{"id":45400,"date":"2026-03-29T19:09:59","date_gmt":"2026-03-29T10:09:59","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45400"},"modified":"2026-03-30T09:49:03","modified_gmt":"2026-03-30T00:49:03","slug":"post-45400","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45400","title":{"rendered":"SIPO DRep\uff1a\u300eApprove Cardano Foundation as New Managing Entity of Project Catalyst\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-3353ffc\">Governance Action ID: gov_action1k5vwlfrxtyusd2ec37tckd54gjvqn2kd72xj4t6wkkapdv7zfg0qq468n2r<\/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=\"#approve-cardano-foundation-as-new-managing-entity-of-project-catalyst-1\">Approve Cardano Foundation as New Managing Entity of Project Catalyst<\/a><ul><li><a href=\"#e29786-e68f90e6a188e6a682e8a681-2\">\u25c6 \u63d0\u6848\u6982\u8981<\/a><\/li><li><a href=\"#e29786-e8838ce699afefbc9ae381aae3819ce38193e381aee7a7bbe7aea1e3818ce5bf85e8a681e3818b-3\">\u25c6 \u80cc\u666f\uff1a\u306a\u305c\u3053\u306e\u79fb\u7ba1\u304c\u5fc5\u8981\u304b<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9ae689bfe8aa8de38197e381aae38184e5a0b4e59088e381aee383aae382b9e382af-4\">\u25c6 \u5206\u6790\uff1a\u627f\u8a8d\u3057\u306a\u3044\u5834\u5408\u306e\u30ea\u30b9\u30af<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9acatalyste381a8intersecte4ba88e7ae97e38397e383ade382bbe382b9e381aee996a2e4bf82-5\">\u25c6 \u5206\u6790\uff1aCatalyst\u3068Intersect\u4e88\u7b97\u30d7\u30ed\u30bb\u30b9\u306e\u95a2\u4fc2<\/a><\/li><li><a href=\"#e29786-e58886e69e90efbc9acfe381b8e381aee5bdb9e589b2e99b86e4b8ade381aee687b8e5bfb5-6\">\u25c6 \u5206\u6790\uff1aCF\u3078\u306e\u5f79\u5272\u96c6\u4e2d\u306e\u61f8\u5ff5<\/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-approval-of-cardano-foundation-as-new-managing-entity-of-project-catalyst-a-drep-perspective-and-yes-vote-9\">How SIPO Views the Approval of Cardano Foundation as New Managing Entity of Project Catalyst \u2014 A DRep Perspective and YES Vote<\/a><ul><li><a href=\"#proposal-overview-10\">[Proposal Overview]<\/a><\/li><li><a href=\"#background-11\">[Background]<\/a><\/li><li><a href=\"#analysis-consequences-of-non-approval-12\">[Analysis: Consequences of Non-Approval]<\/a><\/li><li><a href=\"#analysis-catalyst-and-intersect-budget-process-13\">[Analysis: Catalyst and Intersect Budget Process]<\/a><\/li><li><a href=\"#analysis-cf-role-concentration-14\">[Analysis: CF Role Concentration]<\/a><\/li><li><a href=\"#why-sipo-votes-yes-15\">[Why SIPO Votes YES]<\/a><\/li><li><a href=\"#expectations-16\">[Expectations]<\/a><\/li><\/ul><\/div><h3 class=\"wp-block-heading deb-block deb-block-b61d957\" id=\"approve-cardano-foundation-as-new-managing-entity-of-project-catalyst-1\">Approve Cardano Foundation as New Managing Entity of Project Catalyst<\/h3>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-1755093\" id=\"e29786-e68f90e6a188e6a682e8a681-2\">\u25c6 \u63d0\u6848\u6982\u8981<\/h5>\n\n\n\n<p class=\"deb-block deb-block-dd786ad\">\u30fb\u63d0\u6848\u8005\uff1aCardano Foundation\uff08IOG\u652f\u6301\uff09<br>\u30fb\u30bf\u30a4\u30d7\uff1aInfo Action<br>\u30fb\u63d0\u51fa\uff1aEpoch 619\uff082026\u5e743\u670817\u65e5\uff09<br>\u30fb\u671f\u9650\uff1aEpoch 626\uff082026\u5e744\u670820\u65e5\uff09<br>\u30fb\u627f\u8a8d\u95be\u5024\uff1a50%\u4ee5\u4e0a\u306e\u30a2\u30af\u30c6\u30a3\u30d6DRep\u6295\u7968\u30b9\u30c6\u30fc\u30af<br>\u30fb\u5b9f\u8cea\u7684\u671f\u9650\uff1a2026\u5e745\u6708\u672b\u307e\u3067\u306b\u627f\u8a8d\u304c\u306a\u3051\u308c\u3070Catalyst\u904b\u55b6\u304c\u4e0d\u5b9a\u671f\u505c\u6b62\u306e\u53ef\u80fd\u6027<\/p>\n\n\n\n<p class=\"deb-block deb-block-8de0c15\">IOG\u304b\u3089Cardano Foundation\u3078\u306eProject Catalyst\u7ba1\u7406\u4e3b\u4f53\u79fb\u7ba1\u306b\u5bfe\u3059\u308b\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u627f\u8a8d\u3092\u6c42\u3081\u308bInfo Action\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-dcd59ab\">Catalyst Foundation Company\uff08CFC\uff09\u306f\u30b1\u30a4\u30de\u30f3\u8af8\u5cf6\u306e\u8ca1\u56e3\u6cd5\u4eba\uff08\u6cd5\u4eba\u756a\u53f7407644\uff09\u3067\u3001\u5168Catalyst\u52a9\u6210\u91d1\u306e\u6cd5\u7684\u30ab\u30a6\u30f3\u30bf\u30fc\u30d1\u30fc\u30c6\u30a3\u3067\u3059\u3002CFC\u306e\u5b9a\u6b3e\u306f\u7ba1\u7406\u8005\uff08Administrator\uff09\u306e\u5909\u66f4\u306b\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u627f\u8a8d\u3092\u8981\u6c42\u3057\u3066\u304a\u308a\u3001\u3053\u306eInfo Action\u304c\u305d\u306e\u6cd5\u7684\u8981\u4ef6\u3092\u6e80\u305f\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-22f2a49\">\u672c\u63d0\u6848\u306fIntersect\u306e\u4e88\u7b97\u7ba1\u7406\u8005\u3068\u3057\u3066\u306e\u5f79\u5272\uff08Fund 14-16\uff09\u3068\u306f\u7121\u95a2\u4fc2\u3067\u3059\u3002\u307e\u305f\u3001\u65e2\u306b\u767a\u8868\u3055\u308c\u3066\u3044\u308bFund 15\/16\u306eTreasury\u8fd4\u9084\u3068\u3082\u7121\u95a2\u4fc2\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-ff8f7a9\" id=\"e29786-e8838ce699afefbc9ae381aae3819ce38193e381aee7a7bbe7aea1e3818ce5bf85e8a681e3818b-3\">\u25c6 \u80cc\u666f\uff1a\u306a\u305c\u3053\u306e\u79fb\u7ba1\u304c\u5fc5\u8981\u304b<\/h5>\n\n\n\n<p class=\"deb-block deb-block-b3bdda4\">\u3010Project Catalyst\u306e\u5b9f\u7e3e\u3011<br>Project Catalyst\u306f\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u696d\u754c\u6700\u5927\u7d1a\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30b0\u30e9\u30f3\u30c8\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u4e00\u3064\u3067\u3059\u3002<br>\u30fb\u5275\u8a2d\u4ee5\u6765$150M\u4ee5\u4e0a\u30922,200+\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306b\u5206\u914d<br>\u30fb\u73fe\u5728500+\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304cFund 10-14\u3067\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u7ba1\u7406\u4e2d<\/p>\n\n\n\n<p class=\"deb-block deb-block-9317726\">\u3010IOG\u306e\u64a4\u9000\u3011<br>2026\u5e742\u6708\u3001IOG\u3068CF\u306f\u5171\u540c\u3067\u3001\u30ec\u30d3\u30e5\u30fc\u3092\u7d4c\u3066CF\u304cCatalyst\u306e\u7ba1\u7406\u3092\u5f15\u304d\u53d7\u3051\u308b\u3053\u3068\u3092\u767a\u8868\u3057\u307e\u3057\u305f\u3002\u30d7\u30ed\u30b0\u30e9\u30e0\u306e\u898f\u6a21\u304c\u62e1\u5927\u3059\u308b\u306b\u3064\u308c\u3001\u904b\u55b6\u306e\u8907\u96d1\u3055\u3068\u8cc7\u672c\u30ea\u30b9\u30af\u304cIOG\u306e\u30d7\u30ed\u30c0\u30af\u30c8\u7d44\u7e54\u30e2\u30c7\u30eb\u3067\u306f\u6301\u7d9a\u4e0d\u53ef\u80fd\u306a\u6c34\u6e96\u306b\u9054\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-8d137b3\">\u79fb\u884c\u306e\u672c\u8cea\u306f\u3001\u30b7\u30b9\u30c6\u30e0\u3092\u69cb\u7bc9\u3057\u305f\u7d44\u7e54\uff08IOG\uff09\u304b\u3089\u3001\u9577\u671f\u7684\u306a\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5b89\u5b9a\u6027\u3092\u62c5\u3046\u7d44\u7e54\uff08CF\u306f\u30b9\u30a4\u30b9\u306e\u975e\u55b6\u5229\u6cd5\u4eba\uff09\u3078\u306e\u7ba1\u7406\u6a29\u306e\u79fb\u8ee2\u3067\u3059\u3002Catalyst\u30c1\u30fc\u30e0\u306e\u30e1\u30f3\u30d0\u30fc\u306f\u65e2\u306bCF\u3078\u306e\u30aa\u30f3\u30dc\u30fc\u30c7\u30a3\u30f3\u30b0\u3092\u958b\u59cb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-4ecd533\">\u3010Fund 15\/16\u306e\u72b6\u6cc1\u3011<br>\u30fbFund 15\uff0818.5M ADA + 250K USDM\uff09\u3068Fund 16\u306f\u30ad\u30e3\u30f3\u30bb\u30eb<br>\u30fb\u300c\u63d0\u6848\u3055\u308c\u305f\u5f62\u3067\u306e\u5b9f\u65bd\u306f\u73fe\u6642\u70b9\u3067\u306f\u5b9f\u884c\u4e0d\u53ef\u80fd\u300d\u3068\u767a\u8868<br>\u30fb\u914d\u5206\u984d\u306fTreasury\u306b\u8fd4\u9084\u4e88\u5b9a<br>\u30fb\u65b0\u305f\u306a\u7ba1\u7406\u8005\u306e\u79fb\u7ba1\u5b8c\u4e86\u304c\u3001\u65b0\u898f\u8cc7\u91d1\u7fa9\u52d9\u306e\u767a\u884c\u306e\u524d\u63d0\u6761\u4ef6<\/p>\n\n\n\n<p class=\"deb-block deb-block-7d70b28\">\u3010\u5143\u306e2025\u5e74\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u4e88\u7b97\u8a08\u753b\u3011<br>\u30fbFund 14\uff1a20M ADA\uff082025\u5e743-4\u6708\u958b\u59cb\uff09<br>\u30fbFund 15\uff1a20M ADA\uff082025\u5e747\u6708\u76ee\u6a19\uff09<br>\u30fbFund 16\uff1a20M ADA\uff082025\u5e7410-11\u6708\u76ee\u6a19\uff09<br>\u30fb\u5408\u8a08\uff1a60M ADA\uff083\u30e9\u30a6\u30f3\u30c9\u3001500-700\u65b0\u898f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u5bfe\u8c61\uff09<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-4abdf1c\" id=\"e29786-e58886e69e90efbc9ae689bfe8aa8de38197e381aae38184e5a0b4e59088e381aee383aae382b9e382af-4\">\u25c6 \u5206\u6790\uff1a\u627f\u8a8d\u3057\u306a\u3044\u5834\u5408\u306e\u30ea\u30b9\u30af<\/h5>\n\n\n\n<p class=\"deb-block deb-block-0b8a2a7\">\u30ea\u30b9\u30af\u306f\u6975\u3081\u3066\u6df1\u523b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-0e04840\">\u30fb500+\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u5be9\u67fb\u3068\u8cc7\u91d1\u652f\u6255\u3044\u304c\u505c\u6b62\u3059\u308b\u53ef\u80fd\u6027\u3002CFC\u306e\u6b63\u5f53\u306a\u7ba1\u7406\u8005\u304c\u306a\u3051\u308c\u3070\u3001\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u3092\u627f\u8a8d\u3057\u8cc7\u91d1\u3092\u653e\u51fa\u3059\u308b\u6a29\u9650\u3092\u6301\u3064\u6cd5\u7684\u4e3b\u4f53\u304c\u5b58\u5728\u3057\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-49b2a2d\">\u30fbCFC\u5185\u306eADA\u304c\u7ba1\u7406\u8005\u4e0d\u5728\u306b\u3088\u308a\u30a2\u30af\u30bb\u30b9\u4e0d\u80fd\u306b\u306a\u308b\u30ea\u30b9\u30af\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-21f9b4a\">\u30fbIOG\u306f\u64a4\u9000\u4e2d\u3067\u3042\u308a\u3001CF\u304c\u627f\u8a8d\u3055\u308c\u306a\u3051\u308c\u3070\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u771f\u7a7a\u304c\u767a\u751f\u3002\u7ba1\u7406\u8005\u306e\u3044\u306a\u3044CFC\u306f\u6cd5\u7684\u306b\u6a5f\u80fd\u505c\u6b62\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-65ede24\">\u30fb\u65b0\u898fCatalyst\u30e9\u30a6\u30f3\u30c9\uff08Fund 15\u4ee5\u964d\uff09\u306e\u518d\u958b\u3078\u306e\u9053\u7b4b\u304c\u6d88\u6ec5\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-13a2324\">\u30fbFund 15\/16\u306eTreasury\u8fd4\u9084\u30d7\u30ed\u30bb\u30b9\u304c\u9045\u5ef6\u3002CF\u306f\u627f\u8a8d\u5f8c\u306bIntersect\u3068\u5354\u529b\u3057\u3066\u8fd4\u9084\u3092\u9032\u3081\u308b\u3068\u8868\u660e\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-49c8cd4\">\u4ee3\u66ff\u5019\u88dc\u306f\u5b58\u5728\u3057\u307e\u305b\u3093\u3002NO\u6295\u7968\u306e\u5b9f\u8cea\u7684\u7d50\u679c\u306f\u3001\u3088\u308a\u826f\u3044\u4ee3\u66ff\u6848\u3067\u306f\u306a\u304f\u904b\u55b6\u306e\u9ebb\u75fa\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-0a624ed\" id=\"e29786-e58886e69e90efbc9acatalyste381a8intersecte4ba88e7ae97e38397e383ade382bbe382b9e381aee996a2e4bf82-5\">\u25c6 \u5206\u6790\uff1aCatalyst\u3068Intersect\u4e88\u7b97\u30d7\u30ed\u30bb\u30b9\u306e\u95a2\u4fc2<\/h5>\n\n\n\n<p class=\"deb-block deb-block-9671324\">2025\u5e74\u306e\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u4e88\u7b97\u3067\u306f\u3001Catalyst\u90e8\u5206\u304c75,500,000 ADA\uff08\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u4e88\u7b97\u5168\u4f5377,526,800 ADA\u306e\u7d0497%\uff09\u3092\u5360\u3081\u3066\u3044\u307e\u3057\u305f\u3002Catalyst\u306fIntersect\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020\u3092\u901a\u3058\u305f\u8cc7\u91d1\u63d0\u4f9b\u30a4\u30cb\u30b7\u30a2\u30c1\u30d6\u3068\u3057\u3066\u904b\u55b6\u3055\u308c\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-d0a3220\">\u4eca\u5f8c\u306e\u91cd\u8981\u306a\u5909\u5316\u3068\u3057\u3066\u3001CF\u7ba1\u7406\u4e0b\u306eCatalyst\u306fIntersect\u306e2026\u5e74\u4e88\u7b97\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3092\u901a\u3058\u3066Treasury\u8cc7\u91d1\u3092\u7533\u8acb\u3059\u308b\u5f62\u306b\u79fb\u884c\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u4fdd\u8a3c\u3055\u308c\u305f\u914d\u5206\u304b\u3089\u30e1\u30ea\u30c3\u30c8\u30d9\u30fc\u30b9\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u3078\u306e\u79fb\u884c\u3067\u3042\u308a\u3001\u3088\u308a\u6c11\u4e3b\u7684\u3067\u8aac\u660e\u8cac\u4efb\u306e\u9ad8\u3044\u30d7\u30ed\u30bb\u30b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b6364e8\">DRep\u306f\u5c06\u6765\u306e\u4e88\u7b97\u30b5\u30a4\u30af\u30eb\u3092\u901a\u3058\u3066Catalyst\u306e\u65b9\u5411\u6027\u3092\u5f62\u4f5c\u308b\u6a29\u9650\u3092\u4fdd\u6301\u3057\u3066\u3044\u307e\u3059\u3002\u672c\u6295\u7968\u306fCatalyst\u306e\u5c06\u6765\u30e2\u30c7\u30eb\u3078\u306e\u653f\u7b56\u7684\u662f\u8a8d\u3067\u306f\u306a\u304f\u3001\u73fe\u5728\u306e\u7ba1\u7406\u8005\u79fb\u7ba1\u306e\u624b\u7d9a\u7684\u627f\u8a8d\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-bccfc76\" id=\"e29786-e58886e69e90efbc9acfe381b8e381aee5bdb9e589b2e99b86e4b8ade381aee687b8e5bfb5-6\">\u25c6 \u5206\u6790\uff1aCF\u3078\u306e\u5f79\u5272\u96c6\u4e2d\u306e\u61f8\u5ff5<\/h5>\n\n\n\n<p class=\"deb-block deb-block-51fae1c\">CF\u306f\u4eca\u56de\u306e\u6295\u7968\u30b5\u30a4\u30af\u30eb\u3067\u8907\u6570\u306e\u91cd\u8981\u306a\u5f79\u5272\u3092\u62c5\u3046\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-704fdb0\">\u30fbCatalyst\u7ba1\u7406\u8005\uff08\u672c\u63d0\u6848\uff09<br>\u30fbOrion Fund\u306eConstitutional Administrator<br>\u30fbDeFi Liquidity Budget\u306e\u652f\u63f4\u7684\u5f79\u5272<br>\u30fb\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306e\u30b9\u30c1\u30e5\u30ef\u30fc\u30c9<\/p>\n\n\n\n<p class=\"deb-block deb-block-9e0ce38\">\u3053\u306e\u5f79\u5272\u96c6\u4e2d\u306f\u6ce8\u8996\u3059\u3079\u304d\u70b9\u3067\u3059\u3002\u4e00\u7d44\u7e54\u3078\u306e\u904e\u5ea6\u306a\u6a29\u9650\u96c6\u4e2d\u306f\u3001\u5206\u6563\u578b\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u539f\u5247\u3068\u7dca\u5f35\u95a2\u4fc2\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-f1d83f7\">\u305f\u3060\u3057\u3001\u73fe\u6642\u70b9\u3067\u306fCF\u4ee5\u5916\u306b\u3053\u308c\u3089\u306e\u5f79\u5272\u3092\u62c5\u3048\u308b\u7d44\u7e54\u304c\u5b58\u5728\u3057\u306a\u3044\u3053\u3068\u3082\u4e8b\u5b9f\u3067\u3059\u3002Cardano\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u30a4\u30f3\u30d5\u30e9\u306f\u307e\u3060\u6210\u719f\u9014\u4e0a\u3067\u3042\u308a\u3001\u5c06\u6765\u7684\u306b\u306fIntersect\u3084\u305d\u306e\u4ed6\u306e\u7d44\u7e54\u304c\u3053\u308c\u3089\u306e\u5f79\u5272\u3092\u5206\u6563\u7684\u306b\u62c5\u3046\u3053\u3068\u304c\u671b\u307e\u3057\u3044\u65b9\u5411\u6027\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-bbe3d37\" id=\"e29786-sipo-drepe381aee588a4e696ade79086e794b1-7\">\u25c6 SIPO DRep\u306e\u5224\u65ad\u7406\u7531<\/h5>\n\n\n\n<p class=\"deb-block deb-block-bf82bc6\">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-a79736b\">\n<li class=\"\">500+\u30a2\u30af\u30c6\u30a3\u30d6\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u4fdd\u8b77\u304c\u6700\u512a\u5148<br>Fund 10-14\u306e\u30a2\u30af\u30c6\u30a3\u30d6\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u5be9\u67fb\u3068\u8cc7\u91d1\u652f\u6255\u3044\u3092\u5f85\u3063\u3066\u3044\u307e\u3059\u3002\u7ba1\u7406\u8005\u306e\u79fb\u7ba1\u3092\u9045\u3089\u305b\u308b\u3053\u3068\u306f\u3001\u30b3\u30df\u30c3\u30c8\u3055\u308c\u305f\u8cc7\u91d1\u306b\u4f9d\u5b58\u3057\u3066\u30c7\u30ea\u30d0\u30ea\u30fc\u3092\u884c\u3063\u3066\u3044\u308b\u30d3\u30eb\u30c0\u30fc\u306b\u76f4\u63a5\u7684\u306a\u5bb3\u3092\u53ca\u307c\u3057\u307e\u3059\u3002SIPO\u306f\u65e2\u5b58\u306e\u52a9\u6210\u5148\u3092\u30ea\u30b9\u30af\u306b\u6652\u3059\u6295\u7968\u306f\u3057\u307e\u305b\u3093\u3002<\/li>\n\n\n\n<li class=\"\">\u4ee3\u66ff\u5019\u88dc\u304c\u5b58\u5728\u3057\u306a\u3044<br>IOG\u304c\u64a4\u9000\u3059\u308b\u4ee5\u4e0a\u3001CF\u304b\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u771f\u7a7a\u304b\u306e\u4e8c\u629e\u3067\u3059\u3002\u3053\u308c\u306fCF\u3068\u4ed6\u306e\u4e3b\u4f53\u306e\u3069\u3061\u3089\u304b\u3092\u9078\u3076\u554f\u984c\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/li>\n\n\n\n<li class=\"\">CFC\u5b9a\u6b3e\u306e\u6cd5\u7684\u8981\u4ef6<br>\u7ba1\u7406\u8005\u5909\u66f4\u306b\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u627f\u8a8d\u3092\u8981\u3059\u308bCFC\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u30bb\u30fc\u30d5\u30ac\u30fc\u30c9\u3092\u5c65\u884c\u3059\u308b\u3082\u306e\u3067\u3059\u3002\u624b\u7d9a\u7684\u5fc5\u8981\u6027\u3067\u3042\u308a\u3001\u5c06\u6765\u306e\u65b9\u5411\u6027\u3078\u306e\u653f\u7b56\u7684\u662f\u8a8d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/li>\n\n\n\n<li class=\"\">CF\u306e\u5236\u5ea6\u7684\u9069\u683c\u6027<br>\u30d7\u30ed\u30c0\u30af\u30c8\u7d44\u7e54\uff08IOG\uff09\u304b\u3089\u30b9\u30a4\u30b9\u306e\u975e\u55b6\u5229\u8ca1\u56e3\uff08CF\uff09\u3078\u306e\u79fb\u884c\u306f\u3001Cardano\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u6210\u719f\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002CF\u306f\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5b89\u5b9a\u6027\u3092\u4f7f\u547d\u3068\u3059\u308b\u7d44\u7e54\u3068\u3057\u3066\u9069\u5207\u306a\u5f8c\u7d99\u8005\u3067\u3059\u3002<\/li>\n\n\n\n<li class=\"\">Fund 15\/16\u306eTreasury\u8fd4\u9084\u306e\u52a0\u901f<br>CF\u306f\u627f\u8a8d\u5f8c\u3001Fund 15\/16\u306e\u914d\u5206\uff0818.5M ADA + 250K USDM\uff09\u3092Intersect\u3068\u5354\u529b\u3057\u3066Treasury\u306b\u8fd4\u9084\u3059\u308b\u65b9\u91dd\u3067\u3059\u3002\u3053\u306e\u8fd4\u9084\u306f\u672c\u63d0\u6848\u306e\u627f\u8a8d\u306b\u3088\u308a\u52a0\u901f\u3055\u308c\u307e\u3059\u3002<\/li>\n\n\n\n<li class=\"\">\u5c06\u6765\u306eCatalyst\u8a2d\u8a08\u306fDRep\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u4e0b\u306b\u6b8b\u308b<br>CF\u3092\u7ba1\u7406\u8005\u3068\u3057\u3066\u627f\u8a8d\u3057\u3066\u3082\u3001\u5c06\u6765\u306eCatalyst\u30e9\u30a6\u30f3\u30c9\u306e\u7279\u5b9a\u30e2\u30c7\u30eb\u306b\u56fa\u5b9a\u3055\u308c\u307e\u305b\u3093\u30022026\u5e74\u4e88\u7b97\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u306e\u4e0b\u3067\u3001\u5c06\u6765\u306eCatalyst\u8cc7\u91d1\u306fDRep\u627f\u8a8d\u304c\u5fc5\u8981\u3067\u3059\u3002<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-0a39387\" id=\"e29786-sipoe3818ce69c9fe5be85e38199e3828be4ba8be9a085-8\">\u25c6 SIPO\u304c\u671f\u5f85\u3059\u308b\u4e8b\u9805<\/h5>\n\n\n\n<p class=\"deb-block deb-block-5588adf\">\u30fb\u8fc5\u901f\u306a\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u7ba1\u7406\uff1aFund 10-14\u306e\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u5be9\u67fb\u3068\u652f\u6255\u3044\u306e\u30d0\u30c3\u30af\u30ed\u30b0\u3092\u9045\u6ede\u306a\u304f\u51e6\u7406\u3059\u308b\u3053\u3068\u3002\u30a2\u30af\u30c6\u30a3\u30d6\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306f\u7ba1\u7406\u79fb\u7ba1\u306b\u3088\u3063\u3066\u4e0d\u5229\u76ca\u3092\u88ab\u308b\u3079\u304d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e7c1c3f\">\u30fb\u79fb\u884c\u9032\u6357\u306e\u900f\u660e\u306a\u5831\u544a\uff1a\u79fb\u884c\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\u3001\u30c1\u30fc\u30e0\u30aa\u30f3\u30dc\u30fc\u30c7\u30a3\u30f3\u30b0\u3001\u904b\u7528\u6e96\u5099\u72b6\u6cc1\u306e\u5b9a\u671f\u7684\u306a\u66f4\u65b0\u516c\u958b\u3002\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u306f\u5b8c\u5168\u306a\u904b\u7528\u80fd\u529b\u304c\u3044\u3064\u9054\u6210\u3055\u308c\u308b\u304b\u660e\u78ba\u306b\u628a\u63e1\u3067\u304d\u308b\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-47a9caa\">\u30fbFund 15\/16 Treasury\u8fd4\u9084\u306e\u5177\u4f53\u7684\u30bf\u30a4\u30e0\u30e9\u30a4\u30f3\uff1a\u7121\u671f\u9650\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3067\u306f\u306a\u304f\u3001\u5177\u4f53\u7684\u306a\u65e5\u7a0b\u306e\u63d0\u793a\u3092\u671f\u5f85\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-14932cb\">\u30fb\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u53c2\u52a0\u306b\u3088\u308bCatalyst\u518d\u8a2d\u8a08\uff1aCF\u304c\u5c06\u6765\u306eCatalyst\u306e\u65b9\u5411\u6027\uff08\u5730\u57df\u5316\u3001\u30d5\u30a9\u30fc\u30de\u30c3\u30c8\u5909\u66f4\u3001Intersect\u4e88\u7b97\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u3068\u306e\u7d71\u5408\uff09\u3092\u691c\u8a0e\u3059\u308b\u969b\u3001\u6709\u610f\u7fa9\u306a\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u5354\u8b70\u3092\u671f\u5f85\u3057\u307e\u3059\u3002\u5730\u57df\u5316\u30ea\u30b9\u30af \u2014 \u30ac\u30d0\u30ca\u30f3\u30b9\u6355\u6349\u3001\u65ad\u7247\u5316\u3001\u6587\u5316\u7684\u30d0\u30a4\u30a2\u30b9 \u2014 \u306f\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u5206\u6790\u3067\u6307\u6458\u3055\u308c\u3066\u304a\u308a\u3001\u5bfe\u5fdc\u304c\u5fc5\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-8385237\">\u30fb\u904e\u5ea6\u306a\u5f79\u5272\u96c6\u4e2d\u306e\u56de\u907f\uff1aCF\u306fCatalyst\u7ba1\u7406\u8005\u3001Orion Fund\u7ba1\u7406\u8005\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30b9\u30c1\u30e5\u30ef\u30fc\u30c9\u306e\u8907\u6570\u5f79\u5272\u3092\u62c5\u3044\u307e\u3059\u3002\u5404\u5f79\u5272\u306e\u8cac\u4efb\u3092\u660e\u78ba\u306b\u5206\u96e2\u3057\u3001\u900f\u660e\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-6faedcd\">\u30fbCFC\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u8aac\u660e\u8cac\u4efb\uff1a\u65b0CFC\u7ba1\u7406\u8005\u3068\u3057\u3066Catalyst Treasury\u8cc7\u91d1\u306b\u5bfe\u3059\u308b\u53d7\u8a17\u8005\u8cac\u4efb\u3092\u8ca0\u3044\u307e\u3059\u3002\u5168\u3066\u306etreasury\u8cc7\u91d1\u904b\u55b6\u306b\u6c42\u3081\u3089\u308c\u308b\u306e\u3068\u540c\u3058\u900f\u660e\u6027\u30fb\u5831\u544a\u30fb\u76e3\u7763\u57fa\u6e96\u306e\u7dad\u6301\u3092\u671f\u5f85\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e1ee232\">\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-303137c\">\ud83d\udd17 \u53c2\u8003\u30ea\u30f3\u30af<br>\u30fbCF Stewardship Announcement:&nbsp;<a href=\"https:\/\/forum.cardano.org\/t\/cardano-foundation-working-with-iog-towards-assuming-stewardship-of-project-catalyst\/153331\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/forum.cardano.org\/t\/cardano-foundation-working-with-iog-towards-assuming-stewardship-of-project-catalyst\/153331<\/a><br>\u30fbCF Community Approval Request:&nbsp;<a href=\"https:\/\/forum.cardano.org\/t\/cardano-foundation-requests-community-approval-as-new-managing-entity-of-project-catalyst\/153644\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/forum.cardano.org\/t\/cardano-foundation-requests-community-approval-as-new-managing-entity-of-project-catalyst\/153644<\/a><br>\u30fbCatalyst on X:&nbsp;<a href=\"https:\/\/x.com\/Catalyst_onX\/status\/2026268218290028946\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/x.com\/Catalyst_onX\/status\/2026268218290028946<\/a><br>\u30fbCFC Legal Details:&nbsp;<a href=\"https:\/\/docs.projectcatalyst.io\/current-fund\/fund-basics\/project-catalyst-terms-and-conditions\/legal-and-treasury-details\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/docs.projectcatalyst.io\/current-fund\/fund-basics\/project-catalyst-terms-and-conditions\/legal-and-treasury-details<\/a><\/p>\n\n\n\n<p class=\"deb-block deb-block-9599490\">\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-357a22a\">English Version<\/p>\n\n\n\n<p class=\"deb-block deb-block-31384a3\">\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-d4e2f8c\" id=\"how-sipo-views-the-approval-of-cardano-foundation-as-new-managing-entity-of-project-catalyst-a-drep-perspective-and-yes-vote-9\">How SIPO Views the Approval of Cardano Foundation as New Managing Entity of Project Catalyst \u2014 A DRep Perspective and YES Vote<\/h4>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-fe1db8f\" id=\"proposal-overview-10\">[Proposal Overview]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-e5e4e83\">Proposer: Cardano Foundation (supported by IOG) | Type: Info Action | Submitted: Epoch 619 | Expires: Epoch 626 | Threshold: 50%+ DRep active voting stake | Effective deadline: End of May 2026<\/p>\n\n\n\n<p class=\"deb-block deb-block-8f9800c\">Community approval for the transition of Project Catalyst management from IOG to the Cardano Foundation. The Catalyst Foundation Company (CFC, Cayman Islands, #407644) statutes legally require community approval for any change of administrator.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-0012da5\" id=\"background-11\">[Background]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-37b7d95\">Project Catalyst has distributed $150M+ across 2,200+ projects. 500+ active projects (Funds 10-14) have outstanding milestones. IOG is stepping back from its administrator role as operational complexity exceeded what was sustainable under its product-organization model. Catalyst team members are already onboarding to CF. Fund 15 (18.5M ADA + 250K USDM) and Fund 16 have been canceled and will be returned to the Treasury.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-7b183fe\" id=\"analysis-consequences-of-non-approval-12\">[Analysis: Consequences of Non-Approval]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-a0ac848\">Extremely severe. 500+ active projects face milestone review and disbursement stoppages. CFC funds could become inaccessible without an authorized administrator. Governance vacuum with no designated entity to run Catalyst. No path to restart new funding rounds. Fund 15\/16 Treasury return delayed. There is no alternative candidate \u2014 the choice is CF or operational paralysis.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-8b1c083\" id=\"analysis-catalyst-and-intersect-budget-process-13\">[Analysis: Catalyst and Intersect Budget Process]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-195379f\">In 2025, Catalyst comprised 75.5M ADA (97% of the Innovation Budget). Going forward, Catalyst under CF will likely need to submit proposals through Intersect&#8217;s budget framework \u2014 a shift from guaranteed allocation to merit-based governance.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-b20932b\" id=\"analysis-cf-role-concentration-14\">[Analysis: CF Role Concentration]<\/h5>\n\n\n\n<p class=\"deb-block deb-block-586e685\">CF assumes multiple roles: Catalyst administrator, Orion Fund constitutional administrator, DeFi Liquidity Budget support, ecosystem steward. This concentration warrants monitoring, but no alternative organization currently exists to fill these roles.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-8a3a24d\" id=\"why-sipo-votes-yes-15\">[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-3b3f32d\">\n<li class=\"\">Protecting 500+ active projects is the immediate priority. 2. No alternative candidate exists \u2014 CF or governance vacuum. 3. CFC statutes legally require community approval. 4. CF is institutionally appropriate (Swiss nonprofit, ecosystem stability mission). 5. Fund 15\/16 Treasury return accelerated by approval. 6. Future Catalyst direction remains under DRep governance \u2014 this is procedural approval, not policy endorsement.<\/li>\n<\/ol>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-a366730\" id=\"expectations-16\">[Expectations]<\/h5>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-b8fbb26\">\n<li class=\"\">Expeditious milestone administration for Funds 10-14<\/li>\n\n\n\n<li class=\"\">Transparent transition reporting (timeline, team onboarding, operational readiness)<\/li>\n\n\n\n<li class=\"\">Concrete Fund 15\/16 Treasury return timeline<\/li>\n\n\n\n<li class=\"\">Community consultation on future Catalyst redesign (addressing regionalization risks)<\/li>\n\n\n\n<li class=\"\">Clear separation of CF&#8217;s multiple governance roles<\/li>\n\n\n\n<li class=\"\">Fiduciary accountability for CFC Treasury funds<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-2c70938\">For these reasons, SIPO DRep votes YES.<\/p>\n","protected":false},"excerpt":{"rendered":"Governance Action ID: gov_action1k5vwlfrxtyusd2ec37tckd54gjvqn2kd72xj4t6wkkapdv7zfg0qq468n2r Approve Cardano Foundation as New Managing Entity of Project Catalyst \u25c6 \u63d0\u6848\u6982\u8981 \u30fb\u63d0\u6848\u8005\uff1aCardano Foundation\uff08IOG\u652f\u6301\uff09\u30fb\u30bf\u30a4\u30d7\uff1aInfo Action\u30fb\u63d0\u51fa\uff1aEpoch 619\uff082026\u5e743\u670817\u65e5\uff09\u30fb\u671f\u9650\uff1aEpoch 626\uff082026\u5e744\u670820\u65e5\uff09\u30fb\u627f\u8a8d\u95be\u5024\uff1a50%\u4ee5\u4e0a\u306e\u30a2\u30af\u30c6\u30a3\u30d6DRep\u6295\u7968\u30b9\u30c6\u30fc\u30af\u30fb\u5b9f\u8cea\u7684\u671f\u9650\uff1a2026\u5e745\u6708\u672b\u307e\u3067\u306b\u627f\u8a8d\u304c\u306a\u3051\u308c\u3070Ca&hellip;","protected":false},"author":1,"featured_media":45395,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[],"class_list":{"0":"post-45400","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_05.png",1792,1024,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-300x171.png",300,171,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-768x439.png",768,439,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-1024x585.png",900,514,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-1536x878.png",1536,878,true],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05.png",1792,1024,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-450x257.png",450,257,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/03\/X_SIPO_DRep_20260329_05-900x514.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\/45400","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=45400"}],"version-history":[{"count":3,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45400\/revisions"}],"predecessor-version":[{"id":45408,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45400\/revisions\/45408"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/45395"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}