{ "@context": { "@language": "en-us", "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#", "CIP129": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0129/README.md#", "CIP136": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0136/README.md#", "hashAlgorithm": "CIP100:hashAlgorithm", "body": { "@id": "CIP136:body", "@context": { "govActionId": "CIP129:governance-action-identifiers", "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" } } } }, "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": { "govActionId": "gov_action1xk6yrz0tg72a2a63ytd99gapz46nlqlavckarleqt6nr8lyekd8qqp0ga3d", "summary": "Ace Alliance finds the proposed \"Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform\" Treasury Withdrawals Governance Action constitutional. Rationales are archived at https://github.com/ace-alliance/ace-voting/", "rationaleStatement": "\"Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform\" (gov_action1xk6yrz0tg72a2a63ytd99gapz46nlqlavckarleqt6nr8lyekd8qqp0ga3d) is a Treasury Withdrawals Governance Action and is therefore governed by both the general proposal standards in Article II, Section 6 and the additional Treasury Withdrawal standards in Article II, Section 7 of the Cardano Constitution. The Action seeks to withdraw 4,969,231 ada from the Cardano Treasury to fund Phase 2 of a mainnet-live, Cardano-native ticketing platform operated by Sellout and built by Anvil Development Agency: a secondary marketplace with on-chain royalty enforcement, per-event anti-scalping controls, custodial wallet onboarding for Sellout's existing user base, organizer tools, an independent third-party security audit, and a public launch campaign. Unlike the Intersect-submitted budget-process withdrawals this Committee has reviewed, this Action was submitted on-chain directly by the proposer; Intersect nonetheless serves as budget administrator by prior agreement, holding and disbursing the funds through the 2026 Treasury Reserve Smart Contract framework. Our review is confined to the constitutionality of the Action, not to the commercial merits of the ticketing venture, the choice of a revenue-share repayment instrument, or whether the Treasury should back this vertical, each of which is a policy question reserved to DReps and the community.\n\n**Article II.6 (Governance Action Standards).** The procedural standards are satisfied. The action anchors to an IPFS-hosted document with the on-chain blake2b-256 hash 1a25307b01b45cc3a13a33c21a9048a0c7672178f776d36154f78ac7b289fb1c, a content-addressed form that is immutable once posted, and the metadata supplies the title, abstract, motivation, rationale, itemized budget, milestone plan, and supporting references that Article II.6.2 requires.\n\n**Article II.7.1 (Terms of the Withdrawal).** The terms-of-withdrawal requirement is met. The proposal specifies the purpose (the Phase 2 marketplace build enumerated above), the period for delivery (eight months across five milestones of 8 + 8 + 8 + 4 + 4 weeks), the relevant costs and expenses (a 4,824,431 ada work package itemized line-by-line in the Capital Allocation table plus a 144,800 ada Intersect administration fee, totalling 4,969,231 ada), and the circumstances under which the withdrawal might be refunded. On the last element, the metadata provides that the roughly 3 percent contingency (136,363 ada) is returned to the Treasury if unused, that undelivered milestones are not disbursed, and that any undisbursed funds at the end of the contract period remain under Treasury control and revert. The additional revenue-share repayment commitment is a voluntary undertaking layered on top of these terms; it is not the constitutional refund mechanism, and its finalization in M1 contracting does not bear on the Article II.7.1 analysis.\n\n**Article II.7.2 (Prior Treasury Funding Disclosure).** The disclosure requirement is satisfied. The proposal discloses that neither Anvil nor Sellout has received ada directly from the Cardano Treasury within the last 24 months, and further discloses, beyond what the Article requires, prior support to Anvil through an Intersect grant, Project Catalyst, and CBDAO, and a joint Catalyst Fund 15 Enterprise-category approval for a fund that closed before voting began.\n\n**Article II.7.3 (Net Change Limit).** A Net Change Limit of 350,000,000 ada is in force for the period spanning epochs 613 through 713, and it operates cumulatively: after the withdrawals already enacted this period, 14,389,704 ada of headroom remains, which is less than the Treasury Withdrawals expiring at the end of epoch 646 collectively request. For this governance action, Ace Alliance examined the amount of DRep delegated stake it has attracted, in accordance with the method announced in advance in our published voting statement (ipfs://QmdLDoTQ1hnZFTeTfAnq5V4BNchCFPNqfXSZVX5cVQzRFM): six hours before the end of epoch 645 we assess DRep support and vote constitutional on the actions that have received the requisite level of delegated stake for enactment, in order of submission, until the remaining headroom is exhausted. However, having assessed the three governance actions in line with that statement, we have determined that it is exceedingly unlikely that all three will be enacted and result in exceeding the Net Change Limit. We therefore find this governance action constitutional under Article II.7.3, satisfying guardrails TREASURY-01a and TREASURY-02a, and leave it to the DReps to make the final decision on which governance actions should pass. The withdrawal is denominated in ada, satisfying TREASURY-03a.\n\n**Article II.7.4 (Audit and Oversight Allocation).** The proposal allocates ada for independent audit and oversight. The Capital Allocation table carries a dedicated 227,273 ada line for an independent third-party security audit whose report and remediation are milestone deliverables, and the 144,800 ada Intersect administration fee covers administrative oversight, with reporting obligations, milestone-based disbursement controls, and a public dashboard (treasury.sundae.fi) through which the community can audit TRSC and PSSC activity on-chain.\n\n**Article II.7.5 (Designated Administrator).** The proposal designates Intersect as administrator, an entity distinct from the recipient. Intersect operates the 2026 instance of the Sundae-Labs-developed TRSC framework, which mirrors the contracts used in the 2025 budget cycle, with a Project-Specific Smart Contract for this withdrawal. An Oversight Committee of six external, independent third parties (Sundae Labs, Cardano Foundation, Dquadrant, NMKR, Sundial, Eternl) provides the checks against unilateral administrative control, and a written off-chain legal contract governs delivery, with funds moving to the Project-Specific Smart Contract only once that contract is prepared and against the milestones outlined in the metadata.\n\n**Article II.7.6 (Custody and Delegation of Held Funds).** The on-chain withdrawal destination is the 2026 TRSC stake address stake1784sdxt6jjennmstphgdu7l7c2scf5d02a6cve2dgn5s2kq5u3j9v, a script-locked stake address (CIP-19 mainnet header byte 0xf1) that is auditable by the community. This is the same TRSC stake address this Committee has repeatedly verified on-chain in prior 2026 withdrawals as not delegated to any stake pool and delegated to the predefined always-abstain DRep, and the proposal expressly commits that all TRSC and PSSC instances cannot be staked with an SPO and are delegated to the auto-abstain predefined DRep, satisfying the requirement that held funds sit in separately auditable, non-SPO, abstain-delegated accounts.\n\n**Appendix I (Guardrails).** Only the Treasury Withdrawal guardrails in Appendix I.3 are engaged, and each is met as set out under Article II.7.3 above. The parameter, hard-fork, no-confidence, constitution, and committee guardrail groups are not engaged by a Treasury Withdrawals action.", "counterargumentDiscussion": "A reviewer might argue that, because this Action was submitted during, but not approved via, the Intersect budget-process portal that produced the other 2026 withdrawals, it lacks the off-chain socialization and community vetting those proposals carried and should be held to a different standard. On constitutional review the pathway is immaterial. The Constitution does not require a Treasury Withdrawals action to originate from any offchain process; it requires the Section 6 and Section 7 elements, all of which are present here. Whether direct submission is the preferable route is a policy question for DReps, who retain the ultimate ratification vote.", "conclusion": "Ace Alliance finds the proposed \"Withdraw 4,969,231 ada for Cardano Enterprise Adoption: Ticketing Platform\" Treasury Withdrawals Governance Action constitutional.", "internalVote": { "constitutional": 5, "unconstitutional": 0, "abstain": 0, "didNotVote": 0, "againstVote": 0 }, "references": [ { "@type": "RelevantArticles", "label": "Cardano Constitution", "uri": "ipfs://bafkreieyuknozbtewyurfqoagvplvykadn6a4u6wglupavdz46bbsnnl6e" }, { "@type": "GovernanceMetadata", "label": "Proposal Metadata Anchor URI", "uri": "ipfs://QmYVmiR5xqF5kTW55EazGVsC5rsBxPno94m1sDu4SFndMc" }, { "@type": "GovernanceMetadata", "label": "Proposal Metadata Anchor Hash", "uri": "1a25307b01b45cc3a13a33c21a9048a0c7672178f776d36154f78ac7b289fb1c" } ] }, "authors": [ { "name": "Ace Alliance" } ] }