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。
DeltaDeFiは、Hydraベースの低遅延order-book exchangeをCardano mainnet上で拡大するため、5,000,000 ADAのTreasury loanを求める提案です。返済はretained trading feesの50%を毎月Treasuryへ送金し、元本5,000,000 ADA返済後も15%を永続的にTreasuryへ送金するとしています。Pool Aは24カ月のproduction hardening、security audit、decentralization、open governance等に使われ、Pool Bはmarket-making working capitalとしてorder book depthと流動性を高めるために使われます。最新版では、Pool Bに対して80% recovery floorと20% maximum drawdown capが示されています。SIPOとしては、Hydra実利用、DEX流動性、返済・収益分配モデルは戦略的に興味深い一方、Treasuryが取引所・market-makingリスクを負う構造であるため、loan契約の法的拘束力、fee-share accounting、Pool B recovery floorの測定・執行、clawback、checkpoint transparencyを厳格に確認する必要があります。
英語原文を表示
DeltaDeFi proposes a ₳5,000,000 loan from the Cardano Treasury over 24 months, with full repayment plus a perpetual revenue share to ADA holders for the life of the protocol. DeltaDeFi is a Hydra-based, low-latency order-book exchange live on Cardano mainnet since Cardano Summit 2025. With $20,000 of in-house market-making capital, it holds the best ADA execution price on Cardano (20 bps spread on ADA/USDCx), has matched $607,000 of cumulative volume, and serves 169 active traders. This proposal funds hardening and scale-up. Loan terms: - ₳5,000,000 ADA-denominated, disbursed in two pools across 24 months - 50% of retained trading fees remitted monthly until ₳5,000,000 is fully repaid - 15% of retained trading fees remitted in perpetuity thereafter — a permanent income stream for ADA holders - Administered by Intersect via the 2025 TRSC framework, with a third-party assurer validating each milestone ## Changes from previous draft The ₳1,500,000 / 6-month draft was rejected by \~82.6% of DRep voting power. This proposal addresses the five most-cited objections: - \*\*Repayable loan with perpetual upside\*\*, not a grant - \*\*Concrete liquidity\*\* via an in-house MM model already live on mainnet - \*\*Two binding, auditable decentralization milestones\*\* at M12 and M24 - \*\*Proprietary KPI dashboard removed\*\*; average monthly burn is lower - \*\*Three months of mainnet evidence\*\* replaces pre-launch projections