{"id":44749,"date":"2026-01-21T09:00:47","date_gmt":"2026-01-21T00:00:47","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=44749"},"modified":"2026-01-21T09:18:07","modified_gmt":"2026-01-21T00:18:07","slug":"post-44749","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=44749","title":{"rendered":"SIPO DRep\uff1a\u300cDeltaDeFi Hydra Trading Infrastructure\u300d\u63d0\u6848\u306b\u3064\u3044\u3066\u2015 SIPO DRep\u3068\u3057\u3066\u306e\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9 \u2015"},"content":{"rendered":"\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=\"#deltadefi-hydra-trading-infrastructure-e68f90e6a188e381abe381a4e38184e381a6e28095-sipo-drepe381a8e38197e381a6e381aee3808cyese3808de8a995e4bea1e381a8-1\">DeltaDeFi Hydra Trading Infrastructure \u63d0\u6848\u306b\u3064\u3044\u3066\u2015 SIPO DRep\u3068\u3057\u3066\u306e\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9 \u2015<\/a><ul><li><a href=\"#1-e68f90e6a188e381aee6a682e8a681efbc9ae38193e3828ce381afe3808cdexe694afe68fb4e3808de381a7e381afe381aae3818fe3808ce59fbae79ba4e382a4-2\">1. \u63d0\u6848\u306e\u6982\u8981\uff1a\u3053\u308c\u306f\u300cDEX\u652f\u63f4\u300d\u3067\u306f\u306a\u304f\u300c\u57fa\u76e4\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u300d<\/a><\/li><li><a href=\"#2-e381aae3819ce4bb8ae38081e38193e381aee68f90e6a188e3818ce9878de8a681e381aae381aee3818bamme4b8ade5bf83e381aedefie3818ce68ab1e38188e3828b-3\">2. \u306a\u305c\u4eca\u3001\u3053\u306e\u63d0\u6848\u304c\u91cd\u8981\u306a\u306e\u304bAMM\u4e2d\u5fc3\u306eDeFi\u304c\u62b1\u3048\u308b\u69cb\u9020\u7684\u306a\u9650\u754c<\/a><\/li><li><a href=\"#3-deltadefie68f90e6a188e381aee4b8ade6a0b8efbc9ahydra-x-e382aae383bce38380e383bce38396e38383e382af-4\">3. DeltaDeFi\u63d0\u6848\u306e\u4e2d\u6838\uff1aHydra \u00d7 \u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af<\/a><\/li><li><a href=\"#4-kpie38292e3808ce69c80e5889de3818be38289e6b8ace3828be3808de8a8ade8a888e381aee9878de8a681e680a7-5\">4. KPI\u3092\u300c\u6700\u521d\u304b\u3089\u6e2c\u308b\u300d\u8a2d\u8a08\u306e\u91cd\u8981\u6027<\/a><\/li><li><a href=\"#5-e382ace38390e3838ae383b3e382b9e8a8ade8a888e381a8treasurye381aee689b1e38184e381abe381a4e38184e381a6-6\">5. \u30ac\u30d0\u30ca\u30f3\u30b9\u8a2d\u8a08\u3068Treasury\u306e\u6271\u3044\u306b\u3064\u3044\u3066<\/a><\/li><li><a href=\"#6-sipo-drepe381a8e38197e381a6e381aee382b9e382bfe383b3e382b9-7\">6. SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/a><\/li><\/ul><\/li><li><a href=\"#on-the-deltadefi-hydra-trading-infrastructure-proposal-sipo-drep-perspective-and-position-8\">On the DeltaDeFi Hydra Trading Infrastructure Proposal\u2014 SIPO DRep Perspective and Position \u2014<\/a><ul><li><a href=\"#1-proposal-overview-infrastructure-not-just-another-dex-9\">1. Proposal Overview: Infrastructure, Not Just Another DEX<\/a><\/li><li><a href=\"#2-why-this-matters-nowstructural-limits-of-amm-centric-defi-10\">2. Why This Matters NowStructural limits of AMM-centric DeFi<\/a><\/li><li><a href=\"#3-the-core-of-the-proposal-hydra-order-books-11\">3. The Core of the Proposal: Hydra + Order Books<\/a><\/li><li><a href=\"#4-measuring-impact-from-day-one-12\">4. Measuring Impact from Day One<\/a><\/li><li><a href=\"#5-governance-and-treasury-safeguards-13\">5. Governance and Treasury Safeguards<\/a><\/li><li><a href=\"#6-sipo-drep-position-14\">6. SIPO DRep Position<\/a><\/li><\/ul><\/div><h3 class=\"wp-block-heading deb-block deb-block-126d962\" id=\"deltadefi-hydra-trading-infrastructure-e68f90e6a188e381abe381a4e38184e381a6e28095-sipo-drepe381a8e38197e381a6e381aee3808cyese3808de8a995e4bea1e381a8-1\"><strong>DeltaDeFi Hydra Trading Infrastructure \u63d0\u6848\u306b\u3064\u3044\u3066\u2015 SIPO DRep\u3068\u3057\u3066\u306e\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9 \u2015<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-large has-custom-border deb-block deb-block-d608100\"><img loading=\"lazy\" decoding=\"async\" width=\"1792\" height=\"1024\" src=\"https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-1024x585.png\" alt=\"\" class=\"has-border-color has-aaaaaa-border-color wp-image-44750\" title=\"\u753b\u50cf\" srcset=\"https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-1024x585.png 1024w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-300x171.png 300w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-768x439.png 768w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-1536x878.png 1536w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-450x257.png 450w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-900x514.png 900w, https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5.png 1792w\" sizes=\"auto, (max-width: 1792px) 100vw, 1792px\" \/><\/figure>\n\n\n\n<p class=\"deb-block deb-block-fa956a8\">SIPO\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-0928405\">\u4eca\u56de\u306f\u3001\u73fe\u5728\u30ac\u30d0\u30ca\u30f3\u30b9\u4e0a\u3067\u63d0\u793a\u3055\u308c\u3066\u3044\u308b <strong>\u300cDeltaDeFi: Hydra Trading Infrastructure Budget\uff08\u20b31,500,000\uff09\u300d<\/strong> \u3068\u3044\u3046\u63d0\u6848\u306b\u3064\u3044\u3066\u3001SIPO DRep\u3068\u3057\u3066\u306e\u8996\u70b9\u304b\u3089\u6574\u7406\u3057\u3001SIPO\u306e\u30b9\u30bf\u30f3\u30b9\u3092\u30d6\u30ed\u30b0\u3068\u3057\u3066\u5171\u6709\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-300109e\">\u672c\u8a18\u4e8b\u3067\u306f\u3001<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-234c4fa\">\n<li class=\"\">\u63d0\u6848\u306e\u6982\u8981<\/li>\n\n\n\n<li class=\"\">\u63d0\u6848\u306e\u8a73\u7d30\u3068\u305d\u306e\u610f\u5473<\/li>\n\n\n\n<li class=\"\">Cardano\u5168\u4f53\u306b\u3068\u3063\u3066\u306e\u4f4d\u7f6e\u3065\u3051<\/li>\n\n\n\n<li class=\"\">SIPO DRep\u3068\u3057\u3066\u300cYes\u300d\u3092\u6295\u3058\u305f\u7406\u7531<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-04aac0d\">\u3068\u3044\u3046\u6d41\u308c\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-fc1d740\" id=\"1-e68f90e6a188e381aee6a682e8a681efbc9ae38193e3828ce381afe3808cdexe694afe68fb4e3808de381a7e381afe381aae3818fe3808ce59fbae79ba4e382a4-2\"><strong>1. \u63d0\u6848\u306e\u6982\u8981\uff1a\u3053\u308c\u306f\u300cDEX\u652f\u63f4\u300d\u3067\u306f\u306a\u304f\u300c\u57fa\u76e4\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u300d<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-05a5092\"><a href=\"https:\/\/gov.tools\/connected\/governance_actions\/a633504ddc47a852c4ae033c750597d011a3daf00a0f6bbd48de4c52ef1022dc#0\" data-type=\"link\" data-id=\"https:\/\/gov.tools\/connected\/governance_actions\/a633504ddc47a852c4ae033c750597d011a3daf00a0f6bbd48de4c52ef1022dc#0\">DeltaDeFi: Hydra Trading Infrastructure Budget (\u20b31,500,000)<\/a><\/p>\n\n\n\n<p class=\"deb-block deb-block-c52cca5\">Governance Action Type:Info Action<\/p>\n\n\n\n<p class=\"deb-block deb-block-eb43f60\">Submitted:&nbsp;30th Dec 2025&nbsp;(Epoch 603)<br>Expires:&nbsp;30th Jan 2026&nbsp;(Epoch 610)<\/p>\n\n\n\n<p class=\"deb-block deb-block-c9616a5\">Governance Action ID: gov_action15ce4qnwug759939wqv782pvh6qg68khspg8kh02gmex99mcsytwqqqr7jkr<\/p>\n\n\n\n<p class=\"deb-block deb-block-0e01cde\">Legacy Governance Action ID (CIP-105): a633504ddc47a852c4ae033c750597d011a3daf00a0f6bbd48de4c52ef1022dc#0<\/p>\n\n\n\n<p class=\"deb-block deb-block-5229e2c\">\u6295\u7968\u7d50\u679c\uff1a<a href=\"https:\/\/adastat.net\/governances\/a633504ddc47a852c4ae033c750597d011a3daf00a0f6bbd48de4c52ef1022dc00\">https:\/\/adastat.net\/governances\/a633504ddc47a852c4ae033c750597d011a3daf00a0f6bbd48de4c52ef1022dc00<\/a><\/p>\n\n\n\n<p class=\"deb-block deb-block-2bd9ed0\">\u307e\u305a\u3001\u3053\u306e\u63d0\u6848\u306e\u6027\u8cea\u3092\u4e00\u8a00\u3067\u8868\u3059\u3068\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-e9b6e9f\"><strong>\u300c\u5358\u4e00\u306eDEX\u652f\u63f4\u3067\u306f\u306a\u304f\u3001Cardano\u306e\u53d6\u5f15\u30a4\u30f3\u30d5\u30e9\u3092\u4e00\u6bb5\u5f15\u304d\u4e0a\u3052\u308b\u305f\u3081\u306e\u57fa\u76e4\u6295\u8cc7\u300d<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-b59a129\">\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-67c717e\">\u672c\u63d0\u6848\u306f\u3001Hydra\u3092\u6d3b\u7528\u3057\u305f\u4f4e\u9045\u5ef6\u30fb\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u578b\u53d6\u5f15\u57fa\u76e4\u3067\u3042\u308b DeltaDeFi \u3092\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-be6f10c\">\n<li class=\"\">\u73fe\u5728\u306e\u30d9\u30fc\u30bf\u7248\u304b\u3089<\/li>\n\n\n\n<li class=\"\">\u672c\u756a\u904b\u7528\u306b\u8010\u3048\u308b\u300c\u30d7\u30ed\u30c0\u30af\u30b7\u30e7\u30f3\u30b0\u30ec\u30fc\u30c9\u300d\u306e\u30a4\u30f3\u30d5\u30e9<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-5f00b55\">\u3078\u3068\u5f37\u5316\u30fb\u62e1\u5f35\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b7c43f5\">\u307e\u305f\u3001\u3053\u308c\u306fTreasury\u304b\u3089\u5373\u5ea7\u306b\u8cc7\u91d1\u304c\u5f15\u304d\u51fa\u3055\u308c\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-4ed196f\"><strong>\u300c\u3053\u306e\u65b9\u5411\u6027\u3092\u652f\u6301\u3059\u308b\u304b\u3069\u3046\u304b\u300d\u3092\u554f\u3046 Info Action<\/strong> \u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e47ea5f\">\u3064\u307e\u308a\u3001Cardano\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u3068\u3057\u3066\u306e\u610f\u601d\u8868\u660e\u304c\u554f\u308f\u308c\u3066\u3044\u308b\u6bb5\u968e\u3060\u3068\u7406\u89e3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-e9aad09\" id=\"2-e381aae3819ce4bb8ae38081e38193e381aee68f90e6a188e3818ce9878de8a681e381aae381aee3818bamme4b8ade5bf83e381aedefie3818ce68ab1e38188e3828b-3\"><strong>2. \u306a\u305c\u4eca\u3001\u3053\u306e\u63d0\u6848\u304c\u91cd\u8981\u306a\u306e\u304bAMM\u4e2d\u5fc3\u306eDeFi\u304c\u62b1\u3048\u308b\u69cb\u9020\u7684\u306a\u9650\u754c<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-cdf5789\">Cardano\u306eDeFi\u306f\u3001\u3053\u308c\u307e\u3067AMM\u578bDEX\u3092\u4e2d\u5fc3\u306b\u767a\u5c55\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-0566d6d\">\u3053\u308c\u306f\u591a\u304f\u306e\u30e6\u30fc\u30b6\u30fc\u306b\u3068\u3063\u3066\u4f7f\u3044\u3084\u3059\u304f\u3001\u53c2\u52a0\u3057\u3084\u3059\u3044\u4e00\u65b9\u3067\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-6662afa\">\n<li class=\"\">\u4f4e\u9045\u5ef6\u3067\u306e\u7d04\u5b9a<\/li>\n\n\n\n<li class=\"\">\u677f\u53d6\u5f15\uff08order book\uff09<\/li>\n\n\n\n<li class=\"\">API\u524d\u63d0\u306e\u81ea\u52d5\u58f2\u8cb7\u3084\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/li>\n\n\n\n<li class=\"\">\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u306a\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30af<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-3f65fae\">\u3068\u3044\u3063\u305f\u7528\u9014\u306b\u306f\u3001\u5fc5\u305a\u3057\u3082\u6700\u9069\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-5f97104\">\u305d\u306e\u7d50\u679c\u3068\u3057\u3066\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-cfb711b\">\n<li class=\"\">\u5927\u53e3\u53d6\u5f15\u6642\u306e\u30b9\u30ea\u30c3\u30da\u30fc\u30b8<\/li>\n\n\n\n<li class=\"\">CEX\u3068\u306e\u4fa1\u683c\u4e56\u96e2<\/li>\n\n\n\n<li class=\"\">\u6d41\u52d5\u6027\u306e\u5206\u65ad\u30fb\u65ad\u7247\u5316<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-ef1e4cc\">\u3068\u3044\u3063\u305f\u8ab2\u984c\u304c\u3001\u69cb\u9020\u7684\u306b\u6b8b\u3063\u3066\u3044\u308b\u3068SIPO\u306f\u898b\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-7b75928\" id=\"3-deltadefie68f90e6a188e381aee4b8ade6a0b8efbc9ahydra-x-e382aae383bce38380e383bce38396e38383e382af-4\"><strong>3. DeltaDeFi\u63d0\u6848\u306e\u4e2d\u6838\uff1aHydra \u00d7 \u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-e6a40d4\">\u3053\u306e\u63d0\u6848\u306e\u6700\u3082\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u306f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-4c983c7\"><strong>Hydra\u3092\u7528\u3044\u305f\u4f4e\u9045\u5ef6\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u53d6\u5f15\u3092\u300c\u57fa\u76e4\u30a4\u30f3\u30d5\u30e9\u300d\u3068\u3057\u3066\u6210\u7acb\u3055\u305b\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u70b9<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-d9b4bb1\">\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-90d5fb7\">Hydra\u306f\u3001Cardano\u306e\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0\u6226\u7565\u306e\u8981\u3068\u306a\u308bLayer2\u6280\u8853\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-1be58e2\">\u3057\u304b\u3057\u6b63\u76f4\u306a\u3068\u3053\u308d\u3001\u3053\u308c\u307e\u3067<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-63ff6c2\">\n<li class=\"\">\u5b9f\u904b\u7528\u3067\u306e\u6210\u529f\u4f8b<\/li>\n\n\n\n<li class=\"\">\u9ad8\u983b\u5ea6\u30fb\u9ad8\u8ca0\u8377\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3067\u306e\u5b9f\u8a3c<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-0abd113\">\u306f\u3001\u307e\u3060\u5341\u5206\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-0f96d5b\">DeltaDeFi\u306f\u3001<strong>\u53d6\u5f15\u3068\u3044\u3046\u6700\u3082\u8981\u6c42\u6c34\u6e96\u306e\u9ad8\u3044\u5206\u91ce<\/strong>\u3067Hydra\u3092\u672c\u6c17\u3067\u4f7f\u3044\u5207\u308d\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-47202db\">\u3053\u308c\u306f\u3001\u6210\u529f\u3059\u308c\u3070\u5927\u304d\u306a\u524d\u9032\u3067\u3059\u3057\u3001\u4eee\u306b\u8ab2\u984c\u304c\u898b\u3064\u304b\u3063\u305f\u3068\u3057\u3066\u3082\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-db776d3\">Cardano\u5168\u4f53\u306b\u3068\u3063\u3066\u6975\u3081\u3066\u4fa1\u5024\u306e\u9ad8\u3044\u77e5\u898b\u306b\u306a\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-2775b7e\" id=\"4-kpie38292e3808ce69c80e5889de3818be38289e6b8ace3828be3808de8a8ade8a888e381aee9878de8a681e680a7-5\"><strong>4. KPI\u3092\u300c\u6700\u521d\u304b\u3089\u6e2c\u308b\u300d\u8a2d\u8a08\u306e\u91cd\u8981\u6027<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-f9c76a1\">SIPO\u304c\u3053\u306e\u63d0\u6848\u3092\u9ad8\u304f\u8a55\u4fa1\u3057\u3066\u3044\u308b\u7406\u7531\u306e\u4e00\u3064\u304c\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-bb00c50\"><strong>Vision 2030 KPI Measurement Programme<\/strong> \u304c\u6700\u521d\u304b\u3089\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3044\u308b\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-5df0176\">\u3053\u306e\u63d0\u6848\u3067\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-b7f40e1\">\n<li class=\"\">\u73fe\u72b6\u3092\u6570\u5024\u5316\u3059\u308b\u30d9\u30fc\u30b9\u30e9\u30a4\u30f3\u30ec\u30dd\u30fc\u30c8<\/li>\n\n\n\n<li class=\"\">\u8ab0\u3067\u3082\u78ba\u8a8d\u3067\u304d\u308b\u516c\u958b\u30c0\u30c3\u30b7\u30e5\u30dc\u30fc\u30c9<\/li>\n\n\n\n<li class=\"\">6\u304b\u6708\u5f8c\u306e\u9032\u6357\u30fb\u8a55\u4fa1\u30ec\u30dd\u30fc\u30c8<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-331beef\">\u304c\u660e\u78ba\u306b\u5b9a\u7fa9\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-91fcb00\">\u3053\u308c\u306f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-526409d\">\u300c\u306a\u3093\u3068\u306a\u304f\u826f\u3055\u305d\u3046\u3060\u304b\u3089\u652f\u63f4\u3059\u308b\u300d<\/p>\n\n\n\n<p class=\"deb-block deb-block-3c08bc5\">\u304b\u3089<\/p>\n\n\n\n<p class=\"deb-block deb-block-eb16856\">\u300c\u3069\u308c\u3060\u3051\u6539\u5584\u3057\u305f\u306e\u304b\u3092\u3001\u6570\u5b57\u3067\u78ba\u8a8d\u3059\u308b\u300d<\/p>\n\n\n\n<p class=\"deb-block deb-block-18b9a2d\">\u3068\u3044\u3046\u3001Cardano\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u6210\u719f\u3092\u793a\u3059\u91cd\u8981\u306a\u4e00\u6b69\u3060\u3068SIPO\u306f\u53d7\u3051\u6b62\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-f58a554\" id=\"5-e382ace38390e3838ae383b3e382b9e8a8ade8a888e381a8treasurye381aee689b1e38184e381abe381a4e38184e381a6-6\"><strong>5. \u30ac\u30d0\u30ca\u30f3\u30b9\u8a2d\u8a08\u3068Treasury\u306e\u6271\u3044\u306b\u3064\u3044\u3066<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-605cd59\">\u672c\u63d0\u6848\u3067\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-2a9e054\">\n<li class=\"\">\u30de\u30eb\u30c1\u30b7\u30b0\u306b\u3088\u308b\u8cc7\u91d1\u7ba1\u7406<\/li>\n\n\n\n<li class=\"\">\u6bb5\u968e\u7684\u306a\u8cc7\u91d1\u89e3\u653e<\/li>\n\n\n\n<li class=\"\">\u72ec\u7acb\u76e3\u67fb\u306e\u5b9f\u65bd<\/li>\n\n\n\n<li class=\"\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u505c\u6b62\u6642\u306e\u8cc7\u91d1\u8fd4\u9084\u6761\u9805<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-0163a0a\">\u306a\u3069\u3001Treasury\u8cc7\u91d1\u3092\u6271\u3046\u4e0a\u3067\u306e\u57fa\u672c\u7684\u306a\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u304c\u6bd4\u8f03\u7684\u660e\u78ba\u306b\u8a2d\u8a08\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-8d4d25c\">\u3053\u308c\u306f\u3001<strong>\u4eca\u5f8c\u306e\u30a4\u30f3\u30d5\u30e9\u7cfb\u63d0\u6848\u306e\u4e00\u3064\u306e\u30e2\u30c7\u30eb\u30b1\u30fc\u30b9<\/strong>\u306b\u306a\u308a\u5f97\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-fbefc1b\" id=\"6-sipo-drepe381a8e38197e381a6e381aee382b9e382bfe383b3e382b9-7\"><strong>6. SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-ca8da1b\">\u4ee5\u4e0a\u3092\u8e0f\u307e\u3048\u3001SIPO DRep\u3068\u3057\u3066\u306f\u3001\u672c\u63d0\u6848\u306b <strong>Yes<\/strong> \u3092\u6295\u3058\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-80e55d9\">\u7406\u7531\u306f\u660e\u78ba\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-3409497\">\n<li class=\"\">\u3053\u306e\u63d0\u6848\u306f\u300c\u30a2\u30d7\u30ea\u300d\u3067\u306f\u306a\u304f\u300c\u57fa\u76e4\u30a4\u30f3\u30d5\u30e9\u300d\u3092\u5bfe\u8c61\u3068\u3057\u3066\u3044\u308b\u3053\u3068<\/li>\n\n\n\n<li class=\"\">Cardano\u3092\u300c\u5b9f\u7528\u7684\u306a\u53d6\u5f15\u57fa\u76e4\u300d\u3068\u3057\u3066\u6271\u3048\u308b\u3088\u3046\u306b\u3059\u308b\u3068\u3044\u3046\u554f\u984c\u8a2d\u5b9a\u304c\u59a5\u5f53\u3067\u3042\u308b\u3053\u3068<\/li>\n\n\n\n<li class=\"\">Hydra\u306e\u5b9f\u904b\u7528\u3092\u524d\u9032\u3055\u305b\u308b\u91cd\u8981\u306a\u8a66\u307f\u3067\u3042\u308b\u3053\u3068<\/li>\n\n\n\n<li class=\"\">KPI\u6e2c\u5b9a\u3068\u900f\u660e\u6027\u3092\u524d\u63d0\u3068\u3057\u305f\u8a2d\u8a08\u3067\u3042\u308b\u3053\u3068<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-5d7a5b0\">\u305f\u3060\u3057\u3001\u3053\u308c\u306f\u7121\u6761\u4ef6\u306e\u627f\u8a8d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-324df1c\">\u5c06\u6765\u7684\u306b\u3053\u306eInfo Action\u3092\u524d\u63d0\u3068\u3057\u305f Treasury Withdrawal \u304c\u63d0\u51fa\u3055\u308c\u308b\u5834\u5408\u306b\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-50de365\">\n<li class=\"\">KPI\u306e\u9054\u6210\u72b6\u6cc1<\/li>\n\n\n\n<li class=\"\">\u5b9f\u969b\u306e\u904b\u7528\u5b9f\u7e3e<\/li>\n\n\n\n<li class=\"\">\u76e3\u67fb\u7d50\u679c<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-c0bc6d2\">\u3092\u53b3\u5bc6\u306b\u78ba\u8a8d\u3057\u305f\u4e0a\u3067\u3001\u6539\u3081\u3066\u5224\u65ad\u3059\u3079\u304d\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-044ffba\">SIPO\u3068\u3057\u3066\u306f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-352d2fa\"><strong>Cardano\u304c\u300c\u8a2d\u8a08\u3068\u3057\u3066\u6b63\u3057\u3044\u30c1\u30a7\u30fc\u30f3\u300d\u304b\u3089\u300c\u73fe\u5b9f\u306b\u4f7f\u308f\u308c\u308b\u7d4c\u6e08\u57fa\u76e4\u300d\u3078\u9032\u3080\u305f\u3081\u306e\u4e00\u6b69<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-1d0404a\">\u3068\u3057\u3066\u3001\u672c\u63d0\u6848\u306b\u306f\u610f\u7fa9\u304c\u3042\u308b\u3068\u5224\u65ad\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-ca5265b\"\/>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-7eed209\" id=\"on-the-deltadefi-hydra-trading-infrastructure-proposal-sipo-drep-perspective-and-position-8\"><strong>On the DeltaDeFi Hydra Trading Infrastructure Proposal\u2014 SIPO DRep Perspective and Position \u2014<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-2241d32\">In this post, I would like to share my perspective as a DRep on the <strong>DeltaDeFi: Hydra Trading Infrastructure Budget<\/strong> proposal, and explain why SIPO voted <strong>Yes<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-0b6a486\">This article covers:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-2bbdc21\">\n<li class=\"\">A brief overview of the proposal<\/li>\n\n\n\n<li class=\"\">What the proposal is actually trying to achieve<\/li>\n\n\n\n<li class=\"\">Why it matters for Cardano as a whole<\/li>\n\n\n\n<li class=\"\">SIPO DRep\u2019s position and reasoning<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-5a8d75b\" id=\"1-proposal-overview-infrastructure-not-just-another-dex-9\"><strong>1. Proposal Overview: Infrastructure, Not Just Another DEX<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-37fdfc9\">First, it is important to clarify what this proposal is \u2014 and what it is not.<\/p>\n\n\n\n<p class=\"deb-block deb-block-700c3f7\">This is <strong>not<\/strong> simply funding another DEX or application.<\/p>\n\n\n\n<p class=\"deb-block deb-block-ff64bb6\">It is an <strong>investment in core trading infrastructure<\/strong>, aimed at upgrading Cardano\u2019s DeFi stack to support professional-grade trading.<\/p>\n\n\n\n<p class=\"deb-block deb-block-6168eec\">The proposal seeks to move DeltaDeFi\u2019s Hydra-based order-book exchange from a beta state into a production-grade venue, capable of low-latency execution and API-driven trading.<\/p>\n\n\n\n<p class=\"deb-block deb-block-ee43e93\">It is presented as an <strong>Info Action<\/strong>, meaning no Treasury funds are withdrawn at this stage. Instead, it asks the community and DReps to signal whether this direction is desirable in principle.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-e2a0986\" id=\"2-why-this-matters-nowstructural-limits-of-amm-centric-defi-10\"><strong>2. Why This Matters NowStructural limits of AMM-centric DeFi<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-82680de\">Cardano DeFi has grown primarily around AMM-based DEXs.<\/p>\n\n\n\n<p class=\"deb-block deb-block-e764d74\">While this model has clear strengths in accessibility and simplicity, it struggles with:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-fa93306\">\n<li class=\"\">Low-latency execution<\/li>\n\n\n\n<li class=\"\">Order-book trading<\/li>\n\n\n\n<li class=\"\">API-driven strategies<\/li>\n\n\n\n<li class=\"\">Professional market making and arbitrage<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-521818c\">As a result, Cardano still faces issues such as slippage on larger trades, fragmented liquidity, and price gaps versus CEXs.<\/p>\n\n\n\n<p class=\"deb-block deb-block-c9b4a60\">From SIPO\u2019s perspective, these are <strong>structural issues<\/strong>, not problems that can be solved by UI improvements alone.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-8886b16\" id=\"3-the-core-of-the-proposal-hydra-order-books-11\"><strong>3. The Core of the Proposal: Hydra + Order Books<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-9227a2e\">The most important aspect of this proposal is its attempt to establish a <strong>Hydra-based, low-latency order-book trading venue as shared infrastructure<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-2eb5b5c\">Hydra is a cornerstone of Cardano\u2019s long-term scalability strategy.<\/p>\n\n\n\n<p class=\"deb-block deb-block-80e644a\">However, real-world, high-frequency production use cases are still limited.<\/p>\n\n\n\n<p class=\"deb-block deb-block-b12b0b6\">Trading is one of the most demanding workloads possible. Running it on Hydra is a serious stress test. Whether fully successful or not, the insights gained will be extremely valuable for the ecosystem.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-1319e17\" id=\"4-measuring-impact-from-day-one-12\"><strong>4. Measuring Impact from Day One<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-e9c06ea\">One of the reasons SIPO views this proposal positively is the inclusion of a <strong>Vision 2030 KPI Measurement Programme<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-2b735ef\">The proposal commits to:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-c794b97\">\n<li class=\"\">A baseline report of current DeFi metrics<\/li>\n\n\n\n<li class=\"\">A public KPI dashboard<\/li>\n\n\n\n<li class=\"\">A final progress report after six months<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-978bcd1\">This reflects a shift in governance culture \u2014 from supporting ideas based on narrative alone to evaluating <strong>measurable outcomes<\/strong>.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-199158e\" id=\"5-governance-and-treasury-safeguards-13\"><strong>5. Governance and Treasury Safeguards<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-1ba227c\">The proposal also outlines:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-933efee\">\n<li class=\"\">Multisig fund management<\/li>\n\n\n\n<li class=\"\">Phased fund releases<\/li>\n\n\n\n<li class=\"\">Independent audits<\/li>\n\n\n\n<li class=\"\">Explicit fund return mechanisms if the project is halted<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-57aad4a\">These elements are important when dealing with Treasury-related work and may serve as a constructive precedent for future infrastructure proposals.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b44dac0\" id=\"6-sipo-drep-position-14\"><strong>6. SIPO DRep Position<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-d924f66\">Based on the above, SIPO DRep voted <strong>Yes<\/strong> on this proposal.<\/p>\n\n\n\n<p class=\"deb-block deb-block-d4e253c\">The reasons are straightforward:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-879979e\">\n<li class=\"\">It targets core infrastructure rather than a single application<\/li>\n\n\n\n<li class=\"\">It addresses real structural gaps in Cardano\u2019s trading environment<\/li>\n\n\n\n<li class=\"\">It advances real-world use of Hydra<\/li>\n\n\n\n<li class=\"\">It emphasizes transparency and measurable results<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-07d7ea2\">This vote is <strong>not an unconditional approval<\/strong> of future Treasury withdrawals.<\/p>\n\n\n\n<p class=\"deb-block deb-block-1fd43ba\">If a subsequent Withdrawal Governance Action is proposed, SIPO believes it must be evaluated strictly based on delivered results, KPI performance, and audit outcomes.<\/p>\n\n\n\n<p class=\"deb-block deb-block-101a224\">From SIPO\u2019s perspective, this proposal represents a meaningful step toward Cardano evolving from a well-designed blockchain into <strong>a platform that is actively used as real economic infrastructure<\/strong>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-b59c844\"\/>\n","protected":false},"excerpt":{"rendered":"DeltaDeFi Hydra Trading Infrastructure \u63d0\u6848\u306b\u3064\u3044\u3066\u2015 SIPO DRep\u3068\u3057\u3066\u306e\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9 \u2015 SIPO\u3067\u3059\u3002 \u4eca\u56de\u306f\u3001\u73fe\u5728\u30ac\u30d0\u30ca\u30f3\u30b9\u4e0a\u3067\u63d0\u793a\u3055\u308c\u3066\u3044\u308b \u300cDeltaDeFi: Hydra Trading Infrastructure Budget\uff08\u20b31,500,000\uff09\u300d \u3068\u3044\u3046\u63d0\u6848\u306b\u3064\u3044\u3066\u3001SIPO DRep\u3068\u3057\u3066\u306e\u8996\u70b9\u304b\u3089\u6574\u7406\u3057\u3001SIPO\u306e\u30b9\u30bf\u30f3\u30b9\u3092\u30d6\u30ed\u30b0\u3068\u3057\u3066\u5171\u6709\u3057\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u3002 \u672c\u8a18\u4e8b\u3067\u306f\u3001 \u63d0\u6848\u306e\u6982\u8981 \u63d0\u6848\u306e\u8a73\u7d30\u3068\u305d\u306e\u610f\u5473 Cardano\u5168\u4f53\u306b\u3068\u3063\u3066\u306e\u4f4d\u7f6e\u3065\u3051 SIPO DRep\u3068\u3057\u3066\u300cYes\u300d\u3092\u6295\u3058\u305f\u7406\u7531 \u3068\u3044\u3046\u6d41\u308c\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002 1. \u63d0\u6848\u306e\u6982\u8981\uff1a\u3053\u308c\u306f\u300cDEX&hellip;","protected":false},"author":1,"featured_media":44750,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[],"class_list":{"0":"post-44749","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\/2026\/01\/5.png",1792,1024,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-300x171.png",300,171,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-768x439.png",768,439,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-1024x585.png",900,514,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-1536x878.png",1536,878,true],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5.png",1792,1024,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-450x257.png",450,257,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/01\/5-900x514.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 comments","_links":{"self":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/44749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=44749"}],"version-history":[{"count":3,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/44749\/revisions"}],"predecessor-version":[{"id":44755,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/44749\/revisions\/44755"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/44750"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}