), is proposed as a multi-year, tranche-based ecosystem investment fund designed to support Cardano-native and Cardano-integrated companies, grow on-chain usage, and return capital to the Cardano Treasury (“Treasury”) over time. Importantly, the Orion Fund is structured so that Treasury exposure is incremental, capped, and fully governed.

This proposal (“Proposal”) asks the Cardano community (“Community”) to vote only on the first Treasury withdrawal tranche of ADA 50M, which is approximately $15M USD (“Tranche One”), calculated using an assumed ADA price of $0.30, to launch the Orion Fund. Net proceeds from the direct investments made with a majority of the Treasury withdrawal contribution to the Orion Fund will be returned to the Treasury in accordance with the repayment schedule detailed in this Proposal.