概要
SIPO DRepレビュー支援用の日本語作業訳です。正式な内容はHydra Voting上の英語原文を参照してください。
Nulaは、Five Binariesが提案するCardano上のopen-source、patent-free、non-extractiveなtoken streaming protocolです。Vesting、payroll、DAO grants、structured payoutsなどをon-chainで継続的に実行するため、Aiken/Plutus V3 validator、web app、reference ticker bot、TypeScript SDKを構築し、Apache 2.0で公開する設計です。Protocol feeは取らず、Cardano network feeのみを支払う公共インフラ型のprimitiveを目指しています。SIPOとしては、DeFi/payment/DAO treasuryの基礎インフラとして戦略性を評価します。一方で、既存Cardano vesting/time-lock/recurring-payment実装との差分、100,000 ADA bootstrap subsidyのanti-abuseと有機的利用KPI、pause checkpointの権限設計、ticker botの分散性、audit gate、ADA上昇時のTreasury保護を確認する必要があります。
英語原文を表示
[Cardano is missing foundational DeFi primitives](https://cardanodefi.space/) — the building blocks that make composable on-chain finance possible. Token streaming is one of the most conspicuous gaps: the rail beneath vesting, payroll, DAO grants, and structured payouts. Today these workflows happen off-chain, through centralized custodians. **Nula** fills that gap. It is an open-source, patent-free, non-extractive linear token streaming protocol on Cardano. An owner locks tokens once at a fixed accrual rate; the recipient can either withdraw what has accrued whenever they choose, or opt for automatic delivery straight to their wallet on a schedule. The protocol charges no platform fee and captures no value — every transaction pays only the standard Cardano network fee, which flows back to stake pool operators and the treasury. Nula is treasury-positive infrastructure: every stream created, every withdrawal, every delivery contributes directly to the ecosystem that funded it. Nula aligns with Cardano's vision of secure, reliable, censorship-resistant infrastructure for mission-critical applications. Recipients keep accruing tokens even if the owner disappears, the validator holds no upgrade authority over user funds, and every stream is verifiable on-chain. Both owners and recipients can be individuals or smart contracts, making Nula a composable building block for the broader Cardano DeFi ecosystem — opening the door for interoperability with DEXes, lending protocols, DAOs, and any future protocol that needs to release value over time. Token streaming is already a proven financial primitive on other chains and Cardano has no equivalent native protocol today. Supporting [market-demand data and a competitive landscape analysis](https://nula.stream/#what-does-the-competitive-market-look-like) are provided in the linked external resource, including usage metrics from Superfluid and Sablier and a comparison of Nula's design against existing streaming protocols.