{"id":44916,"date":"2026-02-06T21:33:34","date_gmt":"2026-02-06T12:33:34","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=44916"},"modified":"2026-02-06T21:33:49","modified_gmt":"2026-02-06T12:33:49","slug":"post-44916","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=44916","title":{"rendered":"SIPO DRep\uff1aCardano DeFi Liquidity Budget &#8211; Withdrawal 1\u63d0\u6848\u306b\u3064\u3044\u3066\u2015 \u63d0\u6848\u306e\u6982\u8981\u30fb\u8a73\u7d30\u89e3\u8aac\u3068\u3001SIPO DRep\u3068\u3057\u3066\u306e\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9\u00a0"},"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=\"#cardano-defi-liquidity-budget-withdrawal-1-1\">Cardano DeFi Liquidity Budget &#8211; Withdrawal 1<\/a><ul><li><a href=\"#cardano-defi-liquidity-budget-withdrawal-1-2\">Cardano DeFi Liquidity Budget \u2013 Withdrawal 1<\/a><ul><li><a href=\"#1-e38193e381aee68f90e6a188e381afe4bd95e3818befbc88e6a682e8a681efbc89-3\">1. \u3053\u306e\u63d0\u6848\u306f\u4f55\u304b\uff08\u6982\u8981\uff09<\/a><\/li><li><a href=\"#2-e381aae3819ce38193e381aee588b6e5baa6e695b4e58299e3818ce5bf85e8a681e381aae381aee3818b-4\">2. \u306a\u305c\u3053\u306e\u5236\u5ea6\u6574\u5099\u304c\u5fc5\u8981\u306a\u306e\u304b<\/a><\/li><li><a href=\"#3-e68f90e6a188e381aee4b8bbe381aae6a78be68890e8a681e7b4a0efbc88e8a9b3e7b4b0efbc89-5\">3. \u63d0\u6848\u306e\u4e3b\u306a\u69cb\u6210\u8981\u7d20\uff08\u8a73\u7d30\uff09<\/a><\/li><li><a href=\"#4-delta-defie381a8e381aee996a2e4bf82e381abe381a4e38184e381a6-6\">4. Delta DeFi\u3068\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066<\/a><\/li><li><a href=\"#5-sipo-drepe381a8e38197e381a6e381aee382b9e382bfe383b3e382b9-7\">5. SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/a><\/li><li><a href=\"#6-e3818ae3828fe3828ae381ab-8\">6. \u304a\u308f\u308a\u306b<\/a><\/li><\/ul><\/li><li><a href=\"#cardano-defi-liquidity-budget-withdrawal-1-9\">Cardano DeFi Liquidity Budget \u2013 Withdrawal 1<\/a><ul><li><a href=\"#1-what-is-this-proposal-10\">1. What is this proposal?<\/a><\/li><li><a href=\"#2-why-institutional-setup-matters-11\">2. Why institutional setup matters<\/a><\/li><li><a href=\"#3-key-components-of-the-proposal-12\">3. Key components of the proposal<\/a><\/li><li><a href=\"#4-relationship-to-delta-defi-13\">4. Relationship to Delta DeFi<\/a><\/li><li><a href=\"#5-sipo-drep-position-14\">5. SIPO DRep position<\/a><\/li><li><a href=\"#6-final-thoughts-15\">6. Final thoughts<\/a><\/li><\/ul><\/div><h2 class=\"wp-block-heading deb-block deb-block-5040841\" id=\"cardano-defi-liquidity-budget-withdrawal-1-1\">Cardano DeFi Liquidity Budget &#8211; Withdrawal 1<\/h2>\n\n\n\n<p class=\"deb-block deb-block-42ae065\">Governance Action Type:Treasury Withdrawal<\/p>\n\n\n\n<p class=\"deb-block deb-block-5857be7\">Submitted:\u00a015th Jan 2026\u00a0(Epoch 607)<br>Expires:\u00a019th Feb 2026\u00a0(Epoch 614)<\/p>\n\n\n\n<p class=\"deb-block deb-block-4f9b6d7\">Governance Action ID:<br>gov_action1fvgw27fjpr9c7g582mszzyez0jgkqgjgatzdnyngrg8wwc9kcn3qqxtz8r7<\/p>\n\n\n\n<p class=\"deb-block deb-block-0bf08bc\">Legacy Governance Action ID (CIP-105):<br>4b10e5793208cb8f228756e02113227c91602248eac4d992681a0ee760b6c4e2#0<\/p>\n\n\n\n<p class=\"deb-block deb-block-327b3f1\">\u6295\u7968\u7d50\u679c\uff1a<a href=\"https:\/\/adastat.net\/governances\/4b10e5793208cb8f228756e02113227c91602248eac4d992681a0ee760b6c4e200\">https:\/\/adastat.net\/governances\/4b10e5793208cb8f228756e02113227c91602248eac4d992681a0ee760b6c4e200<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-22d467e\"\/>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-7143cab\" id=\"cardano-defi-liquidity-budget-withdrawal-1-2\"><strong>Cardano DeFi Liquidity Budget \u2013 Withdrawal 1<\/strong><\/h3>\n\n\n\n<p class=\"deb-block deb-block-e44f551\">\u2015\u2015\u300c\u5b9f\u9a13\u7684DAO\u300d\u304b\u3089\u300c\u516c\u5171\u7684\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u300d\u3078\u9032\u3080\u305f\u3081\u306e\u7b2c\u4e00\u6b69<\/p>\n\n\n\n<p class=\"deb-block deb-block-21ff3dc\">SIPO\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-1e19f14\">\u4eca\u56de\u306f\u3001\u73fe\u5728\u30ac\u30d0\u30ca\u30f3\u30b9\u6295\u7968\u306b\u304b\u3051\u3089\u308c\u3066\u3044\u308b<\/p>\n\n\n\n<p class=\"deb-block deb-block-0a3de5b\"><strong>Cardano DeFi Liquidity Budget \u2013 Withdrawal 1<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-a1429e4\">\u306b\u3064\u3044\u3066\u3001\u63d0\u6848\u306e\u6982\u8981\u304b\u3089\u8a73\u7d30\u3001\u305d\u3057\u3066 <strong>SIPO DRep\u3068\u3057\u3066\u306e\u7acb\u5834<\/strong> \u3092\u6574\u7406\u3057\u3066\u5171\u6709\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-5790f06\" id=\"1-e38193e381aee68f90e6a188e381afe4bd95e3818befbc88e6a682e8a681efbc89-3\"><strong>1. \u3053\u306e\u63d0\u6848\u306f\u4f55\u304b\uff08\u6982\u8981\uff09<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-18b931b\">\u672c\u63d0\u6848\u306f\u3001Cardano Treasury \u304b\u3089 <strong>500,000 ADA<\/strong> \u3092\u5f15\u304d\u51fa\u3057\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-34be706\">\u5c06\u6765\u306e <strong>\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3DeFi\u6d41\u52d5\u6027\u653f\u7b56<\/strong> \u3092\u5b9f\u884c\u3059\u308b\u305f\u3081\u306e\u300c\u5236\u5ea6\u7684\u306a\u57fa\u76e4\u300d\u3092\u6574\u5099\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-79d6d37\">\u91cd\u8981\u306a\u306e\u306f\u3001<strong>\u4eca\u56de\u306eWithdrawal 1\u306f\u6d41\u52d5\u6027\u3092\u914d\u308b\u63d0\u6848\u3067\u306f\u306a\u3044<\/strong>\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e9ab232\">\u3053\u306e\u6bb5\u968e\u3067\u884c\u308f\u308c\u308b\u306e\u306f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-b4a2d86\">\n<li class=\"\">DAO\u5411\u3051\u306e**\u6cd5\u7684\u5668\uff08Foundation Company\uff09**\u306e\u8a2d\u7acb<\/li>\n\n\n\n<li class=\"\">Treasury\u8cc7\u91d1\u3092\u7ba1\u7406\u3059\u308b<strong>\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u57fa\u76e4<\/strong>\u306e\u69cb\u7bc9<\/li>\n\n\n\n<li class=\"\">\u305d\u308c\u3089\u306b\u5bfe\u3059\u308b<strong>\u7b2c\u4e09\u8005\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u76e3\u67fb<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-01aa704\">\u3064\u307e\u308a\u3053\u308c\u306f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-f65b42f\"><strong>DeFi\u3092\u201c\u5b9f\u9a13\u201d\u304b\u3089\u201c\u516c\u5171\u30a4\u30f3\u30d5\u30e9\u201d\u306b\u5f15\u304d\u4e0a\u3052\u308b\u305f\u3081\u306e\u521d\u671f\u5236\u5ea6\u8a2d\u8a08\u30b3\u30b9\u30c8<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-62582ec\">\u3060\u3068SIPO\u306f\u7406\u89e3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-88928dc\" id=\"2-e381aae3819ce38193e381aee588b6e5baa6e695b4e58299e3818ce5bf85e8a681e381aae381aee3818b-4\"><strong>2. \u306a\u305c\u3053\u306e\u5236\u5ea6\u6574\u5099\u304c\u5fc5\u8981\u306a\u306e\u304b<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-efa88ff\">\u73fe\u5728\u3001\u591a\u304f\u306eDeFi\u3084DAO\u306f\u6b21\u306e\u3088\u3046\u306a\u8ab2\u984c\u3092\u62b1\u3048\u3066\u3044\u307e\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-1f4578b\">\n<li class=\"\">Treasury\u306f\u3042\u308b\u304c\u3001\u6cd5\u7684\u4e3b\u4f53\u304c\u66d6\u6627<\/li>\n\n\n\n<li class=\"\">\u8ab0\u304c\u8cac\u4efb\u3092\u8ca0\u3046\u306e\u304b\u304c\u5206\u304b\u3089\u306a\u3044<\/li>\n\n\n\n<li class=\"\">\u56fd\u5bb6\u30fb\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30fb\u898f\u5236\u74b0\u5883\u3068\u63a5\u7d9a\u3067\u304d\u306a\u3044<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-941e487\">\u3053\u306e\u72b6\u614b\u3067\u306f\u3001DeFi\u306f\u3044\u3064\u307e\u3067\u3082<\/p>\n\n\n\n<p class=\"deb-block deb-block-a079216\">\u300c\u5b9f\u9a13\u7684\u3067\u3001\u5185\u8f2a\u5411\u3051\u306e\u7d4c\u6e08\u570f\u300d<\/p>\n\n\n\n<p class=\"deb-block deb-block-bfa64dd\">\u306b\u7559\u307e\u3063\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e890910\">\u672c\u63d0\u6848\u306f\u3053\u306e\u554f\u984c\u306b\u5bfe\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-8da1714\">\n<li class=\"\"><strong>\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u61b2\u6cd5<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>dRep\u306b\u3088\u308b\u6c11\u4e3b\u7684\u7d71\u6cbb<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>\u30aa\u30d5\u30c1\u30a7\u30fc\u30f3\u3067\u901a\u7528\u3059\u308b\u6cd5\u7684\u4e3b\u4f53<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-94452aa\">\u3092\u7d44\u307f\u5408\u308f\u305b\u308b\u3053\u3068\u3067\u3001\u521d\u3081\u3066\u6b63\u9762\u304b\u3089\u7b54\u3048\u3092\u51fa\u305d\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-96ad623\" id=\"3-e68f90e6a188e381aee4b8bbe381aae6a78be68890e8a681e7b4a0efbc88e8a9b3e7b4b0efbc89-5\"><strong>3. \u63d0\u6848\u306e\u4e3b\u306a\u69cb\u6210\u8981\u7d20\uff08\u8a73\u7d30\uff09<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-3e2ef2a\"><strong>\u2460 \u6cd5\u7684\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\uff08Foundation Company\uff09<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-f288360\">\u30b1\u30a4\u30de\u30f3\u8af8\u5cf6\u306b <strong>Foundation Company<\/strong> \u3092\u8a2d\u7acb\u3057\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-b367d4f\">DAO\u7684\u30ac\u30d0\u30ca\u30f3\u30b9\u3092\u53cd\u6620\u3067\u304d\u308b\u300c\u6cd5\u7684\u30e9\u30c3\u30d1\u30fc\u300d\u3068\u3057\u3066\u6a5f\u80fd\u3055\u305b\u307e\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-f00d418\">\n<li class=\"\">\u682a\u4e3b\u3084\u53d7\u76ca\u8005\u3092\u6301\u305f\u306a\u3044\u69cb\u9020<\/li>\n\n\n\n<li class=\"\">DAO\uff08tDAO\u30fbdRep\uff09\u306e\u610f\u601d\u6c7a\u5b9a\u3092\u53cd\u6620<\/li>\n\n\n\n<li class=\"\">\u59d4\u54e1\u500b\u4eba\u304c\u904e\u5ea6\u306a\u6cd5\u7684\u30ea\u30b9\u30af\u3092\u8ca0\u308f\u306a\u3044\u8a2d\u8a08<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-1b95b81\">\u3053\u308c\u306f\u3001DAO\u304c\u73fe\u5b9f\u4e16\u754c\u3068\u5951\u7d04\u30fb\u8cac\u4efb\u3092\u6301\u3064\u305f\u3081\u306e\u3001\u73fe\u5728\u3082\u3063\u3068\u3082\u73fe\u5b9f\u7684\u306a\u624b\u6cd5\u306e\u4e00\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-855f572\"><strong>\u2461 \u30ac\u30d0\u30ca\u30f3\u30b9\u3068\u8cc7\u91d1\u7ba1\u7406<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-6e62166\">\n<li class=\"\">9\u540d\u306e\u66ab\u5b9a\u59d4\u54e1\u4f1a<\/li>\n\n\n\n<li class=\"\"><strong>5-of-9 \u30de\u30eb\u30c1\u30b7\u30b0<\/strong>\u306b\u3088\u308b\u8cc7\u91d1\u57f7\u884c<\/li>\n\n\n\n<li class=\"\">dRep\u306b\u3088\u308b\u4efb\u514d\u30fb\u505c\u6b62\u6a29<\/li>\n\n\n\n<li class=\"\">\u6708\u6b21\u30ec\u30dd\u30fc\u30c8\u3068\u76e3\u67fb<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-a324896\">Treasury\u306f\u300c\u8ab0\u304b\u306e\u88c1\u91cf\u8cc7\u91d1\u300d\u3067\u306f\u306a\u304f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-ab3fb62\"><strong>\u516c\u5171\u8cc7\u91d1\u3068\u3057\u3066\u53b3\u683c\u306b\u7ba1\u7406\u3055\u308c\u308b\u524d\u63d0<\/strong>\u304c\u660e\u78ba\u306b\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-f92e3c2\"><strong>\u2462 \u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u3068\u76e3\u67fb<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-ca3daca\">\n<li class=\"\">Amaru\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u306b\u3088\u308b\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u7ba1\u7406<\/li>\n\n\n\n<li class=\"\">\u3059\u3079\u3066\u306e\u652f\u51fa\u306f\u900f\u660e\u306b\u8ffd\u8de1\u53ef\u80fd<\/li>\n\n\n\n<li class=\"\">\u7b2c\u4e09\u8005\u76e3\u67fb\u3092\u524d\u63d0\u3068\u3057\u305f\u8a2d\u8a08<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-2514b9b\">\u300c\u30b3\u30fc\u30c9\u304c\u3042\u308b\u304b\u3089\u5927\u4e08\u592b\u300d\u3067\u306f\u306a\u304f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-3b78c0d\"><strong>\u5236\u5ea6\u3068\u3057\u3066\u8aac\u660e\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068<\/strong>\u304c\u91cd\u8996\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b3757f8\" id=\"4-delta-defie381a8e381aee996a2e4bf82e381abe381a4e38184e381a6-6\"><strong>4. Delta DeFi\u3068\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-b3e0535\">\u3088\u304f\u3042\u308b\u8aa4\u89e3\u3067\u3059\u304c\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-cae0e6f\"><strong>\u3053\u306e\u63d0\u6848\u306f\u7279\u5b9a\u306eDeFi\uff08Delta DeFi\u3092\u542b\u3080\uff09\u3092\u652f\u63f4\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-dd48180\">\n<li class=\"\">\u4eca\u56de\u306f\u30d7\u30ed\u30c8\u30b3\u30eb\u9078\u5b9a \u274c<\/li>\n\n\n\n<li class=\"\">\u6d41\u52d5\u6027\u914d\u5206 \u274c<\/li>\n\n\n\n<li class=\"\">\u7279\u5b9aDeFi\u306e\u512a\u9047 \u274c<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-287cd5a\">\u3042\u304f\u307e\u3067\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-4bf17fe\"><strong>\u5c06\u6765\u3069\u306eDeFi\u3067\u3042\u3063\u3066\u3082\u516c\u5e73\u306b\u8a55\u4fa1\u30fb\u63a1\u7528\u3067\u304d\u308b\u305f\u3081\u306e\u5171\u901a\u57fa\u76e4<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-5517a9c\">\u3092\u4f5c\u308b\u6bb5\u968e\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-619284f\" id=\"5-sipo-drepe381a8e38197e381a6e381aee382b9e382bfe383b3e382b9-7\"><strong>5. SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-5a19b0d\">SIPO DRep\u306f\u3001\u3053\u306e\u63d0\u6848\u306b <strong>Yes\uff08\u8cdb\u6210\uff09<\/strong> \u3092\u6295\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-1108ee7\">\u7406\u7531\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-c97d8ff\">\u3053\u306e\u63d0\u6848\u306f\u3001\u77ed\u671f\u7684\u306aTVL\u3084\u5229\u56de\u308a\u3092\u8ffd\u3046\u3082\u306e\u3067\u306f\u306a\u304f\u3001<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-6b5f2a0\">\n<p class=\"deb-block deb-block-6555aef\"><strong>Cardano\u304c\u300c\u5b9f\u9a13\u7684DAO\u300d\u304b\u3089<\/strong><\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-2076e63\">\n<p class=\"deb-block deb-block-c59cb30\"><strong>\u300c\u516c\u5171\u7684\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u57fa\u76e4\u300d\u3078\u79fb\u884c\u3059\u308b\u305f\u3081\u306e\u3001\u6700\u521d\u306e\u5236\u5ea6\u8a2d\u8a08\u30b3\u30b9\u30c8<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-49045ec\">\u3060\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-94a1021\">\u56fd\u5bb6\u304c\u6700\u521d\u306b\u9053\u8def\u3084\u4f1a\u8a08\u5236\u5ea6\u3092\u6574\u3048\u308b\u969b\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-95e6ef1\">\u305d\u308c\u304c\u3059\u3050\u306b\u9ed2\u5b57\u306b\u306a\u308b\u304b\u3069\u3046\u304b\u3067\u306f\u5224\u65ad\u3057\u306a\u3044\u3088\u3046\u306b\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-21a97cb\">\u3053\u306e\u652f\u51fa\u3082\u307e\u305f\u300c\u9577\u671f\u7684\u306b\u4fe1\u8a8d\u3055\u308c\u3001\u518d\u5229\u7528\u3055\u308c\u308b\u5236\u5ea6\u3092\u4f5c\u308b\u304b\u300d\u3068\u3044\u3046\u89b3\u70b9\u3067\u8a55\u4fa1\u3059\u3079\u304d\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-5588dd1\" id=\"6-e3818ae3828fe3828ae381ab-8\"><strong>6. \u304a\u308f\u308a\u306b<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-4bf643d\">\u3053\u306e\u63d0\u6848\u304c\u53ef\u6c7a\u3055\u308c\u3066\u3082\u3001\u3059\u3079\u3066\u304c\u3046\u307e\u304f\u3044\u304f\u4fdd\u8a3c\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-dd78915\">\u3057\u304b\u3057\u3001<strong>\u4f55\u3082\u5236\u5ea6\u3092\u4f5c\u3089\u306a\u3051\u308c\u3070\u3001\u6b21\u306e\u6bb5\u968e\u3078\u9032\u3081\u306a\u3044\u3053\u3068\u3060\u3051\u306f\u78ba\u304b<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-523d9cf\">SIPO\u306f\u3001Cardano\u304c<\/p>\n\n\n\n<p class=\"deb-block deb-block-721434c\">\u300c\u81ea\u7531\u3060\u304c\u7121\u8cac\u4efb\u306aDAO\u300d\u3067\u306f\u306a\u304f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-a671b69\">\u300c\u5206\u6563\u3055\u308c\u3066\u3044\u3066\u3001\u306a\u304a\u304b\u3064\u516c\u5171\u6027\u3092\u6301\u3064\u57fa\u76e4\u300d<\/p>\n\n\n\n<p class=\"deb-block deb-block-432c04e\">\u3068\u3057\u3066\u6210\u9577\u3057\u3066\u3044\u304f\u3053\u3068\u3092\u652f\u6301\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-aba82bc\">\u305d\u306e\u7b2c\u4e00\u6b69\u3068\u3057\u3066\u3001\u672c\u63d0\u6848\u306b\u8cdb\u6210\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-fcda8f8\"\/>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-351f69d\" id=\"cardano-defi-liquidity-budget-withdrawal-1-9\"><strong>Cardano DeFi Liquidity Budget \u2013 Withdrawal 1<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-e40c15d\">From an Experimental DAO to Public Blockchain Infrastructure<\/p>\n\n\n\n<p class=\"deb-block deb-block-ea61988\">This is SIPO.<\/p>\n\n\n\n<p class=\"deb-block deb-block-da5635f\">In this article, we explain the proposal <strong>\u201cCardano DeFi Liquidity Budget \u2013 Withdrawal 1,\u201d<\/strong> its structure, its purpose, and SIPO DRep\u2019s position.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-eae1871\" id=\"1-what-is-this-proposal-10\"><strong>1. What is this proposal?<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-4e759f6\">This proposal requests a <strong>500,000 ADA<\/strong> withdrawal from the Cardano Treasury to establish the <strong>institutional foundations<\/strong> required for future stablecoin DeFi liquidity programs.<\/p>\n\n\n\n<p class=\"deb-block deb-block-732755c\">Importantly, <strong>Withdrawal 1 does not deploy liquidity.<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-a8f3512\">Instead, it funds:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-656f298\">\n<li class=\"\">A legal DAO-compatible structure (Foundation Company)<\/li>\n\n\n\n<li class=\"\">Smart contract infrastructure for treasury administration<\/li>\n\n\n\n<li class=\"\">Independent security audits<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-42e9387\">SIPO views this as an <strong>institutional setup cost<\/strong>, not a growth subsidy.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-cae27a9\" id=\"2-why-institutional-setup-matters-11\"><strong>2. Why institutional setup matters<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-07f805d\">Many DeFi ecosystems struggle with the same limitations:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-c0cb4f3\">\n<li class=\"\">No clear legal entity<\/li>\n\n\n\n<li class=\"\">Unclear accountability<\/li>\n\n\n\n<li class=\"\">Inability to interact with institutions or regulators<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-3026311\">Without addressing these issues, DeFi remains experimental.<\/p>\n\n\n\n<p class=\"deb-block deb-block-d9fde4c\">This proposal attempts to solve that by combining:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-7be1f58\">\n<li class=\"\">On-chain constitutional governance<\/li>\n\n\n\n<li class=\"\">dRep-based democratic oversight<\/li>\n\n\n\n<li class=\"\">A legally recognized off-chain entity<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-82f67f4\" id=\"3-key-components-of-the-proposal-12\"><strong>3. Key components of the proposal<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-c8688c6\"><strong>Legal structure<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-9fa8146\">A Cayman Islands Foundation Company designed to mirror DAO governance while enabling real-world contracts.<\/p>\n\n\n\n<p class=\"deb-block deb-block-71b49ec\"><strong>Governance and controls<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-0c16ff9\">9-member committee, 5-of-9 multisig, dRep oversight, audits, and reporting.<\/p>\n\n\n\n<p class=\"deb-block deb-block-e99c4d8\"><strong>Smart contracts and audits<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-12fc070\">Transparent, on-chain treasury management with mandatory third-party audits.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-ea33dba\" id=\"4-relationship-to-delta-defi-13\"><strong>4. Relationship to Delta DeFi<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-7e585b3\">This proposal <strong>does not fund or favor any specific DeFi protocol<\/strong>, including Delta DeFi.<\/p>\n\n\n\n<p class=\"deb-block deb-block-ade5a2e\">It simply creates a neutral framework where future DeFi protocols can be evaluated fairly.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-4193bef\" id=\"5-sipo-drep-position-14\"><strong>5. SIPO DRep position<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-b597f5a\">SIPO DRep votes <strong>Yes<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-336a107\">We see this proposal as:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-307d2b8\">\n<p class=\"deb-block deb-block-ba06a6c\"><strong>The first institutional design cost for Cardano\u2019s transition from an experimental DAO into a public blockchain infrastructure.<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-ea54a07\">It is not about short-term metrics, but long-term credibility and sustainability.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-9137a80\" id=\"6-final-thoughts-15\"><strong>6. Final thoughts<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-4f6f3c2\">This proposal does not guarantee success.<\/p>\n\n\n\n<p class=\"deb-block deb-block-795beaf\">However, without institutional foundations, progress beyond experimentation is impossible.<\/p>\n\n\n\n<p class=\"deb-block deb-block-603c0c2\">SIPO supports Cardano\u2019s evolution toward a decentralized yet publicly accountable blockchain.<\/p>\n\n\n\n<p class=\"deb-block deb-block-35103bb\">For that reason, we vote <strong>Yes<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"Cardano DeFi Liquidity Budget &#8211; Withdrawal 1 Governance Action Type:Treasury Withdrawal Submitted:\u00a015th Jan 2026\u00a0(Epoch 607)Expires:\u00a019th Feb 2026\u00a0(Epoch 614) Governance Action ID:gov_action1fvgw27fjpr9c7g582mszzyez0jgkqgjgatzdnyngrg8wwc9kcn3qqxtz8r7 Legacy Governance Action ID (CIP-105):4b10e5793208cb8f228756e02113227&hellip;","protected":false},"author":1,"featured_media":44918,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[],"class_list":{"0":"post-44916","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\/02\/SIPO-DRep_20260206.png",1792,1024,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-300x171.png",300,171,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-768x439.png",768,439,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-1024x585.png",900,514,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-1536x878.png",1536,878,true],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206.png",1792,1024,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-450x257.png",450,257,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/02\/SIPO-DRep_20260206-900x514.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\/44916","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=44916"}],"version-history":[{"count":1,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/44916\/revisions"}],"predecessor-version":[{"id":44917,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/44916\/revisions\/44917"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/44918"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=44916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=44916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=44916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}