{ "@context": { "@language": "en", "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" } } } }, "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" } } } } }, "hashAlgorithm": "blake2b-256", "body": { "summary": "We consider this governance action to be constitutional.", "rationaleStatement": "This proposal is a Treasury Withdrawal Governance Action to withdraw ₳12,290,000 from the Cardano Treasury for Pogun’s “Capital Without Compromise” project. Regarding Article 2, Section 6, Paragraphs 1 and 2 of the Cardano Constitution, this proposal adopts an immutable off-chain reference using IPFS. Furthermore, the proposal text includes the title, summary, rationale, technical specifications, roadmap, deliverables, budget, repayment conditions, audit framework, fund management methods, KPIs, risk management, and other details; we therefore determine that it presents the information required for a Governance Action. Regarding Article 2, Section 7, Paragraphs 1 and 2, this proposal states that the purpose of the Treasury Withdrawal is to build a Bitcoin credit market, a yield DApp, and a BitVM bridge. It clearly outlines a phased delivery schedule spanning Q2 2026 to Q1 2027, milestone-based disbursement, budget allocation, and repayment conditions. Furthermore, the Prior Funding Disclosure includes information on past Treasury allocations to Input Output. Regarding Article 2, Section 7, Paragraph 3, the requested amount for this proposal is ₳12,290,000, which falls within the 350M ADA Net Change Limit applicable to Epochs 613-713 at the time of submission. Furthermore, the requested amount for this proposal is stated in ADA, and the USD equivalent is provided for reference only. Article 2, Section 7, Paragraphs 4 and 5 describe the audit and oversight framework, including third-party guarantees, the Oversight Committee, audits, reporting obligations, and dashboards, with Intersect designated as the administrator. Furthermore, Article 2, Section 7, Paragraph 6 describes the use of Treasury Reserve Smart Contract (TRSC) and Project-Specific Smart Contracts (PSSC) for segregated management, a structure designed for on-chain auditability, non-delegation to SPOs, and delegation to auto-abstain DReps. We determine that this structure is intended to align with the requirements of “auditable by the Cardano Community,” “separate accounts,” “not delegated to a SPO,” and “delegated to a predefined abstain voting option.” Therefore, as no clear conflict with the Cardano Constitution has been identified, we determine that this proposal is constitutional.", "precedentDiscussion": "None", "counterargumentDiscussion": "This project employs a fund management structure in which funds are temporarily pooled into a TRSC and subsequently distributed to individual projects via PSSC, utilizing the same receiving address as other projects. This structure raises interpretive issues regarding the requirements for “segregated accounts” and “community auditability” set forth in the Cardano Blockchain Ecosystem Constitution. First, regarding the “segregated accounts” requirement, this structure is designed such that funds from multiple projects are aggregated into a single TRSC at the time of receipt, which does not align with address-level segregation in the strict sense. On the other hand, considering the purpose-specific fund management via the PSSC and control through smart contracts, it is possible to interpret that logical segregation has been achieved. Next, regarding “auditability by the community,” tracking is reportedly possible via on-chain data and dashboards, and it can be assessed that auditability is technically ensured. However, since this auditability relies on a certain level of understanding, there remains room for consideration as to whether it meets a standard that is intuitive and easily verifiable. Overall, the proposal was deemed constitutional; however, one of our members abstained, arguing that certain interpretive issues exist in relation to Article 2, Section 7, Paragraph 6 of the Constitution, making it difficult to reach a clear determination of constitutionality.", "conclusion": "For the reasons stated above, we determine that it is constitutional.", "internalVote": { "constitutional": 3, "unconstitutional": 0, "abstain": 1, "didNotVote": 0 }, "references": [ { "@type": "RelevantArticles", "label": "CARDANO BLOCKCHAIN ECOSYSTEM CONSTITUTION", "uri": "ipfs://bafkreieyuknozbtewyurfqoagvplvykadn6a4u6wglupavdz46bbsnnl6e" } ] }, "authors": [ { "name": "Cardano Japan Council", "witness": { "witnessAlgorithm": "ed25519", "publicKey": "833ddc6eedc272e763c33b9e6ed91efea5f0a5161f05bf72c83326a9b11507de", "signature": "179fcadc5d2879a695c30edc4a384e76daed36873de295d085106e748b0197f0c21035a284ae151963f09795e21470d0f98c2678f58387de8bdfba7865f9aa0b" } } ] }