{"id":43293,"date":"2025-10-13T10:10:16","date_gmt":"2025-10-13T01:10:16","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=43293"},"modified":"2025-10-13T10:39:15","modified_gmt":"2025-10-13T01:39:15","slug":"post-43293","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=43293","title":{"rendered":"SIPO DRep\u6295\u7968\u5831\u544a\uff1a\u300cStablecoin DeFi Liquidity Budget\u300d\u63d0\u6848\u3078\u306e\u898b\u89e3\uff1a\u65e5\u672c\u8a9e\u30fbEnglish"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large has-custom-border deb-block deb-block-50cdc24\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"585\" src=\"https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-1024x585.png\" alt=\"\" class=\"has-border-color has-aaaaaa-border-color wp-image-43294\" title=\"\u753b\u50cf\" srcset=\"https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-1024x585.png 1024w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-300x171.png 300w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-768x439.png 768w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-1536x878.png 1536w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-450x257.png 450w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-900x514.png 900w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013.png 1792w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<div class=\"dp_toc_container pos-before_first_h allow-toggle\" role=\"navigation\" data-margin=\"30\"><p class=\"toc_title_block\"><span class=\"toc_title icon-list\">INDEX<\/span><span class=\"toc_toggle icon-up-open\" role=\"button\"><\/span><\/p><ul class=\"dp_toc_ul has_title\"><li><a href=\"#sipoe68a95e7a5a8e5a0b1e5918aefbc9ae3808cstablecoin-defi-liquidity-budgete3808de68f90e6a188e381b8e381aee8a68be8a7a3-1\">SIPO\u6295\u7968\u5831\u544a\uff1a\u300cStablecoin DeFi Liquidity Budget\u300d\u63d0\u6848\u3078\u306e\u898b\u89e3<\/a><ul><li><a href=\"#f09f8c8a-e68f90e6a188e381aee6a682e8a681-2\">\ud83c\udf0a \u63d0\u6848\u306e\u6982\u8981<\/a><\/li><li><a href=\"#f09f92a1-e68f90e6a188e381aee6848fe7bea9e381a8e3839de38386e383b3e382b7e383a3e383ab-3\">\ud83d\udca1 \u63d0\u6848\u306e\u610f\u7fa9\u3068\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb<\/a><\/li><li><a href=\"#e29a96efb88f-e68a95e7a5a8e588a4e696adefbc9ae69da1e4bbb6e4bb98e3818de8b39be68890efbc88conditional-yesefbc89-4\">\u2696\ufe0f \u6295\u7968\u5224\u65ad\uff1a\u6761\u4ef6\u4ed8\u304d\u8cdb\u6210\uff08Conditional YES\uff09<\/a><\/li><li><a href=\"#f09f948d-e687b8e5bfb5e782b9e381a8e694b9e59684e38292e6b182e38281e3828be69da1e4bbb6-5\">\ud83d\udd0d \u61f8\u5ff5\u70b9\u3068\u6539\u5584\u3092\u6c42\u3081\u308b\u6761\u4ef6<\/a><ul><li><a href=\"#e291a0-e5a794e593a1e4bc9ae381aee6a78be68890e381a8e79ba3e69fbbe381aee5ae9fe58ab9e680a7-6\">\u2460 \u59d4\u54e1\u4f1a\u306e\u69cb\u6210\u3068\u76e3\u67fb\u306e\u5b9f\u52b9\u6027<\/a><\/li><li><a href=\"#e291a1-e6b395e79a84e4b8bbe4bd93e381aee4b88de7a2bae5ae9ae680a7-7\">\u2461 \u6cd5\u7684\u4e3b\u4f53\u306e\u4e0d\u78ba\u5b9a\u6027<\/a><\/li><li><a href=\"#e291a2-adae5a3b2e58db4e381a8e5b882e5a0b4e5bdb1e99fbf-8\">\u2462 ADA\u58f2\u5374\u3068\u5e02\u5834\u5f71\u97ff<\/a><\/li><li><a href=\"#e291a3-e5a0b1e985ace381a8e9818be794a8e382b3e382b9e38388e381aee9808fe6988ee680a7-9\">\u2463 \u5831\u916c\u3068\u904b\u7528\u30b3\u30b9\u30c8\u306e\u900f\u660e\u6027<\/a><\/li><\/ul><\/li><li><a href=\"#f09f8f9befb88f-e686b2e6b395e383bbe382ace38390e3838ae383b3e382b9e4b88ae381aee4bd8de7bdaee381a5e38191-10\">\ud83c\udfdb\ufe0f \u61b2\u6cd5\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u4e0a\u306e\u4f4d\u7f6e\u3065\u3051<\/a><\/li><li><a href=\"#f09f92ac-e381bee381a8e38281efbc9ae382abe383abe38380e3838ee381aee3808ce585ace585b1e6b581e58b95e680a7e383a2e38387e383abe3808de381b8-11\">\ud83d\udcac \u307e\u3068\u3081\uff1a\u30ab\u30eb\u30c0\u30ce\u306e\u300c\u516c\u5171\u6d41\u52d5\u6027\u30e2\u30c7\u30eb\u300d\u3078\u306e\u7b2c\u4e00\u6b69<\/a><\/li><li><a href=\"#f09f97b3efb88f-e68a95e7a5a8e7b590e69e9c-12\">\ud83d\uddf3\ufe0f \u6295\u7968\u7d50\u679c<\/a><\/li><li><a href=\"#e29c8defb88f-e69c80e5be8ce381ab-13\">\u270d\ufe0f \u6700\u5f8c\u306b<\/a><\/li><\/ul><\/li><li><a href=\"#sipo-drep-voting-report-on-the-stablecoin-defi-liquidity-budget-proposal-14\">SIPO DRep Voting Report: On the \u201cStablecoin DeFi Liquidity Budget\u201d Proposal<\/a><ul><li><a href=\"#opportunities-and-challenges-for-cardanos-public-liquidity-layer-15\">\u2014 Opportunities and Challenges for Cardano\u2019s Public Liquidity Layer \u2014<\/a><\/li><li><a href=\"#f09f8c8a-overview-of-the-proposal-16\">\ud83c\udf0a Overview of the Proposal<\/a><\/li><li><a href=\"#f09f92a1-significance-and-potential-17\">\ud83d\udca1 Significance and Potential<\/a><\/li><li><a href=\"#e29a96efb88f-voting-decision-conditional-yes-18\">\u2696\ufe0f Voting Decision: Conditional YES<\/a><\/li><li><a href=\"#f09f948d-key-concerns-and-required-conditions-19\">\ud83d\udd0d Key Concerns and Required Conditions<\/a><ul><li><a href=\"#1-committee-structure-and-accountability-20\">(1) Committee Structure and Accountability<\/a><\/li><li><a href=\"#2-legal-entity-and-jurisdiction-uncertainty-21\">(2) Legal Entity and Jurisdiction Uncertainty<\/a><\/li><li><a href=\"#3-ada-to-stablecoin-conversion-risks-22\">(3) ADA-to-Stablecoin Conversion Risks<\/a><\/li><li><a href=\"#4-compensation-and-operational-transparency-23\">(4) Compensation and Operational Transparency<\/a><\/li><\/ul><\/li><li><a href=\"#f09f8f9befb88f-constitutional-and-governance-context-24\">\ud83c\udfdb\ufe0f Constitutional and Governance Context<\/a><\/li><li><a href=\"#f09f92b0-financial-evaluation-25\">\ud83d\udcb0 Financial Evaluation<\/a><\/li><li><a href=\"#f09f92ac-summary-a-first-step-toward-a-public-liquidity-model-for-cardano-26\">\ud83d\udcac Summary: A First Step Toward a Public Liquidity Model for Cardano<\/a><\/li><li><a href=\"#f09f97b3efb88f-final-decision-27\">\ud83d\uddf3\ufe0f Final Decision<\/a><\/li><li><a href=\"#e29c8defb88f-closing-thoughts-28\">\u270d\ufe0f Closing Thoughts<\/a><\/li><\/ul><\/div><h2 class=\"wp-block-heading deb-block deb-block-cd70823\" id=\"sipoe68a95e7a5a8e5a0b1e5918aefbc9ae3808cstablecoin-defi-liquidity-budgete3808de68f90e6a188e381b8e381aee8a68be8a7a3-1\"><strong>SIPO\u6295\u7968\u5831\u544a\uff1a\u300cStablecoin DeFi Liquidity Budget\u300d\u63d0\u6848\u3078\u306e\u898b\u89e3<\/strong><\/h2>\n\n\n\n<p class=\"deb-block deb-block-d867b4b\"><strong>\u2015 \u30ab\u30eb\u30c0\u30ce\u306e\u91d1\u878d\u30ec\u30a4\u30e4\u30fc\u3092\u652f\u3048\u308b\u201c\u516c\u5171\u6d41\u52d5\u6027\u30d5\u30a1\u30f3\u30c9\u201d\u306e\u53ef\u80fd\u6027\u3068\u8ab2\u984c \u2015<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-1da4506\">\u3053\u3093\u306b\u3061\u306f\u3001SIPO\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-3e4abae\">\u4eca\u56de\u306f\u3001\u73fe\u5728\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30a2\u30af\u30b7\u30e7\u30f3\u3068\u3057\u3066\u63d0\u51fa\u3055\u308c\u3066\u3044\u308b\u300c<strong>Stablecoin DeFi Liquidity Budget<\/strong>\u300d\u63d0\u6848\u306b\u3064\u3044\u3066\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-109a14f\">SIPO DRep\u3068\u3057\u3066\u306e\u6295\u7968\u5224\u65ad\u3068\u305d\u306e\u7406\u7531\u3092\u5171\u6709\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-dcf5692\">\u3053\u306e\u63d0\u6848\u306f\u3001<strong>\u30ab\u30eb\u30c0\u30ce\u306eDeFi\u6d41\u52d5\u6027\u3068\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u57fa\u76e4\u3092\u5f37\u5316\u3059\u308b\u305f\u3081\u306e\u5927\u578b\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u30d7\u30ed\u30b8\u30a7\u30af\u30c8<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-cdab65a\">\u63d0\u6848\u984d\u306f <strong>5,000\u4e07ADA<\/strong>\u3002\u76ee\u7684\u306f\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306e\u6d41\u52d5\u6027\u3092\u9ad8\u3081\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-eaf7290\">Cardano\u306eDEX\u3084\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u5e02\u5834\u306b\u5b89\u5b9a\u3057\u305f\u8cc7\u91d1\u5faa\u74b0\u3092\u751f\u307f\u51fa\u3059\u3053\u3068\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-a0e1637\" id=\"f09f8c8a-e68f90e6a188e381aee6a682e8a681-2\"><strong>\ud83c\udf0a \u63d0\u6848\u306e\u6982\u8981<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-e6cbc0c\">\u3053\u306e\u300c<a href=\"https:\/\/gov.tools\/connected\/governance_actions\/e5643c33f608642e329228a968770e5b19ef5f48ff1f698712e2ce864a49e3f0#0\" data-type=\"link\" data-id=\"https:\/\/gov.tools\/connected\/governance_actions\/e5643c33f608642e329228a968770e5b19ef5f48ff1f698712e2ce864a49e3f0#0\">Stablecoin DeFi Liquidity Budget<\/a>\u300d\u306f\u3001\u7c21\u5358\u306b\u8a00\u3046\u3068\u30ab\u30eb\u30c0\u30ce\u306e<strong>\u516c\u5171\u6d41\u52d5\u6027\u30d5\u30a1\u30f3\u30c9<\/strong>\u306e\u5275\u8a2d\u3092\u76ee\u6307\u3059\u69cb\u60f3\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-11a32ba\">\u63d0\u6848URL\uff1a<a href=\"https:\/\/gov.tools\/connected\/governance_actions\/e5643c33f608642e329228a968770e5b19ef5f48ff1f698712e2ce864a49e3f0#0\">https:\/\/gov.tools\/connected\/governance_actions\/e5643c33f608642e329228a968770e5b19ef5f48ff1f698712e2ce864a49e3f0#0<\/a><\/p>\n\n\n\n<p class=\"deb-block deb-block-0589972\">\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u8cc7\u91d1\uff08ADA\uff09\u3092\u4e00\u90e8\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306b\u5909\u63db\u3057\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-e832624\">\u305d\u308c\u3092Minswap\u3084Liqwid\u306a\u3069\u306eDeFi\u30d7\u30ed\u30c8\u30b3\u30eb\u306b\u9810\u3051\u5165\u308c\u308b\u3053\u3068\u3067\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-b10c8be\">Cardano\u5168\u4f53\u306e\u6d41\u52d5\u6027\u3092\u9ad8\u3081\u308b\u3068\u3068\u3082\u306b\u3001\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u306b<strong>\u5e74\u5229\u7d044%\u306e\u30ea\u30bf\u30fc\u30f3<\/strong>\u3092\u9084\u5143\u3059\u308b\u4ed5\u7d44\u307f\u3092\u4f5c\u308d\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-12625c6\">\u904b\u7528\u306f9\u540d\u306e\u59d4\u54e1\u4f1a\u304c\u884c\u3044\u3001\u305d\u306e\u4e0a\u306b<strong>tDAO\uff08Treasury DAO\uff09<\/strong>\u3068\u3044\u3046DRep\u306b\u3088\u308b\u76e3\u7763\u7d44\u7e54\u3092\u8a2d\u3051\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-683d834\">\u59d4\u54e1\u4f1a\u306e\u884c\u52d5\u3092\u76e3\u8996\u30fb\u505c\u6b62\u30fb\u89e3\u4efb\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u8a2d\u8a08\u304c\u63d0\u6848\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-1e0f0af\" id=\"f09f92a1-e68f90e6a188e381aee6848fe7bea9e381a8e3839de38386e383b3e382b7e383a3e383ab-3\"><strong>\ud83d\udca1 \u63d0\u6848\u306e\u610f\u7fa9\u3068\u30dd\u30c6\u30f3\u30b7\u30e3\u30eb<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-1604a2e\">SIPO\u3068\u3057\u3066\u3001\u3053\u306e\u63d0\u6848\u306e\u65b9\u5411\u6027\u306b\u306f\u5927\u3044\u306b\u610f\u7fa9\u3092\u611f\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-9b1053d\">\u306a\u305c\u306a\u3089\u3001\u30ab\u30eb\u30c0\u30ce\u306f\u6280\u8853\u7684\u306a\u5f37\u3055\u3092\u6301\u3061\u306a\u304c\u3089\u3082\u3001DeFi\u5c64\u306e\u201c\u539a\u307f\u201d\u2500\u2500\u7279\u306b<strong>\u5b89\u5b9a\u901a\u8ca8\u6d41\u52d5\u6027\u306e\u4e0d\u8db3<\/strong>\u304c\u8ab2\u984c\u3060\u3063\u305f\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-35ab2b2\">\u5b89\u5b9a\u3057\u305f\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u6d41\u52d5\u6027\u306f\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-d90b93b\">\n<li class=\"\">\u65b0\u898f\u30e6\u30fc\u30b6\u30fc\u306e\u30aa\u30f3\uff0f\u30aa\u30d5\u30e9\u30f3\u30d7\u3092\u5bb9\u6613\u306b\u3057\u3001<\/li>\n\n\n\n<li class=\"\">\u4fa1\u683c\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u3092\u6e1b\u3089\u3057\u3001<\/li>\n\n\n\n<li class=\"\">\u4ed6\u30c1\u30a7\u30fc\u30f3\u3068\u306e\u7af6\u4e89\u529b\u3092\u9ad8\u3081\u308b\u4e0a\u3067\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-5f56a30\">\u3055\u3089\u306b\u3001\u3053\u306e\u63d0\u6848\u3067\u6574\u5099\u3055\u308c\u308b<strong>\u6cd5\u7684\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3084\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u8a2d\u8a08<\/strong>\u306f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-e156e1c\">\u5c06\u6765\u7684\u306bCatalyst\u3084AIRA\u306e\u3088\u3046\u306a<strong>\u516c\u5171\u7684DAO\u30e2\u30c7\u30eb<\/strong>\u306b\u3082\u518d\u5229\u7528\u3067\u304d\u308b\u91cd\u8981\u306a\u201c\u30c6\u30f3\u30d7\u30ec\u30fc\u30c8\u201d\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-9c5afb4\">\u3053\u306e\u70b9\u3067\u3001\u79c1\u306f\u3053\u306e\u63d0\u6848\u3092\u300c<strong>\u30ab\u30eb\u30c0\u30ce\u7d4c\u6e08\u570f\u306e\u516c\u5171\u91d1\u878d\u57fa\u76e4\u3065\u304f\u308a<\/strong>\u300d\u3068\u3057\u3066\u9ad8\u304f\u8a55\u4fa1\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-ad3e7b2\" id=\"e29a96efb88f-e68a95e7a5a8e588a4e696adefbc9ae69da1e4bbb6e4bb98e3818de8b39be68890efbc88conditional-yesefbc89-4\"><strong>\u2696\ufe0f \u6295\u7968\u5224\u65ad\uff1a\u6761\u4ef6\u4ed8\u304d\u8cdb\u6210\uff08Conditional YES\uff09<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-b802699\">\u3068\u306f\u3044\u3048\u3001\u63d0\u6848\u5185\u5bb9\u306b\u306f\u614e\u91cd\u306a\u691c\u8a3c\u304c\u5fc5\u8981\u306a\u70b9\u3082\u591a\u304f\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-22ad99e\">SIPO\u3068\u3057\u3066\u306f\u3001**\u300c\u6761\u4ef6\u4ed8\u304d\u8cdb\u6210\u300d**\u306e\u7acb\u5834\u3092\u53d6\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-590b2e7\">\u3064\u307e\u308a\u3001\u300c\u65b9\u5411\u6027\u306b\u306f\u8cdb\u6210\u3060\u304c\u3001\u8cc7\u91d1\u5b9f\u884c\u306b\u306f\u4e00\u5b9a\u306e\u6761\u4ef6\u3092\u6e80\u305f\u3059\u5fc5\u8981\u304c\u3042\u308b\u300d\u3068\u3044\u3046\u5224\u65ad\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-3575ecc\">\u305d\u306e\u7406\u7531\u3092\u4ee5\u4e0b\u306b\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-1358e17\" id=\"f09f948d-e687b8e5bfb5e782b9e381a8e694b9e59684e38292e6b182e38281e3828be69da1e4bbb6-5\"><strong>\ud83d\udd0d \u61f8\u5ff5\u70b9\u3068\u6539\u5584\u3092\u6c42\u3081\u308b\u6761\u4ef6<\/strong><\/h4>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-60eda30\" id=\"e291a0-e5a794e593a1e4bc9ae381aee6a78be68890e381a8e79ba3e69fbbe381aee5ae9fe58ab9e680a7-6\"><strong>\u2460 \u59d4\u54e1\u4f1a\u306e\u69cb\u6210\u3068\u76e3\u67fb\u306e\u5b9f\u52b9\u6027<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-a648871\">9\u540d\u306e\u59d4\u54e1\u4f1a\uff08Cardano Foundation\u3084EMURGO\u95a2\u4fc2\u8005\u3092\u542b\u3080\uff09\u304c\u8cc7\u91d1\u3092\u7ba1\u7406\u3057\u307e\u3059\u304c\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-929fb33\">\u73fe\u6642\u70b9\u3067\u306f<strong>\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u9078\u6319\u306b\u3088\u308b\u6b63\u7d71\u6027<\/strong>\u304c\u78ba\u7acb\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e60a081\">\u76e3\u7763\u7d44\u7e54\u3067\u3042\u308btDAO\u306fDRep\u306b\u3088\u308b\u69cb\u6210\u3067\u3059\u304c\u3001\u6295\u7968\u8981\u4ef6\u304c\u9ad8\u304f\uff0851%\u53c2\u52a0\u300125%\u5b9a\u8db3\u6570\uff09\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-c150fec\"><strong>\u5b9f\u969b\u306b\u76e3\u7763\u6a5f\u80fd\u304c\u50cd\u304f\u304b\u3069\u3046\u304b\u306f\u672a\u77e5\u6570<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-7358035\">\ud83d\udc49 \u6539\u5584\u6761\u4ef6\uff1atDAO\u306e\u6295\u7968\u30fb\u505c\u6b62\u30e1\u30ab\u30cb\u30ba\u30e0\u306e\u30c6\u30b9\u30c8\u5b9f\u65bd\u3068\u3001\u900f\u660e\u306a\u59d4\u54e1\u9078\u51fa\u30d7\u30ed\u30bb\u30b9\u306e\u63d0\u793a\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-c7379ca\" id=\"e291a1-e6b395e79a84e4b8bbe4bd93e381aee4b88de7a2bae5ae9ae680a7-7\"><strong>\u2461 \u6cd5\u7684\u4e3b\u4f53\u306e\u4e0d\u78ba\u5b9a\u6027<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-159474b\">\u904b\u7528\u4e3b\u4f53\u3068\u306a\u308b\u6cd5\u7684\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\uff08\u30b1\u30a4\u30de\u30f3\u8af8\u5cf6\u3001\u30b9\u30a4\u30b9\u3001\u307e\u305f\u306f\u7c73\u56fdDUNA\u306a\u3069\uff09\u304c<strong>\u307e\u3060\u78ba\u5b9a\u3057\u3066\u3044\u307e\u305b\u3093<\/strong>\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e99fb63\">\u3053\u308c\u306b\u3088\u308a\u3001\u8cc7\u91d1\u306e\u8cac\u4efb\u6240\u5728\u3084\u6cd5\u7684\u4fdd\u8b77\u306e\u7bc4\u56f2\u304c\u66d6\u6627\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-a54fccf\">\ud83d\udc49 \u6539\u5584\u6761\u4ef6\uff1a<strong>Withdrawal 1\uff08\u7b2c1\u56de\u5f15\u304d\u51fa\u3057\uff09\u524d\u306b\u3001\u6cd5\u7684\u7ba1\u8f44\u5730\u3068\u4ee3\u8868\u6a5f\u95a2\u306e\u5b8c\u5168\u306a\u958b\u793a\u30fb\u627f\u8a8d<\/strong>\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-d1c669f\" id=\"e291a2-adae5a3b2e58db4e381a8e5b882e5a0b4e5bdb1e99fbf-8\"><strong>\u2462 ADA\u58f2\u5374\u3068\u5e02\u5834\u5f71\u97ff<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-96e62b2\">ADA\u3092\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306b\u5909\u63db\u3059\u308b\u969b\u3001\u6700\u5927\u30673,250\u4e07ADA\uff08\u7d0465%\uff09\u3092\u58f2\u5374\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-f5288b7\">OTC\u53d6\u5f15\u306a\u3069\u3067\u5e02\u5834\u5f71\u97ff\u306f\u6291\u3048\u3089\u308c\u308b\u898b\u8fbc\u307f\u3067\u3059\u304c\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-b5e835b\"><strong>ADA\u4fa1\u683c\u3078\u306e\u4e00\u6642\u7684\u306a\u4e0b\u62bc\u3057\u5727<\/strong>\u304c\u61f8\u5ff5\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-3020645\">\ud83d\udc49 \u6539\u5584\u6761\u4ef6\uff1a\u5909\u63db\u30d7\u30ed\u30bb\u30b9\u306e<strong>\u5206\u6563\u5316\u30fb\u6bb5\u968e\u5b9f\u65bd\u30fb\u900f\u660e\u5316<\/strong>\u3092\u660e\u8a18\u3059\u308b\u3053\u3068\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-a28ca2c\" id=\"e291a3-e5a0b1e985ace381a8e9818be794a8e382b3e382b9e38388e381aee9808fe6988ee680a7-9\"><strong>\u2463 \u5831\u916c\u3068\u904b\u7528\u30b3\u30b9\u30c8\u306e\u900f\u660e\u6027<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-aefc0f9\">\u59d4\u54e1\u5831\u916c\uff08\u67081,000 ADA \u00d7 9\u540d\uff09\u3084\u6cd5\u52d9\u30fb\u76e3\u67fb\u8cbb\u7528\u306a\u3069\u304c\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u76f4\u63a5\u652f\u6255\u308f\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b9e5857\">\u3053\u308c\u81ea\u4f53\u306f\u59a5\u5f53\u306a\u8a2d\u8a08\u3067\u3059\u304c\u3001\u652f\u51fa\u7d4c\u8def\u304c\u4e0d\u900f\u660e\u306a\u307e\u307e\u3067\u306f\u300c<strong>\u81ea\u5df1\u7ba1\u7406\u30d5\u30a1\u30f3\u30c9\u5316<\/strong>\u300d\u306e\u61f8\u5ff5\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e2cfa5e\">\ud83d\udc49 \u6539\u5584\u6761\u4ef6\uff1a<strong>\u6708\u6b21\u5831\u544a\u30fb\u72ec\u7acb\u76e3\u67fb\u30fb\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u5c65\u6b74\u516c\u958b<\/strong>\u3092\u7fa9\u52d9\u5316\u3059\u308b\u3053\u3068\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-a8c26d9\" id=\"f09f8f9befb88f-e686b2e6b395e383bbe382ace38390e3838ae383b3e382b9e4b88ae381aee4bd8de7bdaee381a5e38191-10\"><strong>\ud83c\udfdb\ufe0f \u61b2\u6cd5\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u4e0a\u306e\u4f4d\u7f6e\u3065\u3051<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-1e28a7e\">\u3053\u306e\u63d0\u6848\u306f\u3001\u30ab\u30eb\u30c0\u30ce\u61b2\u6cd5\u306e**Article III\uff08\u76ee\u7684\u30fb\u6839\u62e0\uff09<strong>\u304a\u3088\u3073<\/strong>Article IV\uff08\u4e88\u7b97\u57f7\u884c\u30fb\u76e3\u7763\u69cb\u9020\uff09**\u306e\u8981\u4ef6\u3092\u6e80\u305f\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-52102e8\">\u305f\u3060\u3057\u3001\u300c\u59d4\u54e1\u4f1a\u306b\u4e00\u6642\u7684\u306b\u652f\u51fa\u6a29\u9650\u3092\u59d4\u8b72\u3059\u308b\u300d\u3068\u3044\u3046\u69cb\u9020\u306f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-86449d9\"><strong>Article IV(2)<\/strong> \u306e\u300c\u6a29\u9650\u306e\u904e\u5ea6\u306a\u96c6\u4e2d\u300d\u306b\u62b5\u89e6\u3057\u306a\u3044\u3088\u3046\u614e\u91cd\u306a\u76e3\u8996\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-934c518\">tDAO\u3092\u5358\u306a\u308b\u5f62\u5f0f\u7684\u5b58\u5728\u306b\u305b\u305a\u3001<strong>\u5b9f\u969b\u306b\u6a29\u529b\u3092\u884c\u4f7f\u3067\u304d\u308b\u8a2d\u8a08<\/strong>\u304c\u6c42\u3081\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-fa7b5be\" id=\"f09f92ac-e381bee381a8e38281efbc9ae382abe383abe38380e3838ee381aee3808ce585ace585b1e6b581e58b95e680a7e383a2e38387e383abe3808de381b8-11\"><strong>\ud83d\udcac \u307e\u3068\u3081\uff1a\u30ab\u30eb\u30c0\u30ce\u306e\u300c\u516c\u5171\u6d41\u52d5\u6027\u30e2\u30c7\u30eb\u300d\u3078\u306e\u7b2c\u4e00\u6b69<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-ef3e23a\">\u4eca\u56de\u306e\u300cStablecoin DeFi Liquidity Budget\u300d\u306f\u3001\u30ab\u30eb\u30c0\u30ce\u306e\u8ca1\u52d9\u6a5f\u80fd\u3092\u201c\u516c\u5171\u7684\u306a\u91d1\u878d\u30a4\u30f3\u30d5\u30e9\u201d\u3068\u3057\u3066\u518d\u8a2d\u8a08\u3059\u308b\u8a66\u307f\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-2e35dde\">\u6280\u8853\u7684\u306b\u3082\u30ac\u30d0\u30ca\u30f3\u30b9\u7684\u306b\u3082\u96e3\u6613\u5ea6\u304c\u9ad8\u3044\u63d0\u6848\u3067\u3059\u304c\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-2387507\">\u3082\u3057\u900f\u660e\u6027\u3068\u6cd5\u7684\u6574\u5408\u6027\u3092\u78ba\u7acb\u3067\u304d\u308c\u3070\u3001\u30ab\u30eb\u30c0\u30ce\u306f\u300c\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\uff1d\u5206\u6563\u91d1\u878d\u56fd\u5bb6\u300d\u3068\u3044\u3046\u6b21\u5143\u306b\u9032\u5316\u3067\u304d\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-835ace7\">SIPO\u3068\u3057\u3066\u306f\u3001<strong>\u539f\u5247\u652f\u6301\u306e\u7acb\u5834<\/strong>\u3092\u53d6\u308a\u3064\u3064\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-3e11a6c\">\u300c\u900f\u660e\u6027\u30fb\u8aac\u660e\u8cac\u4efb\u30fb\u6cd5\u7684\u6b63\u5f53\u6027\u300d\u3092\u6e80\u305f\u3059\u3053\u3068\u3092\u524d\u63d0\u306b\u3001\u4eca\u5f8c\u306e\u9032\u5c55\u3092\u6ce8\u8996\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-93e5726\" id=\"f09f97b3efb88f-e68a95e7a5a8e7b590e69e9c-12\"><strong>\ud83d\uddf3\ufe0f \u6295\u7968\u7d50\u679c<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-4528f1d\">\n<li class=\"\"><strong>SIPO DRep \u6295\u7968\uff1a\u6761\u4ef6\u4ed8\u304d\u8cdb\u6210\uff08Conditional YES\uff09<\/strong>\uff1a<a href=\"https:\/\/adastat.net\/dreps\/drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh\">https:\/\/adastat.net\/dreps\/drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh<\/a><\/li>\n\n\n\n<li class=\"\"><strong>\u7406\u7531\uff1a\u65b9\u5411\u6027\u306f\u652f\u6301\u3001\u5b9f\u65bd\u524d\u306b\u900f\u660e\u6027\u30fb\u6cd5\u7684\u67a0\u7d44\u307f\u30fb\u76e3\u67fb\u4f53\u5236\u306e\u78ba\u7acb\u3092\u8981\u8acb<\/strong><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-1880bc9\" id=\"e29c8defb88f-e69c80e5be8ce381ab-13\"><strong>\u270d\ufe0f \u6700\u5f8c\u306b<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-5457e3a\">\u30ab\u30eb\u30c0\u30ce\u306e\u672a\u6765\u306f\u3001\u5358\u306b\u6280\u8853\u3092\u9032\u5316\u3055\u305b\u308b\u3060\u3051\u3067\u306a\u304f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-7fa1ed3\"><strong>\u201c\u516c\u5171\u3068\u3057\u3066\u3069\u3046\u8cc7\u91d1\u3092\u904b\u7528\u3057\u3001\u4fe1\u983c\u3092\u7bc9\u304f\u304b\u201d<\/strong>\u3068\u3044\u3046\u554f\u3044\u306b\u5411\u304d\u5408\u3046\u3053\u3068\u3067\u3082\u5f62\u3065\u304f\u3089\u308c\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-564e26f\">\u4eca\u56de\u306e\u63d0\u6848\u306f\u3001\u305d\u306e\u610f\u5473\u3067\u300c\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u304c\u30ab\u30eb\u30c0\u30ce\u306e\u8840\u6d41\u3068\u306a\u308b\u300d\u304b\u3069\u3046\u304b\u3092\u554f\u3046\u91cd\u8981\u306a\u4e00\u6b69\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b411ac2\">\u3053\u306e\u30d7\u30ed\u30bb\u30b9\u306b\u95a2\u5fc3\u306e\u3042\u308b\u65b9\u306f\u3001\u305c\u3072\u30d5\u30a9\u30fc\u30e9\u30e0\u3084tDAO\u8b70\u8ad6\u306b\u3082\u53c2\u52a0\u3057\u3066\u307f\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-9a9ba22\">\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u306e\u58f0\u3053\u305d\u304c\u3001\u30ab\u30eb\u30c0\u30ce\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u3092\u5065\u5168\u306b\u9032\u5316\u3055\u305b\u308b\u529b\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-784502d\"\/>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-5450945\" id=\"sipo-drep-voting-report-on-the-stablecoin-defi-liquidity-budget-proposal-14\"><strong>SIPO DRep Voting Report: On the \u201cStablecoin DeFi Liquidity Budget\u201d Proposal<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-ce5179a\" id=\"opportunities-and-challenges-for-cardanos-public-liquidity-layer-15\"><strong>\u2014 Opportunities and Challenges for Cardano\u2019s Public Liquidity Layer \u2014<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-1f2ff4c\">Hello everyone, this is <strong>SIPO<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-eb1fdf3\">In this post, I\u2019d like to share my voting decision and reasoning regarding the <strong>\u201cStablecoin DeFi Liquidity Budget\u201d<\/strong> governance action currently under discussion in Cardano.<\/p>\n\n\n\n<p class=\"deb-block deb-block-e538b7b\">This proposal represents a major Treasury initiative \u2014 requesting <strong>50 million ADA<\/strong> \u2014 aimed at boosting stablecoin liquidity and creating a sustainable liquidity framework for Cardano\u2019s DeFi ecosystem.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-55098d8\" id=\"f09f8c8a-overview-of-the-proposal-16\"><strong>\ud83c\udf0a Overview of the Proposal<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-73ddba6\">In short, this proposal seeks to create a <strong><a href=\"https:\/\/adastat.net\/dreps\/drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh\" data-type=\"link\" data-id=\"https:\/\/adastat.net\/dreps\/drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh\">public liquidity fund<\/a><\/strong> for Cardano.<br><br>Project URL\uff1a<a href=\"https:\/\/gov.tools\/connected\/governance_actions\/e5643c33f608642e329228a968770e5b19ef5f48ff1f698712e2ce864a49e3f0#0\">https:\/\/gov.tools\/connected\/governance_actions\/e5643c33f608642e329228a968770e5b19ef5f48ff1f698712e2ce864a49e3f0#0<\/a><\/p>\n\n\n\n<p class=\"deb-block deb-block-78fd15e\">The plan is to convert a portion of Treasury ADA into fiat-backed stablecoins,<\/p>\n\n\n\n<p class=\"deb-block deb-block-95d4af4\">then deploy those funds into DeFi protocols like <strong>Minswap<\/strong> or <strong>Liqwid<\/strong>,<\/p>\n\n\n\n<p class=\"deb-block deb-block-7f33d15\">thereby strengthening liquidity depth and generating an expected <strong>~4% annual return<\/strong> for the Treasury.<\/p>\n\n\n\n<p class=\"deb-block deb-block-0a9f7e0\">The fund would be managed by a <strong>9-person interim committee<\/strong>,<\/p>\n\n\n\n<p class=\"deb-block deb-block-06f07ef\">with oversight provided by a <strong>Treasury DAO (tDAO)<\/strong> composed of DReps.<\/p>\n\n\n\n<p class=\"deb-block deb-block-2b71d9b\">The tDAO would have the authority to monitor, suspend, or replace the committee if necessary.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-fed005b\" id=\"f09f92a1-significance-and-potential-17\"><strong>\ud83d\udca1 Significance and Potential<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-218ca3f\">From SIPO\u2019s perspective, the <strong>vision behind this proposal is meaningful and necessary<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-4ccdcd4\">While Cardano excels technically, it still faces a well-known challenge \u2014 a <strong>lack of deep liquidity<\/strong>, especially for stablecoins.<\/p>\n\n\n\n<p class=\"deb-block deb-block-1795f1b\">Having strong, stablecoin-based liquidity means:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-4b2ddab\">\n<li class=\"\">smoother on\/off-ramps for users,<\/li>\n\n\n\n<li class=\"\">tighter price spreads and lower slippage, and<\/li>\n\n\n\n<li class=\"\">stronger appeal to institutional players and DeFi builders.<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-36efed6\">Moreover, the proposal\u2019s aim to establish an <strong>open-source governance contract<\/strong> and <strong>legal framework<\/strong> gives it long-term public value.<\/p>\n\n\n\n<p class=\"deb-block deb-block-3fa7b3e\">These could serve as reusable blueprints for future <strong>community-managed Treasury initiatives<\/strong> or <strong>public DeFi projects<\/strong> like AIRA \u2014 which seek to connect blockchain with local or regional economies.<\/p>\n\n\n\n<p class=\"deb-block deb-block-096a15f\">In that sense, this proposal could be seen as a key step toward realizing <strong>Cardano as a \u201cFinancial Operating System\u201d (Civilization OS)<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-ead6070\" id=\"e29a96efb88f-voting-decision-conditional-yes-18\"><strong>\u2696\ufe0f Voting Decision: Conditional YES<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-a9dc133\">That said, the size and structure of this initiative also demand careful consideration.<\/p>\n\n\n\n<p class=\"deb-block deb-block-d8f85ef\">After reviewing the details, I decided to cast a <strong>Conditional YES<\/strong> vote \u2014<\/p>\n\n\n\n<p class=\"deb-block deb-block-17332ec\">meaning I support the direction in principle, but with <strong>clear requirements for transparency, governance, and legal clarity<\/strong> before funds are deployed.<\/p>\n\n\n\n<p class=\"deb-block deb-block-1ffd229\">Below are the main reasons behind this stance.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-b23abe8\" id=\"f09f948d-key-concerns-and-required-conditions-19\"><strong>\ud83d\udd0d Key Concerns and Required Conditions<\/strong><\/h4>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-71d53fb\" id=\"1-committee-structure-and-accountability-20\"><strong>(1) Committee Structure and Accountability<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-eefd3cf\">The proposed 9-person committee \u2014 which includes members from Cardano Foundation, EMURGO, IOHK, and community figures \u2014 would temporarily control fund management.<\/p>\n\n\n\n<p class=\"deb-block deb-block-6bd0689\">However, since this committee is <strong>not yet elected by the community<\/strong>, its legitimacy depends on the strength of the oversight model.<\/p>\n\n\n\n<p class=\"deb-block deb-block-9e770ed\">The tDAO is meant to provide that oversight, but with a <strong>51% majority and 25% quorum requirement<\/strong>, it might be <strong>too rigid to act efficiently<\/strong> in practice.<\/p>\n\n\n\n<p class=\"deb-block deb-block-a1e8282\">\ud83d\udc49 <strong>Condition:<\/strong> Conduct governance tests (mock or testnet simulations) to demonstrate tDAO\u2019s ability to suspend or replace committee members transparently.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-7a655e7\" id=\"2-legal-entity-and-jurisdiction-uncertainty-21\"><strong>(2) Legal Entity and Jurisdiction Uncertainty<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-86710c0\">The proposal lists possible jurisdictions (Cayman Islands, BVI, Switzerland, or Wyoming DUNA)<\/p>\n\n\n\n<p class=\"deb-block deb-block-82f9589\">but does not yet confirm which one will be used.<\/p>\n\n\n\n<p class=\"deb-block deb-block-a61f930\">Without this, the <strong>legal liability and fund protection mechanisms<\/strong> remain unclear.<\/p>\n\n\n\n<p class=\"deb-block deb-block-71f55b2\">\ud83d\udc49 <strong>Condition:<\/strong> Full disclosure and community review of the legal entity and its jurisdiction <strong>before Withdrawal 1<\/strong> (first disbursement).<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b469001\" id=\"3-ada-to-stablecoin-conversion-risks-22\"><strong>(3) ADA-to-Stablecoin Conversion Risks<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-d10f3a8\">Up to <strong>65% of the 50M ADA<\/strong> may be converted into fiat-backed stablecoins.<\/p>\n\n\n\n<p class=\"deb-block deb-block-5b2accf\">Even if this is done through OTC desks or DCA strategies,<\/p>\n\n\n\n<p class=\"deb-block deb-block-14e3ff2\">such large conversions could still create <strong>temporary market pressure on ADA<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-f9ea7c8\">\ud83d\udc49 <strong>Condition:<\/strong> The conversion strategy must be <strong>phased, diversified, and publicly auditable<\/strong>.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-f0778ce\" id=\"4-compensation-and-operational-transparency-23\"><strong>(4) Compensation and Operational Transparency<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-6b4dcea\">Committee members will receive <strong>1,000 ADA per month<\/strong> (total 9,000 ADA\/month),<\/p>\n\n\n\n<p class=\"deb-block deb-block-b8c2b75\">and additional costs (legal, audits, rebalancing) can also be paid from the fund.<\/p>\n\n\n\n<p class=\"deb-block deb-block-c06078a\">This is acceptable in principle, but without transparent accounting,<\/p>\n\n\n\n<p class=\"deb-block deb-block-1ade5fd\">it risks becoming a <strong>self-managed liquidity fund<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-9197439\">\ud83d\udc49 <strong>Condition:<\/strong> Mandatory <strong>monthly public reporting, independent auditing, and full on-chain visibility<\/strong> of all fund movements.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-dee4b74\" id=\"f09f8f9befb88f-constitutional-and-governance-context-24\"><strong>\ud83c\udfdb\ufe0f Constitutional and Governance Context<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-7ecc9f5\">This proposal formally satisfies <strong>Articles III and IV<\/strong> of the Cardano Constitution,<\/p>\n\n\n\n<p class=\"deb-block deb-block-fd5ee04\">covering purpose, budget duration, and oversight mechanisms.<\/p>\n\n\n\n<p class=\"deb-block deb-block-928ab3e\">However, it <strong>pushes the limits<\/strong> of Article IV(2), which prohibits excessive centralization of Treasury authority.<\/p>\n\n\n\n<p class=\"deb-block deb-block-9275365\">To remain constitutional, the tDAO must not be a symbolic body \u2014<\/p>\n\n\n\n<p class=\"deb-block deb-block-ae397be\">it must hold <strong>real power to monitor, veto, or reclaim<\/strong> control when necessary.<\/p>\n\n\n\n<p class=\"deb-block deb-block-f9f15bc\">Implementing a <strong>real-time dashboard for fund transparency<\/strong> would greatly strengthen community trust.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-a147b84\" id=\"f09f92b0-financial-evaluation-25\"><strong>\ud83d\udcb0 Financial Evaluation<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-f448a7c\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Category<\/strong><\/th><th><strong>Detail<\/strong><\/th><\/tr><\/thead><tbody><tr><td>Requested Budget<\/td><td>50,000,000 ADA<\/td><\/tr><tr><td>Expected Treasury Return<\/td><td>~4% annually (~2M ADA\/year)<\/td><\/tr><tr><td>Initial Setup Cost<\/td><td>500,000 ADA (smart contracts, legal, audits)<\/td><\/tr><tr><td>Risk Level<\/td><td>High (due to governance and market complexity)<\/td><\/tr><tr><td>Ecosystem Benefit<\/td><td>Very High (DeFi liquidity, stablecoin depth, public finance maturity)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-b9a3eff\" id=\"f09f92ac-summary-a-first-step-toward-a-public-liquidity-model-for-cardano-26\"><strong>\ud83d\udcac Summary: A First Step Toward a Public Liquidity Model for Cardano<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-cbfed48\">This proposal represents an ambitious step toward turning the <strong>Cardano Treasury into a public financial infrastructure<\/strong> \u2014<\/p>\n\n\n\n<p class=\"deb-block deb-block-2465bbb\">one that not only funds development, but also provides economic liquidity to the ecosystem itself.<\/p>\n\n\n\n<p class=\"deb-block deb-block-fefb77b\">If executed with transparency, it could transform how decentralized treasuries operate \u2014<\/p>\n\n\n\n<p class=\"deb-block deb-block-040039e\">making Cardano the first blockchain to test a <strong>\u201ccommunity-governed public liquidity layer.\u201d<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-73b219e\">SIPO supports this direction but insists on full transparency, legal soundness, and verifiable governance before any ADA is deployed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-2f12164\" id=\"f09f97b3efb88f-final-decision-27\"><strong>\ud83d\uddf3\ufe0f Final Decision<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-7d93033\">\n<li class=\"\"><strong>SIPO DRep Vote:<\/strong> Conditional YES\uff1a<a href=\"https:\/\/adastat.net\/dreps\/drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh\">https:\/\/adastat.net\/dreps\/drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh<\/a><\/li>\n\n\n\n<li class=\"\"><strong>Reason:<\/strong> Support in principle \u2014 pending the establishment of transparent governance, legal clarity, and on-chain auditability.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-91bc849\" id=\"e29c8defb88f-closing-thoughts-28\"><strong>\u270d\ufe0f Closing Thoughts<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-dbfef45\">Cardano\u2019s next era will not only be about scaling transactions,<\/p>\n\n\n\n<p class=\"deb-block deb-block-f4a44fb\">but also about learning <strong>how a decentralized community governs capital responsibly<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-3623668\">The \u201cStablecoin DeFi Liquidity Budget\u201d asks a fundamental question:<\/p>\n\n\n\n<p class=\"deb-block deb-block-cd2be49\">Can Cardano\u2019s Treasury evolve into a <strong>trustworthy, transparent, and public liquidity engine<\/strong> for its ecosystem?<\/p>\n\n\n\n<p class=\"deb-block deb-block-975c358\">If we can get this right, it won\u2019t just deepen DeFi liquidity \u2014<\/p>\n\n\n\n<p class=\"deb-block deb-block-1d249d4\">it will redefine what \u201cpublic finance\u201d means in a decentralized civilization.<\/p>\n\n\n\n<p class=\"deb-block deb-block-0a63158\">Let\u2019s continue the discussion openly, test governance mechanisms thoroughly,<\/p>\n\n\n\n<p class=\"deb-block deb-block-72a437b\">and together, build a Cardano that truly embodies its founding principle:<\/p>\n\n\n\n<p class=\"deb-block deb-block-0d0e75c\"><strong>transparency, accountability, and collective intelligence.<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-5aa6053\"\/>\n\n\n\n<p class=\"deb-block deb-block-3ee2f47\"><\/p>\n","protected":false},"excerpt":{"rendered":"SIPO\u6295\u7968\u5831\u544a\uff1a\u300cStablecoin DeFi Liquidity Budget\u300d\u63d0\u6848\u3078\u306e\u898b\u89e3 \u2015 \u30ab\u30eb\u30c0\u30ce\u306e\u91d1\u878d\u30ec\u30a4\u30e4\u30fc\u3092\u652f\u3048\u308b\u201c\u516c\u5171\u6d41\u52d5\u6027\u30d5\u30a1\u30f3\u30c9\u201d\u306e\u53ef\u80fd\u6027\u3068\u8ab2\u984c \u2015 \u3053\u3093\u306b\u3061\u306f\u3001SIPO\u3067\u3059\u3002 \u4eca\u56de\u306f\u3001\u73fe\u5728\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30a2\u30af\u30b7\u30e7\u30f3\u3068\u3057\u3066\u63d0\u51fa\u3055\u308c\u3066\u3044\u308b\u300cStablecoin DeFi Liquidity Budget\u300d\u63d0\u6848\u306b\u3064\u3044\u3066\u3001 SIPO DRep\u3068\u3057\u3066\u306e\u6295\u7968\u5224\u65ad\u3068\u305d\u306e\u7406\u7531\u3092\u5171\u6709\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002 \u3053\u306e\u63d0\u6848\u306f\u3001\u30ab\u30eb\u30c0\u30ce\u306eDeFi\u6d41\u52d5\u6027\u3068\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u57fa\u76e4\u3092\u5f37\u5316\u3059\u308b\u305f\u3081\u306e\u5927\u578b\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u3067\u3059\u3002 \u63d0\u6848\u984d\u306f 5,000\u4e07ADA\u3002\u76ee\u7684\u306f\u3001\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306e\u6d41\u52d5\u6027\u3092\u9ad8\u3081\u3001 Cardano\u306eDEX\u3084\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u5e02\u5834\u306b\u5b89\u5b9a&hellip;","protected":false},"author":1,"featured_media":43294,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[],"class_list":{"0":"post-43293","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-drep","8":"category-21","9":"category-blog","10":"category-28","11":"category-japanese"},"featured_image_urls":{"full":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013.png",1792,1024,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-300x171.png",300,171,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-768x439.png",768,439,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-1024x585.png",900,514,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-1536x878.png",1536,878,true],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013.png",1792,1024,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-450x257.png",450,257,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2025\/10\/SIPO-DRep_202501013-900x514.png",900,514,true]},"category_list":"<a href=\"https:\/\/sipo.tokyo\/?cat=307\" rel=\"category\">DRep<\/a>, <a href=\"https:\/\/sipo.tokyo\/?cat=21\" rel=\"category\">\u30cb\u30e5\u30fc\u30b9<\/a>, <a href=\"https:\/\/sipo.tokyo\/?cat=35\" rel=\"category\">\u30d6\u30ed\u30b0<\/a>, <a href=\"https:\/\/sipo.tokyo\/?cat=28\" rel=\"category\">\u6295\u7a3f\u8a18\u4e8b<\/a>, <a href=\"https:\/\/sipo.tokyo\/?cat=1\" rel=\"category\">\u65e5\u672c\u8a9e\u7248<\/a>","author_info":{"name":"sition","url":"https:\/\/sipo.tokyo\/?author=1"},"comments_num":"0 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