I would like to propose an approach for the long-term stabilization and diversification of the treasury.

1. Regular ETF Savings Plan (Broadly Diversified) A portion of the treasury funds could be regularly invested in a broadly diversified ETF (e.g., tracking a global equity index). The goal is to benefit from average market returns over the long term.

The savings plan approach (Dollar-Cost Averaging) reduces timing risk

Broad diversification minimizes concentration risk

Passive ETFs are cost-efficient and transparent

2. Reinvestment of Returns into ADA Generated returns (dividends and/or realized capital gains) could be periodically converted back into ADA and returned to the treasury.

Strengthens ADA reserves over the long term

Creates an “external yield source” for the ecosystem

Enables growth without relying solely on the crypto market

3. Complement through Tokenized Precious Metals (Gold & Silver) Additionally, a small portion of the treasury could be allocated to tokenized gold and silver (e.g., via providers like Finest).

Why this makes sense (as a complement to ETFs):

Crisis hedge: Gold and silver are traditionally considered safe havens in times of economic uncertainty

Low correlation: Precious metals often move independently of equity markets → additional diversification

Inflation protection: Gold in particular is widely used as a hedge against currency devaluation

Portfolio stability: Helps reduce overall treasury volatility

On-chain integration: Tokenized assets remain compatible with blockchain systems and can be managed flexibly

4. Conclusion The combination of:

growth-oriented ETFs

reinvesting returns into ADA

and stabilizing precious metals

could make the treasury more robust, sustainable, and less dependent on individual market cycles.

I have come across similar approaches before, which is why I wanted to bring this idea back for discussion and further development.

Feedback, criticism, and additions are very welcome.

I’m not a developer or anyone who can implement this proposal. This is my first time making a suggestion, so please excuse me if something is wrong.

Kind regards, René (rene.ada)

ssdsd

The Cardano Constitution requires the establishment of a Net Change Limit (NCL), which defines the maximum amount of lovelace that can be withdrawn from the treasury during an outlined period of time. This governance action serves as an opportunity for all governance stakeholders to formally express their positions regarding the proposed Net Change Limit, ensuring transparency, accountability, and alignment across the ecosystem.

The 2026-27 Net Change Limit will begin at the start of Epoch 613 (13 February 2026) and continue for 101 epochs, finishing at the conclusion of Epoch 714 (3 July 2027). The Net Change Limit will be 350,000,000,000,000 lovelace (350M ada). Unless superseded by a new NCL, this is the maximum amount that can be withdrawn from the treasury during this specific period and shall not be exceeded.

The Net Change Limit will be used when reviewing treasury withdrawal actions to ensure constitutionality as required by Article IV of the Cardano Constitution and the Treasury Withdrawal Guardrails outlined in Appendix I.

Three-line summary:

1. Cardano Constitution v2.4 removes non-binding expectations, the Budget Info Action mechanism, and mandatory CC conduct rules, streamlining governance.
2. It adds clear definitions, enforces immutability of proposal documents, and applies treasury audit/accountability safeguards to all withdrawals.
3. This version also incorporates feedback from EMURGO.

Three helpful links

1. CARDANO BLOCKCHAIN ECOSYSTEM CONSTITUTION v2.4 https://ipfs.io/ipfs/bafkreih62pydt57supou6dn5lqbf5klr7xu4xi2rrs7tl3thaufiqmvo24

2. List of changes from v1.0 to v2.4.pdf https://ipfs.io/ipfs/bafybeihsv7crutk4xrwut5p5fdvgeum45hioazn2dldnqk2ljiv7sp3oda

3. List of changes from v2.3 to v2.4.pdf https://ipfs.io/ipfs/bafybeibu2v7l6z3k5jhhdtzv74fcrlaedxwdwtxu2ogwudykyfjjfreppu

Test Abstract

We propose developing a high-performance Rust client library for Ogmios, enabling fast, safe, and efficient communication with the Cardano node. While a TypeScript client currently exists, there's a growing demand for Rust-based infrastructure, especially for backend applications requiring low latency, high throughput, and robust memory safety.

The library will support all four Ogmios mini-protocols (chain sync, ledger queries, transaction submission, and mempool monitoring). It will be optimized using advanced techniques such as arena allocation, Struct-of-Arrays optimizations, and SIMD parsing, where appropriate. A complete example application and comprehensive test suite (unit, end-to-end, and live network) will ensure usability and reliability.

This project lowers the barrier for Rust developers building on Cardano, improves performance for critical applications (e.g., trading bots, DEXes, mempool tools), and better integrates with Cardano's existing Rust-based serialization ecosystem.

This Treasury Withdrawal funds 12 months of full active maintenance and development for GovTool, the open-source, community-owned set of governance tools that form Cardano’s core low-barrier platform for participation in on-chain governance.

GovTool enables ada holders to register, delegate, propose, vote, and transparently view outcomes. It is actively maintained and expanded by the Cardano GovTool Consortium which consists of ByronNetwork, WeDeliver, LidoNation and Dquadrant with additional open source contributors, guided by the Governance Tools Working Group.

Funding will ensure operational stability, incentivisation for community contributions, support for other open source governance tools using GovTool open-source code and APIs, and deliver accelerated functional updates across all governance pillars. Any unused funds will be returned to the Cardano Treasury.

This withdrawal follows the approved budget Info Action for ₳1.15M (gov_action1n5sn54mgf47a7men2ryq6ppx88kta4wvenz2qkl4f9v6ppje8easqxwm88m) and it will be administered by Intersect via smart contract framework, fulfilling the constitutional requirement to detail the proposed solution, its alignment to the approved budget, and the amount to be withdrawn.

The primary goal of this budget proposal is to increase liquidity on Cardano, specifically by supporting stablecoin liquidity. The secondary goal is to generate revenue for the treasury. 50,000,000 ADA is requested to create a fund composed of ADA and fiat backed stablecoins to support the Cardano decentralized finance (DeFi) ecosystem. The majority of the funds (99%) in this budget will be disbursed to DeFi protocols including decentralized exchanges (DEXs) and lending protocols to help seed liquidity on Cardano. Funds must only contain ADA, fiat backed stablecoins, and liquidity tokens from deployment into DeFi protocols. The funds will be managed from a smart contract administered by a 9 person interim committee composed of publicly identified individuals with oversight from a newly established treasury DAO (tDAO), where membership in the treasury DAO includes decentralized representatives (dReps). After 1 year, the tDAO will be required to elect a new committee or else no actions can be taken. The tDAO has the oversight abilities to impeach, elect, and ultimately shut down the fund and return funds to the treasury. In addition to the fund, this proposal will establish a number of public goods including a legal framework for future community involved proposals like this as well as an open source governance contract with executive and oversight functionality.

The idea is to create at least 2 long videos per month talking about different topics about Cardano, showing its potential and technology, what is done, what is being done and what will come soon to Cardano, all from a critical, true and real approach without selling smoke, which would undoubtedly generate confidence and impact in the viewer, planting the seed of knowledge of Cardano which can undoubtedly attract more people to use the Cardano blockchain and even build on it, or participate in areas such as governance or other things, since Cardano today has many things to show that not everyone knows about. On the other hand, apart from recording two long videos per month for six months, whose duration must be at least 4 minutes or more, a short video of any duration will also be extracted from each of these long videos, I must make it clear that a minimum of one short video and a maximum of 3 must be extracted for each long video, and these will be extracted from the best fragments of each long video, this is done because with current new trends it is recognized that short videos are aimed at an audience more likely to consume this type of content, also because of its virality, so in this sense we also adapt this marketing strategy to the new trends on these platforms. To be more clear, the long videos will be exclusive to my YouTube channel and will be shared on my X account and other associated X accounts to generate more views, and on Telegram in the different Spanish and English speaking Cardano communities since these videos will not only be in Spanish, they will also be dubbed and subtitled in English, as for the short videos, these will also be shared on my YouTube channel, but also on my TikTok account, as well as on the different X accounts that I mentioned above, they will also be shared on Telegram and will also be in Spanish and English, this will guarantee more visibility of these videos and therefore of Cardano.

This info action presents a strategic vision for Cardano 2030: to transform Cardano into the world’s most builder-friendly blockchain, enabling enterprises, developers, and communities to build globally impactful businesses. It introduces the concept of a Cardano Ease of Building Index (CEBI), a unified builder starter pack, and outcome-linked incentives to promote adoption and sustainability. The core principle is simple: when you build on Cardano, you build for the world.

The primary goal of this budget proposal is to increase liquidity on Cardano, specifically by supporting stablecoin liquidity. The secondary goal is to generate revenue for the treasury. 50,000,000 ADA is requested to create a fund composed of ADA and fiat backed stablecoins to support the Cardano decentralized finance (DeFi) ecosystem. The majority of the funds (99%) in this budget will be disbursed to DeFi protocols including decentralized exchanges (DEXs) and lending protocols to help seed liquidity on Cardano. Funds must only contain ADA, fiat backed stablecoins, and liquidity tokens from deployment into DeFi protocols. The funds will be managed from a smart contract administered by a 9 person interim committee composed of publicly identified individuals with oversight from a newly established treasury DAO (tDAO), where membership in the treasury DAO includes decentralized representatives (dReps). After 1 year, the tDAO will be required to elect a new committee or else no actions can be taken. The tDAO has the oversight abilities to impeach, elect, and ultimately shut down the fund and return funds to the treasury. In addition to the fund, this proposal will establish a number of public goods including a legal framework for future community involved proposals like this as well as an open source governance contract with executive and oversight functionality.

This proposal seeks treasury support from the Cardano Foundation to strategically bootstrap liquidity for USA, a yield-bearing synthetic dollar [digital asset mimicking USD value via algorithms or derivatives] developed by SMARDEX and collateralized by long ADA positions. Already successfully deployed as USDN on Ethereum, USA uniquely combines genuine decentralization, trustless yield generation, and market-neutral stability, appealing to an underserved, critical and growing niche in the current DeFi landscape.

This proposal is more widely available on the References and Supporting Information below, with the text here being intentionally short and concise.

USA’s innovative design eliminates reliance on centralized entities or manual interventions, utilizing fully on-chain, autonomous perpetual futures markets to deliver sustainable yield. This differentiates it sharply from existing stablecoin solutions, which either lack yield entirely (e.g., GHO, sUSD) or rely on centralized management (e.g., USDe). Its Cardano-native architecture ensures seamless integration and composability within the ecosystem, avoiding cross-chain risks and enhancing resilience. By strategically deploying protocol-owned liquidity into USA, this proposal not only resolves the classic "cold start" liquidity challenge faced by new assets but actively fosters enduring economic activity and ecosystem growth. Unlike transient incentive programs that attract short-term, mercenary capital, treasury-supported liquidity in USA establishes deep, durable market foundations. The capital provided by the treasury remains fully under Cardano's control, accessible at all times through transparent, non-custodial, and permissionless smart contracts. In short, this initiative positions Cardano at the forefront of decentralized stablecoin innovation, creating lasting value through a sustainable, yield-bearing, and entirely Cardano-native asset.

This proposal establishes a Governance Workstream Consortium which establishes decentralized execution framework, ROM Multisig Model, to support the delivery of constitutional dept workstreams in Cardano. Its core aim is to ensure that budgeted governance tasks are completed verifiably, transparently, and without relying on a single administrator.

(at the time of writing the gov.tools site did not have a Parameter Change dropdown value on Propose a Governance Action page implemented yet, although I hear it is in the works)

This proposal is to change the parameter "minimum fixed rewards cut for pools (minPoolCost)" value from it's current value of 170 Ada to 0 Ada. This is to allow stake pool operators to set their fee structure as they see fit - without always forcibly taking a chunk out of pool rewards, the protocol-level action which results in continually growing gap (as the per-block reward continues to reduce over time, by staking design) in maximum ROI that a given small pool can offer compared to a big pool with similar fee structure in place.

In my early crypto journey, I fell for a scam that cost me $1,700—a loss born not from ignorance, but misplaced confidence. I believed I could outwit deception by changing the script. I couldn’t. That moment taught me that even intelligent users are vulnerable in a system that offers no safety net. What kept me grounded was Cardano: its mission of research, patience, and principled design. That mission is why I stayed.

Yet Cardano’s openness and decentralization, while empowering, also expose users to hidden dangers: cloned tokens, misleading branding, and overhyped projects. This proposal introduces a framework for improving wallet-layer safety and trust, including UI enhancements, opt-in transparency tools, and a community-reviewed case study examining the breakdown of post-ISO trust.

Ironlight is bringing Tokenization to TradFi. This is done by creating a fully regulated secondary trading venue for tokenized Real World Assets (RWA). The RWAs are private market funds, company equity and real estate. Ironlight is different from most other players in 3 major aspects:

1. Liquidity: Ironlight has secured 4 major institutions to backstop trading. Additionally, RIAs & Wealth Advisors from the major banks are market participants.

2. Sponsor Access Model: The Alternative Trading System (ATS) allows for trading & settling between anyone in the US financial system not just within it’s own network. This allows for dramatically more participants and thus facilitates liquidity.

3. Institutional Grade Technology: Built from the ground up, the technology can process 2 million messages per second at 20 microseconds per transaction. Additionally, built under Reg SCI. The technology was built at the same standard Wall Street expects for Public Market ATS/Exchanges.

This proposal is not up to date and will be done in a separate budget info action and must not be included or considered in any Intersect budget.

To see the up to date proposal see here: https://hackmd.io/@PRAGMA-org/amaru-proposal and will be submitted on chain Amaru is an open-source project that aims to build a new fully interoperable block-producing node for improving the overall accessiblity and robustness of the Cardano network without compromising on its satefy and security. Amaru provides another perspective and solution for stake pool operators and developers alike, focusing on modularity and easy-of-use. The project is implemented mainly in Rust and aims to attract new contributors to the core maintenance of the ecosystem.

This proposal is designed to breakdown the objectives, scopes, timelines and costs pertaining to Amaru. It delivers the full vision behind the project and open the discussion regarding a Cardano treasury withdrawal to sustain its development.

For better viewing experience please use this link: https://hackmd.io/@PRAGMA-org/amaru-proposal

Disclaimer: The following document is a DRAFT proposal for the Amaru project. It is a collective document that describes the vision and the needs of multiple entities/actors involved in the development of Amaru.

This proposal will evolve in January 2025 following changes of scopes and resources allocated to the project

It is meant as a starting point for discussing Cardano treasury withdrawals in alignment with the incoming constitution.

As such, we invite anyone interested to comment on the following document, and share feedback with us.

Result of the estimation phase of our proposal: 6 FTEs + $60k (see https://hackmd.io/@PRAGMA-org/amaru-proposal for details)

Given our assumptions the valuation of this proposal based on a 200k$ base for an FTE, the estimation comes down to: 6 * 200k$ + 60 k$ = 1260k$

Given our assumption regarding our optimism bias (add 25% of contingency), the proposal submitted will be targetting: $1.578M as a result of the scopes covered in Amaru and ask for the equivalent in ADA at the time the treasury withdrawal is emitted.

Cardano needs to expand in French-speaking countries, especially in Africa, where innovative ideas and technologies lag far behind those in English-speaking countries. The Inkuba Blockchain Center is a pilot project that may resolve the issue.

Cosmos Collective transforms a brand-new science-fiction universe into a DAO where ADA-holders co-own the IP, vote on storylines, and share in future royalties. Our first 18-month roadmap covers (1) a Wyoming non-profit wrapper + DAO smart contracts, (2) an open-source story bible under a CC-compatible licence, and (3) Season 1 content: a web-comic and audio drama funded and green-lit entirely on-chain. We request 100 000 ADA to build the legal + technical rails, launch Founder NFTs, and prove that Cardano governance can power a sustainable, fan-driven entertainment franchise.

"a seed, from which a new and greater civilisation can grow."

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eUTxO - a seed that bares the conditions that could form the emergent environment for a secure, universal access control layer for distributed computing and systems - starting with Japanese public data.

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「新しいより偉大な文明が成長する種」。

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eUTxO - 分散コンピューティングとシステムのための安全なユニバーサルアクセス制御層の創発環境を形成する条件を育む種 - 日本の公共データから始まります.