{
  "@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"
          }
        }
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  },
  "hashAlgorithm": "blake2b-256",
  "body": {
    "summary": "We consider this governance action to be constitutional.",
    "rationaleStatement": "This proposal is a Treasury Withdrawal Governance Action to withdraw ₳23,000,000 from the Cardano Treasury for “Cardano Critical Integrations V2.” Regarding Article 2, Section 6, Paragraphs 1 and 2 of the Cardano Constitution, this proposal adopts immutable off-chain references using IPFS. Furthermore, the proposal text includes the title, summary, rationale, integration details, budget, management structure, audit and reporting framework, repayment conditions, and steering committee composition; we therefore determine that it presents information sufficient for evaluation as a Governance Action. Regarding Article 2, Section 7, Paragraphs 1 and 2, this proposal aims to continue the operation and maintenance of existing key integrations such as Circle (USDCx), LayerZero, Pyth, and Dune Analytics, as well as to implement a new integration with Fireblocks. It explains operational and maintenance activities, the native integration of Fireblocks, enhancements and tool reserves, and audit, legal, and contract management. Additionally, the proposal details the 12-month delivery period, budget breakdown, conditions for returning unused funds to the Treasury, and conditions for repayment upon contract termination. Furthermore, it includes disclosure regarding Treasury funding received within the previous 24 months. Regarding Article 2, Section 7, Paragraph 3, the requested amount for this proposal is ₳23,000,000, 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 figure is treated as a reference value. Regarding Article 2, Section 7, Paragraphs 4 and 5, the proposal describes Treasury management with Intersect as the administrator, the Treasury Reserve Smart Contract Framework (TRSC), multisig oversight, auditing, reporting obligations, the Steering Committee, contract management, independent audits, and milestone-based payments. Furthermore, regarding Article 2, Section 7, Paragraph 6, the proposal describes fund management using the TRSC, non-delegation to SPOs, and delegation to predefined auto-abstain voting options. We determine that this structure is intended to align with the requirements of being “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": "Some members considered that, although this proposal describes its objectives, necessity, and implementation details, it does not provide sufficient explanation regarding the basis for the ₳23,000,000 budget request or its relationship to the funds secured under the previous Treasury Withdrawal Governance Action, “Withdraw ₳70,000,000 for Cardano Critical Integrations Budget.” As a result, they expressed the view that the proposal does not satisfy the requirement for “sufficient rationale” under Article 2, Section 6, Paragraph 2 of the Cardano Constitution and therefore deemed it unconstitutional.",
    "conclusion": "For the reasons stated above, we determine that it is constitutional.",
    "internalVote": {
      "constitutional": 3,
      "unconstitutional": 1,
      "abstain": 0,
      "didNotVote": 0
    },
    "references": [
      {
        "@type": "RelevantArticles",
        "label": "CARDANO BLOCKCHAIN ECOSYSTEM CONSTITUTION",
        "uri": "ipfs://bafkreieyuknozbtewyurfqoagvplvykadn6a4u6wglupavdz46bbsnnl6e"
      }
    ]
  },
  "authors": [
    {
      "name": "Cardano Japan Council",
      "witness": {
        "witnessAlgorithm": "ed25519",
        "publicKey": "833ddc6eedc272e763c33b9e6ed91efea5f0a5161f05bf72c83326a9b11507de",
        "signature": "60d0e9f88f54faf0e7b93bf1410b222876ff171a8f342d5cae65289ecf75aa28ba1971269752963cee80807e8737b2fdb7c146a064852fe042d6eeef8fe8e704"
      }
    }
  ]
}