{"id":45630,"date":"2026-04-18T09:19:03","date_gmt":"2026-04-18T00:19:03","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45630"},"modified":"2026-04-18T09:21:00","modified_gmt":"2026-04-18T00:21:00","slug":"post-45630","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45630","title":{"rendered":"SIPO DRep\uff1a\u300eCardano Summit 2026 and TOKEN2049 Singapore\u300f\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b \u2015 SIPO DRep\u306e\u5206\u6790\u3068\u300cNo\u300d\u8a55\u4fa1\u3001\u305d\u3057\u3066\u30b9\u30bf\u30f3\u30b9"},"content":{"rendered":"\n<div class=\"dp_toc_container pos-before_first_h allow-toggle\" role=\"navigation\" data-margin=\"30\"><p class=\"toc_title_block\"><span class=\"toc_title icon-list\">INDEX<\/span><span class=\"toc_toggle icon-up-open\" role=\"button\"><\/span><\/p><ul class=\"dp_toc_ul has_title\"><li><a href=\"#e381afe38198e38281e381ab-1\">\u306f\u3058\u3081\u306b<\/a><\/li><li><a href=\"#e68f90e6a188e381aee585a8e4bd93e5838f-2\">\u63d0\u6848\u306e\u5168\u4f53\u50cf<\/a><\/li><li><a href=\"#4e381a4e381aee6a78be980a0e79a84e687b8e5bfb5-3\">4\u3064\u306e\u69cb\u9020\u7684\u61f8\u5ff5<\/a><ul><li><a href=\"#1-e887aae5b7b1e8b387e98791e8aabfe98194e883bde58a9b-e28095-treasury-e981a9e59088e680a7e381aee5958fe9a18c-4\">1. \u81ea\u5df1\u8cc7\u91d1\u8abf\u9054\u80fd\u529b \u2015 Treasury \u9069\u5408\u6027\u306e\u554f\u984c<\/a><\/li><li><a href=\"#2-e4b889e9878de381aee588a9e79b8ae79bb8e58f8de6a78be980a0-5\">2. \u4e09\u91cd\u306e\u5229\u76ca\u76f8\u53cd\u69cb\u9020<\/a><\/li><li><a href=\"#3-e585ace585b1e8b2a1-vs-e38396e383a9e383b3e38389e3839ee383bce382b1e38386e382a3e383b3e382b0e381aee680a7e8b3aa-6\">3. \u516c\u5171\u8ca1 vs \u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306e\u6027\u8cea<\/a><\/li><li><a href=\"#4-iog-e4b88de59ca8e381a8e3808ce7b5b1e59088-cardano-e382a4e38399e383b3e38388e3808de381aee4b8bbe5bcb5-7\">4. IOG \u4e0d\u5728\u3068\u300c\u7d71\u5408 Cardano \u30a4\u30d9\u30f3\u30c8\u300d\u306e\u4e3b\u5f35<\/a><\/li><\/ul><\/li><li><a href=\"#e9818ee58ebbe381ae-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-8\">\u904e\u53bb\u306e SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/a><\/li><li><a href=\"#e5bbbae8a8ade79a84e4bba3e69bbfe6a188-9\">\u5efa\u8a2d\u7684\u4ee3\u66ff\u6848<\/a><ul><li><a href=\"#e4bba3e69bbfe6a188-1-cf-e887aae5b7b1e8b387e98791e381abe38288e3828b-summit-e9968be582ac-10\">\u4ee3\u66ff\u6848 1: CF \u81ea\u5df1\u8cc7\u91d1\u306b\u3088\u308b Summit \u958b\u50ac<\/a><\/li><li><a href=\"#e4bba3e69bbfe6a188-2-emurgo-e381ae-token2049-e58f82e58aa0e38292e59586e6a5ade79a84e381abe5868de6a78be68890-11\">\u4ee3\u66ff\u6848 2: EMURGO \u306e TOKEN2049 \u53c2\u52a0\u3092\u5546\u696d\u7684\u306b\u518d\u69cb\u6210<\/a><\/li><li><a href=\"#e4bba3e69bbfe6a188-3-e5b086e69da5e381ae-treasury-e8b387e98791e59e8be382a4e38399e383b3e38388e68f90e6a188e381aee6a78be980a0e59fbae6ba96-12\">\u4ee3\u66ff\u6848 3: \u5c06\u6765\u306e Treasury \u8cc7\u91d1\u578b\u30a4\u30d9\u30f3\u30c8\u63d0\u6848\u306e\u69cb\u9020\u57fa\u6e96<\/a><\/li><\/ul><\/li><li><a href=\"#e7b590e381b3-13\">\u7d50\u3073<\/a><\/li><li><a href=\"#sipo-drep-how-we-view-the-cardano-summit-2026-and-token2049-singapore-proposal-analysis-no-vote-and-stance-14\">SIPO DRep: How We View the &#8220;Cardano Summit 2026 and TOKEN2049 Singapore&#8221; Proposal \u2014 Analysis, NO Vote, and Stance<\/a><ul><li><a href=\"#introduction-15\">Introduction<\/a><\/li><li><a href=\"#proposal-overview-16\">Proposal Overview<\/a><\/li><li><a href=\"#four-structural-concerns-17\">Four Structural Concerns<\/a><ul><li><a href=\"#1-self-funding-capacity-a-treasury-fit-question-18\">1. Self-funding capacity \u2014 a treasury-fit question<\/a><\/li><li><a href=\"#2-three-way-conflict-of-interest-structure-19\">2. Three-way conflict-of-interest structure<\/a><\/li><li><a href=\"#3-public-goods-vs-brand-marketing-characterization-20\">3. Public goods vs. brand marketing characterization<\/a><\/li><li><a href=\"#4-iog-absence-and-the-unified-cardano-framing-21\">4. IOG absence and the &#8220;unified Cardano&#8221; framing<\/a><\/li><\/ul><\/li><li><a href=\"#consistency-with-sipos-prior-votes-22\">Consistency with SIPO&#8217;s Prior Votes<\/a><\/li><li><a href=\"#constructive-alternatives-23\">Constructive Alternatives<\/a><ul><li><a href=\"#alternative-1-cf-self-funds-the-summit-24\">Alternative 1: CF self-funds the Summit<\/a><\/li><li><a href=\"#alternative-2-restructure-emurgos-token2049-participation-commercially-25\">Alternative 2: Restructure EMURGO&#8217;s TOKEN2049 participation commercially<\/a><\/li><li><a href=\"#alternative-3-structural-standards-for-future-treasury-funded-event-proposals-26\">Alternative 3: Structural standards for future treasury-funded event proposals<\/a><\/li><\/ul><\/li><li><a href=\"#closing-27\">Closing<\/a><\/li><\/ul><\/li><li><a href=\"#e58f82e88083e383aae383b3e382af-28\">\u53c2\u8003\u30ea\u30f3\u30af<\/a><\/li><\/ul><\/div><h2 class=\"wp-block-heading deb-block deb-block-4410fd9\" id=\"e381afe38198e38281e381ab-1\">\u306f\u3058\u3081\u306b<\/h2>\n\n\n\n<p class=\"deb-block deb-block-ece6aec\">2026\u5e744\u67089\u65e5\uff08\u30a8\u30dd\u30c3\u30af623\uff09\u306b\u63d0\u51fa\u3055\u308c\u305f\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u300c<a href=\"https:\/\/gov.tools\/connected\/governance_actions\/bd91fa7ea9b4e09f76cbde3abb0b564ffc60b27e18af464ccec9bef9c718d087#0\" data-type=\"link\" data-id=\"https:\/\/gov.tools\/connected\/governance_actions\/bd91fa7ea9b4e09f76cbde3abb0b564ffc60b27e18af464ccec9bef9c718d087#0\">Cardano Summit 2026 and TOKEN2049 Singapore<\/a>\u300d\u306b\u3064\u3044\u3066\u3001SIPO DRep\u3068\u3057\u3066\u306e\u5206\u6790\u3068\u5224\u65ad\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-9a76c58\">\u672c\u63d0\u6848\u306f\u3001Cardano Foundation\uff08\u4ee5\u4e0bCF\uff09\u3068 EMURGO \u304c\u5171\u540c\u3067\u63d0\u51fa\u3057\u305f Treasury Withdrawal \u63d0\u6848\u3067\u3042\u308a\u3001\u7533\u8acb\u984d\u306f <strong>\u20b314,076,539\uff08USD $3,659,900\u3001$0.26\/ADA \u63db\u7b97\uff09<\/strong> \u3067\u3059\u30022026\u5e7410\u67085\u65e5\u301c8\u65e5\u306b\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u3067\u958b\u50ac\u3055\u308c\u308b Cardano Summit 2026\uff0810\/5-6\uff09\u3068\u3001TOKEN2049 \u3067\u306e Title Sponsorship\uff0810\/7-8\uff09\u3092\u7d44\u307f\u5408\u308f\u305b\u305f Dual-Event \u6226\u7565\u306e\u5b9f\u884c\u8cc7\u91d1\u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-ef9ec82\">\u7d50\u8ad6\u304b\u3089\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002<strong>SIPO\u306f\u672c\u63d0\u6848\u306b\u53cd\u5bfe\uff08NO\uff09\u3092\u6295\u3058\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-a5350f7\">\u306f\u3058\u3081\u306b\u660e\u78ba\u306b\u3055\u305b\u3066\u304f\u3060\u3055\u3044\u3002SIPO\u306f\u3001Cardano Summit 2026 \u306e\u958b\u50ac\u81ea\u4f53\u306b\u53cd\u5bfe\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002TOKEN2049 \u306b\u304a\u3051\u308b Cardano \u306e\u30d7\u30ec\u30bc\u30f3\u30b9\u306b\u53cd\u5bfe\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002Cardano Foundation \u3084 EMURGO \u3068\u3044\u3046\u7d44\u7e54\u306b\u53cd\u5bfe\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u79c1\u305f\u3061\u304c\u53cd\u5bfe\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u3053\u306e Treasury Withdrawal \u3068\u3044\u3046\u300c\u69cb\u9020\u300d\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-0277942\">DRep \u3068\u3057\u3066\u306e\u53d7\u8a17\u8005\u8cac\u4efb\u306b\u57fa\u3065\u304d\u30014\u3064\u306e\u69cb\u9020\u7684\u306a\u61f8\u5ff5\u3092\u4ee5\u4e0b\u306b\u6574\u7406\u3057\u3066\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-f71a763\">\u7d50\u679c\uff1a<a href=\"https:\/\/adastat.net\/governances\/bd91fa7ea9b4e09f76cbde3abb0b564ffc60b27e18af464ccec9bef9c718d08700\">https:\/\/adastat.net\/governances\/bd91fa7ea9b4e09f76cbde3abb0b564ffc60b27e18af464ccec9bef9c718d08700<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-315f22e\" id=\"e68f90e6a188e381aee585a8e4bd93e5838f-2\">\u63d0\u6848\u306e\u5168\u4f53\u50cf<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u63d0\u6848\u540d<\/td><td>Cardano Summit 2026 and TOKEN2049 Singapore<\/td><\/tr><tr><td>\u30bf\u30a4\u30d7<\/td><td>Treasury Withdrawal<\/td><\/tr><tr><td>\u7533\u8acb\u984d<\/td><td>\u20b314,076,539\uff08USD $3,659,900\u3001$0.26\/ADA \u63db\u7b97\uff09<\/td><\/tr><tr><td>\u63d0\u6848\u8005<\/td><td>Cardano Foundation + EMURGO<\/td><\/tr><tr><td>\u958b\u50ac<\/td><td>2026\u5e7410\u67085-8\u65e5 \u30b7\u30f3\u30ac\u30dd\u30fc\u30eb<\/td><\/tr><tr><td>\u63d0\u51fa<\/td><td>2026\u5e744\u67089\u65e5\uff08Epoch 623\uff09<\/td><\/tr><tr><td>\u5931\u52b9<\/td><td>2026\u5e745\u670810\u65e5\uff08Epoch 630\uff09<\/td><\/tr><tr><td>Governance Action ID<\/td><td>gov_action1hkgl5l4fknsf7aktmcatkz6kfl7xpvn7rzh5vnxwexl0n3cc6zrsqt5459v<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-8a62d3e\"><strong>\u914d\u5206\u5185\u8a33\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\u5185\u8a33<\/th><th>\u91d1\u984d<\/th><th>ADA\u5efa\u3066<\/th><\/tr><\/thead><tbody><tr><td>Cardano Summit 2026\uff08CF\u7ba1\u7406\uff09<\/td><td>$2,500,000<\/td><td>\u20b39,615,385<\/td><\/tr><tr><td>TOKEN2049 Title Sponsorship\uff08EMURGO\u7ba1\u7406\uff09<\/td><td>$1,159,900<\/td><td>\u20b34,461,154<\/td><\/tr><tr><td><strong>\u5408\u8a08<\/strong><\/td><td><strong>$3,659,900<\/strong><\/td><td><strong>\u20b314,076,539<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-c1a07e7\">\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020\u306f\u3001SIPO \u304c\u904e\u53bb\u306b Amaru \/ Dingo \/ HLabs \u3067\u627f\u8a8d\u3057\u3066\u304d\u305f Sundae Labs treasury-contracts \u3092\u63a1\u7528\u3057\u3066\u304a\u308a\u3001Oversight Committee\uff08DQuadrant \/ Intersect \/ NMKR \/ Sundae Labs\uff09\u306e\u4e0b\u3067\u30de\u30a4\u30eb\u30b9\u30c8\u30fc\u30f3\u578b\u652f\u6255\uff08kickoff 80% + post-event 20%\uff09\u304c\u8a2d\u8a08\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u90e8\u5206\u306b\u3064\u3044\u3066\u306f\u554f\u984c\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-0b5ef68\">\u3057\u304b\u3057\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020\u4ee5\u524d\u306b\u3001<strong>\u3053\u306e\u63d0\u6848\u304c Treasury \u304b\u3089\u8cc7\u91d1\u3092\u6c42\u3081\u308b\u3079\u304d\u6027\u8cea\u306e\u3082\u306e\u306a\u306e\u304b<\/strong>\u3068\u3044\u3046\u3001\u3088\u308a\u6839\u672c\u7684\u306a\u554f\u3044\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-0dcfd06\" id=\"4e381a4e381aee6a78be980a0e79a84e687b8e5bfb5-3\">4\u3064\u306e\u69cb\u9020\u7684\u61f8\u5ff5<\/h2>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-d194efe\" id=\"1-e887aae5b7b1e8b387e98791e8aabfe98194e883bde58a9b-e28095-treasury-e981a9e59088e680a7e381aee5958fe9a18c-4\">1. \u81ea\u5df1\u8cc7\u91d1\u8abf\u9054\u80fd\u529b \u2015 Treasury \u9069\u5408\u6027\u306e\u554f\u984c<\/h3>\n\n\n\n<p class=\"deb-block deb-block-4cec810\">\u672c\u63d0\u6848\u81ea\u8eab\u304c\u53c2\u7167\u3057\u3066\u3044\u308b\u300cCardano Foundation 2025 Financial Insights and Activity Report\u300d\u306b\u306f\u3001CF \u304c Summit \u8cbb\u7528\u3092 Treasury \u306b\u983c\u3089\u305a\u306b\u8cc4\u3048\u308b\u8ca1\u52d9\u72b6\u614b\u306b\u3042\u308b\u3053\u3068\u304c\u8a18\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-79162e7\">\u307e\u305f\u3001CF \u306f 2022\u5e74\u304b\u30892024\u5e74\u307e\u3067\u306e4\u5e74\u9593\u3001Summit \u3092\u3059\u3079\u3066<strong>\u81ea\u5df1\u8cc7\u91d1<\/strong>\u3067\u958b\u50ac\u3057\u3066\u304d\u307e\u3057\u305f\u30022026\u5e74\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u4f1a\u5834\u306b\u3064\u3044\u3066\u3082\u3001\u672c\u63d0\u6848\u81ea\u8eab\u304c\u6b21\u306e\u3088\u3046\u306b\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-cf9bbb1\">\n<p class=\"deb-block deb-block-70f9405\">Cardano Foundation secured the 2026 location with the revenue from the 2025 Summit and has already begun working on the event, using its own teams and resources.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-d1a3ba6\">\u3064\u307e\u308a\u3001\u4f1a\u5834\u78ba\u4fdd\u3068\u521d\u671f\u6e96\u5099\u306f\u65e2\u306b CF \u81ea\u5df1\u8cc7\u91d1\u3067\u52d5\u304d\u51fa\u3057\u3066\u3044\u308b\u72b6\u614b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-33a1b79\">2025\u5e74\u306f Summit \u3067 Treasury \u8cc7\u91d1\u306b\u30a2\u30af\u30bb\u30b9\u3057\u305f\u6700\u521d\u306e\u5e74\u3067\u3057\u305f\uff08&#8221;Unveiling the First Unified Global Events Marketing Strategy&#8221; \u7d4c\u7531\uff09\u3002\u3053\u3053\u30672026\u5e74\u3082\u540c\u3058\u30d1\u30bf\u30fc\u30f3\u3067 YES \u3068\u3059\u308c\u3070\u3001\u305d\u308c\u306f\u300cSummit \u304c Treasury \u4f9d\u5b58\u578b\u30a4\u30d9\u30f3\u30c8\u3068\u3057\u3066\u6052\u5e38\u5316\u3055\u308c\u308b\u300d\u3068\u3044\u3046\u9053\u7b4b\u3092\u78ba\u5b9a\u3055\u305b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b37bcb0\">SIPO \u306e\u7acb\u5834\u3068\u3057\u3066\u306f\u3001<strong>\u5341\u5206\u306a\u8cc7\u672c\u3092\u6301\u3064\u7d44\u7e54\u306b\u3068\u3063\u3066\u3001Treasury \u306f\u300c\u6700\u5f8c\u306e\u8cc7\u91d1\u6e90\u300d\u3067\u3042\u308b\u3079\u304d\u3067\u300c\u6700\u521d\u306e\u8cc7\u91d1\u6e90\u300d\u3067\u306f\u306a\u3044<\/strong>\u3068\u8003\u3048\u307e\u3059\u3002\u305d\u3057\u3066\u305d\u306e\u7dda\u3092\u8d8a\u3048\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u8d8a\u3048\u308b\u7406\u7531\u3092\u660e\u793a\u7684\u306b\u8ad6\u3058\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u672c\u63d0\u6848\u306b\u306f\u305d\u306e\u8ad6\u8a3c\u304c\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-3060a32\" id=\"2-e4b889e9878de381aee588a9e79b8ae79bb8e58f8de6a78be980a0-5\">2. \u4e09\u91cd\u306e\u5229\u76ca\u76f8\u53cd\u69cb\u9020<\/h3>\n\n\n\n<p class=\"deb-block deb-block-e984dd0\">\u672c\u63d0\u6848\u306b\u304a\u3044\u3066\u3001Cardano Foundation\uff08DRep \u59d4\u4efb\u984d \u7d04\u20b3133m\u3001\u30e9\u30f3\u30af11\u4f4d\u76f8\u5f53\uff09\u3068 EMURGO\uff08DRep \u59d4\u4efb\u984d \u7d04\u20b3297m\u3001\u30e9\u30f3\u30af5\u4f4d\u76f8\u5f53\uff09\u306f\u3001\u540c\u6642\u306b\u4ee5\u4e0b\u306e\u4e09\u8005\u3092\u517c\u306d\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-52c8157\">\n<li class=\"\"><strong>\u63d0\u6848\u8005<\/strong>\uff08Treasury Withdrawal \u306e\u7533\u8acb\u8005\uff09<\/li>\n\n\n\n<li class=\"\"><strong>\u76f4\u63a5\u53d7\u76ca\u8005<\/strong>\uff08\u5f15\u304d\u51fa\u3055\u308c\u308b \u20b314,076,539 \u306e\u53d7\u53d6\u4eba\uff09<\/li>\n\n\n\n<li class=\"\"><strong>\u6295\u7968\u6a29\u3092\u884c\u4f7f\u3059\u308b DRep<\/strong>\uff08\u672c\u63d0\u6848\u306e\u63a1\u6c7a\u306b\u81ea\u3089\u306e\u59d4\u4efb\u7968\u3092\u6295\u3058\u308b\uff09<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-eda94f4\">\u3053\u308c\u306f CIP-1694 \u306e\u4e0b\u3067\u9055\u6cd5\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3057\u304b\u3057\u3001Cardano Constitution \u7b2cII\u6761\uff08\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u7cbe\u795e\uff09\u3068\u69cb\u9020\u7684\u306b\u7dca\u5f35\u95a2\u4fc2\u306b\u3042\u308b\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-8e9d5bc\">\u7de9\u548c\u7b56\u3068\u3057\u3066\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u9078\u629e\u80a2\u304c\u8003\u3048\u3089\u308c\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-4df4e76\">\n<li class=\"\"><strong>\u4e21 DRep \u304c\u672c\u63d0\u6848\u306b\u5bfe\u3057\u3066\u516c\u958b\u7684\u306b Abstain \u3092\u4e8b\u524d\u8868\u660e\u3059\u308b<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>\u4e2d\u7acb\u7684\u306a\u7b2c\u4e09\u8005\u30b9\u30dd\u30f3\u30b5\u30fc\uff08\u4f8b\uff1a\u30b3\u30df\u30e5\u30cb\u30c6\u30a3 DRep\uff09\u7d4c\u7531\u3067\u63d0\u6848\u3092\u63d0\u51fa\u3059\u308b<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>\u4e00\u90e8\u4e88\u7b97\u3092 Intersect \u4e88\u7b97\u30d7\u30ed\u30bb\u30b9\u306b\u9084\u3059\u5f62\u3067\u5206\u5272\u3059\u308b<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-015046f\">\u672c\u63d0\u6848\u306f\u3053\u308c\u3089\u306e\u3044\u305a\u308c\u3082\u63a1\u3063\u3066\u3044\u307e\u305b\u3093\u3002\u53d7\u8a17\u8005\u69cb\u9020\u3068\u3057\u3066\u3001\u3053\u308c\u306f\u8efd\u8996\u3067\u304d\u306a\u3044\u61f8\u5ff5\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-636658a\" id=\"3-e585ace585b1e8b2a1-vs-e38396e383a9e383b3e38389e3839ee383bce382b1e38386e382a3e383b3e382b0e381aee680a7e8b3aa-6\">3. \u516c\u5171\u8ca1 vs \u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306e\u6027\u8cea<\/h3>\n\n\n\n<p class=\"deb-block deb-block-14b081d\">\u672c\u63d0\u6848\u304c\u63a1\u7528\u3057\u3066\u3044\u308b Sundae Labs treasury-contracts \u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u306f\u3001\u8a2d\u8a08\u601d\u60f3\u3068\u3057\u3066<strong>\u516c\u5171\u8ca1\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u30d3\u30eb\u30c0\u30fc\u76f4\u63a5\u652f\u63f4<\/strong>\u306e\u305f\u3081\u306b\u4f5c\u3089\u308c\u305f\u3082\u306e\u3067\u3059\u3002\u3053\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u81ea\u4f53\u306f SIPO \u3082\u9ad8\u304f\u8a55\u4fa1\u3057\u3066\u304a\u308a\u3001Amaru \/ Dingo \/ HLabs \u3067\u4e00\u8cab\u3057\u3066\u652f\u6301\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-c74c543\">\u554f\u984c\u306f\u3001\u672c\u63d0\u6848\u306e\u652f\u51fa\u69cb\u6210\u304c\u3001\u3053\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u306e\u8a2d\u8a08\u601d\u60f3\u3068\u6574\u5408\u3057\u3066\u3044\u306a\u3044\u3088\u3046\u306b\u898b\u3048\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-710cdf4\"><strong>\u914d\u5206\u306e\u5b9f\u614b\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\u9805\u76ee<\/th><th>\u91d1\u984d<\/th><th>\u5168\u4f53\u6bd4<\/th><\/tr><\/thead><tbody><tr><td>TOKEN2049 Title Sponsorship fee<\/td><td>$699,900<\/td><td>19.1%<\/td><\/tr><tr><td>TOKEN2049 \u7dcf\u4e88\u7b97<\/td><td>$1,159,900<\/td><td>31.7%<\/td><\/tr><tr><td>Summit \u5168\u4f53<\/td><td>$2,500,000<\/td><td>68.3%<\/td><\/tr><tr><td>Hackathon \/ \u8cde\u91d1 \/ Builder Incentives<\/td><td>$54,830<\/td><td><strong>1.5%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-44befc2\">TOKEN2049 Title Sponsorship \u306e\u5bfe\u4fa1\u3068\u3057\u3066\u63d0\u6848\u66f8\u306b\u5217\u6319\u3055\u308c\u3066\u3044\u308b\u306e\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u9805\u76ee\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-a5294f4\">\n<li class=\"\">Title Sponsor \u5c02\u7528\u306e\u30e1\u30a4\u30f3\u30b9\u30c6\u30fc\u30b8\u57fa\u8abf\u8b1b\u6f14<\/li>\n\n\n\n<li class=\"\">\u6700\u512a\u5148\u30d6\u30fc\u30b9\u4f4d\u7f6e\u9078\u5b9a\uff08108 sqm \u30d6\u30fc\u30b9\uff09<\/li>\n\n\n\n<li class=\"\">TOKEN2049 \u516c\u5f0f X \/ LinkedIn \/ Instagram \u3067\u306e\u544a\u77e5<\/li>\n\n\n\n<li class=\"\">Title Sponsor \u5c02\u7528\u30c1\u30a7\u30c3\u30af\u30a4\u30f3<\/li>\n\n\n\n<li class=\"\">Speakers Reception \/ AFTER 2049 \u3078\u306e\u62db\u5f85<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-a22d8fc\">\u3053\u308c\u3089\u306f\u3001\u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u306b\u304a\u3051\u308b\u5178\u578b\u7684\u306a\u6210\u679c\u7269\u3067\u3059\u3002\u516c\u5171\u8ca1\u3068\u3057\u3066\u306e\u6027\u8cea\u306f\u8584\u3044\u3068\u8a00\u308f\u3056\u308b\u3092\u5f97\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-22f8f0d\">\u5bfe\u7167\u7684\u306b\u3001\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u306e builder \u306b\u76f4\u63a5\u6e21\u308b\u4e88\u7b97\uff08Hackathon\u30fb\u8cde\u91d1\u30fbBattle of the Builders \u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\uff09\u306f $54,830\u3001Summit \u30b5\u30d6\u30c8\u30fc\u30bf\u30eb\u306e 1.95% \u306b\u904e\u304e\u307e\u305b\u3093\u3002<strong>\u30d6\u30e9\u30f3\u30c9\u9732\u51fa\u306b $1.16M\u3001\u30d3\u30eb\u30c0\u30fc\u76f4\u63a5\u652f\u63f4\u306b $54,830<\/strong> \u3068\u3044\u3046\u914d\u5206\u6bd4\u7387\u306f\u3001\u30b3\u30df\u30e5\u30cb\u30c6\u30a3 Treasury \u304c\u8868\u73fe\u3059\u3079\u304d\u512a\u5148\u9806\u4f4d\u3068\u3057\u3066\u9006\u3067\u3042\u308b\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-d04f7b0\" id=\"4-iog-e4b88de59ca8e381a8e3808ce7b5b1e59088-cardano-e382a4e38399e383b3e38388e3808de381aee4b8bbe5bcb5-7\">4. IOG \u4e0d\u5728\u3068\u300c\u7d71\u5408 Cardano \u30a4\u30d9\u30f3\u30c8\u300d\u306e\u4e3b\u5f35<\/h3>\n\n\n\n<p class=\"deb-block deb-block-0810606\">\u672c\u63d0\u6848\u306f Summit 2026 + TOKEN2049 \u3092\u300c<strong>flagship unified Cardano event<\/strong>\u300d\u3001\u3064\u307e\u308a\u7d71\u5408 Cardano \u65d7\u8266\u30a4\u30d9\u30f3\u30c8\u3068\u4f4d\u7f6e\u3065\u3051\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-2389dba\">\u6b74\u53f2\u7684\u306b\u3001Cardano \u306e\u7d71\u5408\u30a4\u30cb\u30b7\u30a2\u30c1\u30d6\u306f\u4ee5\u4e0b\u306e\u5275\u8a2d3\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\u306b\u3088\u3063\u3066\u69cb\u6210\u3055\u308c\u3066\u304d\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-3e860e6\">\n<li class=\"\"><strong>Cardano Foundation<\/strong>\uff08\u30b9\u30a4\u30b9\u8ca1\u56e3\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u7d71\u6cbb\uff09<\/li>\n\n\n\n<li class=\"\"><strong>Input Output<\/strong>\uff08IOG\/IOHK\u3001\u7814\u7a76\u30fb\u958b\u767a\uff09<\/li>\n\n\n\n<li class=\"\"><strong>EMURGO<\/strong>\uff08\u5546\u696d\u5c55\u958b\uff09<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-f47a302\">\u672c\u63d0\u6848\u306e\u7f72\u540d\u8005\u306f CF \u3068 EMURGO \u306e\u307f\u3067\u3042\u308a\u3001IOG \u306f\u542b\u307e\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u305d\u3057\u3066\u3001IOG \u304c\u4e0d\u53c2\u52a0\u3067\u3042\u308b\u7406\u7531\u3001\u3042\u308b\u3044\u306f IOG \u304c\u5171\u540c\u7f72\u540d\u3092\u6253\u8a3a\u3055\u308c\u305f\u304b\u3069\u3046\u304b\u306b\u95a2\u3059\u308b\u8aac\u660e\u306f\u3001\u63d0\u6848\u6587\u66f8\u306e\u3069\u3053\u306b\u3082\u8a18\u8f09\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-7d33e10\">2022\u5e74\u306e Cardano Summit\uff08\u30b9\u30a4\u30b9\u30fb\u30ed\u30fc\u30b6\u30f3\u30cc\uff09\u4ee5\u6765\u306e\u4e00\u8cab\u3057\u305f\u7d71\u5408\u4f53\u5236\u3092\u8003\u3048\u308b\u3068\u3001\u3053\u308c\u306f<strong>\u7570\u4f8b\u306e\u6b20\u843d<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-1111115\">\u3053\u306e\u898f\u6a21\uff08$3.66M\uff09\u306e Treasury Withdrawal \u3067\u3001\u304b\u3064\u300c\u7d71\u5408 Cardano\u300d\u3068\u3044\u3046\u30d6\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3092\u63b2\u3052\u308b\u306e\u3067\u3042\u308c\u3070\u30013\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\u9593\u306e\u95a2\u4fc2\u6027\u306b\u95a2\u3059\u308b\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u3078\u306e\u8aac\u660e\u306f\u3001\u6700\u4f4e\u9650\u306e\u60c5\u5831\u958b\u793a\u3067\u3042\u308b\u3079\u304d\u3060\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-c286b65\" id=\"e9818ee58ebbe381ae-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-8\">\u904e\u53bb\u306e SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/h2>\n\n\n\n<p class=\"deb-block deb-block-40911f4\">\u3053\u3053\u3067\u91cd\u8981\u306a\u8ad6\u70b9\u304c\u3042\u308a\u307e\u3059\u3002SIPO \u306f\u904e\u53bb\u306e Treasury Withdrawal \u306b\u5bfe\u3057\u3066\u3001\u307b\u307c\u4e00\u8cab\u3057\u3066 YES \u3092\u6295\u3058\u3066\u304d\u307e\u3057\u305f\u3002\u4eca\u56de\u306e NO \u306f\u3001\u305d\u306e\u30b9\u30bf\u30f3\u30b9\u3068\u77db\u76fe\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-485f520\">\u7b54\u3048\u306f\u300c\u77db\u76fe\u3057\u306a\u3044\u300d\u3067\u3059\u3002SIPO \u304c YES \u3092\u6295\u3058\u3066\u304d\u305f\u63d0\u6848\u3092\u5206\u985e\u3059\u308b\u3068\u3001\u4ee5\u4e0b\u306e4\u30ab\u30c6\u30b4\u30ea\u306b\u53ce\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>\u30ab\u30c6\u30b4\u30ea<\/th><th>\u4e3b\u306a\u4e8b\u4f8b<\/th><th>\u6027\u8cea<\/th><\/tr><\/thead><tbody><tr><td>\u30d7\u30ed\u30c8\u30b3\u30eb\u30fb\u30ce\u30fc\u30c9\u591a\u69d8\u6027<\/td><td>Amaru\uff08Rust\uff09\u3001Dingo\uff08Go\uff09\u3001HLabs Pebble + Gerolamo<\/td><td><strong>\u516c\u5171\u8ca1<\/strong><\/td><\/tr><tr><td>\u8cc7\u672c\u5f62\u6210\u30a4\u30f3\u30d5\u30e9<\/td><td>DeFi Liquidity Budget\u3001Orion Fund\uff08\u6761\u4ef6\u4ed8\u304d\uff09<\/td><td><strong>\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6210\u9577\u8cc7\u672c<\/strong><\/td><\/tr><tr><td>\u30ac\u30d0\u30ca\u30f3\u30b9\u5236\u5ea6<\/td><td>Constitutional Committee \u5831\u916c\u3001NCL\u3001Budget Process Framework<\/td><td><strong>\u5236\u5ea6\u8a2d\u8a08<\/strong><\/td><\/tr><tr><td>\u91cd\u8981\u7d71\u5408<\/td><td>Cardano Critical Integrations Budget<\/td><td><strong>\u6280\u8853\u7d71\u5408<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-f7bf3db\">\u3044\u305a\u308c\u3082\u300c<strong>\u516c\u5171\u8ca1\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6210\u9577\u8cc7\u672c<\/strong>\u300d\u306e\u7bc4\u7587\u306b\u53ce\u307e\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u306f\u3001\u500b\u5225\u7d44\u7e54\u306e\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u4e88\u7b97\u3067\u306f\u306a\u304f\u3001Cardano \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306b\u3068\u3063\u3066\u306e\u5e95\u4e0a\u3052\u6295\u8cc7\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-5c8328a\">\u672c\u63d0\u6848\u306f\u3001\u3053\u306e\u3044\u305a\u308c\u306e\u30ab\u30c6\u30b4\u30ea\u306b\u3082\u8a72\u5f53\u3057\u307e\u305b\u3093\u3002\u5341\u5206\u306a\u81ea\u5df1\u8cc7\u91d1\u3092\u6301\u3064\u7d44\u7e54\u306b\u3088\u308b\u3001\u5b9f\u8cea\u7684\u306b\u30d6\u30e9\u30f3\u30c9\u30fb\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u5bc4\u308a\u306e\u652f\u51fa\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-24b1266\">\u3057\u305f\u304c\u3063\u3066\u3001<strong>\u672c\u63d0\u6848\u3078\u306e NO \u306f\u3001\u904e\u53bb\u306e YES \u30d1\u30bf\u30fc\u30f3\u3068\u306e\u77db\u76fe\u3067\u306f\u306a\u304f\u3001Treasury \u3092\u9069\u7528\u3059\u3079\u304d\u7dda\u3092\u660e\u78ba\u5316\u3059\u308b\u3082\u306e<\/strong>\u3067\u3059\u3002\u53d7\u8a17\u8005\u8cac\u4efb\u3092\u6301\u3064 DRep \u3068\u3057\u3066\u3001\u7dda\u5f15\u304d\u305d\u306e\u3082\u306e\u3092\u653e\u68c4\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-33b343d\" id=\"e5bbbae8a8ade79a84e4bba3e69bbfe6a188-9\">\u5efa\u8a2d\u7684\u4ee3\u66ff\u6848<\/h2>\n\n\n\n<p class=\"deb-block deb-block-6e543c0\">SIPO \u306f\u3001\u3053\u306e\u63d0\u6848\u306e\u76ee\u7684\u305d\u306e\u3082\u306e\uff08Summit \u958b\u50ac \/ TOKEN2049 \u30d7\u30ec\u30bc\u30f3\u30b9\uff09\u3092\u5426\u5b9a\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u69cb\u9020\u3078\u306e\u518d\u7de8\u3067\u3042\u308c\u3070\u3001\u652f\u6301\u3067\u304d\u308b\u4f59\u5730\u304c\u5341\u5206\u306b\u3042\u308b\u3068\u8003\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-6fde98a\" id=\"e4bba3e69bbfe6a188-1-cf-e887aae5b7b1e8b387e98791e381abe38288e3828b-summit-e9968be582ac-10\">\u4ee3\u66ff\u6848 1: CF \u81ea\u5df1\u8cc7\u91d1\u306b\u3088\u308b Summit \u958b\u50ac<\/h3>\n\n\n\n<p class=\"deb-block deb-block-ed5700a\">CF \u306f2022\u5e74\u304b\u30892024\u5e74\u307e\u3067\u81ea\u5df1\u8cc7\u91d1\u3067 Summit \u3092\u958b\u50ac\u3057\u3066\u304d\u305f\u5b9f\u7e3e\u304c\u3042\u308a\u30012026\u5e74\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u4f1a\u5834\u3082\u65e2\u306b2025\u5e74 Summit \u53ce\u76ca\u3067\u78ba\u4fdd\u6e08\u307f\u3067\u3059\u3002CF \u306e\u8ca1\u52d9\u72b6\u6cc1\u304b\u3089\u898b\u3066\u3001$2.5M \u306e\u8ffd\u52a0\u81ea\u5df1\u8cc7\u91d1\u8abf\u9054\u306f\u4e0d\u53ef\u80fd\u306a\u898f\u6a21\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u30022025\u5e74\u306e\u5b9f\u7e3e\uff08$313K \u306e Summit \u53ce\u76ca\uff09\u3068\u30012026\u5e74\u306e\u76ee\u6a19\uff08$450K\uff09\u3092\u7d44\u307f\u5408\u308f\u305b\u308c\u3070\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u30b7\u30c3\u30d7\u30fb\u30c1\u30b1\u30c3\u30c8\u58f2\u4e0a\u30fbCF \u65e2\u5b58\u30ea\u30bd\u30fc\u30b9\u3067\u76f8\u5f53\u90e8\u5206\u3092\u30ab\u30d0\u30fc\u3067\u304d\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-0397cbe\" id=\"e4bba3e69bbfe6a188-2-emurgo-e381ae-token2049-e58f82e58aa0e38292e59586e6a5ade79a84e381abe5868de6a78be68890-11\">\u4ee3\u66ff\u6848 2: EMURGO \u306e TOKEN2049 \u53c2\u52a0\u3092\u5546\u696d\u7684\u306b\u518d\u69cb\u6210<\/h3>\n\n\n\n<p class=\"deb-block deb-block-d4906dd\">EMURGO \u306f TOKEN2049 \u30682022-2025\u5e74\u306e\u591a\u5e74\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u5b9f\u7e3e\u3092\u6301\u3061\u307e\u3059\u3002Title Sponsorship \u306b\u3053\u3060\u308f\u3089\u305a\u3001\u4ee5\u4e0b\u306e\u3044\u305a\u308c\u304b\u306e\u5f62\u306b\u518d\u69cb\u6210\u3059\u308b\u9078\u629e\u80a2\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-c25fe62\">\n<li class=\"\">\u5546\u696d\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u8cc7\u91d1\u306b\u3088\u308b Title Sponsorship \u7d99\u7d9a<\/li>\n\n\n\n<li class=\"\">Title \u672a\u53d6\u5f97\u306e\u30b9\u30b1\u30fc\u30eb\u30c0\u30a6\u30f3\u3057\u305f\u30d6\u30fc\u30b9\u51fa\u5c55\uff08\u65e2\u306b108 sqm \u30d6\u30fc\u30b9\u306f\u78ba\u4fdd\u6e08\u307f\u3068\u63a8\u5bdf\u3055\u308c\u308b\u5834\u5408\u3001Title \u8cbb\u7528 $699,900 \u3092\u524a\u6e1b\u53ef\u80fd\uff09<\/li>\n\n\n\n<li class=\"\">2027\u5e74\u5ea6\u5206\u3068\u3057\u3066 Intersect \u4e88\u7b97\u30d7\u30ed\u30bb\u30b9\u7d4c\u7531\u3067\u5341\u5206\u306a\u30ea\u30fc\u30c9\u30bf\u30a4\u30e0\u3092\u6301\u3063\u3066\u518d\u63d0\u51fa<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-1e78380\" id=\"e4bba3e69bbfe6a188-3-e5b086e69da5e381ae-treasury-e8b387e98791e59e8be382a4e38399e383b3e38388e68f90e6a188e381aee6a78be980a0e59fbae6ba96-12\">\u4ee3\u66ff\u6848 3: \u5c06\u6765\u306e Treasury \u8cc7\u91d1\u578b\u30a4\u30d9\u30f3\u30c8\u63d0\u6848\u306e\u69cb\u9020\u57fa\u6e96<\/h3>\n\n\n\n<p class=\"deb-block deb-block-69804b1\">\u3088\u308a\u6839\u672c\u7684\u306b\u306f\u3001\u4eca\u5f8c\u306e Treasury \u8cc7\u91d1\u578b\u30a4\u30d9\u30f3\u30c8\u63d0\u6848\u306b\u306f\u3001\u4ee5\u4e0b\u306e4\u8981\u7d20\u3092\u542b\u3081\u308b\u3053\u3068\u3092\u671f\u5f85\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-6629521\">\n<li class=\"\"><strong>\u516c\u5171\u8ca1\u3068\u3057\u3066\u306e\u660e\u793a\u7684\u6b63\u5f53\u5316<\/strong>\uff08\u306a\u305c\u3053\u308c\u304c Treasury \u30de\u30bf\u30fc\u306a\u306e\u304b\uff09<\/li>\n\n\n\n<li class=\"\"><strong>\u5275\u8a2d3\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\uff08CF \/ IOG \/ EMURGO\uff09\u306e\u7acb\u5834\u306e\u958b\u793a<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>\u63d0\u6848\u8005 DRep \u304b\u3089\u306e\u4e8b\u524d Abstain \u8868\u660e<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>\u30d3\u30eb\u30c0\u30fc\u76f4\u63a5\u914d\u5206\u6bd4\u306e\u5f15\u304d\u4e0a\u3052<\/strong>\uff08\u73fe\u884c1.95%\u306f\u4f4e\u3059\u304e\u308b\uff09<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-a67df1f\" id=\"e7b590e381b3-13\">\u7d50\u3073<\/h2>\n\n\n\n<p class=\"deb-block deb-block-01a8e50\">Cardano Foundation \u3068 EMURGO \u306f\u3001\u904e\u53bb4\u5e74\u306b\u308f\u305f\u3063\u3066 Cardano Summit \u3092\u7d99\u7d9a\u7684\u306b\u958b\u50ac\u3057\u3001TOKEN2049 \u306b\u304a\u3051\u308b Cardano \u30d7\u30ec\u30bc\u30f3\u30b9\u3092\u7bc9\u304d\u4e0a\u3052\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u306e\u5b9f\u884c\u5b9f\u7e3e\u305d\u306e\u3082\u306e\u306b\u306f\u6df1\u3044\u656c\u610f\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-2a6c8b8\">\u3057\u304b\u3057\u3001<strong>\u5b9f\u884c\u5b9f\u7e3e\u3068 Treasury \u9069\u7528\u53ef\u5426\u306f\u5225\u306e\u554f\u3044\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-2b35458\">DRep \u306f\u3001\u5358\u306b\u63d0\u6848\u3092\u627f\u8a8d\u3059\u308b\u305f\u3081\u306e\u6a5f\u95a2\u3067\u306f\u306a\u304f\u3001Treasury \u306e\u9069\u7528\u5883\u754c\u3092\u8a2d\u5b9a\u3059\u308b\u53d7\u8a17\u8005\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u5341\u5206\u306a\u81ea\u5df1\u8cc7\u91d1\u3092\u6301\u3064\u5275\u8a2d\u7d44\u7e54\u304c\u3001\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u8272\u306e\u5f37\u3044\u652f\u51fa\u306b\u3064\u3044\u3066 Treasury \u3092\u4e00\u6b21\u8ca1\u6e90\u3068\u3057\u3066\u6c42\u3081\u308b\u69cb\u9020\u304c\u6052\u5e38\u5316\u3059\u308c\u3070\u3001Treasury \u306e\u516c\u5171\u8ca1\u7684\u6027\u683c\u306f\u5f90\u3005\u306b\u5e0c\u91c8\u3055\u308c\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-3a1564c\">SIPO \u306f\u3001\u3053\u306e\u5883\u754c\u7dda\u3092\u3001\u904e\u53bb\u306e YES \u306e\u8ad6\u7406\u3068\u4e00\u8cab\u3059\u308b\u5f62\u3067\u660e\u78ba\u306b\u3059\u308b\u3053\u3068\u304c\u3001\u9577\u671f\u7684\u306a\u30b3\u30df\u30e5\u30cb\u30c6\u30a3 Treasury \u306e\u5065\u5168\u6027\u306b\u8cc7\u3059\u308b\u3068\u8003\u3048\u307e\u3059\u3002\u4eca\u5f8c\u3001\u516c\u5171\u8ca1\u6295\u8cc7\u3068\u3057\u3066\u69cb\u9020\u5316\u3055\u308c\u305f\u63d0\u6848\u306b\u3064\u3044\u3066\u306f\u3001\u5f15\u304d\u7d9a\u304d\u7a4d\u6975\u7684\u306b\u652f\u6301\u3057\u3066\u307e\u3044\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-2d97d6d\">\u4ee5\u4e0a\u306e\u7406\u7531\u306b\u3088\u308a\u3001SIPO DRep \u3068\u3057\u3066\u672c\u63d0\u6848\u306b\u53cd\u5bfe\uff08NO\uff09\u3092\u6295\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-e806657\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-bb1efa1\" id=\"sipo-drep-how-we-view-the-cardano-summit-2026-and-token2049-singapore-proposal-analysis-no-vote-and-stance-14\">SIPO DRep: How We View the &#8220;Cardano Summit 2026 and TOKEN2049 Singapore&#8221; Proposal \u2014 Analysis, NO Vote, and Stance<\/h2>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-b14b89f\" id=\"introduction-15\">Introduction<\/h3>\n\n\n\n<p class=\"deb-block deb-block-67dac65\">This article presents SIPO DRep&#8217;s analysis and decision on the governance action &#8220;Cardano Summit 2026 and TOKEN2049 Singapore,&#8221; submitted on April 9, 2026 (Epoch 623).<\/p>\n\n\n\n<p class=\"deb-block deb-block-0fe5cf3\">The proposal is a Treasury Withdrawal jointly submitted by the Cardano Foundation (CF) and EMURGO, requesting <strong>\u20b314,076,539 (USD $3,659,900 at $0.26\/ADA)<\/strong> to fund a dual-event strategy in Singapore from October 5-8, 2026: the Cardano Summit 2026 (Oct 5-6) and a Title Sponsorship at TOKEN2049 (Oct 7-8).<\/p>\n\n\n\n<p class=\"deb-block deb-block-eca16b8\">Let me state the conclusion upfront. <strong>SIPO is voting NO on this proposal.<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-3f49da1\">To be explicit: we are not opposed to Cardano Summit 2026 being held, not opposed to Cardano having a presence at TOKEN2049, and not opposed to the Cardano Foundation or EMURGO as organizations. <strong>We are opposed to the specific structure of this treasury withdrawal.<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-7b8280f\">We present four structural concerns below, rooted in our fiduciary duty as a DRep.<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-49de30e\" id=\"proposal-overview-16\">Proposal Overview<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Item<\/th><th>Detail<\/th><\/tr><\/thead><tbody><tr><td>Title<\/td><td>Cardano Summit 2026 and TOKEN2049 Singapore<\/td><\/tr><tr><td>Type<\/td><td>Treasury Withdrawal<\/td><\/tr><tr><td>Amount<\/td><td>\u20b314,076,539 (USD $3,659,900 at $0.26\/ADA)<\/td><\/tr><tr><td>Proposers<\/td><td>Cardano Foundation + EMURGO<\/td><\/tr><tr><td>Dates<\/td><td>October 5-8, 2026 Singapore<\/td><\/tr><tr><td>Submitted<\/td><td>April 9, 2026 (Epoch 623)<\/td><\/tr><tr><td>Expires<\/td><td>May 10, 2026 (Epoch 630)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-564fc43\"><strong>Budget breakdown:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Component<\/th><th>USD<\/th><th>ADA<\/th><\/tr><\/thead><tbody><tr><td>Cardano Summit 2026 (CF-managed)<\/td><td>$2,500,000<\/td><td>\u20b39,615,385<\/td><\/tr><tr><td>TOKEN2049 Title Sponsorship (EMURGO-managed)<\/td><td>$1,159,900<\/td><td>\u20b34,461,154<\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><strong>$3,659,900<\/strong><\/td><td><strong>\u20b314,076,539<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-b5692e6\">The governance structure uses the Sundae Labs treasury-contracts framework that SIPO has previously endorsed for Amaru, Dingo, and HLabs, with an Oversight Committee (DQuadrant \/ Intersect \/ NMKR \/ Sundae Labs) and milestone-based payments (80% kickoff + 20% post-event). The governance framework itself is sound.<\/p>\n\n\n\n<p class=\"deb-block deb-block-9d0c64a\">However, prior to governance structure, there is a more fundamental question: <strong>is this the kind of proposal that should draw from the treasury at all?<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-d0bf752\" id=\"four-structural-concerns-17\">Four Structural Concerns<\/h3>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-428e10b\" id=\"1-self-funding-capacity-a-treasury-fit-question-18\">1. Self-funding capacity \u2014 a treasury-fit question<\/h4>\n\n\n\n<p class=\"deb-block deb-block-9ebb05d\">The 2025 Financial Insights and Activity Report referenced in this very proposal documents a CF financial position sufficient to cover Summit costs without a treasury withdrawal. CF self-funded the Summits from 2022 through 2024. CF has already secured the 2026 Singapore location using 2025 Summit revenue, as the proposal itself states:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-871c3a3\">\n<p class=\"deb-block deb-block-46a5b1a\">Cardano Foundation secured the 2026 location with the revenue from the 2025 Summit and has already begun working on the event, using its own teams and resources.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-9e4e43c\">We acknowledge that 2025 was the first year CF accessed treasury funding for the Summit (under &#8220;Unveiling the First Unified Global Events Marketing Strategy&#8221;). Voting YES on 2026 would consolidate that as a recurring pattern \u2014 establishing the Summit as a treasury-dependent event institutionally.<\/p>\n\n\n\n<p class=\"deb-block deb-block-152d1d6\">For a well-capitalized entity, treasury should be the funding source of last resort, not first. The case for crossing that line should be explicitly argued. This proposal does not make that argument.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-2c356d9\" id=\"2-three-way-conflict-of-interest-structure-19\">2. Three-way conflict-of-interest structure<\/h4>\n\n\n\n<p class=\"deb-block deb-block-1e0567e\">Cardano Foundation (DRep with approx. \u20b3133m delegated, ranked around 11th) and EMURGO (DRep with approx. \u20b3297m delegated, ranked around 5th) are simultaneously:<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-fdbfc07\">\n<li class=\"\"><strong>Proposers<\/strong> (filing the treasury withdrawal)<\/li>\n\n\n\n<li class=\"\"><strong>Direct beneficiaries<\/strong> (receiving the \u20b314,076,539)<\/li>\n\n\n\n<li class=\"\"><strong>Active DReps<\/strong> voting on the outcome with their delegated voting power<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-492616f\">This is not illegal under CIP-1694, but it is in clear structural tension with the spirit of Article II of the Constitution.<\/p>\n\n\n\n<p class=\"deb-block deb-block-a0f3d8a\">Mitigations were available:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-e46a757\">\n<li class=\"\">Both DReps publicly pre-committing to Abstain on their own action<\/li>\n\n\n\n<li class=\"\">Routing the request through a neutral third-party sponsor (e.g., a community DRep)<\/li>\n\n\n\n<li class=\"\">Splitting a portion of the budget back into the Intersect budget process<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-3a7b84b\">The proposal adopts none of these. From a fiduciary standpoint, this cannot be dismissed.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-63049ac\" id=\"3-public-goods-vs-brand-marketing-characterization-20\">3. Public goods vs. brand marketing characterization<\/h4>\n\n\n\n<p class=\"deb-block deb-block-e250e6d\">The Sundae Labs treasury contracts framework \u2014 which this proposal appropriately adopts \u2014 was designed to fund <strong>public goods, infrastructure, and direct builder support<\/strong>. SIPO has strongly endorsed this framework through Amaru, Dingo, and HLabs.<\/p>\n\n\n\n<p class=\"deb-block deb-block-02f74a8\">The concern is that the budget composition of this proposal appears misaligned with that design intent.<\/p>\n\n\n\n<p class=\"deb-block deb-block-1690b62\"><strong>Allocation reality:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Item<\/th><th>USD<\/th><th>Share<\/th><\/tr><\/thead><tbody><tr><td>TOKEN2049 Title Sponsorship fee<\/td><td>$699,900<\/td><td>19.1%<\/td><\/tr><tr><td>TOKEN2049 total budget<\/td><td>$1,159,900<\/td><td>31.7%<\/td><\/tr><tr><td>Summit overall<\/td><td>$2,500,000<\/td><td>68.3%<\/td><\/tr><tr><td>Hackathon \/ prizes \/ builder incentives<\/td><td>$54,830<\/td><td><strong>1.5%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-2f3b021\">The deliverables listed for TOKEN2049 Title Sponsorship include:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-21c5dd7\">\n<li class=\"\">Mainstage keynote exclusive to title sponsors<\/li>\n\n\n\n<li class=\"\">Priority booth location selection (108 sqm)<\/li>\n\n\n\n<li class=\"\">Brand mentions on TOKEN2049 official X \/ LinkedIn \/ Instagram<\/li>\n\n\n\n<li class=\"\">Priority check-in<\/li>\n\n\n\n<li class=\"\">Invitations to Speakers Reception and AFTER 2049<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-211004d\">These are classic brand marketing deliverables. Their public-goods character is thin.<\/p>\n\n\n\n<p class=\"deb-block deb-block-64e472c\">By comparison, budget flowing directly to community builders (hackathon, prizes, Battle of the Builders incentives) totals $54,830 \u2014 1.95% of the Summit subtotal. <strong>$1.16M on brand exposure, $54,830 on direct builder support<\/strong> is a ratio we believe inverts the priorities a community treasury should express.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-bf190e6\" id=\"4-iog-absence-and-the-unified-cardano-framing-21\">4. IOG absence and the &#8220;unified Cardano&#8221; framing<\/h4>\n\n\n\n<p class=\"deb-block deb-block-df3728c\">The proposal positions Summit 2026 + TOKEN2049 as a &#8220;<strong>flagship unified Cardano event<\/strong>.&#8221;<\/p>\n\n\n\n<p class=\"deb-block deb-block-3e53dbe\">Historically, unified Cardano initiatives have been framed around three founding entities:<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-dba359b\">\n<li class=\"\"><strong>Cardano Foundation<\/strong> (Swiss foundation, ecosystem stewardship)<\/li>\n\n\n\n<li class=\"\"><strong>Input Output<\/strong> (IOG\/IOHK, research and development)<\/li>\n\n\n\n<li class=\"\"><strong>EMURGO<\/strong> (commercial expansion)<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-d6e4abd\">This proposal is signed by CF and EMURGO only. IOG is absent. No statement is provided explaining IOG&#8217;s non-participation, nor any indication of whether IOG was invited to co-sign.<\/p>\n\n\n\n<p class=\"deb-block deb-block-4f96dc5\">Given the consistent three-entity framing since the Lausanne Summit in 2022, this is a <strong>notable omission<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-45c1def\">For a treasury withdrawal of this size ($3.66M) carrying &#8220;unified Cardano&#8221; branding, community clarity on the relationship among the three founding entities should be a minimum disclosure.<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-6f7e481\" id=\"consistency-with-sipos-prior-votes-22\">Consistency with SIPO&#8217;s Prior Votes<\/h3>\n\n\n\n<p class=\"deb-block deb-block-b3a7b40\">An important question arises: SIPO has voted YES on nearly all prior treasury withdrawals. Is a NO here inconsistent with that stance?<\/p>\n\n\n\n<p class=\"deb-block deb-block-f005319\">The answer is: no, it is not. SIPO&#8217;s past YES votes classify into four categories:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Category<\/th><th>Representative cases<\/th><th>Nature<\/th><\/tr><\/thead><tbody><tr><td>Protocol \/ node diversity<\/td><td>Amaru (Rust), Dingo (Go), HLabs Pebble + Gerolamo<\/td><td><strong>Public goods<\/strong><\/td><\/tr><tr><td>Capital formation infrastructure<\/td><td>DeFi Liquidity Budget, Orion Fund (conditional)<\/td><td><strong>Ecosystem growth capital<\/strong><\/td><\/tr><tr><td>Governance institutions<\/td><td>Constitutional Committee compensation, NCL, Budget Process Framework<\/td><td><strong>Institutional design<\/strong><\/td><\/tr><tr><td>Critical integrations<\/td><td>Cardano Critical Integrations Budget<\/td><td><strong>Technical integration<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-9c19daf\">All of these fall within &#8220;public goods, infrastructure, or ecosystem growth capital.&#8221; They are ecosystem-wide uplift investments, not individual-organization marketing budgets.<\/p>\n\n\n\n<p class=\"deb-block deb-block-5e8dacc\">This proposal does not fit any of those categories. It is marketing-adjacent spending by a well-capitalized organization.<\/p>\n\n\n\n<p class=\"deb-block deb-block-0474d08\">Therefore, <strong>a NO here does not contradict SIPO&#8217;s prior YES pattern; it clarifies the line we draw.<\/strong> As a DRep with fiduciary responsibility, we cannot abandon the act of drawing that line.<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-63d8f72\" id=\"constructive-alternatives-23\">Constructive Alternatives<\/h3>\n\n\n\n<p class=\"deb-block deb-block-3acda85\">SIPO does not oppose the underlying objectives (holding the Summit, establishing presence at TOKEN2049). We believe the following restructurings would enable support.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-8c84adb\" id=\"alternative-1-cf-self-funds-the-summit-24\">Alternative 1: CF self-funds the Summit<\/h4>\n\n\n\n<p class=\"deb-block deb-block-5a7271c\">CF has a four-year track record of self-funded Summits (2022-2024) and has already secured the 2026 Singapore location using 2025 Summit revenue. Given CF&#8217;s financial position, raising the additional $2.5M through its existing resources, 2025 Summit revenue ($313K), and 2026 revenue targets ($450K from tickets and sponsorships) is feasible at meaningful scale.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-4df78e0\" id=\"alternative-2-restructure-emurgos-token2049-participation-commercially-25\">Alternative 2: Restructure EMURGO&#8217;s TOKEN2049 participation commercially<\/h4>\n\n\n\n<p class=\"deb-block deb-block-68b848e\">EMURGO has a multi-year partnership (2022-2025) with TOKEN2049. Options include:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-b7fbc5e\">\n<li class=\"\">Pursuing Title Sponsorship through commercial partnership funding<\/li>\n\n\n\n<li class=\"\">Accepting a scaled-down non-title booth (removing the $699,900 title fee)<\/li>\n\n\n\n<li class=\"\">Resubmitting through the Intersect budget process for the 2027 cycle with adequate lead time<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-6558ecd\" id=\"alternative-3-structural-standards-for-future-treasury-funded-event-proposals-26\">Alternative 3: Structural standards for future treasury-funded event proposals<\/h4>\n\n\n\n<p class=\"deb-block deb-block-609c31d\">More fundamentally, any future treasury-funded event proposal should include:<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-98be917\">\n<li class=\"\"><strong>Explicit public-goods justification<\/strong> (why this is a treasury matter)<\/li>\n\n\n\n<li class=\"\"><strong>Disclosure of all three founding entities&#8217; positions<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>Pre-committed Abstain from proposer DReps<\/strong><\/li>\n\n\n\n<li class=\"\"><strong>Higher builder-direct allocation ratio<\/strong> (1.95% is too low)<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-9d00ded\" id=\"closing-27\">Closing<\/h3>\n\n\n\n<p class=\"deb-block deb-block-4a3a639\">Cardano Foundation and EMURGO have delivered Cardano Summits consistently for four years and built Cardano&#8217;s presence at TOKEN2049. We hold deep respect for that execution record.<\/p>\n\n\n\n<p class=\"deb-block deb-block-82c7c5a\">However, <strong>execution record and treasury applicability are separate questions.<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-a9cafc7\">DReps are not merely an approval mechanism for proposals; they are fiduciaries who set the boundary of treasury applicability. If well-capitalized founding organizations routinely use the treasury as a primary funding source for marketing-adjacent spending, the public-goods character of the treasury erodes over time.<\/p>\n\n\n\n<p class=\"deb-block deb-block-b8f1902\">SIPO believes that drawing this boundary clearly \u2014 in a way that remains consistent with the logic of prior YES votes \u2014 serves the long-term health of the community treasury. We will continue to actively support future proposals structured as public goods investments.<\/p>\n\n\n\n<p class=\"deb-block deb-block-1955949\">For these reasons, SIPO DRep votes NO.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-6e929e7\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-98d4db5\" id=\"e58f82e88083e383aae383b3e382af-28\">\u53c2\u8003\u30ea\u30f3\u30af<\/h2>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-af7762a\">\n<li class=\"\">\u63d0\u6848\u66f8\uff08PDF\uff09\uff1a<a href=\"https:\/\/ipnso-com.ipns.dweb.link\/?cid=QmQc5zt319nHtseyj4vVKkm4PFCHS7To3WCs6pH3SGgrxq\">https:\/\/ipnso-com.ipns.dweb.link\/?cid=QmQc5zt319nHtseyj4vVKkm4PFCHS7To3WCs6pH3SGgrxq<\/a><\/li>\n\n\n\n<li class=\"\">2026 Event Concept Proposal\uff1a<a href=\"https:\/\/ipnso-com.ipns.dweb.link\/?cid=QmaF8tt7prMb41TqSfN9GSJhM5PcWXVuD7uxYBDjecjaDX\">https:\/\/ipnso-com.ipns.dweb.link\/?cid=QmaF8tt7prMb41TqSfN9GSJhM5PcWXVuD7uxYBDjecjaDX<\/a><\/li>\n\n\n\n<li class=\"\">KPI and Smart Contract Dashboard\uff1a<a href=\"https:\/\/treasurywithdrawals.cardanofoundation.org\">https:\/\/treasurywithdrawals.cardanofoundation.org<\/a><\/li>\n\n\n\n<li class=\"\">2025 Financial Insights and Activity Report\uff1a<a href=\"https:\/\/ipnso-com.ipns.dweb.link\/?cid=QmQmAngcWyQVymr4wThNdUQmma2Dys9sabeYZXSFUSs93v\">https:\/\/ipnso-com.ipns.dweb.link\/?cid=QmQmAngcWyQVymr4wThNdUQmma2Dys9sabeYZXSFUSs93v<\/a><\/li>\n\n\n\n<li class=\"\">2025 Cardano Summit Results Blog\uff1a<a href=\"https:\/\/cardanofoundation.org\/blog\/cardano-summit-2025-journey-and-results\">https:\/\/cardanofoundation.org\/blog\/cardano-summit-2025-journey-and-results<\/a><\/li>\n\n\n\n<li class=\"\">Sundae Labs Treasury Contracts\uff1a<a href=\"https:\/\/github.com\/SundaeSwap-finance\/treasury-contracts\">https:\/\/github.com\/SundaeSwap-finance\/treasury-contracts<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-62d1002\">SIPO \u306e\u904e\u53bb\u306e DRep \u6295\u7968\u8a18\u9332\u306f SIPO.TOKYO \u672c\u30b5\u30a4\u30c8\u3088\u308a\u3054\u53c2\u7167\u304f\u3060\u3055\u3044\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"\u306f\u3058\u3081\u306b 2026\u5e744\u67089\u65e5\uff08\u30a8\u30dd\u30c3\u30af623\uff09\u306b\u63d0\u51fa\u3055\u308c\u305f\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u300cCardano Summit 2026 and TOKEN2049 Singapore\u300d\u306b\u3064\u3044\u3066\u3001SIPO DRep\u3068\u3057\u3066\u306e\u5206\u6790\u3068\u5224\u65ad\u3092\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002 \u672c\u63d0\u6848\u306f\u3001Cardano Foundation\uff08\u4ee5\u4e0bCF\uff09\u3068 EMURGO \u304c\u5171\u540c\u3067\u63d0\u51fa\u3057\u305f Treasury Withdrawal \u63d0\u6848\u3067\u3042\u308a\u3001\u7533\u8acb\u984d\u306f \u20b314,076,539\uff08USD $3,659,900\u3001$0.26\/ADA \u63db\u7b97\uff09 \u3067\u3059\u30022026\u5e7410\u67085\u65e5\u301c8\u65e5\u306b\u30b7\u30f3\u30ac\u30dd\u30fc\u30eb\u3067\u958b\u50ac\u3055\u308c\u308b Cardano Summit 2026\uff0810\/5-6\uff09\u3068\u3001TOKEN2049 \u3067\u306e Title Sponsor&hellip;","protected":false},"author":1,"featured_media":45633,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145,307,21,35,28,1],"tags":[],"class_list":{"0":"post-45630","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cardano-sumit-2023","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\/04\/X_SIPO_20260418_01.png",1792,1024,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-300x171.png",300,171,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-768x439.png",768,439,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-1024x585.png",900,514,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-1536x878.png",1536,878,true],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01.png",1792,1024,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-450x257.png",450,257,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/04\/X_SIPO_20260418_01-900x514.png",900,514,true]},"category_list":"<a 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