{"id":45396,"date":"2026-03-29T18:59:18","date_gmt":"2026-03-29T09:59:18","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45396"},"modified":"2026-03-29T18:59:18","modified_gmt":"2026-03-29T09:59:18","slug":"post-45396","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45396","title":{"rendered":"SIPO DRep\uff1a\u300eCardano DeFi Liquidity Budget &#8211; Withdrawal 1\u300f\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u300cYes\u300d\u8a55\u4fa1\u3001\u30b9\u30bf\u30f3\u30b9"},"content":{"rendered":"\n<p class=\"deb-block deb-block-8f13c27\">Governance Action ID: gov_action1uhzd06a26qavzflvrx3gvcz6rzxkl6su2ns8t3seef5e8dl6nlgsqcgtufg<\/p>\n\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=\"#cardano-defi-liquidity-budget-withdrawal-1-1\">Cardano DeFi Liquidity Budget &#8211; Withdrawal 1<\/a><ul><li><a href=\"#e29786-e68f90e6a188e6a682e8a681-2\">\u25c6 \u63d0\u6848\u6982\u8981<\/a><\/li><li><a href=\"#e29786-e4ba88e7ae97e58685e8a8b3-3\">\u25c6 \u4e88\u7b97\u5185\u8a33<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9ae5898de59b9ee68f90e587bae3818be38289e381aee694b9e59684-4\">\u25c6 \u5206\u6790\uff1a\u524d\u56de\u63d0\u51fa\u304b\u3089\u306e\u6539\u5584<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9acayman-foundation-companye381aee6a5ade7958ce6a899e6ba96e680a7-5\">\u25c6 \u5206\u6790\uff1aCayman Foundation Company\u306e\u696d\u754c\u6a19\u6e96\u6027<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9adefie6b581e58b95e680a7e5b195e9968be381aee6a5ade7958ce6af94e8bc83-6\">\u25c6 \u5206\u6790\uff1aDeFi\u6d41\u52d5\u6027\u5c55\u958b\u306e\u696d\u754c\u6bd4\u8f03<\/a><\/li><li><a href=\"#e29786-sipo-drepe381aee588a4e696ade79086e794b1-7\">\u25c6 SIPO DRep\u306e\u5224\u65ad\u7406\u7531<\/a><\/li><li><a href=\"#e29786-sipoe3818ce69c9fe5be85e38199e3828be4ba8be9a085-8\">\u25c6 SIPO\u304c\u671f\u5f85\u3059\u308b\u4e8b\u9805<\/a><\/li><\/ul><\/li><li><a href=\"#how-sipo-views-the-cardano-defi-liquidity-budget-withdrawal-1-a-drep-perspective-and-yes-vote-9\">How SIPO Views the Cardano DeFi Liquidity Budget &#8211; Withdrawal 1 \u2014 A DRep Perspective and YES Vote<\/a><ul><li><a href=\"#proposal-overview-10\">[Proposal Overview]<\/a><\/li><li><a href=\"#analysis-improvements-over-prior-version-11\">[Analysis: Improvements Over Prior Version]<\/a><\/li><li><a href=\"#analysis-cayman-fc-as-industry-standard-12\">[Analysis: Cayman FC as Industry Standard]<\/a><\/li><li><a href=\"#analysis-defi-liquidity-context-13\">[Analysis: DeFi Liquidity Context]<\/a><\/li><li><a href=\"#why-sipo-votes-yes-14\">[Why SIPO Votes YES]<\/a><\/li><li><a href=\"#expectations-15\">[Expectations]<\/a><\/li><\/ul><\/div><h3 class=\"wp-block-heading deb-block deb-block-50d215a\" id=\"cardano-defi-liquidity-budget-withdrawal-1-1\">Cardano DeFi Liquidity Budget &#8211; Withdrawal 1<\/h3>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-f81b9bd\" id=\"e29786-e68f90e6a188e6a682e8a681-2\">\u25c6 \u63d0\u6848\u6982\u8981<\/h5>\n\n\n\n<p class=\"deb-block deb-block-9888224\">\u30fb\u63d0\u6848\u8005\uff1aStablecoin DeFi Liquidity Interim Committee\uff089\u540d\uff09<br>Linda Roland\u3001Darren Camas\u3001Nick Schaub Ph.D.\u3001Giorgio Zinetti\u3001Massimo Morini Ph.D.\u3001Darlington Wleh\u3001Murasaki\u3001Raphael Christian-Roy\u3001Ryan Davis<br>\u30fb\u30bf\u30a4\u30d7\uff1aTreasury Withdrawal<br>\u30fb\u91d1\u984d\uff1a800,000 ADA<br>\u30fb\u63d0\u51fa\uff1aEpoch 617\uff082026\u5e743\u670810\u65e5\uff09<br>\u30fb\u671f\u9650\uff1aEpoch 624\uff082026\u5e744\u670810\u65e5\uff09<br>\u30fb\u7d0d\u54c1\u671f\u9650\uff1a\u8cc7\u91d1\u53d7\u9818\u5f8c6\u30f6\u6708<\/p>\n\n\n\n<p class=\"deb-block deb-block-1e2b2d6\">50M ADA\u898f\u6a21\u306e\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3DeFi\u6d41\u52d5\u6027\u5c55\u958b\u306e\u524d\u6bb5\u968e\u3068\u3057\u3066\u3001\u6cd5\u4eba\u8a2d\u7acb\uff08Cayman Islands Foundation Company\uff09\u3068Smart Contract\u76e3\u67fb\u306e\u305f\u3081\u306e\u30bb\u30c3\u30c8\u30a2\u30c3\u30d7\u8cc7\u91d1\u7533\u8acb\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e6c8450\">SIPO\u306f2026\u5e741\u6708\u306b\u521d\u56de\u30d0\u30fc\u30b8\u30e7\u30f3\u306b\u3082YES\u3092\u6295\u3058\u3066\u304a\u308a\u3001\u300cCardano\u304c\u5b9f\u9a13\u7684DAO\u304b\u3089\u516c\u5171\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u3078\u79fb\u884c\u3059\u308b\u305f\u3081\u306e\u6700\u521d\u306e\u5236\u5ea6\u8a2d\u8a08\u30b3\u30b9\u30c8\u300d\u3068\u8a55\u4fa1\u3057\u307e\u3057\u305f\u3002\u4eca\u56de\u306e\u518d\u63d0\u51fa\u306f\u3001\u305d\u306e\u8a55\u4fa1\u3092\u5909\u66f4\u3059\u308b\u7406\u7531\u304c\u306a\u3044\u3069\u3053\u308d\u304b\u3001\u5927\u5e45\u306b\u6539\u5584\u3055\u308c\u305f\u30d0\u30fc\u30b8\u30e7\u30f3\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-0ada005\">\u80cc\u666f\u3068\u3057\u3066\u3001Cardano\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u306f\u65e7\u61b2\u6cd5\u4e0b\u306750,000,000 ADA\u306eDeFi\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3078\u306e\u6d41\u52d5\u6027\u5c55\u958b\u306b67%\u4ee5\u4e0a\u306e\u652f\u6301\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002\u672cWithdrawal\u306f\u305d\u306e\u5c55\u958b\u3092\u5b9f\u884c\u3059\u308b\u305f\u3081\u306e\u6cd5\u7684\u30fb\u6280\u8853\u7684\u57fa\u76e4\u3092\u69cb\u7bc9\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-e05c06c\" id=\"e29786-e4ba88e7ae97e58685e8a8b3-3\">\u25c6 \u4e88\u7b97\u5185\u8a33<\/h5>\n\n\n\n<p class=\"deb-block deb-block-127af85\">\u3010\u6cd5\u4eba\u8a2d\u7acb\uff08Cayman Islands Foundation Company\uff09\uff1a664,000 ADA \u2014 Walkers (Cayman) LLP\u3011<br>\u30fb\u5b9a\u6b3e\u30fb\u6c7a\u8b70\u6587\u66f8\uff1a$25,000-30,000\uff08100,000-120,000 ADA\uff09<br>\u30fb\u767b\u9332\u624b\u6570\u6599\u7b49\uff1a$6,000\uff0824,000 ADA\uff09<br>\u30fb\u30b1\u30a4\u30de\u30f3\u898f\u5236\u30e1\u30e2\u30e9\u30f3\u30c0\u30e0\uff1a$12,500\uff0850,000 ADA\uff09<br>\u30fb\u53d6\u5f15\u6587\u66f8\u5be9\u67fb\uff08\u63a8\u5b9a5\u4ef6\uff09\uff1a$7,500-10,000\uff0820,000-40,000 ADA\uff09<br>\u30fb\u767b\u9332\u30aa\u30d5\u30a3\u30b9\u30fb\u79d8\u66f8\u5f79\uff08Year 1\uff09\uff1a$10,000\uff0840,000 ADA\uff09<br>\u30fbSupervisor\u30b5\u30fc\u30d3\u30b9\uff08Year 1\uff09\uff1a$20,000\uff0880,000 ADA\uff09<br>\u30fb\u53d6\u7de0\u5f79\u5831\u916c\uff08Year 1\u30012\u540d\u63a8\u5b9a\uff09\uff1a$50,000\uff08200,000 ADA\uff09<br>\u30fb\u8ffd\u52a0\u6cd5\u52d9\u30b3\u30f3\u30c6\u30a3\u30f3\u30b8\u30a7\u30f3\u30b7\u30fc\uff1a$10,000\uff0840,000 ADA\uff09<br>\u30fb\u5408\u8a08\u6cd5\u7684\u69cb\u9020\uff1a\u7d04$166,000\uff08\u7d04664,000 ADA\uff09<\/p>\n\n\n\n<p class=\"deb-block deb-block-ef1ed37\">ADA\u5909\u63db\u306f$0.25\/ADA\u57fa\u6e96\u3002\u6cd5\u7684\u8cbb\u7528\u306fUSD\u5efa\u3066\u306e\u305f\u3081\u3001\u5b9f\u969b\u306eADA\u4f7f\u7528\u91cf\u306f\u652f\u6255\u6642\u306e\u30ec\u30fc\u30c8\u3067\u5909\u52d5\u3002\u4f59\u5270\u5206\u306fTreasury\u306b\u8fd4\u9084\u307e\u305f\u306fWithdrawal 2\u306b\u914d\u5206\uff08\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u901a\u77e5\u4ed8\u304d\uff09\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-250d1d8\">\u3010Smart Contract\u76e3\u67fb\uff1a111,000 ADA \u2014 Invariant0 LLC\u3011<\/p>\n\n\n\n<p class=\"deb-block deb-block-5e690c4\">\u30fb\u8a2d\u8a08\u30fb\u4ed5\u69d8\u30ec\u30d3\u30e5\u30fc\uff1a3-4\u65e5\uff08\u542b\u3080\uff09<br>\u30fbSmart Contract\u30b3\u30fc\u30c9\u76e3\u67fb\uff1a12-16\u65e5\u30012\u540d\u306e\u76e3\u67fb\u4eba\uff08\u542b\u3080\uff09<br>\u30fb\u5168\u4fee\u6b63\u306e\u518d\u76e3\u67fb\uff1a\u53cd\u5fa9\u30d7\u30ed\u30bb\u30b9\uff08\u542b\u3080\uff09<br>\u30fb\u6700\u7d42\u76e3\u67fb\u30ec\u30dd\u30fc\u30c8\uff08\u5185\u90e8+\u516c\u958b\uff09\uff1a\uff08\u542b\u3080\uff09<br>\u30fb\u56fa\u5b9a\u4fa1\u683c\uff1a111,000 ADA<\/p>\n\n\n\n<p class=\"deb-block deb-block-8e35c04\">\u3010Amaru Contract\u8a2d\u5b9a\uff1a25,000 ADA \u2014 Sundae Labs\u3011<br>\u30fb5-of-9\u30de\u30eb\u30c1\u30b7\u30b0\u7ba1\u7406\u306eAmaru Contract\u3092\u8a2d\u5b9a<br>\u30fb1-2\u9031\u9593\u3067\u5b8c\u4e86<\/p>\n\n\n\n<p class=\"deb-block deb-block-f08340c\">\u3010Smart Contract\u958b\u767a\uff1a0 ADA \u2014 UTxO Company &amp; Sidan Labs\uff08\u7121\u511f\u63d0\u4f9b\uff09\u3011<br>\u30fb\u7ba1\u7406\u7528Smart Contract\u306fUTxO Company\uff08Lucas\u3001Kasey\uff09\u3068Sidan Labs\uff08Hinson Wong\uff09\u304c\u7121\u511f\u3067\u958b\u767a<\/p>\n\n\n\n<p class=\"deb-block deb-block-7f06c45\">\u3010\u5408\u8a08\uff1a800,000 ADA\u3011<\/p>\n\n\n\n<p class=\"deb-block deb-block-f56adec\">\u53d6\u7de0\u5f79\u5019\u88dc\uff1a<br>\u30fb\u5019\u88dc1\uff1a\u4e16\u754c\u521d\u306eBitcoin ATM\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u5171\u540c\u5275\u8a2d\u8005\u3001Netcoins\u5275\u8a2d\u793e\u9577\u3001SonicStrategy\u5275\u8a2dCEO\u3002\u898f\u5236\u6697\u53f7\u30d9\u30f3\u30c1\u30e3\u30fc15\u5e74\u4ee5\u4e0a<br>\u30fb\u5019\u88dc2\uff1a\u4e16\u754c\u6700\u5927\u7d1a\u306e\u6697\u53f7DeFi\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u30ea\u30fc\u30c0\u30fc\u3002CFA\u30fbCFP\u3002\u5143\u30b0\u30ed\u30fc\u30d0\u30eb\u30ad\u30e3\u30d4\u30bf\u30eb\u30de\u30fc\u30b1\u30c3\u30c4\u4e0a\u7d1a\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30eb\u3002CFA Society Cayman Islands\u7406\u4e8b\u30fb\u4f1a\u8a08<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-1c310df\" id=\"e29786-e58886e69e90efbc9ae5898de59b9ee68f90e587bae3818be38289e381aee694b9e59684-4\">\u25c6 \u5206\u6790\uff1a\u524d\u56de\u63d0\u51fa\u304b\u3089\u306e\u6539\u5584<\/h5>\n\n\n\n<p class=\"deb-block deb-block-09eebcd\">\u4eca\u56de\u306e\u518d\u63d0\u51fa\u3067\u306f\u4ee5\u4e0b\u304c\u5927\u5e45\u306b\u8a73\u7d30\u5316\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-9607744\">\n<li class=\"\">\u5b8c\u5168\u306aUSD\u5efa\u3066\u30b3\u30b9\u30c8\u5185\u8a33\u3068$0.25\/ADA\u3067\u306e\u5909\u63db\u7387\u660e\u793a<\/li>\n\n\n\n<li class=\"\">6\u3064\u306e\u660e\u793a\u7684\u8fd4\u91d1\u30b7\u30ca\u30ea\u30aa<br>\u30fb\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u4e0d\u5c65\u884c\uff08\u30b5\u30fc\u30d3\u30b9\u672a\u9054\u30fb\u5951\u7d04\u89e3\u9664\u30fb\u7d0d\u54c1\u4e0d\u5408\u683c\uff09<br>\u30fb\u30b3\u30b9\u30c8\u524a\u6e1b\uff08\u5b9f\u969b\u306e\u30b3\u30b9\u30c8\u304c\u4e88\u7b97\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\uff09<br>\u30fb\u6cd5\u7684\u5f62\u6210\u4e0d\u53ef\u80fd\uff08FC\u8a2d\u7acb\u4e0d\u53ef\u30fb\u898f\u5236\u5909\u66f4\u30fb\u53d6\u7de0\u5f79\u4efb\u547d\u4e0d\u53ef\uff09<br>\u30fb\u6280\u8853\u7684\u4e0d\u53ef\u80fd\uff08Smart Contract\u5b8c\u6210\u4e0d\u53ef\u30fb\u76e3\u67fb\u3067\u81f4\u547d\u7684\u8106\u5f31\u6027\u30fb\u61b2\u6cd5\u8981\u4ef6\u672a\u9054\uff09<br>\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u5909\u66f4\uff08DRep\u304c\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u4e2d\u6b62\u3092\u6c7a\u8b70\u30fbCC\u304c\u9055\u61b2\u5224\u65ad\uff09<br>\u30fb\u5b8c\u4e86\u5f8c\u6b8b\u4f59\uff08\u5168\u7d0d\u54c1\u5b8c\u4e86\u5f8c\u306e\u6b8b\u4f59\u8cc7\u91d1\uff09<\/li>\n\n\n\n<li class=\"\">\u61b2\u6cd5Article I Section 6-7\u3078\u306e\u9010\u6761\u6e96\u62e0\u30c1\u30a7\u30c3\u30af\uff08Section 7(1)-(6)\u3001Treasury Guardrails\uff09<\/li>\n\n\n\n<li class=\"\">\u53d6\u7de0\u5f79\u5019\u88dc\u306e\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u958b\u793a<\/li>\n\n\n\n<li class=\"\">6\u30f6\u6708\u306e\u7d0d\u54c1\u671f\u9650\u3068\u672a\u4f7f\u7528\u8cc7\u91d1\u306e\u8fd4\u9084\u7fa9\u52d9<\/li>\n\n\n\n<li class=\"\">\u6708\u6b21\u900f\u660e\u6027\u30ec\u30dd\u30fc\u30c8\u306e\u7fa9\u52d9\u5316<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-8c7a151\" id=\"e29786-e58886e69e90efbc9acayman-foundation-companye381aee6a5ade7958ce6a899e6ba96e680a7-5\">\u25c6 \u5206\u6790\uff1aCayman Foundation Company\u306e\u696d\u754c\u6a19\u6e96\u6027<\/h5>\n\n\n\n<p class=\"deb-block deb-block-692fe31\">Cayman Islands Foundation Company\uff08FC\uff09\u306f2017\u5e74Foundation Companies Act\u306b\u57fa\u3065\u304f\u6cd5\u7684\u67a0\u7d44\u307f\u3067\u3001DAO\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u6cd5\u7684\u30e9\u30c3\u30d1\u30fc\u3068\u3057\u3066\u696d\u754c\u3067\u6700\u3082\u5e83\u304f\u63a1\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-9a101cb\">\u3010\u63a1\u7528\u5b9f\u7e3e\u3011<br>\u30fbMakerDAO<br>\u30fbdYdX<br>\u30fbUniswap Foundation<br>\u30fbENS\uff08Ethereum Name Service\uff09<\/p>\n\n\n\n<p class=\"deb-block deb-block-98653b8\">\u3010\u4e3b\u306a\u5229\u70b9\u3011<br>\u30fb\u30e1\u30f3\u30d0\u30fc\u30ec\u30b9\u69cb\u9020\uff1a\u682a\u4e3b\u304c\u306a\u304f\u3001\u5206\u6563\u578b\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u539f\u5247\u3068\u6574\u5408<br>\u30fb\u6cd5\u7684\u4eba\u683c\uff1a\u8cc7\u7523\u4fdd\u6709\u3001\u5951\u7d04\u7de0\u7d50\u3001\u8a34\u8a1f\u5f53\u4e8b\u8005\u80fd\u529b\u3092\u6301\u3064<br>\u30fb\u6709\u9650\u8cac\u4efb\u4fdd\u8b77\uff1a\u59d4\u54e1\u4f1a\u30e1\u30f3\u30d0\u30fc\u306e\u500b\u4eba\u8cac\u4efb\u3092\u5236\u9650<br>\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u67d4\u8edf\u6027\uff1a\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3tDAO\u69cb\u9020\u3092\u53cd\u6620\u53ef\u80fd<br>\u30fb\u7a0e\u5236\u512a\u9047\uff1a\u6cd5\u4eba\u6240\u5f97\u7a0e\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30b2\u30a4\u30f3\u7a0e\u3001\u6e90\u6cc9\u5fb4\u53ce\u7a0e\u306a\u3057<\/p>\n\n\n\n<p class=\"deb-block deb-block-ed1cddf\">\u3010Walkers LLP\u9078\u5b9a\u306e\u5408\u7406\u6027\u3011<br>Walkers\u306f\u4ee3\u66ff\u3088\u308a\u9ad8\u30b3\u30b9\u30c8\u3067\u3059\u304c\u3001\u898f\u5236\u554f\u984c\u306b\u5bfe\u5fdc\u3059\u308b\u5c02\u4efb\u30b9\u30bf\u30c3\u30d5\u3092\u6709\u3057\u3066\u3044\u307e\u3059\u3002\u975e\u55b6\u5229\u30b9\u30c6\u30fc\u30bf\u30b9\u3078\u306e\u898f\u5236\u5f53\u5c40\u306e\u8cea\u554f\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u8ffd\u52a0\u4fdd\u8b77\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002\u9577\u671f\u7684\u306b\u6cd5\u7684\u69cb\u9020\u304c\u5b58\u7d9a\u3057\u969c\u5bb3\u3092\u514b\u670d\u3059\u308b\u305f\u3081\u306e\u6295\u8cc7\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-a604bef\">\u3010\u6cd5\u7684\u30ea\u30b9\u30af\u306e\u80cc\u666f\u3011<br>\u6cd5\u4eba\u306a\u3057\u3067\u30d7\u30fc\u30eb\u8cc7\u91d1\u3092\u7ba1\u7406\u3059\u308b\u30b0\u30eb\u30fc\u30d7\u306f\u3001\u591a\u304f\u306e\u6cd5\u57df\u3067general partnership\u3068\u8a8d\u5b9a\u3055\u308c\u308b\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002Sarcuni v. bZx DAO\uff082023\u5e74\uff09\u3084Samuels v. Lido DAO\uff082024\u5e74\uff09\u3067\u306f\u3001\u6cd5\u7684\u30e9\u30c3\u30d1\u30fc\u306e\u306a\u3044DAO\u53c2\u52a0\u8005\u304c\u500b\u4eba\u8cac\u4efb\u3092\u8ca0\u3046\u3068\u5224\u65ad\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-0c8aa4e\" id=\"e29786-e58886e69e90efbc9adefie6b581e58b95e680a7e5b195e9968be381aee6a5ade7958ce6af94e8bc83-6\">\u25c6 \u5206\u6790\uff1aDeFi\u6d41\u52d5\u6027\u5c55\u958b\u306e\u696d\u754c\u6bd4\u8f03<\/h5>\n\n\n\n<p class=\"deb-block deb-block-5ecae58\">Cardano\u306eDeFi TVL\uff08\u7d04$300-550M\uff09\u306fEthereum\uff08$50B+\uff09\u3084Solana\uff08$7-10B\uff09\u306b\u5927\u304d\u304f\u5f8c\u308c\u3092\u53d6\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-a0c5ecc\">\u3010\u4ed6\u30c1\u30a7\u30fc\u30f3\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u3011<br>\u30fbPolkadot\uff1aDOT\u6d41\u52d5\u6027\u30ad\u30e3\u30f3\u30da\u30fc\u30f3\uff083M+ DOT\uff09\u3002\u305f\u3060\u3057H1 2024\u3067$87M\u6d88\u8cbb\u3001\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u4e2d\u5fc3\u3067\u6279\u5224<br>\u30fbAave\uff1a\u53ce\u76ca\u9084\u5143 + $50M\/\u5e74\u30d0\u30a4\u30d0\u30c3\u30af\u3002\u53ce\u76ca\u30d9\u30fc\u30b9\u306e\u305f\u3081\u4f4e\u30ea\u30b9\u30af<br>\u30fbUniswap\uff1a\u30d7\u30ed\u30c8\u30b3\u30eb\u624b\u6570\u6599\u6d3b\u6027\u5316 + \u30d0\u30fc\u30f3\u3002\u81ea\u52d5\u5316\u3055\u308c\u305f\u30d5\u30ed\u30fc<\/p>\n\n\n\n<p class=\"deb-block deb-block-dc5a460\">Cardano\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306fTreasury\u5143\u672c\u3092\u76f4\u63a5DeFi\u306b\u6295\u5165\u3059\u308b\u3082\u306e\u3067\u3001\u30d6\u30fc\u30c8\u30b9\u30c8\u30e9\u30c3\u30d7\u554f\u984c\u306e\u89e3\u6c7a\u7b56\u3067\u3059\u3002Aave\/Uniswap\u306f\u65e2\u306b\u6210\u719f\u3057\u305fDeFi\u306e\u53ce\u76ca\u3092\u9084\u6d41\u3059\u308b\u6bb5\u968e\u3067\u3059\u304c\u3001Cardano\u306f\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u6d41\u52d5\u6027\u81ea\u4f53\u3092\u7acb\u3061\u4e0a\u3052\u308b\u6bb5\u968e\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-aa7870e\" id=\"e29786-sipo-drepe381aee588a4e696ade79086e794b1-7\">\u25c6 SIPO DRep\u306e\u5224\u65ad\u7406\u7531<\/h5>\n\n\n\n<p class=\"deb-block deb-block-d6d3743\">SIPO\u306f\u4ee5\u4e0b\u306e\u7406\u7531\u3067\u672c\u63d0\u6848\u306b\u8cdb\u6210\uff08YES\uff09\u3092\u6295\u3058\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-c8222c5\">\n<li class=\"\">2026\u5e741\u6708\u306e\u521d\u56de\u6295\u7968\u3068\u8ad6\u7406\u7684\u306b\u4e00\u8cab<br>\u300cCardano\u304c\u5b9f\u9a13\u7684DAO\u304b\u3089\u516c\u5171\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u3078\u79fb\u884c\u3059\u308b\u305f\u3081\u306e\u5236\u5ea6\u8a2d\u8a08\u30b3\u30b9\u30c8\u300d\u3068\u3044\u3046\u8a55\u4fa1\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002\u672cWithdrawal\u306f50M ADA\u6d41\u52d5\u6027\u5c55\u958b\u3092\u8cac\u4efb\u3092\u6301\u3063\u3066\u9032\u3081\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u6cd5\u7684\u30fb\u6280\u8853\u7684\u57fa\u76e4\u3092\u78ba\u7acb\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u5927\u5e45\u306b\u6539\u5584\u3055\u308c\u305f\u900f\u660e\u6027<br>\u8a73\u7d30\u306a\u8cbb\u7528\u5185\u8a33\u30016\u3064\u306e\u8fd4\u91d1\u6761\u4ef6\u3001\u61b2\u6cd5\u9010\u6761\u6e96\u62e0\u30c1\u30a7\u30c3\u30af\u304c\u8ffd\u52a0\u3055\u308c\u3001\u524d\u56de\u30d0\u30fc\u30b8\u30e7\u30f3\u306e\u61f8\u5ff5\u70b9\u304c\u89e3\u6d88\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u78ba\u7acb\u3055\u308c\u305f\u696d\u754c\u6a19\u6e96\u306e\u6cd5\u7684\u69cb\u9020<br>Cayman FC\u306fMakerDAO\u3001dYdX\u3001Uniswap Foundation\u7b49\u304c\u63a1\u7528\u3059\u308b\u691c\u8a3c\u6e08\u307f\u306e\u67a0\u7d44\u307f\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u9069\u5207\u306a\u898f\u6a21<br>800,000 ADA\uff08NCL\u306e0.23%\uff09\u306fYear 1\u306e\u6cd5\u7684\u30fb\u6280\u8853\u7684\u30bb\u30c3\u30c8\u30a2\u30c3\u30d7\u306e\u307f\u3092\u30ab\u30d0\u30fc\u3059\u308b\u5747\u8861\u306e\u3068\u308c\u305f\u652f\u51fa\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u8ca2\u732e<br>Smart Contract\u958b\u767a\u304cUTxO Company\u3068Sidan Labs\u306b\u3088\u308a\u7121\u511f\u63d0\u4f9b\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u306f\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306e\u5065\u5168\u3055\u306e\u8868\u308c\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u591a\u5c64\u30ac\u30d0\u30ca\u30f3\u30b9<br>5-of-9\u30de\u30eb\u30c1\u30b7\u30b0\u3001tDAO\u76e3\u7763\u3001DRep\u7f77\u514d\u6a29\u9650\u3001\u6708\u6b21\u5831\u544a\u7fa9\u52d9\u3001SPO\u59d4\u4efb\u7981\u6b62\u3001auto-abstain\u59d4\u4efb\u3002Treasury\u8cc7\u7523\u306f\u516c\u5171\u8cc7\u91d1\u3068\u3057\u3066\u6271\u308f\u308c\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-814d9dc\" id=\"e29786-sipoe3818ce69c9fe5be85e38199e3828be4ba8be9a085-8\">\u25c6 SIPO\u304c\u671f\u5f85\u3059\u308b\u4e8b\u9805<\/h5>\n\n\n\n<p class=\"deb-block deb-block-b9298d8\">\u30fbWithdrawal 2\u306f\u72ec\u7acb\u8a55\u4fa1\uff1a\u672cWithdrawal\u3078\u306eYES\u306fWithdrawal 2\uff0850M ADA\u672c\u4f53\uff09\u306e\u81ea\u52d5\u7684\u652f\u6301\u3092\u610f\u5473\u3057\u307e\u305b\u3093\u300250M ADA\u306eDeFi\u30d7\u30ed\u30c8\u30b3\u30eb\u3078\u306e\u5c55\u958b\u306fSmart Contract\u8106\u5f31\u6027\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3001\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u30ea\u30b9\u30af\u7b49\u3001\u6839\u672c\u7684\u306b\u7570\u306a\u308b\u30ea\u30b9\u30af\u3092\u4f34\u3044\u307e\u3059\u3002SIPO\u306fWithdrawal 2\u3092\u72ec\u81ea\u306e\u30e1\u30ea\u30c3\u30c8\u3067\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-106dd4a\">\u30fb\u53d6\u7de0\u5f79\u30fbSupervisor\u9078\u4efb\u306e\u900f\u660e\u6027\uff1a\u53d6\u7de0\u5f79\u5019\u88dc\u306e\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306f\u6709\u671b\u3067\u3059\u304c\u672a\u78ba\u5b9a\u3067\u3059\u3002\u8cc7\u91d1\u652f\u51fa\u524d\u306b\u3001\u4efb\u547d\u3055\u308c\u305f\u53d6\u7de0\u5f79\u3068Supervisor\u306e\u5b8c\u5168\u306a\u516c\u958b\uff08\u5229\u76ca\u76f8\u53cd\u306e\u53ef\u80fd\u6027\u3092\u542b\u3080\uff09\u3092\u671f\u5f85\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b19b009\">\u30fb\u6cd5\u7684\u8cbb\u7528\u306e\u5b9f\u7e3e\u5831\u544a\uff1a\u6cd5\u7684\u69cb\u9020\u30b3\u30b9\u30c8\u306f664,000 ADA\u4e0a\u9650\u3067\u3059\u304cUSD\u5efa\u3066\u3067\u3059\u3002\u5b9f\u969b\u306eUSD\u8acb\u6c42\u984d\u3001\u4f7f\u7528\u3057\u305fADA\u5909\u63db\u30ec\u30fc\u30c8\u3001\u4e88\u7b97\u3068\u306e\u5dee\u7570\u306e\u6708\u6b21\u5831\u544a\u3092\u671f\u5f85\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-d35a22d\">\u30fb\u76e3\u67fb\u30ec\u30dd\u30fc\u30c8\u306e\u5b8c\u5168\u516c\u958b\uff1aInvariant0\u306e\u76e3\u67fb\u30ec\u30dd\u30fc\u30c8\u306f\u5168\u6587\u516c\u958b\u3055\u308c\u308b\u3079\u304d\u3067\u3059\u3002\u91cd\u5927\u30fb\u9ad8\u6df1\u523b\u5ea6\u306e\u6240\u898b\u306fWithdrawal 2\u8cc7\u91d1\u7ba1\u7406\u524d\u306b\u662f\u6b63\u3055\u308c\u306a\u3051\u308c\u3070\u306a\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-fd467dc\">\u30fb6\u30f6\u6708\u671f\u9650\u306e\u53b3\u5b88\uff1aTerms of Withdrawal\u306f6\u30f6\u6708\u306e\u5b8c\u4e86\u671f\u9593\u3092\u898f\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u672a\u5b8c\u4e86\u5206\u306f\u898f\u5b9a\u901a\u308a\u8fd4\u9084\u3055\u308c\u308b\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-6d8fa1d\">\u30fbCommittee member\u306e\u8aac\u660e\u8cac\u4efb\uff1a9\u540d\u4e2d2\u540d\uff08Linda Roland\u3001Ryan Davis\uff09\u306e\u516c\u958b\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u306f\u9650\u5b9a\u7684\u3067\u3059\u3002\u5168\u59d4\u54e1\u304c\u516c\u7684\u8cc7\u91d1\u306b\u5bfe\u3059\u308b\u53d7\u8a17\u8005\u8cac\u4efb\u306b\u898b\u5408\u3046\u516c\u958b\u7684\u306a\u8aac\u660e\u8cac\u4efb\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u3092\u671f\u5f85\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e8ff708\">\u4ee5\u4e0a\u306e\u7406\u7531\u306b\u3088\u308a\u3001SIPO DRep\u3068\u3057\u3066\u672c\u63d0\u6848\u306b\u8cdb\u6210\uff08YES\uff09\u3092\u6295\u3058\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-9e5ed9b\">\ud83d\udd17 \u53c2\u8003\u30ea\u30f3\u30af<br>\u30fbDeFi Liquidity Budget Repository:&nbsp;<a href=\"https:\/\/github.com\/theeldermillenial\/2025-liquidity-budget\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/github.com\/theeldermillenial\/2025-liquidity-budget<\/a><br>\u30fbConflict of Interest Policy:&nbsp;<a href=\"https:\/\/raw.githubusercontent.com\/theeldermillenial\/2025-liquidity-budget\/7e657eaa1c39a22a399393b8d8524277bd4b2a1a\/withdrawal-1\/conflict-of-interest.md\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/raw.githubusercontent.com\/theeldermillenial\/2025-liquidity-budget\/7e657eaa1c39a22a399393b8d8524277bd4b2a1a\/withdrawal-1\/conflict-of-interest.md<\/a><br>\u30fbWalkers Global:&nbsp;<a href=\"https:\/\/www.walkersglobal.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.walkersglobal.com<\/a><br>\u30fbInvariant0:&nbsp;<a href=\"https:\/\/invariant0.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/invariant0.com<\/a><br>\u30fbSundaeSwap Treasury Contracts:&nbsp;<a href=\"https:\/\/github.com\/SundaeSwap-finance\/treasury-contracts\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/github.com\/SundaeSwap-finance\/treasury-contracts<\/a><\/p>\n\n\n\n<p class=\"deb-block deb-block-a5f3006\">\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501<\/p>\n\n\n\n<p class=\"deb-block deb-block-35d6125\">English Version<\/p>\n\n\n\n<p class=\"deb-block deb-block-7957541\">\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501\u2501<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-7716a3e\" id=\"how-sipo-views-the-cardano-defi-liquidity-budget-withdrawal-1-a-drep-perspective-and-yes-vote-9\">How SIPO Views the Cardano DeFi Liquidity Budget &#8211; Withdrawal 1 \u2014 A DRep Perspective and YES Vote<\/h4>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-a15b34c\" id=\"proposal-overview-10\">[Proposal Overview]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-c524742\">Proposer: Stablecoin DeFi Liquidity Interim Committee (9 members) | Type: Treasury Withdrawal | Amount: 800,000 ADA | Delivery: 6 months | Submitted: Epoch 617 | Expires: Epoch 624<\/p>\n\n\n\n<p class=\"deb-block deb-block-639eaed\">Setup funding for the 50M ADA stablecoin DeFi liquidity deployment: Cayman FC legal entity (664K ADA via Walkers LLP), smart contract audit (111K ADA via Invariant0 LLC), Amaru contract setup (25K ADA via Sundae Labs). Smart contract development contributed at zero cost by UTxO Company and Sidan Labs. SIPO voted YES on the initial version in January 2026.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-3c9fce7\" id=\"analysis-improvements-over-prior-version-11\">[Analysis: Improvements Over Prior Version]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-765ac5c\">This resubmission substantially improves transparency: complete USD-denominated cost breakdown at $0.25\/ADA, six explicit refund scenarios, article-by-article constitutional compliance checklist (Sections 6, 7(1)-(6), Treasury Guardrails), director candidate profiles, 6-month delivery deadline with mandatory fund return.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b2adb3a\" id=\"analysis-cayman-fc-as-industry-standard-12\">[Analysis: Cayman FC as Industry Standard]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-35523a2\">The Cayman Islands Foundation Company is the established legal wrapper for DAOs, used by MakerDAO, dYdX, Uniswap Foundation, and ENS. Memberless, director-led structure aligns with decentralized governance while providing legal personality, limited liability, and counterparty capability. Walkers LLP provides dedicated regulatory staff for long-term operation.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-d44c10b\" id=\"analysis-defi-liquidity-context-13\">[Analysis: DeFi Liquidity Context]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-cf332ad\">Cardano&#8217;s DeFi TVL (~$300-550M) lags far behind Ethereum ($50B+) and Solana ($7-10B). Deploying treasury principal into DeFi is a bootstrap solution. Unlike Aave\/Uniswap&#8217;s revenue-based strategies, Cardano needs to seed stablecoin liquidity from scratch.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-e96ac1d\" id=\"why-sipo-votes-yes-14\">[Why SIPO Votes YES]<\/h5>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-5512bae\">\n<li class=\"\">Consistent with January 2026 vote \u2014 institutional design cost for Cardano&#8217;s transition from experimental DAO to public blockchain. 2. Substantially improved transparency. 3. Industry-standard legal structure. 4. Proportionate at 0.23% of NCL. 5. Community-contributed smart contract development. 6. Multi-layered governance (5-of-9 multisig, tDAO, DRep oversight).<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-27a7442\" id=\"expectations-15\">[Expectations]<\/h5>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-d1327b6\">\n<li class=\"\">YES on Withdrawal 1 does NOT equal automatic support for Withdrawal 2 (50M ADA). Both evaluated independently.<\/li>\n\n\n\n<li class=\"\">Full director\/supervisor disclosure before fund disbursement<\/li>\n\n\n\n<li class=\"\">Monthly USD invoice reporting with ADA conversion rates<\/li>\n\n\n\n<li class=\"\">Full audit report publication; critical findings remediated before Withdrawal 2<\/li>\n\n\n\n<li class=\"\">Strict 6-month deadline adherence<\/li>\n\n\n\n<li class=\"\">All committee members maintain public accountability<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-c7a5b25\">For these reasons, SIPO DRep votes YES.<\/p>\n","protected":false},"excerpt":{"rendered":"Governance Action ID: gov_action1uhzd06a26qavzflvrx3gvcz6rzxkl6su2ns8t3seef5e8dl6nlgsqcgtufg Cardano DeFi Liquidity Budget &#8211; Withdrawal 1 \u25c6 \u63d0\u6848\u6982\u8981 \u30fb\u63d0\u6848\u8005\uff1aStablecoin DeFi Liquidity Interim Committee\uff089\u540d\uff09Linda Roland\u3001Darren Camas\u3001Nick Schaub Ph.D.\u3001Giorgio Zinetti\u3001Massimo Morini Ph.D.\u3001Darlington Wleh\u3001Murasaki\u3001Raphael Christian&hellip;","protected":false},"author":1,"featured_media":45393,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[311,307,21,35,28,1],"tags":[],"class_list":{"0":"post-45396","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-defi2-0","8":"category-drep","9":"category-21","10":"category-blog","11":"category-28","12":"category-japanese"},"featured_image_urls":{"full":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03.png",1792,1024,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-300x171.png",300,171,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-768x439.png",768,439,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-1024x585.png",900,514,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-1536x878.png",1536,878,true],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03.png",1792,1024,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-450x257.png",450,257,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_03-900x514.png",900,514,true]},"category_list":"<a href=\"https:\/\/sipo.tokyo\/?cat=311\" rel=\"category\">DeFi2.0<\/a>, <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\/45396","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=45396"}],"version-history":[{"count":1,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45396\/revisions"}],"predecessor-version":[{"id":45397,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45396\/revisions\/45397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/45393"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}