Enacted Cardano Treasury Withdrawal Proposals

This treasury withdrawal is submitted pursuant to the Budget Info Action “Cardano Critical Integrations Budget” (gov_action13a2dqgwxum7d6kjfprcs57cf9733ek2dkt5qnuhqd4ll5ntcwu7sqluwkxd) and can only be ratified if that Budget Info Action is approved by DReps and the Constitutional Committee. This governance action requests to withdraw ₳70,000,000 from the Cardano Treasury to establish a strategic integration fund supporting the onboarding of critical infrastructure, including tier-one stablecoins, institutional digital asset custody and wallet infrastructures, on-chain analytics platforms, cross-chain bridges, and pricing oracles to the Cardano ecosystem. These integrations are foundational for tier-one stablecoin deployment, large scale DeFi growth, and acceleration of RWA and DePin activity, strengthening Cardano’s long term fee generation and treasury sustainability. This project is being driven through close collaboration between Input | Output Global, the Cardano Foundation, and EMURGO, together with Midnight Foundation and Intersect, all of whom are actively engaged in negotiations with integration partners. Representatives from all five organizations form the Steering Committee, which is responsible for all executive decisions over how these funds will be committed and spent. Multiple partners are already at an executable stage, but with sensitive commercial negotiations underway, vendor identities and line item costs remain confidential. Vendor identities can only be disclosed once integrations are completed. Funds will be administered by Intersect under a performance and milestone-based structure over a period of up to 24 months. Drawdowns occur only after signed integration partnership agreements are submitted and verified. The Oversight Committee, a group of five independent entities within Intersect's budget administration framework, will review each drawdown or disbursal to confirm alignment between scope, amounts, and recipients. Deployment is expected to begin shortly after enactment of this withdrawal.

This proposal seeks a 5,000,000 ada budget loan from the Cardano Treasury to fund the Cardano Global Listing Expansion, a strategic initiative led by the Snek Foundation to list [SNEK](https://www.snek.com/) on top-tier centralized exchanges, retail brokers, and trading platforms. This proposal is the **first-ever loan-based treasury withdrawal** in Cardano governance, introducing a new model of accountability where funds are not given as grants but repaid with interest. As part of the governance process, a Board of Advisors will be appointed to ensure transparent execution and maximize ecosystem alignment. This board will include high-profile industry veterans like Tal Cohen (former CEO of Kraken), Phillip Pon (CEO of Emurgo), Fahmi Syed (President of Midnight Foundation), and Frederik Gregaard (CEO of Cardano Foundation), with additional top-tier names to be announced. *SNEK is the largest community token on Cardano, holding the highest market capitalization, over 42,000 wallets, and more than 2 billion ADA in all-time trading volume.* Over the past two years, the Snek Foundation has already invested over $5 million, entirely self-funded, to secure major exchange listings. Snek delivered the first, second, and third-ever Tier 1 listings for any Cardano native token, with Kraken, Crypto.com, and Kucoin, setting historic precedents for the ecosystem. With this proposal and with the support of our partners, we aim to unlock greater visibility, liquidity, and accessibility for the broader Cardano ecosystem by leveraging SNEK’s proven momentum and market position. This loan will be continuously repaid from Snek network activities, with a final balance plus interest settled after a closing audit in three to five years. Interest is set at 2.44% annualized (2.37% staking rate + 0.07%), compounded yearly. By structuring this as a repayable loan, the Snek Foundation is once again trailblazing for the ecosystem; demonstrating how treasury capital can be deployed responsibly while setting a precedent for future projects. This treasury withdrawal follows the approved Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek ([gov_action1jr84r96lnsvu9yd6c0jhxe9gj5r7vnd2pgkntc6klplxdpyzz4tqqc9uldx](https://gov.tools/outcomes/governance_actions/90cf51975f9c19c291bac3e57364a89507e64daa0a2d35e356f87e6684821556#0)). The administrator of the budget funds will be Intersect, utilizing the treasury-contracts framework to manage funds.

This treasury withdrawal funds **BloxBean** **Java Tools Maintenance and Enhancement** which will provide the following services: BloxBean provides several essential Java libraries and tools for building applications on Cardano. These tools---CCL, Yaci, Yaci Store, and Yaci DevKit---require continuous maintenance and feature updates to meet the evolving needs of the Cardano ecosystem. To meet the growing demands of this project, we require an additional full-time developer for the next 12 months. The requested funds will support this additional developer, who will focus on the following areas: 1. Ongoing Maintenance: - Ensure compatibility with new Cardano network upgrades. - Address bug fixes, performance improvements, and security issues. 2. Feature Enhancements: - Implement new features based on community feedback. - Optimize the codebase to improve performance and scalability. 3. Documentation and Developer Tools: - Expand the documentation with detailed guides, tutorials, and example code to assist developers. 4. Community Engagement & Support: - Provide ongoing support via GitHub discussions, forums, and discord. - Engage with developers to understand their needs and ensure tools are optimized for real-world use. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This treasury withdrawal funds **UTxO RPC: Sustaining Cardano Blockchain Integration** which will provide the following services: This request for support focuses on UTxO RPC [https://utxorpc.org](https://utxorpc.org) an interface specification designed to simplify interactions with UTxO-based blockchains. U5C defines standardized methods, data structures, and communication patterns. By providing a range of SDKs, and offering thorough documentation, U5C enhances reusability, interoperability, and performance in blockchain integrations. Currently in its early stages, UTxO RPC is already being adopted by key projects in the Cardano ecosystem, including Lace, Mesh, Amaru, and many others. As an open-source initiative, it welcomes contributions from the community, fostering a collaborative approach to improving blockchain infrastructure. To support its ongoing development, maintenance, and enhancements, we are requesting funding for the following roles: 0.5 FTE blockchain developer and 0.125 FTE tech lead. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This treasury withdrawal funds **Ecosystem Exchange Listing and Market Making service pool** which will provide MMAAS (Market Making as a Service): Proposal Overview This proposal aims to address two core issues within the Cardano ecosystem: - Problem 1: No Cardano project currently has a top-tier market maker, with the exception of Snek and Iagon. - Problem 2: No Cardano Native Token (CNT) is listed on top-tier exchanges such as Binance, Bybit, Okex, Kraken and Coinbase. Objective We, at Flowdesk, are committed to solving these problems. Our goal is to act as a trustworthy partner in assisting Cardano Web 3.0 projects by providing essential services such as Market Making as-a-Service (MMAAS) and helping with exchange listings. Through these efforts, we aim to enhance the overall liquidity and market presence of Cardano projects. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This treasury withdrawal funds **Expanding Stablecoin / Cardano Native Asset Support / Fiat Ramps** which will provide the following services: 1. Expanding wallet and custodian support for Cardano native assets (including USDA, a Cardano-native stablecoin). 2. Increasing the availability of Cardano stablecoins and native assets on exchanges and OTC desks. 3. Driving real-world utility for USDA in cross-border payments, remittances, and enterprise settlements. 4. Building cost-effective fiat on/off-ramps for ADA and Cardano native assets in frontier markets. By addressing these challenges, Anzens aims to boost liquidity, accessibility, and adoption of Cardano's DeFi and real-world use cases, bridging traditional finance with our open source blockchain-based payments. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This treasury withdrawal funds **Cardano Product Committee: Community-driven 2030 Cardano Vision and 2026 roadmap insights collection via workshops and structured product research** which will provide the following services: One of the key community goals in 2025 is to create a shared long-term vision, transitioning from the roadmap created by Cardano's founders to a community-led dynamic vision and yearly roadmap. To create the first community driven 2030 Cardano vision, and a following 2026 roadmap, the Cardano Product Committee of Intersect, via consultation, has drafted a strategy (which is already operational) which includes both broad consultation via workshops (remote and in-person) and focused insights collection via focus group calls, with key ecosystem stakeholders (like SPOs) and businesses (both in Cardano and outside Cardano), and incentivized structured user and market research with an initial set of broad questions divided by the broad Cardano goals. [https://productcommittee.docs.intersectmbo.org/committee-outcomes/2025-cardanos-roadmap/2025-proposed-cardano-goals](https://productcommittee.docs.intersectmbo.org/committee-outcomes/2025-cardanos-roadmap/2025-proposed-cardano-goals) This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This treasury withdrawal funds **Beyond Minimum Viable Governance: Iteratively Improving on Cardano Voltaire** which will provide the following services: This initiative will establish a robust framework for evaluating and enhancing Cardano's governance system. We will identify and benchmark key governance metrics to assess the health, performance, and overall impact of our decentralized decision-making processes. The resulting 'State of Governance' report will provide a structured evaluation of participation, track vital Key Performance Indicators (KPIs), map the evolving governance ecosystem, and pinpoint specific areas for improvement. To ensure our findings are grounded in real-world experience, we will engage the Cardano community through various channels. These include virtual workshops, targeted surveys, and in-depth user interviews. By actively gathering and synthesizing community insights, we will gain a comprehensive understanding of the current state of governance. This will allow us to formulate actionable recommendations and pave the way for post-MVG (Minimum Viable Governance) evolution. Where appropriate, these recommendations will be developed into initial drafts of Cardano Problem Statements (CPSs) or Cardano Improvement Proposals (CIPs), directly reflecting the community's vision for a more robust and effective governance future. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This treasury withdrawal funds **2025 Input Output Engineering Core Development Proposal** which will provide the following services: - Automatic Formal Verification (Plutus High Assurance) - Property Based Testing Tool (Plutus High Assurance) - Static Analyzer (Plutus High Assurance) - Ouroboros Leios Implementation - Cardano Node Architecture Refresh (Acropolis) - Hydra Development - Minotaur AVS - Mithril Development - KES Agent - Ledger-HD - Log-Structured Merge (LSM) including UTXO-HD - Revised Stake Pool Incentive Scheme - Nested Transactions (Babel Fees) - Plutus Core Roadmap - Tiered Pricing Models (Plutus High Assurance) - Transaction Monitoring System (Plutus High Assurance) - Maintenance and Support - Audit & Security Assurance This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This treasury withdrawal funds **OpShin - Python Smart Contracts for Cardano** which will provide the following services: This is OpShin: a toolchain that lets developers construct Cardano smart contracts in Python. The toolchain comprises several projects that aim to facilitate the development of Smart Contracts and dApps on Cardano. They are largely based on Python, or integrate well with it for maximal accessibility. On top of accessibility, OpShin ensures low transaction cost compared to PlutusTx. At the time of writing, Python is the second-most used language on GitHub, with 14.75% of the active userbase working with Python, and enjoys a 22.5% year-over-year increase in users; this is driven in part by its utility in data science and machine learning. Everyone who knows Python can leverage the toolstack available for Python development to build on Cardano; and that is a lot of people, with a lot of tools. OpShin enforces strict typing on the high-level programming: it implements a type system on top of Python type hints. However, all traces of typing are erased during compilation, for a maximum efficiency program. OpShin beats many programming languages when taken to the test for real use-cases. This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process. This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.