{
  "@context": {
    "@language": "en-us",
    "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#",
    "CIP136": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0136/README.md#",
    "hashAlgorithm": "CIP100:hashAlgorithm",
    "body": {
      "@id": "CIP136:body",
      "@context": {
        "references": {
          "@id": "CIP100:references",
          "@container": "@set",
          "@context": {
            "GovernanceMetadata": "CIP100:GovernanceMetadataReference",
            "Other": "CIP100:OtherReference",
            "label": "CIP100:reference-label",
            "uri": "CIP100:reference-uri",
            "RelevantArticles": "CIP136:RelevantArticles"
          }
        },
        "summary": "CIP136:summary",
        "rationaleStatement": "CIP136:rationaleStatement",
        "precedentDiscussion": "CIP136:precedentDiscussion",
        "counterargumentDiscussion": "CIP136:counterargumentDiscussion",
        "conclusion": "CIP136:conclusion",
        "internalVote": {
          "@id": "CIP136:internalVote",
          "@container": "@set",
          "@context": {
            "constitutional": "CIP136:constitutional",
            "unconstitutional": "CIP136:unconstitutional",
            "abstain": "CIP136:abstain",
            "didNotVote": "CIP136:didNotVote",
            "againstVote": "CIP136:againstVote"
          }
        }
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    "authors": {
      "@id": "CIP100:authors",
      "@container": "@set",
      "@context": {
        "did": "@id",
        "name": "http://xmlns.com/foaf/0.1/name",
        "witness": {
          "@id": "CIP100:witness",
          "@context": {
            "witnessAlgorithm": "CIP100:witnessAlgorithm",
            "publicKey": "CIP100:publicKey",
            "signature": "CIP100:signature"
          }
        }
      }
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  },
  "hashAlgorithm": "blake2b-256",
  "body": {
    "govActionId": "gov_action1cpnqmlgpkz3dnwnm4spqzsmsp93y9mr4vqcm2ltcpqyyf7a7nszsq4h586r",
    "summary": "Tingvard judges the “Dano Finance: DeFi Kernel” Treasury Withdrawal governance action constitutional.",
    "rationaleStatement": "This governance action requests 3,333,000 ADA from the Cardano Treasury 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. The request consists of 3,300,000 ADA for delivery and a 33,000 ADA budget administration fee.\n\nThe proposal identifies the purpose of the withdrawal, the amount requested, the intended scope of work, and the relevant work packages. These include the DeFi Kernel registry website and submission process, a Spot Leverage Order Book, an American Options Protocol, and a Composable DeFi Transaction Builder SDK.\n\nThe proposal provides milestone-based delivery. Each work package includes deliverables, reporting expectations, security review or audit steps where applicable, mainnet deployment criteria, integration documentation, and final reporting.\n\nThe proposal identifies Minswap Labs as budget administrator. The administrator will support fund administration, milestone review, and accountability.\nThe proposal includes audit and oversight provisions. Smart contract workstreams include security review or audit before mainnet release, critical unresolved security issues block affected mainnet milestones, and public reports will show progress, deployment status, registry status, KPI status, and remaining risks.\n\nThe proposal includes repayment and non-disbursement circumstances. It states that funds not disbursed, not earned through approved milestones, or not needed for approved delivery work will remain unspent or be returned to the Cardano Treasury according to the administrator’s process. It also states that cancelled, blocked, or undeliverable milestones will result in the unused portion remaining unspent or being returned.\n\nThe proposal further states that Dano Finance will return 5% of protocol fees generated by the Treasury-funded Spot Leverage Order Book and American Options market-making pool contracts for 12 months after mainnet launch, with reporting made public.\n\nThe proposal therefore identifies the purpose, costs, work packages, administrator, milestone structure, audit and security review requirements, reporting obligations, and repayment conditions.\n\nTingvard therefore finds that the proposal satisfies the relevant constitutional requirements for a Treasury Withdrawal governance action.",
    "precedentDiscussion": "N/A",
    "counterargumentDiscussion": "N/A",
    "conclusion": "Tingvard finds the “Dano Finance: DeFi Kernel” Treasury Withdrawal governance action constitutional.\n\nThe proposal identifies the purpose, amount, costs, administrator, delivery structure, oversight and audit arrangements, reporting obligations, and refund or repayment circumstances.\n\nTingvard therefore judges this governance action constitutional.",
    "internalVote": {
      "constitutional": 3,
      "unconstitutional": 0,
      "abstain": 0,
      "didNotVote": 2,
      "againstVote": 0
    },
    "references": [
      {
        "@type": "RelevantArticles",
        "label": "Cardano Blockchain Ecosystem Constitution",
        "uri": "ipfs://bafkreieyuknozbtewyurfqoagvplvykadn6a4u6wglupavdz46bbsnnl6e"
      }
    ]
  },
  "authors": [
    {
      "name": "Tingvard",
      "imageUrl": "ipfs://QmPkHXdK6GLtDNyyKFBWRwARFEy9TPFcbpDganixmRXwWJ"
    }
  ]
}