Enacted Cardano Treasury Withdrawal Proposals

This Treasury Withdrawal funds Hardware Wallet Maintenance 2026. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The content for the following sections; Abstract, Motivation and Rationale have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process.

This Treasury Withdrawal funds Mithril Protocol. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The content for the following sections; Abstract, Motivation and Rationale have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process.

## Preamble The previous proposal, “Eternl: Path to Sustainability (2026-2027),” received NO votes from CC members due to a lack of clarity regarding audits. This new proposal is essentially the same as the previous one and adds that clarification. _Previous Governance action:_ gov_action1ngpqafax5rvp8lcgey4asvqtycrh4e56fwp8cn2r9trx2ysryhtsqdm3w3z https://adastat.net/governances/9a020ea7a6a0d813ff08c92bd8300b26077ae69a4b827c4d432ac665120325d700 _Key differences:_ - Added clarification on Audit funds spending and oversight metrics, as requested in the CC vote rationales. - Updated Ada to USD conversion rates - Changed FAQ answer: Eternl DRep will abstain on this proposal _Clarification on FTEs:_ Our price per FTE is $70,000 (compared to other proposals exceeding $200,000 per FTE). A reasonable lower bound rate. Our 6 FTEs are distributed across 10 people contributing to Eternl in various capacities, most of them part-time. ## Abstract Eternl is a non-custodial Cardano light wallet for the web, browser extension, Android, and iOS. Users rely on Eternl for payments, staking, governance, and DApp interaction. This proposal enables 12 months of operations, maintenance, and improvements. It includes frontend and backend maintenance and development, backend infrastructure, user support, and day-to-day operations. The goal is to keep Eternl secure, compatible, stable, and available as Cardano keeps evolving. This costs around $420,000 per year.

**Proposal as pdf: [https://ipnso-com.ipns.inbrowser.link/?cid=Qmbk3jHKKLQ1VrniKaD7sGMscJxCKvoXqt1sQoEnRLTku4](https://ipnso-com.ipns.inbrowser.link/?cid=Qmbk3jHKKLQ1VrniKaD7sGMscJxCKvoXqt1sQoEnRLTku4)** **Hydra is the only production-grade Layer 2 on Cardano, already running live workloads for Delta DeFi, Masumi, Intersect, Vtechcom and others.** This proposal funds four workstreams - performance optimization, operational excellence, ecosystem support, and developer experience - delivering a feature-complete and hardened Hydra v2 so we offer a competitive scaling solution to existing builders and new builders adopt Cardano. Hydra delivers sub-second finality, near-zero fees, and high parallel throughput with L1-grade settlement. It unlocks verticals such as institutional and perpetual DEXes, agent-to-agent commerce, micropayments, gaming, point of sale, and verifiable information processing. The work aligns with the treasury's TVL, transaction, active-user, throughput, reliability, and protocol-revenue KPIs, and with Pillars 1, 2, 4, and 5. The ask is **₳5,100,781**. This will be milestone-gated, with independent third-party assurance and Intersect providing administrative treasury governance.

This treasury withdrawal requests **₳18,263,496.00** (USD $4,565,874.00) to fund Tweag by Modus Create's delivery of 3 work packages across core infrastructure areas for the Cardano ecosystem over 2026–2027. The primary focus is the **mainnet deployment of Peras** (faster finality: ~2 min vs. ~12 min today), alongside improvements to resilience, scalability, developer tooling, and network observability. Work packages include: - **Peras v1** – production cryptography, KillSwitch, mainnet readiness and further support and maintenance - **History Expiry** – partial-history nodes to reduce SPO storage costs - **Conformance Testing** – CTC framework extended for Peras and Leios Intersect is requested to serve as proposal and contract administrator. All deliverables are open-source and publicly tracked.

5am.earth Foundation requests 10,000,000 ADA (hard cap) to build an open, Cardano-anchored trust layer for global agricultural supply chains. The trust layer combines Veridian self-sovereign identity for farmers and Agri-Entrepreneurs (AEs) with a Cardano on-chain satellite oracle delivering verified farm and crop data. The 18-month programme (M1 Stand-Up at Month 6, M2 Closed Loop at Month 12, M3 Self-Sustaining at Month 18) delivers across India, Cambodia, and Kenya, reaching 500,000 registered farmers and operating three named application paths during the funded period: AE certification with Andamio (WP3), traceability and compliance with Zengate Global (WP4), and finance and credit with Seedstars SIGMA (WP5). The Foundation is the neutral steward of the open trust layer; commercial partners build on top of it. The proposal is administered by Intersect on standard terms via the standardized Treasury Reserve Smart Contract / Project-Specific Smart Contract framework developed by Sundae Labs, with an independent Oversight Committee of five external entities verifying key administrative actions. Payment structure: 5,000,000 / 2,000,000 / 3,000,000 ADA, milestone-gated, front-loaded on approval and gated on observable evidence at M1 and M2. Project Swaminathan operates on Cardano Mainnet today with 10,500 cumulative farmer/farm registrations as of 5 May 2026 — providing live operational foundation for the proposed scale-up. The programme contributes meaningfully across all five Cardano Vision 2030 pillars, with 2030 projections of 3 million farmers, 112.5 million annual on-chain transactions, $900 million TVL, and 16–20 million ADA in annual protocol revenue. By 2028, the Foundation is structurally positioned to be self-sustaining through commercial partnerships and institutional backing — not returning to the Treasury for operating costs.

This governance action requests the withdrawal of ₳23,000,000 (USD 5,750,000 based on $0.25c) from the Cardano Treasury to cover a focused ‘Year 2’ contracted cost and a 12-month enhancement & maintenance program for the critical integrations already delivered or currently being integrated under the first Cardano Critical Integrations Budget (“CCI V1”): Circle (USDCx), LayerZero, Pyth Price Feeds, Dune Analytics, and a new full native integration of Fireblocks. The CCI V2 initiative provides the necessary funding for the ongoing operation and optimization of infrastructure previously established. While CCI V1 was responsible for delivering the primary foundational framework and launch readiness, CCI V2 ensures that this infrastructure remains functional, reliable, and equipped with advanced features to support the expanding needs of the ecosystem. ### Fund administration Funds will be administered by Intersect under the Treasury Reserve Smart Contract Framework over a 12 month delivery window. Drawdowns occur only after signed agreements and Statements of Work are submitted and verified. Funds are expected to be ringfenced and held in stablecoins, until such time that they are needed. ### Prior Treasury Receipt Disclosure Pursuant to Article II, Section 7, Item 2 of the Cardano Blockchain Ecosystem Constitution, the proposer discloses that the prospective recipient of this Treasury Withdrawal, acting through the Pentad steering structure with Intersect as Administrator, received ₳70,000,000 from the Cardano Treasury in the prior 24 month period under the “Cardano Critical Integrations Budget” (gov_action1lqun78lcznfa2gek49m3ydslakfnm8heargfp8sax9fk54yl6ghsqp042zv). The following integrations have either been successfully launched on mainnet or are currently in the implementation phase under CCI V1: Circle (USDCx on Cardano), LayerZero cross-chain messaging and bridge infrastructure, Pyth pricing oracles, and Dune Analytics coverage. V2 exists only to sustain, optimize and extend what V1 built, with the addition of Fireblocks institutional custody as a new integration funded within this withdrawal.

**Proposal as pdf:** [here](https://ipnso-com.ipns.dweb.link/?cid=QmbrCWbfcJYUeBVzTkqRFUNej86YAcEwiDkQNgY2gWrq1X) Cardano Vision 2026 (CV26) delivers a structured, end-to-end innovation pipeline that translates foundational research into deployable system capabilities and measurable impact. Building on CV25, where delivery exceeded targets by 20%, the programme is executed through an integrated IO Research delivery model combining research (IOR), applied engineering (ARC), and product alignment (Cardano Business Unit). CV26 is anchored around 3 priorities. * **Human-centred design** improves usability, incentives, and governance participation through enhanced DevEx (e.g. decentralized APIs), better SPO alignment, and reduced user friction via intent-based interaction. * **Scalability** is addressed through a layered architecture combining consensus improvements (Leios/Peras integration), L2 execution and ZK-enabled scaling, and mid-term research like sharding. * **Post-quantum security** ensures long-term resilience through evaluation and migration of quantum-resistant cryptographic primitives, supported by a cross-cutting roadmap spanning security, transaction efficiency, ZK/L2 infrastructure, and partner chains. The programme is organised into 7 work packages aligned to ecosystem outcomes: WP1 Trust, Security & Reliability Infrastructure; WP2 Scalability & Execution Layer; WP3 Developer Platform & User Experience; WP4 Applications, Adoption & Liquidity; WP5 Economic Systems & Incentives; WP6 Governance, Identity & Social Infrastructure; and WP7 Delivery, Dissemination & Partnerships. CV26 delivers **42 outputs across the innovation pipeline**: 38 papers and technical reports at early TRL; 8 Cardano Problem Statements (CPS) and 12 prototypes at mid-TRL (including Leios/Peras integration designs, dynamic fee mechanisms, SPO incentive models, and a decentralised Babel fee marketplace); and 5 Cardano Improvement Proposals (CIPs) enabling implementation in identity services, ZK-enabled L2 scalability, and post-quantum security. The ₳32.916M (\$7.9M) funds a consortium of 9 R&D partners led by IOR, including leading universities (Edinburgh, Tokyo, Oxford, Buenos Aires) and ecosystem contributors (Eryx). In total, 36 FTEs operate as a research network under the leadership of Aggelos Kiayias, positioning Cardano for sustained, research-driven growth.

Harmonic Laboratories (HLabs for short) is an R&D firm born and focused solely on the Cardano ecosystem. Harmonic Laboratories supports and maintains a considerable portion of the TypeScript tooling for the Cardano ecosystem, which the majority of Cardano developers use, either directly, or indirectly via other libraries that depend on code written and maintained by HLabs. The mission of HLabs is for true decentralization to become the baseline of application development, not only a nice-to-have feature. This proposal funds two complementary engineering tracks: - **[Pebble](https://github.com/HarmonicLabs/pebble)**: the first production-ready imperative smart-contract language on Cardano. Pebble brings to UPLC a programming paradigm Aiken structurally cannot deliver, ships a TypeScript-shaped surface syntax that the largest developer community on earth already uses, and (per HLabs' published benchmarks) produces on-chain code that strictly outperforms Aiken and is competitive with Plutarch, while remaining dramatically more readable than either. - **Tooling maintenance**: keeping HLabs' TypeScript stack (`cardano-ledger-ts`, `ouroboros-miniprotocols-ts`, `plutus-machine`, `uplc`, etc.) synchronized with protocol upgrades. This stack is not optional infrastructure: it is what production projects across the ecosystem already depend on, including [Mesh](https://meshjs.dev/), [Lucid Evolution](https://github.com/Anastasia-Labs/lucid-evolution), and L2 systems like [Midgard](https://github.com/Anastasia-Labs/midgard). When HLabs ships a hard-fork update, the rest of the TypeScript ecosystem ships with it; when HLabs lags, every downstream project lags. A separate proposal funds the [Gerolamo light node](https://github.com/HarmonicLabs/gerolamo) at 5 FTE and is voted on independently. ### Duration & Milestones This proposal spans over **12 months**, throughout which there will be several deliveries and demos. Amongst the key deliveries, we note: - maintenance for an upcoming hard fork; - a production-ready, imperative and efficient, programming language for smart contracts ([Pebble](https://github.com/HarmonicLabs/pebble)). ### Total Budget Ask The estimated USD budget is of **`$1,000,000`** (or **`₳4,000,000`**) + 15% in refundable contingency (**`₳600,000`**); for a total ask of **`4,600,000 ADA`**.

This proposal seeks to catapult the Cardano ecosystem into the global spotlight at TOKEN2049 Singapore, the world’s premier crypto event and the ultimate nexus for industry amplification. The proposal requests **3,303,750 ada** (equivalent to **$792,900 USD**, calculated at an estimated rate of $0.24 per ada) to establish a high-impact, community-centric presence that serves as a dedicated stage for Cardano’s builders. A strategic takeover of Asia's most influential blockchain hub. By securing the second largest booth and a dedicated Cardano stage, we're giving builders something no other ecosystem offers at this scale. Free conference tickets, a stage to present, undeniable access to 25,000+ decision makers, high-value networking, and post-event photography and video coverage, all within the ‘Platinum’ sponsorship. Built by the community, for the builders, ensuring Cardano's technical superiority is matched by an unmissable physical presence. Putting Cardano builders at the forefront. The decision to present this as an independent proposal reflects EMURGO's direct response to community feedback. Following the submission of the combined Cardano Summit 2026 and TOKEN2049 proposal, DReps and community members raised legitimate concerns about the scale of the budget. In response, we have restructured the proposal, lowering the sponsorship from ‘Title’ to ‘Platinum’. This change reduces the overall budget while preserving the core strategic value of the sponsorship, demonstrating a collaborative approach to treasury management. EMURGO, headquartered in Singapore and holding a multi-year partnership with TOKEN2049 spanning 2022 through 2025, is very well-positioned to execute this sponsorship with maximum efficiency and impact.