{ "@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 ₳3,961,538 from the Cardano Treasury in connection with \"Bringing Real-World Payments to Cardano with Wirex,\" proposed by Wirex Limited. This proposal met the required 67% support threshold during the Hydra voting phase of the 2026 Intersect budget process and has proceeded to the submission of an on-chain Treasury Withdrawal Governance Action in accordance with the approved budget process framework. This proposal refers to the proposal document on IPFS and presents the proposal's title, summary, rationale, justification, and relevant supporting materials. These comply with the requirements regarding the format of Governance Actions and sufficient supporting documentation as stipulated in Article 2, Section 6, Paragraphs 1 and 2 of the Cardano Constitution. Regarding Article 2, Section 7, Paragraph 1, the proposal aims to build on-chain payment and card infrastructure to enable real-world payments on Cardano, with an implementation period of 9 months. It also outlines the duration of each phase, associated costs and expenses, and details regarding unused ADA resulting from an increase in the ADA price, unpaid ADA in the event the program is terminated before completion, and repayment obligations in the event of failure to meet targets due to factors under Wirex's control. Regarding Article 2, Section 7, Paragraph 2, the proposal discloses that Wirex has not received ADA from the Cardano Treasury within the past 24 months. Regarding Article 2, Section 7, Paragraph 3, the proposal confirms that the requested amount of ₳3,961,538 falls within the ₳350,000,000 Net Change Limit covering Epochs 613 through 713. Regarding Article 2, Section 7, Paragraph 4, the proposal states that audit and oversight costs are included within the overhead applied to this proposal, and that the Intersect Budget Administration fee covers administrative oversight. It also outlines Intersect's milestone verification, transparent reporting, third-party technical spot reviews as needed, reporting obligations, milestone-based payment management, and metric tracking via a dashboard. Furthermore, it allocates ₳384,615 to \"Security & External Audit\" to conduct independent smart contract audits, penetration testing, and hardening for the production environment. Regarding Article 2, Section 7, Paragraph 5, the proposal designates Intersect as the administrator and outlines a management and oversight framework to manage funds, verify milestones, and ensure that deliverables meet the expectations of the approved proposal. Regarding Article 2, Section 7, Paragraph 6, the proposal outlines a mechanism whereby, upon enactment of this governance action, funds will be managed in the Treasury Reserve Smart Contract (TRSC) and transferred to Project-Specific Smart Contracts (PSSC) once legal agreements are in place and vendors are ready. It is stated that the TRSC and PSSC are auditable by the community, cannot be staked with an SPO, and are delegated to the predefined auto-abstain DRep. Therefore, as no clear conflict with the Cardano Constitution has been identified, this proposal is deemed constitutional.", "precedentDiscussion": "None", "counterargumentDiscussion": "It is difficult to argue that a structure in which funds for multiple projects are consolidated into the TRSC using a single receiving address is fully consistent with the requirement for \"separate accounts\" set forth in Article 2, Section 7, Paragraph 6 of the Constitution. In light of this, some of our members deemed the structure unconstitutional, arguing that it could not be considered constitutional.", "conclusion": "For the reasons stated above, we determine that it is constitutional.", "internalVote": { "constitutional": 2, "unconstitutional": 1, "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": "7ca059cae790c8eef79c34429efdef56aeb4b905bcd2cab1e63ede24ce5d2fa03be09a43c4fe960e50a9711d8fbf8ca213df4250c889b6cc9861e007173d5808" } } ] }