{"id":45398,"date":"2026-03-29T19:06:59","date_gmt":"2026-03-29T10:06:59","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45398"},"modified":"2026-03-30T09:48:27","modified_gmt":"2026-03-30T00:48:27","slug":"post-45398","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45398","title":{"rendered":"SIPO DRep\uff1a\u300eCardano x Draper Dragon: Orion Fund\u300f\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u6761\u4ef6\u4ed8\u304d\u300cYes\u300d\u8a55\u4fa1\u3001\u30b9\u30bf\u30f3\u30b9"},"content":{"rendered":"\n<p class=\"deb-block deb-block-d59fba4\">Governance Action ID: gov_action13qr78nhrhetywapvx2wpm63y9uxpc2dc45zsu9gkncasxqhuhltqqqfu32x<\/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-x-draper-dragon-orion-fund-1\">Cardano x Draper Dragon: Orion Fund<\/a><ul><li><a href=\"#e29786-e8b387e98791e9858de58886e381a8e38395e382a1e383b3e38389e6a78be980a0-2\">\u25c6 \u8cc7\u91d1\u914d\u5206\u3068\u30d5\u30a1\u30f3\u30c9\u69cb\u9020<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9ae4bb96e38381e382a7e383bce383b3e381aee382a8e382b3e382b7e382b9e38386e383a0e38395e382a1e383b3e38389e381a8e381ae-3\">\u25c6 \u5206\u6790\uff1a\u4ed6\u30c1\u30a7\u30fc\u30f3\u306e\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30d5\u30a1\u30f3\u30c9\u3068\u306e\u6bd4\u8f03<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9ae6a78be980a0e79a84e687b8e5bfb5-4\">\u25c6 \u5206\u6790\uff1a\u69cb\u9020\u7684\u61f8\u5ff5<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9ae381aae3819ce3819de3828ce381a7e38282yese3818b-e382a8e382b3e382b7e382b9e38386e383a0e7abb6e4ba89e58a9b-5\">\u25c6 \u5206\u6790\uff1a\u306a\u305c\u305d\u308c\u3067\u3082YES\u304b \u2014 \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u7af6\u4e89\u529b\u306e\u5fc5\u8981\u6027<\/a><\/li><li><a href=\"#e29786-sipo-drepe381aee588a4e696ade79086e794b1-6\">\u25c6 SIPO DRep\u306e\u5224\u65ad\u7406\u7531<\/a><\/li><li><a href=\"#e29786-sipoe3818ce69c9fe5be85e38199e3828be4ba8be9a085efbc88tranche-twoe8a995e4bea1e69da1e4bbb6efbc89-7\">\u25c6 SIPO\u304c\u671f\u5f85\u3059\u308b\u4e8b\u9805\uff08Tranche Two\u8a55\u4fa1\u6761\u4ef6\uff09<\/a><\/li><\/ul><\/li><li><a href=\"#how-sipo-views-the-cardano-x-draper-dragon-orion-fund-a-drep-perspective-and-conditional-yes-vote-8\">How SIPO Views the Cardano x Draper Dragon: Orion Fund \u2014 A DRep Perspective and Conditional YES Vote<\/a><ul><li><a href=\"#proposal-overview-9\">[Proposal Overview]<\/a><\/li><li><a href=\"#tranche-one-allocation-10\">[Tranche One Allocation]<\/a><\/li><li><a href=\"#analysis-industry-comparison-11\">[Analysis: Industry Comparison]<\/a><\/li><li><a href=\"#analysis-structural-concerns-12\">[Analysis: Structural Concerns]<\/a><\/li><li><a href=\"#analysis-why-yes-despite-concerns-13\">[Analysis: Why YES Despite Concerns]<\/a><\/li><li><a href=\"#why-sipo-votes-yes-conditional-14\">[Why SIPO Votes YES (Conditional)]<\/a><\/li><li><a href=\"#conditions-for-tranche-two-15\">[Conditions for Tranche Two]<\/a><\/li><\/ul><\/div><h3 class=\"wp-block-heading deb-block deb-block-3cf9567\" id=\"cardano-x-draper-dragon-orion-fund-1\">Cardano x Draper Dragon: Orion Fund<\/h3>\n\n\n\n<p class=\"deb-block deb-block-bb26424\">\u25c6 \u63d0\u6848\u6982\u8981<\/p>\n\n\n\n<p class=\"deb-block deb-block-6e6c693\">\u30fb\u63d0\u6848\u8005\uff1aArouet Holdings\uff08Director N.M.\u3001Director D.M.\uff09<br>\u30fb\u30bf\u30a4\u30d7\uff1aTreasury Withdrawal<br>\u30fb\u91d1\u984d\uff1a50,000,000 ADA\uff08Tranche One \/ $15M USD \/ $0.30\u57fa\u6e96\uff09<br>\u30fb\u5168\u4f53\u8a08\u753b\uff1a$75M\uff08Treasury\u3001175M ADA\u4e0a\u9650\uff09+ $5M+\uff08\u5916\u90e8LP\uff09= $80M+\u30016\u5e74\u9593<br>\u30fb\u63d0\u51fa\uff1aEpoch 618\uff082026\u5e743\u670813\u65e5\uff09<br>\u30fb\u671f\u9650\uff1aEpoch 625\uff082026\u5e744\u670815\u65e5\uff09<br>\u30fb\u904b\u55b6\uff1aDraper Dragon Orion GP, LLC\uff08GP\uff09<\/p>\n\n\n\n<p class=\"deb-block deb-block-a4dce63\">Draper Dragon\u904b\u55b6\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30d5\u30a1\u30f3\u30c9\u300cOrion Fund\u300d\u306e\u521d\u56de\u30c8\u30e9\u30f3\u30b7\u30a7\uff08$15M \/ 50M ADA\uff09\u3067\u3059\u30026\u5e74\u9593\u3067\u6700\u5927$75M\uff08175M ADA\u4e0a\u9650\uff09\u3092Cardano\u30cd\u30a4\u30c6\u30a3\u30d6\/\u7d71\u5408\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u306b\u6295\u8cc7\u3057\u3001Treasury\u306b\u8cc7\u672c\u3068\u5229\u76ca\u3092\u8fd4\u9084\u3059\u308b\u69cb\u9020\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-811e821\">\u672c\u6295\u7968\u306fTranche One\u306e\u307f\u3092\u627f\u8a8d\u3059\u308b\u3082\u306e\u3067\u3042\u308a\u3001\u5c06\u6765\u306eTranche Two\uff08$30M \/ \u6700\u592785M ADA\uff09\u3084Tranche Three\uff08$30M \/ \u6700\u592785M ADA\uff09\u306f\u5225\u9014\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u3068DRep\u627f\u8a8d\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-f1eda0a\">Cardano Foundation\u304c\u61b2\u6cd5\u4e0a\u306e\u7ba1\u7406\u8005\uff08Administrator\uff09\u3068\u3057\u3066\u672c\u63d0\u6848\u306e\u8a2d\u5b9a\u3092\u652f\u63f4\u3057\u307e\u3057\u305f\u304c\u3001\u6295\u8cc7\u5224\u65ad\u306b\u306f\u95a2\u4e0e\u3057\u307e\u305b\u3093\u3002CF\u306f\u7d4c\u6e08\u7684\u5229\u76ca\u3092\u5f97\u305a\u3001\u305d\u306e\u4f7f\u547d\u306fCardano\u306e\u767a\u5c55\u3068\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u306e\u63a1\u7528\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-13e3bc2\" id=\"e29786-e8b387e98791e9858de58886e381a8e38395e382a1e383b3e38389e6a78be980a0-2\">\u25c6 \u8cc7\u91d1\u914d\u5206\u3068\u30d5\u30a1\u30f3\u30c9\u69cb\u9020<\/h5>\n\n\n\n<p class=\"deb-block deb-block-bed1134\">\u3010Tranche One\u8cc7\u91d1\u914d\u5206\u3011<\/p>\n\n\n\n<p class=\"deb-block deb-block-f71a969\">Ecosystem Support &amp; Investments\uff08\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u652f\u63f4\u30fb\u6295\u8cc7\uff09\uff1a<br>\u30fbDirect Investments\uff1a\u7d04$10.75M \u2014 Cardano\u30cd\u30a4\u30c6\u30a3\u30d6\/\u7d71\u5408\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3078\u306e\u682a\u5f0f\/\u30c8\u30fc\u30af\u30f3\u6295\u8cc7\u3002Pre-Seed\uff08\u7d041\/4\uff09\u3001Seed\uff08\u7d041\/3\uff09\u3001Late Seed\/Pre-Series A\uff08\u7d042\/5\uff09<br>\u30fbGrowth Capital\uff1a\u7d04$1.9M \u2014 \u30a4\u30f3\u30cf\u30a6\u30b9\u30d9\u30f3\u30c1\u30e3\u30fc\u30b9\u30bf\u30b8\u30aa\uff08Plutus\/Aiken\u5c02\u95805\u540d\u30c1\u30fc\u30e0\uff09\u3001\u53d6\u5f15\u6240\u4e0a\u5834\u30fb\u7d71\u5408\u652f\u63f4\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u7d39\u4ecb\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u30c4\u30fc\u30ea\u30f3\u30b0<br>\u30fbStartup Acceleration &amp; Talent Pipeline\uff1a\u7d04$1M \u2014 Hacker House\uff086\u9031\u9593\u300115\u30c1\u30fc\u30e0\u3001\u6700\u5927$50K\u6295\u8cc7\/2.5%\u682a\u5f0f\uff09\u3001Growth Accelerator\uff0812\u9031\u9593\u300110\u793e\u3001\u6700\u5927$150K\u6295\u8cc7\/5%\u682a\u5f0f\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\uff09<\/p>\n\n\n\n<p class=\"deb-block deb-block-aaee3b2\">Direct Fund Operational Expenses\uff08\u30d5\u30a1\u30f3\u30c9\u904b\u55b6\u8cbb\uff09\uff1a<br>\u30fbManagement Fee\uff1a$1M\uff08\u5e02\u5834\u5e73\u57472%\u2192\u7d041.3%\u306b\u5272\u5f15\uff09<br>\u30fbCustomary Fund Expenses\uff1a$0.3M\uff08\u76e3\u67fb\u30fb\u6cd5\u52d9\u30fb\u7a0e\u52d9\u3002\u5e74\u9593$300,000\u4e0a\u9650\uff09<br>\u30fbArouet Holdings\u7ba1\u7406\u8cbb\uff1a$0.05M<\/p>\n\n\n\n<p class=\"deb-block deb-block-9eb8961\">\u3010\u5229\u76ca\u5206\u914d\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb\u3011<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-f7074b1\">\n<li class=\"\">\u307e\u305aEcosystem Support &amp; Investments\u5168\u984d\u3092Arouet Holdings\uff08\u2192Treasury\uff09\u306b\u8fd4\u6e08<\/li>\n\n\n\n<li class=\"\">\u8fd4\u6e08\u5b8c\u4e86\u5f8c\u306eNet Profit\uff1a80% Arouet Holdings\uff08\u2192Treasury\uff09\/ 20% GP\uff08Draper Dragon\uff09<\/li>\n\n\n\n<li class=\"\">GP\u306f\u5168\u6295\u8cc7\u8cc7\u91d1\u304cTreasury\u306b\u8fd4\u9084\u3055\u308c\u308b\u307e\u3067\u5229\u76ca\u5206\u914d\u3092\u53d7\u3051\u306a\u3044<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-89ca84e\">\u30103x\u30ea\u30bf\u30fc\u30f3\u306e\u30a4\u30e9\u30b9\u30c8\uff08Arouet Holdings\u304c\u552f\u4e00\u306eLP\u306e\u5834\u5408\uff09\u3011<br>\u30fbTreasury\u6295\u8cc7\u984d\uff08Ecosystem Support &amp; Investments\uff09\uff1a$67.5M<br>\u30fb3x\u76ee\u6a19\u751f\u6210\u4fa1\u5024\uff1a$202.5M<br>\u30fbArouet Holdings\u3078\u306e\u8cc7\u672c\u8fd4\u9084\uff1a$67.5M<br>\u30fbNet Profit\uff1a$135.0M \u2192 80%\uff08$108.0M\uff09Arouet Holdings + 20%\uff08$27.0M\uff09GP<br>\u30fbTreasury\u8fd4\u9084\u7dcf\u984d\uff08\u8cbb\u7528\u524d\uff09\uff1a$175.5M\uff08\u7d042.6x\uff09<\/p>\n\n\n\n<p class=\"deb-block deb-block-9d1796f\">\u3010\u30d5\u30a1\u30f3\u30c9\u69cb\u9020\u3011<br>\u30fbArouet Holdings\uff1aCayman FC\u306e\u30aa\u30fc\u30ca\u30fc\u30ec\u30b9\u6cd5\u4eba\u3002Treasury\u5229\u76ca\u306e\u53d7\u9818\u30fb\u8fd4\u9084\u3092\u62c5\u3046LP\u3002\u72ec\u7acbSupervisor\u306b\u3088\u308b\u53d6\u7de0\u5f79\u30c1\u30a7\u30c3\u30af\u3002Community Director\u3092\u8cc7\u91d1\u78ba\u4fdd\u5f8c\u306b\u8ffd\u52a0<br>\u30fbDraper Dragon Orion GP, LLC\uff1a\u30d5\u30a1\u30f3\u30c9\u7ba1\u7406\u8005\uff08GP\uff09<br>\u30fbDD Ecosystem MC, LLC\uff1a\u6295\u8cc7\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\uff08SEC\u306eexempt reporting adviser\uff09<br>\u30fbCardano Foundation\uff1a\u61b2\u6cd5\u4e0a\u306eAdministrator\u3002\u6295\u8cc7\u5224\u65ad\u306b\u306f\u4e0d\u95a2\u4e0e<br>\u30fbauto-abstain DRep\u59d4\u4efb\u3001SPO\u59d4\u4efb\u306a\u3057<\/p>\n\n\n\n<p class=\"deb-block deb-block-bcc4f9a\">\u3010ADA\u4fa1\u683c\u5909\u52d5\u3078\u306e\u5bfe\u5fdc\u3011<br>\u30fb\u5404\u30c8\u30e9\u30f3\u30b7\u30a7\u306f20%\u30d0\u30c3\u30d5\u30a1\u3092\u542b\u3080<br>\u30fbADA\u4fa1\u683c\u4e0a\u6607\u6642\uff1a\u4f59\u5270\u5206\u306f\u6b21\u30c8\u30e9\u30f3\u30b7\u30a7\u306e\u8cc7\u672c\u30b3\u30fc\u30eb\u3092\u6e1b\u984d<br>\u30fbADA\u4fa1\u683c\u4e0b\u843d\u6642\uff1a\u30d0\u30c3\u30d5\u30a1\u3067\u6700\u521d\u306e20%\u3092\u5438\u53ce\u3002\u4e0d\u8db3\u6642\u306f\u30c8\u30c3\u30d7\u30a2\u30c3\u30d7\u7533\u8acb\u3001\u7e70\u8d8a\u3001\u307e\u305f\u306fGP\u304c6\u30f6\u6708\u5ef6\u671f<br>\u30fb\u3044\u304b\u306a\u308b\u5834\u5408\u3082Tranche Cap\uff0850M ADA\uff09\u3068Aggregate Cap\uff08175M ADA\uff09\u3092\u8d85\u3048\u306a\u3044<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b01b21d\" id=\"e29786-e58886e69e90efbc9ae4bb96e38381e382a7e383bce383b3e381aee382a8e382b3e382b7e382b9e38386e383a0e38395e382a1e383b3e38389e381a8e381ae-3\">\u25c6 \u5206\u6790\uff1a\u4ed6\u30c1\u30a7\u30fc\u30f3\u306e\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30d5\u30a1\u30f3\u30c9\u3068\u306e\u6bd4\u8f03<\/h5>\n\n\n\n<p class=\"deb-block deb-block-5f9919a\">\u30fbNEAR Protocol\uff1a$800M\uff08Foundation + \u30d1\u30fc\u30c8\u30ca\u30fc\uff09<br>\u30fbAvalanche\uff1a$610M+\uff08$180M Rush + $230M\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0 + $200M Blizzard VC\uff09<br>\u30fbSolana Ventures\uff1a$100M+\/\u5730\u57df\u30d5\u30a1\u30f3\u30c9\u300272\u793e\u6295\u8cc7\u30012\u30e6\u30cb\u30b3\u30fc\u30f3<br>\u30fbPolkadot Treasury\uff1aH1 2024\u3067$87M\u6d88\u8cbb\u3002$37M\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306b\u52b9\u679c\u306a\u3057\u3067\u6df1\u523b\u306a\u6279\u5224<br>\u30fbCardano Orion\uff1a$75-80M\uff0894% Treasury\u8cc7\u91d1\uff09<\/p>\n\n\n\n<p class=\"deb-block deb-block-70ffc4e\">Orion Fund\u306e\u7279\u6b8a\u6027\u306f\u300194%\u304cTreasury\u8cc7\u91d1\u3067\u3042\u308a\u3001GP\u306eDraper Dragon\u304c\u81ea\u5df1\u8cc7\u91d1\u3092\u307b\u3068\u3093\u3069\u62e0\u51fa\u3057\u306a\u3044\u69cb\u9020\u3067\u3059\u3002Avalanche\/NEAR\u306e\u30d5\u30a1\u30f3\u30c9\u306f\u5916\u90e8\u8cc7\u672c\u304c\u5927\u304d\u306a\u5272\u5408\u3092\u5360\u3081\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-41852b5\" id=\"e29786-e58886e69e90efbc9ae6a78be980a0e79a84e687b8e5bfb5-4\">\u25c6 \u5206\u6790\uff1a\u69cb\u9020\u7684\u61f8\u5ff5<\/h5>\n\n\n\n<p class=\"deb-block deb-block-d2a361b\">SIPO\u306f\u4ee5\u4e0b\u306e\u69cb\u9020\u7684\u61f8\u5ff5\u3092\u660e\u793a\u7684\u306b\u8a8d\u8b58\u3057\u305f\u4e0a\u3067YES\u3092\u6295\u3058\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-89f87a2\">\n<li class=\"\">GP\u30b9\u30ad\u30f3\u30a4\u30f3\u30b6\u30b2\u30fc\u30e0\u6700\u5c0f\u9650<br>94% Treasury \/ 6% eLP\u6bd4\u7387\u306fDraper Dragon\u306e\u8cc7\u672c\u30ea\u30b9\u30af\u304c\u6700\u5c0f\u3067\u3042\u308b\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u901a\u5e38\u306e\u6a5f\u95a2VC\u30d5\u30a1\u30f3\u30c9\u3067\u306fGP\u304c1-3%\u306e\u30b3\u30df\u30c3\u30c8\u3092\u884c\u3044\u5229\u5bb3\u3092\u4e00\u81f4\u3055\u305b\u307e\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u5171\u540c\u6295\u8cc7\u6761\u9805\u306e\u5229\u76ca\u76f8\u53cd<br>Draper Dragon\u306f\u81ea\u793e\u306e\u4ed6\u30d5\u30a1\u30f3\u30c9\u304b\u3089Orion Fund\u6848\u4ef6\u306b\u5171\u540c\u6295\u8cc7\u53ef\u80fd\u3068\u660e\u8a18\u3055\u308c\u3066\u3044\u307e\u3059\u3002SPO Thiago\uff08OUROS pool\uff09\u304c\u6307\u6458\u3057\u305f\u901a\u308a\u3001GP\u304c\u8907\u6570\u30d3\u30fc\u30af\u30eb\u3067\u512a\u826f\u6848\u4ef6\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u84c4\u7a4d\u3057\u3001Treasury\u5074\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u56fa\u5b9a\u3055\u308c\u308b\u69cb\u9020\u7684\u30ea\u30b9\u30af\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n\n\n\n<li class=\"\">LP Advisory Committee\uff08LPAC\uff09\u306e\u4e0d\u5728<br>$75M\u306e\u516c\u7684\u8cc7\u91d1\u3092\u7ba1\u7406\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u306b\u3001\u6a19\u6e96\u7684\u306a\u6a5f\u95a2LPA\u3067\u306f\u8a2d\u7f6e\u3055\u308c\u308bLP Advisory Committee\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u5229\u76ca\u76f8\u53cd\u53d6\u5f15\u306e\u72ec\u7acb\u30ec\u30d3\u30e5\u30fc\u6a5f\u69cb\u304c\u6b20\u5982\u3057\u3066\u3044\u307e\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u7af6\u4e89\u7684\u9078\u5b9a\u30d7\u30ed\u30bb\u30b9\u306e\u4e0d\u5728<br>\u672c\u63d0\u6848\u306f\u30aa\u30fc\u30d7\u30f3RFP\u306e\u7d50\u679c\u3067\u306f\u306a\u304f\u3001Draper Dragon\u304c\u552f\u4e00\u306e\u5019\u88dc\u3068\u3057\u3066\u9078\u5b9a\u3055\u308c\u307e\u3057\u305f\u3002\u306a\u305c\u4ed6\u306eVC\uff08a16z Crypto\u3001Polychain\u3001Pantera\u7b49\uff09\u304c\u691c\u8a0e\u3055\u308c\u306a\u304b\u3063\u305f\u304b\u4e0d\u660e\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">ADA\u4fa1\u683c\u30ea\u30b9\u30af<br>$0.30\u57fa\u6e96\u3067\u7b97\u51fa\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u73fe\u5728ADA\u306f\u7d04$0.245\u300250M ADA\u306f\u5b9f\u8cea\u7d04$12.25M\uff08\u8a08\u753b\u6bd4-18%\uff09\u300220%\u30d0\u30c3\u30d5\u30a1\u304c\u5185\u8535\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u3055\u3089\u306a\u308b\u4e0b\u843d\u6642\u306f\u30d0\u30c3\u30d5\u30a1\u4e0d\u8db3\u306e\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b5d787f\" id=\"e29786-e58886e69e90efbc9ae381aae3819ce3819de3828ce381a7e38282yese3818b-e382a8e382b3e382b7e382b9e38386e383a0e7abb6e4ba89e58a9b-5\">\u25c6 \u5206\u6790\uff1a\u306a\u305c\u305d\u308c\u3067\u3082YES\u304b \u2014 \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u7af6\u4e89\u529b\u306e\u5fc5\u8981\u6027<\/h5>\n\n\n\n<p class=\"deb-block deb-block-4b16ad1\">\u3010\u6280\u8853\u3068\u5546\u696d\u306e\u30ae\u30e3\u30c3\u30d7\u3011<br>Cardano\u306e\u6280\u8853\u7684\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\uff08eUTXO\u3001Ouroboros\u3001\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u30ac\u30d0\u30ca\u30f3\u30b9\uff09\u306f\u696d\u754c\u6700\u9ad8\u6c34\u6e96\u3067\u3059\u3002\u3057\u304b\u3057DeFi 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\u3053\u306e\u30ae\u30e3\u30c3\u30d7\u306f\u6280\u8853\u3067\u306f\u306a\u304f\u5546\u696d\u9762\u306e\u554f\u984c\u3067\u3059\u3002Cardano\u306b\u306f\u3001\u5b9f\u4e16\u754c\u306e\u30a2\u30c0\u30d7\u30b7\u30e7\u30f3\u3092\u63a8\u9032\u3059\u308b\u6a5f\u95a2\u7684\u63a5\u7d9a\u3001\u53d6\u5f15\u6240\u7d71\u5408\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u304c\u4e0d\u8db3\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-602ab90\">\u3010Coinbase\u30ec\u30d9\u30eb\u306e\u7af6\u4e89\u529b\u304c\u5fc5\u8981\u3011<br>\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u63a1\u7528\u306e\u6b21\u30d5\u30a7\u30fc\u30ba\u306f\u3001\u4f1d\u7d71\u7684\u91d1\u878d\u3068\u6697\u53f7\u306e\u4ea4\u70b9\u3067\u6d3b\u52d5\u3059\u308b\u4f01\u696d \u2014 \u6a5f\u95a2\u30b0\u30ec\u30fc\u30c9\u306e\u53d6\u5f15\u6240\u3001\u30af\u30ea\u30d7\u30c8\u30d0\u30f3\u30af\u3001\u898f\u5236\u5bfe\u5fdc\u30ab\u30b9\u30c8\u30c7\u30a3\u30a2\u30f3\u3001\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30c8DeFi\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0 \u2014 \u306b\u3088\u3063\u3066\u5b9a\u7fa9\u3055\u308c\u307e\u3059\u3002Cardano\u306e\u30b3\u30f3\u30d7\u30e9\u30a4\u30a2\u30f3\u30b9\u30d5\u30a1\u30fc\u30b9\u30c8\u306e\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u306f\u3053\u306e\u30bb\u30b0\u30e1\u30f3\u30c8\u306b\u72ec\u81ea\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6301\u3061\u307e\u3059\u3002Draper\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306e\u53d6\u5f15\u6240\u95a2\u4fc2\uff08Coinbase\u3001Binance\u3001OKX\u3001ByBit\uff09\u306f\u73fe\u5b9f\u7684\u306a\u9053\u7b4b\u3092\u63d0\u4f9b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-a4991fe\">\u3010AI\u7d4c\u6e08\u3068DeFi\u306e\u878d\u5408\u3011<br>AI\u99c6\u52d5\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u30b7\u30b9\u30c6\u30e0\u3001\u81ea\u5f8b\u7d4c\u6e08\u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u3001\u30de\u30b7\u30f3\u9593\u53d6\u5f15\u306b\u306f\u6c7a\u5b9a\u8ad6\u7684\u3067\u76e3\u67fb\u53ef\u80fd\u304b\u3064\u30b3\u30f3\u30dd\u30fc\u30b6\u30d6\u30eb\u306aDeFi\u30a4\u30f3\u30d5\u30e9\u304c\u5fc5\u8981\u3067\u3059 \u2014 Cardano\u306eeUTXO\u30e2\u30c7\u30eb\u304c\u63d0\u4f9b\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u3057\u304b\u3057\u3053\u306e\u30a4\u30f3\u30d5\u30e9\u306f\u5b64\u7acb\u3057\u3066\u767a\u5c55\u3067\u304d\u307e\u305b\u3093\u3002AI\u30cd\u30a4\u30c6\u30a3\u30d6\u306a\u91d1\u878d\u30a2\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u3092\u652f\u3048\u308bDeFi\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-2350f63\">\u3010Grant \u2192 Equity\u6295\u8cc7\u3078\u306e\u9032\u5316\u3011<br>Project Catalyst\u306f\u6570\u767e\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u8cc7\u91d1\u63d0\u4f9b\u3057\u3066\u304d\u307e\u3057\u305f\u304c\u3001Grant\u30e2\u30c7\u30eb\u306b\u306f\u69cb\u9020\u7684\u9650\u754c\u304c\u3042\u308a\u307e\u3059\uff1a\u8cc7\u672c\u30ea\u30bf\u30fc\u30f3\u306a\u3057\u3001\u9650\u5b9a\u7684\u306a\u4e8b\u5f8c\u8aac\u660e\u8cac\u4efb\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u4fa1\u5024\u306e\u8907\u5229\u52b9\u679c\u306a\u3057\u3002Orion Fund\u306e\u682a\u5f0f\u30d9\u30fc\u30b9\u30e2\u30c7\u30eb\u306f\u3001\u5b8c\u5168\u8cc7\u672c\u8fd4\u6e08\u5f8c\u306eNet Profit\u306e80%\u3092Treasury\u306b\u8fd4\u9084\u3057\u3001Treasury-as-investor\uff08\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306eTreasury\uff09\u306e\u524d\u4f8b\u3092\u78ba\u7acb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-3c2a792\">\u3010\u4e0d\u4f5c\u70ba\u306e\u30b3\u30b9\u30c8\u3011<br>Cardano\u306e\u6280\u8853\u7684\u512a\u4f4d\u6027\u304c\u5546\u696d\u7684\u306b\u6d3b\u7528\u3055\u308c\u306a\u3044\u307e\u307e\u3001\u7af6\u5408\u304c\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3092\u69cb\u7bc9\u3057\u3066\u3044\u304f\u306e\u3092\u898b\u308b\u3053\u3068 \u2014 \u3053\u308c\u304cTranche One\u306e\u69cb\u9020\u7684\u61f8\u5ff5\u3088\u308a\u5927\u304d\u306a\u30ea\u30b9\u30af\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b07013f\" id=\"e29786-sipo-drepe381aee588a4e696ade79086e794b1-6\">\u25c6 SIPO DRep\u306e\u5224\u65ad\u7406\u7531<\/h5>\n\n\n\n<p class=\"deb-block deb-block-7009a65\">SIPO\u306f\u4ee5\u4e0b\u306e\u7406\u7531\u3067\u672c\u63d0\u6848\u306eTranche One\u306b\u6761\u4ef6\u4ed8\u304d\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-5767577\">\n<li class=\"\">\u30d7\u30ed\u30d5\u30a7\u30c3\u30b7\u30e7\u30ca\u30ebVC\u53c2\u5165\u306e\u5fc5\u8981\u6027<br>Cardano\u306e\u6280\u8853\u7684\u512a\u4f4d\u6027\u3092\u5546\u696d\u7684\u6210\u9577\u306b\u5909\u3048\u308b\u306b\u306f\u3001\u6a5f\u95a2\u30ec\u30d9\u30eb\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30a4\u30f3\u30d5\u30e9\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">Coinbase\u30ec\u30d9\u30eb\u306e\u7af6\u4e89\u529b\u3068AI-DeFi\u878d\u5408\u3078\u306e\u671f\u5f85<br>\u7c73\u56fd\u3068\u30a2\u30b8\u30a2\u5e02\u5834\u3067Coinbase\u30ec\u30d9\u30eb\u306e\u53d6\u5f15\u6240\u3001\u30af\u30ea\u30d7\u30c8\u30d0\u30f3\u30af\u3001AI\u7d4c\u6e08\u89aa\u548c\u578bDeFi\u30a4\u30f3\u30d5\u30e9\u306e\u8a98\u81f4\u304c\u5fc5\u8981\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">Draper Network\u306e\u5b9f\u7e3e<br>400+\u793e\u6295\u8cc7\u300150+\u30e6\u30cb\u30b3\u30fc\u30f3\u3001Coinbase\/Ledger\/Gemini\u3078\u306e\u521d\u671f\u6295\u8cc7\u3068\u3044\u3046\u5b9f\u7e3e\u306f\u672c\u7269\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">Grant \u2192 Equity\u6295\u8cc7\u306e\u9032\u5316<br>Treasury\u6301\u7d9a\u53ef\u80fd\u6027\u306e\u89b3\u70b9\u3067\u3001\u975e\u8fd4\u9084\u578b\u304b\u3089\u8cc7\u672c\u8fd4\u9084\u30e2\u30c7\u30eb\u3078\u306e\u79fb\u884c\u306f\u5236\u5ea6\u7684\u9032\u5316\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u30c8\u30e9\u30f3\u30b7\u30a7\u69cb\u9020\u306b\u3088\u308b\u30ac\u30d0\u30ca\u30f3\u30b9\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb<br>\u672c\u6295\u7968\u306fTranche One\uff0850M ADA\uff09\u306e\u307f\u3002\u5c06\u6765\u30c8\u30e9\u30f3\u30b7\u30a7\u306f\u5225\u9014DRep\u627f\u8a8d\u304c\u5fc5\u8981\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u69cb\u9020\u7684\u61f8\u5ff5\u306f\u660e\u8a18<br>94% Treasury\/GP\u30b9\u30ad\u30f3\u30a4\u30f3\u30b6\u30b2\u30fc\u30e0\u6700\u5c0f\u9650\u3001LPAC\u4e0d\u5728\u3001\u7af6\u4e89\u7684\u9078\u5b9a\u306a\u3057\u306f\u73fe\u5b9f\u306e\u61f8\u5ff5\u3067\u3059\u3002SIPO\u306f\u3053\u308c\u3089\u3092\u7121\u8996\u305b\u305a\u3001Tranche Two\u8a55\u4fa1\u306e\u6761\u4ef6\u3068\u3057\u3066\u660e\u78ba\u306b\u4f4d\u7f6e\u3065\u3051\u307e\u3059\u3002<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-0853f52\" id=\"e29786-sipoe3818ce69c9fe5be85e38199e3828be4ba8be9a085efbc88tranche-twoe8a995e4bea1e69da1e4bbb6efbc89-7\">\u25c6 SIPO\u304c\u671f\u5f85\u3059\u308b\u4e8b\u9805\uff08Tranche Two\u8a55\u4fa1\u6761\u4ef6\uff09<\/h5>\n\n\n\n<p class=\"deb-block deb-block-35eff9b\">SIPO\u306eTranche One\u3078\u306eYES\u306f\u3001Tranche Two\u3078\u306e\u81ea\u52d5\u7684\u306a\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u5c06\u6765\u306e\u652f\u6301\u306f\u4ee5\u4e0b\u306e\u6761\u4ef6\u306b\u4f9d\u5b58\u3057\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-51fa729\">\n<li class=\"\">\u5c55\u958b\u898f\u5f8b\u306e\u5b9f\u8a3c\uff1a\u691c\u8a3c\u53ef\u80fd\u306a\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u30a4\u30f3\u30d1\u30af\u30c8\u3092\u6301\u3064Cardano\u30cd\u30a4\u30c6\u30a3\u30d6\/\u7d71\u5408\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3078\u306e\u54c1\u8cea\u6295\u8cc7\u3002<\/li>\n\n\n\n<li class=\"\">\u900f\u660e\u306a\u56db\u534a\u671f\u5831\u544a\uff1a\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u6982\u8981\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0KPI\u9032\u6357\uff08TVL\u3001\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u6d3b\u52d5\u3001\u958b\u767a\u8005\u6307\u6a19\uff09\u3001\u8ca1\u52d9\u30b5\u30de\u30ea\u30fc\u3002<\/li>\n\n\n\n<li class=\"\">\u5171\u540c\u6295\u8cc7\u306e\u5b8c\u5168\u958b\u793a\uff1aDraper Dragon\u306e\u81ea\u793e\u30d5\u30a1\u30f3\u30c9\u304b\u3089\u306e\u5171\u540c\u6295\u8cc7\u6d3b\u52d5\u306e\u5168\u4ef6\u958b\u793a\u3002<\/li>\n\n\n\n<li class=\"\">LPAC\u8a2d\u7f6e\uff1aTranche Two\u524d\u306b\u6b63\u5f0f\u306aLP Advisory Committee\u307e\u305f\u306f\u540c\u7b49\u306e\u72ec\u7acb\u76e3\u7763\u6a5f\u69cb\u3092\u8a2d\u7f6e\u3002<\/li>\n\n\n\n<li class=\"\">Community Director\u4efb\u547d\uff1aTranche Two\u524d\u306bArouet Holdings\u306eCommunity Director\u9078\u4efb\u30d7\u30ed\u30bb\u30b9\u3092\u5b8c\u4e86\u3057\u904b\u7528\u958b\u59cb\u3002<\/li>\n\n\n\n<li class=\"\">\u6e2c\u5b9a\u53ef\u80fd\u306a\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30a4\u30f3\u30d1\u30af\u30c8\uff1a\u6a5f\u95a2DeFi\u3001RWA\u3001AI-DeFi\u878d\u5408\u306b\u304a\u3051\u308bCardano\u306e\u7af6\u4e89\u30dd\u30b8\u30b7\u30e7\u30f3\u3078\u306e\u8ca2\u732e\u306e\u8a3c\u62e0\u3002<\/li>\n\n\n\n<li class=\"\">ADA\u5909\u63db\u306e\u900f\u660e\u6027\uff1a\u5909\u63db\u5b9f\u884c\u3001\u5b9f\u969b\u306e\u30c9\u30eb\u5c55\u958b\u984d\u3001\u30d0\u30c3\u30d5\u30a1\u4f7f\u7528\u72b6\u6cc1\u306e\u900f\u660e\u306a\u5831\u544a\u3002<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-ad4a58a\">\u4ee5\u4e0a\u306e\u7406\u7531\u306b\u3088\u308a\u3001SIPO DRep\u3068\u3057\u3066\u672c\u63d0\u6848\u306eTranche One\u306b\u6761\u4ef6\u4ed8\u304d\u8cdb\u6210\uff08YES\uff09\u3092\u6295\u3058\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-1b603bf\">\ud83d\udd17 \u53c2\u8003\u30ea\u30f3\u30af<br>\u30fbOrion Fund Forum Post:&nbsp;<a href=\"https:\/\/forum.cardano.org\/t\/scaling-global-adoption-cardano-and-draper-dragon-partner-for-strategic-80m-fund\/152493\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/forum.cardano.org\/t\/scaling-global-adoption-cardano-and-draper-dragon-partner-for-strategic-80m-fund\/152493<\/a><br>\u30fbOrion Fund FAQ:&nbsp;<a href=\"https:\/\/forum.cardano.org\/t\/cardano-x-draper-dragon-orion-fund-faq\/153797\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/forum.cardano.org\/t\/cardano-x-draper-dragon-orion-fund-faq\/153797<\/a><br>\u30fbDraper Dragon:&nbsp;<a href=\"https:\/\/www.draperdragon.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/www.draperdragon.com\/<\/a><br>\u30fbDraper University:&nbsp;<a href=\"https:\/\/draperuniversity.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/draperuniversity.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-bbc595d\">\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-e59b8f5\">English Version<\/p>\n\n\n\n<p class=\"deb-block deb-block-84d23ea\">\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-17cc77d\" id=\"how-sipo-views-the-cardano-x-draper-dragon-orion-fund-a-drep-perspective-and-conditional-yes-vote-8\">How SIPO Views the Cardano x Draper Dragon: Orion Fund \u2014 A DRep Perspective and Conditional YES Vote<\/h4>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-cbf6da1\" id=\"proposal-overview-9\">[Proposal Overview]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-9309a55\">Proposer: Arouet Holdings | Type: Treasury Withdrawal | Amount: 50,000,000 ADA (Tranche One \/ $15M at $0.30) | Full plan: $75M over 6 years (175M ADA cap) + $5M+ external LP = $80M+ | Submitted: Epoch 618 | Expires: Epoch 625<\/p>\n\n\n\n<p class=\"deb-block deb-block-1ef402f\">Tranche One of the Orion Fund, a multi-year venture fund managed by Draper Dragon. Invests in Cardano-native and Cardano-integrated startups and returns capital and profits to the Treasury via Arouet Holdings (Cayman FC). Full capital repayment before GP profit participation. 80\/20 net profit split (Treasury\/GP).<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-9850e28\" id=\"tranche-one-allocation-10\">[Tranche One Allocation]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-30da808\">Direct Investments ~$10.75M, Growth Capital ~$1.9M (in-house venture studio, exchange listings, integrations), Startup Acceleration ~$1M (Hacker House 15 teams, Growth Accelerator 10 companies). Management Fee $1M (~1.3%, discounted from 2% market rate), Fund Expenses $0.3M, Arouet Admin $0.05M.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-1ad0072\" id=\"analysis-industry-comparison-11\">[Analysis: Industry Comparison]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-a8a9a42\">NEAR $800M, Avalanche $610M+, Solana Ventures $100M+\/regional, Polkadot $87M spent in H1 2024 with severe criticism. The Orion Fund ($75-80M) is 94% Treasury-funded with minimal external capital \u2014 a structural distinction from peers.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-199cd0e\" id=\"analysis-structural-concerns-12\">[Analysis: Structural Concerns]<\/h5>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-f42bb5b\">\n<li class=\"\">Minimal GP skin in the game (94% Treasury \/ 6% eLP). <\/li>\n\n\n\n<li class=\"\">2. Co-investment clause creates conflict of interest. <\/li>\n\n\n\n<li class=\"\">3. No LP Advisory Committee. <\/li>\n\n\n\n<li class=\"\">4. No competitive selection process. <\/li>\n\n\n\n<li class=\"\">5. ADA at ~$0.245 is 18% below assumed $0.30.<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b5d5074\" id=\"analysis-why-yes-despite-concerns-13\">[Analysis: Why YES Despite Concerns]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-c2f56e7\">Cardano&#8217;s technical superiority has not translated into commercial ecosystem growth (DeFi TVL ~$300-550M vs Ethereum $50B+). Cardano needs Coinbase-level exchanges, crypto banks, and AI economy-compatible DeFi infrastructure. The eUTXO model is ideal for AI trading and autonomous economic agents. Draper Network&#8217;s track record (400+ companies, 50+ unicorns) is genuine. The shift from grants to equity investment is an evolution for Treasury sustainability. The cost of inaction exceeds structural concerns at Tranche One scale.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-c217ae3\" id=\"why-sipo-votes-yes-conditional-14\">[Why SIPO Votes YES (Conditional)]<\/h5>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-0dc598d\">\n<li class=\"\">Professional VC needed for commercial ecosystem growth. <\/li>\n\n\n\n<li class=\"\">2. Coinbase-level competitiveness and AI-DeFi convergence. <\/li>\n\n\n\n<li class=\"\">3. Genuine Draper Network track record. <\/li>\n\n\n\n<li class=\"\">4. Grant \u2192 equity evolution for Treasury sustainability. <\/li>\n\n\n\n<li class=\"\">5. Tranche structure preserves DRep control. 6. Structural concerns explicitly documented \u2014 not ignored.<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-a2f27c6\" id=\"conditions-for-tranche-two-15\">[Conditions for Tranche Two]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-5ca5b2c\">YES on Tranche One is NOT a commitment to Tranche Two. Conditions: demonstrated deployment discipline, transparent quarterly reporting, full co-investment disclosure, LPAC establishment, Community Director appointment, measurable ecosystem impact, transparent ADA conversion reporting.<\/p>\n\n\n\n<p class=\"deb-block deb-block-f0d3237\">For these reasons, SIPO DRep votes YES (conditional) on Tranche One.<\/p>\n","protected":false},"excerpt":{"rendered":"Governance Action ID: gov_action13qr78nhrhetywapvx2wpm63y9uxpc2dc45zsu9gkncasxqhuhltqqqfu32x Cardano x Draper Dragon: Orion Fund \u25c6 \u63d0\u6848\u6982\u8981 \u30fb\u63d0\u6848\u8005\uff1aArouet Holdings\uff08Director N.M.\u3001Director D.M.\uff09\u30fb\u30bf\u30a4\u30d7\uff1aTreasury Withdrawal\u30fb\u91d1\u984d\uff1a50,000,000 ADA\uff08Tranche One \/ $15M USD \/ $0.30\u57fa\u6e96\uff09\u30fb\u5168\u4f53\u8a08\u753b\uff1a$75M\uff08Treasury\u3001175M ADA\u4e0a\u9650\uff09+ $5M+\uff08\u5916\u90e8LP\uff09= $80M+\u30016\u5e74\u9593\u30fb\u63d0\u51fa\uff1aE&hellip;","protected":false},"author":1,"featured_media":45394,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[],"class_list":{"0":"post-45398","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\/03\/X_SIPO_DRep_20260329_04.png",1792,1024,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-300x171.png",300,171,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-768x439.png",768,439,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-1024x585.png",900,514,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-1536x878.png",1536,878,true],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04.png",1792,1024,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-450x257.png",450,257,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_04-900x514.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\/45398","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=45398"}],"version-history":[{"count":2,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45398\/revisions"}],"predecessor-version":[{"id":45407,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45398\/revisions\/45407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/45394"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}