{"id":45797,"date":"2026-05-09T20:41:27","date_gmt":"2026-05-09T11:41:27","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45797"},"modified":"2026-05-09T20:41:28","modified_gmt":"2026-05-09T11:41:28","slug":"sipo-drep-io-cardano-upgrades-202605","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45797","title":{"rendered":"SIPO DRep\uff1a\u300eIO: Cardano Upgrades\u300f\u63d0\u6848 \u2015 \u53f0\u5e33\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u63a1\u7528\u5c64\u306e\u4e09\u5c64\u69cb\u9020\u5f37\u5316\u3068\u3057\u3066 SIPO \u306f YES \u3092\u6295\u3058\u308b"},"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=\"#e382b9e382b3e383bce38397e8a995e4bea1efbc9a3e381a4e381aee383afe383bce382afe382b9e38388e383aae383bce383a0e381aee688a6e795a5e79a84e6848f-3\">\u30b9\u30b3\u30fc\u30d7\u8a55\u4fa1\uff1a3\u3064\u306e\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0\u306e\u6226\u7565\u7684\u610f\u5473<\/a><ul><li><a href=\"#ws1-cip-159-e28095-ledger-primitives-e381aee6a78be980a0e79a84e382aee383a3e38383e38397e38292e59f8be38281e3828b-4\">WS1: CIP-159 \u2015 ledger primitives \u306e\u69cb\u9020\u7684\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b<\/a><\/li><li><a href=\"#ws2-cps-23-e28095-e382ace38390e3838ae383b3e382b9e38292e98791e89e8de5b1a4e381b8e68ba1e5bcb5e38199e3828b-5\">WS2: CPS-23 \u2015 \u30ac\u30d0\u30ca\u30f3\u30b9\u3092\u91d1\u878d\u5c64\u3078\u62e1\u5f35\u3059\u308b<\/a><\/li><li><a href=\"#ws3-babel-fees-e28095-bitcoin-e382b9e38386e383bce38396e383abe382b3e382a4e383b3e3839be383abe38380e383bc-onboarding-e691a9e693a6e381aee999a4-6\">WS3: Babel Fees \u2015 Bitcoin \/ \u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u30db\u30eb\u30c0\u30fc onboarding \u6469\u64e6\u306e\u9664\u53bb<\/a><\/li><\/ul><\/li><li><a href=\"#e382ace38390e3838ae383b3e382b9e6a78be980a0-7\">\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020<\/a><\/li><li><a href=\"#cardano-2030-e695b4e59088-8\">Cardano 2030 \u6574\u5408<\/a><\/li><li><a href=\"#e4ba88e7ae97e8a68fe5be8b-9\">\u4e88\u7b97\u898f\u5f8b<\/a><\/li><li><a href=\"#e382b9e382bfe383b3e382b9e4b880e8b2abe680a7-10\">\u30b9\u30bf\u30f3\u30b9\u4e00\u8cab\u6027<\/a><\/li><li><a href=\"#e69c9fe5be85e4ba8be9a085efbc88yes-e381abe381afe6988ee7a2bae381aae69da1e4bbb6e3818ce4bcb4e38186efbc89-11\">\u671f\u5f85\u4e8b\u9805\uff08YES \u306b\u306f\u660e\u78ba\u306a\u6761\u4ef6\u304c\u4f34\u3046\uff09<\/a><\/li><li><a href=\"#e7b590e381b3-12\">\u7d50\u3073<\/a><\/li><li><a href=\"#sipo-drep-why-we-vote-yes-on-io-cardano-upgrades-13\">SIPO DRep: Why We Vote YES on &#8220;IO: Cardano Upgrades&#8221;<\/a><\/li><li><a href=\"#introduction-14\">Introduction<\/a><\/li><li><a href=\"#proposal-overview-15\">Proposal Overview<\/a><\/li><li><a href=\"#why-sipo-votes-yes-16\">Why SIPO Votes YES<\/a><\/li><li><a href=\"#expectations-17\">Expectations<\/a><\/li><li><a href=\"#closing-18\">Closing<\/a><\/li><li><a href=\"#references-19\">References<\/a><\/li><\/ul><\/div><h2 class=\"wp-block-heading deb-block deb-block-c1181f3\" id=\"e381afe38198e38281e381ab-1\">\u306f\u3058\u3081\u306b<\/h2>\n\n\n\n<p class=\"deb-block deb-block-b3f1cca\">2026\u5e744\u670822\u65e5\uff08\u30a8\u30dd\u30c3\u30af626\uff09\u306b\u63d0\u51fa\u3055\u308c\u305f\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u300cIO: Cardano Upgrades\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-4df9b78\">\u672c\u63d0\u6848\u306f\u3001Input Output (IO) \u3068 Ensurable Systems \u306e co-venture \u306b\u3088\u3063\u3066\u63d0\u51fa\u3055\u308c\u305f Treasury Withdrawal \u63d0\u6848\u3067\u3042\u308a\u3001\u7533\u8acb\u984d\u306f <strong>\u20b313,103,039\uff08USD $3,144,729\u3001$0.24\/ADA \u63db\u7b97\uff09<\/strong> \u3067\u3059\u30023\u3064\u306e\u6280\u8853\u7684\u306b\u72ec\u7acb\u3057\u306a\u304c\u3089\u3082\u76f8\u4e92\u88dc\u5b8c\u7684\u306a\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u3001Cardano \u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u30ec\u30d9\u30eb\u306e\u5305\u62ec\u7684\u30a2\u30c3\u30d7\u30b0\u30ec\u30fc\u30c9\u63d0\u6848\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-14c40d1\">\u7d50\u8ad6\u304b\u3089\u7533\u3057\u4e0a\u3052\u307e\u3059\u3002<strong>SIPO \u306f\u672c\u63d0\u6848\u306b\u8cdb\u6210\uff08YES\uff09\u3092\u6295\u3058\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-feda0da\">\u672c\u63d0\u6848\u306f\u3001SIPO \u304c\u4e00\u8cab\u3057\u3066\u652f\u6301\u3057\u3066\u304d\u305f\u300c\u516c\u5171\u8ca1\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u6210\u9577\u8cc7\u672c\u300d\u306e3\u3064\u306e\u8ef8\u3059\u3079\u3066\u306b\u8a72\u5f53\u3059\u308b\u5185\u5bb9\u3067\u3001\u30ce\u30fc\u30c9\u591a\u69d8\u6027\u30c9\u30af\u30c8\u30ea\u30f3\u3001\u5236\u5ea6\u8a2d\u8a08\u30b3\u30b9\u30c8\u30c9\u30af\u30c8\u30ea\u30f3\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6210\u9577\u30c9\u30af\u30c8\u30ea\u30f3\u306e3\u8ef8\u304c\u540c\u6642\u306b\u8a72\u5f53\u3059\u308b\u5e0c\u5c11\u306a\u30b1\u30fc\u30b9\u3067\u3059\u3002\u4eca\u56de\u306e IOG \u30e9\u30a6\u30f3\u30c9\u3067\u6295\u7968\u3059\u308b 9 \u4ef6\u306e\u63d0\u6848\u306e\u3046\u3061\u3001\u672c\u63d0\u6848\u306f <strong>\u53f0\u5e33\u30d7\u30ea\u30df\u30c6\u30a3\u30d6\u306e\u62e1\u5f35\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u5c64\u306e\u6210\u719f\u30fb\u63a1\u7528\u969c\u58c1\u306e\u9664\u53bb<\/strong> \u3092\u4e00\u62ec\u3057\u3066\u9032\u3081\u308b\u3001\u6700\u3082\u300c\u5e83\u57df\u306b\u52b9\u304f\u300d\u63d0\u6848\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-95ed88d\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-91821ab\" id=\"e68f90e6a188e381aee585a8e4bd93e5838f-2\">\u63d0\u6848\u306e\u5168\u4f53\u50cf<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-828e112\"><table><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u63d0\u6848\u540d<\/td><td>IO: Cardano Upgrades<\/td><\/tr><tr><td>\u30bf\u30a4\u30d7<\/td><td>Treasury Withdrawal<\/td><\/tr><tr><td>\u7533\u8acb\u984d<\/td><td>\u20b313,103,039\uff08USD $3,144,729\u3001$0.24\/ADA \u63db\u7b97\uff09<\/td><\/tr><tr><td>\u63d0\u6848\u8005<\/td><td>Input Output Global + Ensurable Systems\uff08co-venture\uff09<\/td><\/tr><tr><td>\u7ba1\u7406<\/td><td>Intersect \/ Sundae Labs treasury-contracts<\/td><\/tr><tr><td>\u63d0\u51fa<\/td><td>2026\u5e744\u670822\u65e5\uff08Epoch 626\uff09<\/td><\/tr><tr><td>\u5931\u52b9<\/td><td>2026\u5e745\u670825\u65e5\uff08Epoch 633\uff09<\/td><\/tr><tr><td>Governance Action ID<\/td><td>gov_action1w0shrfxqwv95kk0v4cn34wylz25a2cmqkq5jpc0e2yrahhqava3qz6es0cp<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-d90f9c3\"><strong>3\u3064\u306e\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0\u69cb\u6210\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-0827fb1\"><table><thead><tr><th>WS<\/th><th>\u540d\u79f0<\/th><th>\u898f\u6a21<\/th><th>\u76ee\u7684<\/th><\/tr><\/thead><tbody><tr><td>WS1<\/td><td>CIP-159 Account Address Enhancement<\/td><td>\u20b37,069,985<\/td><td>\u53f0\u5e33\u30d7\u30ea\u30df\u30c6\u30a3\u30d6\u306e\u62e1\u5f35\uff1a\u30de\u30a4\u30af\u30ed\u624b\u6570\u6599\u30fbL2 reserve\u30fbbatcher \u30b3\u30b9\u30c8\u524a\u6e1b<\/td><\/tr><tr><td>WS2<\/td><td>CPS-23 Multi-Asset Treasury<\/td><td>\u20b32,356,662<\/td><td>Treasury \u306e\u30b9\u30c6\u30fc\u30d6\u30eb\/RWA \u4fdd\u6709\u3092\u53ef\u80fd\u306b\u3059\u308b CIP \u8a2d\u8a08<\/td><\/tr><tr><td>WS3<\/td><td>Babel Fees<\/td><td>\u20b33,676,392<\/td><td>\u4efb\u610f\u306e Cardano native asset \u3067\u624b\u6570\u6599\u652f\u6255\u3044\u53ef\u80fd\u5316<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-d6caa1a\">3\u3064\u306e\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0\u306f\u6280\u8853\u7684\u306b\u306f\u72ec\u7acb\u3057\u3066\u3044\u307e\u3059\u304c\u3001<strong>\u4fa1\u5024\u306b\u304a\u3044\u3066\u52a0\u7b97\u7684 (additive)<\/strong> \u306b\u8a2d\u8a08\u3055\u308c\u3066\u3044\u307e\u3059\u3002CIP-159 \u304c CPS-23 \u306e\u305f\u3081\u306e\u53f0\u5e33\u57fa\u76e4\u3092\u63d0\u4f9b\u3057\u3001Babel Fees \u306f\u5225\u9014\u8cc7\u91d1\u63d0\u4f9b\u3055\u308c\u308b CIP-118\uff08Nested Transactions\uff09\u306e\u4e0a\u3067 application layer \u3068\u3057\u3066\u52d5\u4f5c\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-5ebd227\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-584e887\" id=\"e382b9e382b3e383bce38397e8a995e4bea1efbc9a3e381a4e381aee383afe383bce382afe382b9e38388e383aae383bce383a0e381aee688a6e795a5e79a84e6848f-3\">\u30b9\u30b3\u30fc\u30d7\u8a55\u4fa1\uff1a3\u3064\u306e\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0\u306e\u6226\u7565\u7684\u610f\u5473<\/h2>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-4339b68\" id=\"ws1-cip-159-e28095-ledger-primitives-e381aee6a78be980a0e79a84e382aee383a3e38383e38397e38292e59f8be38281e3828b-4\">WS1: CIP-159 \u2015 ledger primitives \u306e\u69cb\u9020\u7684\u30ae\u30e3\u30c3\u30d7\u3092\u57cb\u3081\u308b<\/h3>\n\n\n\n<p class=\"deb-block deb-block-1bdd87f\">\u73fe\u5728\u306e Cardano \u3067\u306f\u3001minUTxOValue \u5236\u7d04\u306b\u3088\u308a\u30a6\u30a9\u30ec\u30c3\u30c8\u306f <strong>\u7d041 ADA \u672a\u6e80\u306e\u30de\u30a4\u30af\u30ed\u624b\u6570\u6599<\/strong> \u3092\u5fb4\u53ce\u3067\u304d\u307e\u305b\u3093\u3002\u4e00\u65b9\u3001\u5e73\u5747\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u624b\u6570\u6599\u306f\u7d040.39 ADA \u3067\u3059\u3002\u3053\u306e\u7d4c\u6e08\u6027\u306e\u30df\u30b9\u30de\u30c3\u30c1\u304c\u3001Cardano \u4e0a\u3067\u306e\u30a6\u30a9\u30ec\u30c3\u30c8\u4e8b\u696d\u306e product-market fit \u3092\u69cb\u9020\u7684\u306b\u56f0\u96e3\u306b\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-184b2cd\">CIP-159 \u306f\u3001PlutusV4 \u30b9\u30af\u30ea\u30d7\u30c8\u30b5\u30dd\u30fc\u30c8\u4ed8\u304d\u3067\u30a2\u30ab\u30a6\u30f3\u30c8\u30a2\u30c9\u30ec\u30b9\u3078\u306e\u76f4\u63a5\u30c7\u30dd\u30b8\u30c3\u30c8\u3092\u53ef\u80fd\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u3053\u306e\u5236\u7d04\u3092\u64a4\u5ec3\u3057\u307e\u3059\u3002\u4e0b\u6d41\u3078\u306e\u5f71\u97ff\u306f\u69cb\u9020\u7684\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u30a6\u30a9\u30ec\u30c3\u30c8<\/strong>\uff1a\u5b9f\u884c\u53ef\u80fd\u306a\u53ce\u76ca\u30e2\u30c7\u30eb\u306e\u7372\u5f97<\/li><li><strong>batcher \/ aggregator<\/strong>\uff1a\u624b\u6570\u6599\u524a\u6e1b\uff08\u591a\u304f\u306f minUTxOValue \u304c\u4e00\u56e0\u3067\u6700\u4f4e1 ADA \u8ab2\u91d1\uff09<\/li><li><strong>Layer 2\uff08Midgard \u7b49\uff09<\/strong>\uff1a\u30e6\u30fc\u30b6\u30fc reserve \u7ba1\u7406\u306b\u5fc5\u8981\u306a\u30a2\u30ab\u30a6\u30f3\u30c8\u30d9\u30fc\u30b9\u30fb\u30c7\u30dd\u30b8\u30c3\u30c8\u30d7\u30ea\u30df\u30c6\u30a3\u30d6\u7372\u5f97<\/li><\/ul>\n\n\n\n<p class=\"deb-block deb-block-9e690af\">\u7279\u7b46\u3059\u3079\u304d\u306f\u3001SIPO \u304c\u672c\u30e9\u30a6\u30f3\u30c9\u3067\u540c\u6642\u306b YES \u3092\u6295\u3058\u308b <strong>L2 Scalability Initiative\uff08Midgard mainnet \u3092\u542b\u3080\uff09\u304c CIP-159 \u3092\u69cb\u9020\u7684\u524d\u63d0\u3068\u3057\u3066\u53c2\u7167\u3057\u3066\u3044\u308b<\/strong> \u70b9\u3067\u3059\u3002CIP-159 \u306f L2 \u306e reserve UTxO contention \u554f\u984c\u3092 ledger \u30ec\u30d9\u30eb\u3067\u89e3\u6c7a\u3059\u308b prerequisite \u3067\u3042\u308a\u3001\u4e21\u63d0\u6848\u3092\u300c\u30bb\u30c3\u30c8\u300d\u3068\u3057\u3066\u7406\u89e3\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-05a9e21\" id=\"ws2-cps-23-e28095-e382ace38390e3838ae383b3e382b9e38292e98791e89e8de5b1a4e381b8e68ba1e5bcb5e38199e3828b-5\">WS2: CPS-23 \u2015 \u30ac\u30d0\u30ca\u30f3\u30b9\u3092\u91d1\u878d\u5c64\u3078\u62e1\u5f35\u3059\u308b<\/h3>\n\n\n\n<p class=\"deb-block deb-block-a675129\">Cardano \u306e Treasury \u306f\u73fe\u5728\u3001<strong>ADA \u306e\u307f\u3092\u4fdd\u6709<\/strong> \u3057\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306f\u8cc7\u91d1\u8abf\u9054\u30d7\u30ed\u30bb\u30b9\u3092 ADA \u4fa1\u683c\u5909\u52d5\u306b\u76f4\u63a5\u6652\u3059\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002Treasury Withdrawal \u3092 ADA \u3067\u53d7\u3051\u53d6\u3063\u305f\u53d7\u76ca\u8005\u306f\u3001\u5b9f\u8cea\u7684\u306b\u300cADA \u4fa1\u683c\u306b\u8ced\u3051\u305f\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u300d\u306b\u306a\u3063\u3066\u304a\u308a\u3001ADA \u5b89\u671f\u306b\u306f\u5b9f\u8cea\u4e88\u7b97\u304c\u7e2e\u5c0f\u3057\u3001ADA \u9ad8\u671f\u306b\u306f\u5b9f\u8cea\u4e88\u7b97\u304c\u81a8\u5f35\u3059\u308b\u3068\u3044\u3046\u69cb\u9020\u7684\u554f\u984c\u3092\u62b1\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-736c1cb\">CPS-23 Multi-Asset Treasury \u306f\u3001\u3053\u306e\u554f\u984c\u306b\u5bfe\u3059\u308b\u6839\u672c\u7684\u306a\u89e3\u3068\u3057\u3066\u3001<strong>Treasury \u304c\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3001\u30d1\u30fc\u30c8\u30ca\u30fc\u30c1\u30a7\u30fc\u30f3\u30fb\u30c8\u30fc\u30af\u30f3\u3001Real World Asset \u3092\u4fdd\u6709\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u53f0\u5e33\u5909\u66f4\u3092\u5b9a\u7fa9\u3059\u308b CIP<\/strong> \u3092\u4f5c\u6210\u3057\u307e\u3059\u3002\u3053\u308c\u306f Pillar 5\uff08\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6301\u7d9a\u53ef\u80fd\u6027\u3068\u30ec\u30b8\u30ea\u30a8\u30f3\u30b9\uff09\u306e Focus Area E.1\uff08Financial Stewardship and Tokenomics\uff09\u306b\u76f4\u63a5\u5bfe\u5fdc\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-5c760ee\">Cardano 2030 \u6226\u7565\u306f\u300cTreasury \u3092 passive pool \u304b\u3089 yield-generating, multi-asset reserve \u3078\u9032\u5316\u3055\u305b\u308b\u300d\u3053\u3068\u3092\u660e\u793a\u7684\u306b\u30b3\u30df\u30c3\u30c8\u3057\u3066\u3044\u307e\u3059\u3002CPS-23 \u306f\u305d\u306e\u9032\u5316\u3092\u53ef\u80fd\u306b\u3059\u308b <strong>\u30ac\u30d0\u30ca\u30f3\u30b9\u30ec\u30d9\u30eb\u306e\u91d1\u878d\u30d7\u30ea\u30df\u30c6\u30a3\u30d6<\/strong> \u3067\u3042\u308a\u3001SIPO \u304c\u4e00\u8cab\u3057\u3066\u652f\u6301\u3057\u3066\u304d\u305f\u300c\u5236\u5ea6\u8a2d\u8a08\u30b3\u30b9\u30c8\u300d\u30ab\u30c6\u30b4\u30ea\uff08NCL \u62e1\u5f35\u3001Budget Process Framework\u3001Constitutional Committee \u5831\u916c\u7b49\uff09\u306e\u5ef6\u9577\u7dda\u4e0a\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-240d74a\" id=\"ws3-babel-fees-e28095-bitcoin-e382b9e38386e383bce38396e383abe382b3e382a4e383b3e3839be383abe38380e383bc-onboarding-e691a9e693a6e381aee999a4-6\">WS3: Babel Fees \u2015 Bitcoin \/ \u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u30db\u30eb\u30c0\u30fc onboarding \u6469\u64e6\u306e\u9664\u53bb<\/h3>\n\n\n\n<p class=\"deb-block deb-block-85e7e55\">Babel Fees \u306f\u3001\u30e6\u30fc\u30b6\u30fc\u304c ADA \u3092\u53d6\u5f97\u3059\u308b\u3053\u3068\u306a\u304f\u3001\u4fdd\u6709\u3059\u308b\u4efb\u610f\u306e Cardano native asset\uff08bridged BTC\u3001USDC\u3001\u305d\u306e\u4ed6\uff09\u3067\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3\u624b\u6570\u6599\u3092\u652f\u6255\u3048\u308b\u3088\u3046\u306b\u3059\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002Nested Transactions\uff08CIP-118\uff09\u3092\u6280\u8853\u57fa\u76e4\u3068\u3057\u3001\u72ec\u7acb\u3057\u305f Babel Fee provider \u304c\u4e00\u6642\u7684\u306b ADA \u3092\u7acb\u3066\u66ff\u3048\u3066\u624b\u6570\u6599\u3092\u5145\u5f53\u3059\u308b\u7d4c\u6e08\u30e2\u30c7\u30eb\u3092\u63a1\u7528\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b2dddea\">Cardano DeFi \u306b\u30d6\u30ea\u30c3\u30b8\u3059\u308b Bitcoin \u30db\u30eb\u30c0\u30fc\u306b\u3068\u3063\u3066\u3001\u3053\u308c\u306f <strong>\u300c\u521d\u56de\u8a2a\u554f\u8005\u3092\u30a2\u30af\u30c6\u30a3\u30d6\u53c2\u52a0\u8005\u306b\u5909\u3048\u308b\u6469\u64e6\u306e\u306a\u3044 onboarding \u4f53\u9a13\u300d<\/strong> \u3067\u3059\u3002\u7d4c\u6e08\u7684\u306a\u8ad6\u7406\u306f\u8907\u5229\u7684\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>SPO<\/strong>\uff1a\u4efb\u610f\u3067 Babel Fee provider \u3068\u3057\u3066\u904b\u7528\u3057\u3001\u624b\u6570\u6599\u5909\u63db\u306b\u5bfe\u3059\u308b\u7af6\u4e89\u7684\u30de\u30fc\u30b8\u30f3\uff0810\u301c50%\uff09\u3092\u7372\u5f97<\/li><li><strong>Cardano \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0<\/strong>\uff1aBitcoin \/ \u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u4fdd\u6709\u8005\u306e\u6d41\u5165\u304c\u52a0\u901f<\/li><li><strong>Bitcoin DeFi \u30a4\u30f3\u30d5\u30e9<\/strong>\uff1a\u672c\u30e9\u30a6\u30f3\u30c9\u3067 SIPO \u304c\u540c\u69d8\u306b YES \u3092\u6295\u3058\u308b <strong>Pogun\uff08institutional-grade Bitcoin DeFi\uff09\u3068\u76f4\u63a5\u63a5\u7d9a<\/strong><\/li><\/ul>\n\n\n\n<p class=\"deb-block deb-block-15f8563\">Babel Fees \u3068 Pogun \u306f\u3001\u7d44\u307f\u5408\u308f\u3055\u308b\u3053\u3068\u3067 Bitcoin \u30db\u30eb\u30c0\u30fc\u306b\u5bfe\u3059\u308b <strong>\u300conboarding \u554f\u984c\u300d\u3068\u300ccredit \u30a4\u30f3\u30d5\u30e9\u554f\u984c\u300d\u306e\u4e21\u65b9\u3092 Cardano \u304c\u540c\u6642\u89e3\u6c7a\u3059\u308b<\/strong> \u69cb\u56f3\u3092\u4f5c\u308a\u307e\u3059\u3002\u4e21\u8005\u3068\u3082\u306b Cardano \u306e\u69cb\u9020\u7684 EUTXO \u512a\u4f4d\u6027\u3092\u6d3b\u7528\u3057\u3066\u304a\u308a\u3001\u3053\u308c\u306f SIPO \u304c\u78ba\u7acb\u3057\u305f Cardano Architecture Paradigm Shift \u30c9\u30af\u30c8\u30ea\u30f3\u3068\u5b8c\u5168\u306b\u6574\u5408\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-a3f44f0\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-13f40c0\" id=\"e382ace38390e3838ae383b3e382b9e6a78be980a0-7\">\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020<\/h2>\n\n\n\n<p class=\"deb-block deb-block-e5eb597\">\u672c\u63d0\u6848\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020\u306f\u3001SIPO \u304c\u904e\u53bb\u306b\u627f\u8a8d\u3057\u3066\u304d\u305f Amaru \/ Dingo \/ HLabs Pebble + Gerolamo \/ DeFi Liquidity Budget \/ Orion Fund \u3068\u5b8c\u5168\u306b\u540c\u4e00\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-ea7e570\"><table><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u7ba1\u7406\u8005<\/td><td>Intersect\uff083 admin + 2 leadership \u5f79\u5272\uff09<\/td><\/tr><tr><td>Smart Contract<\/td><td>Sundae Labs treasury-contracts\uff08TxPipe \/ MLabs \u76e3\u67fb\u6e08\u307f\uff09<\/td><\/tr><tr><td>\u69cb\u9020<\/td><td>\u5358\u4e00 TRSC + \u5404\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0\u5225 PSSC<\/td><\/tr><tr><td>Oversight Committee<\/td><td>Sundae Labs \/ Cardano Foundation \/ Dquadrant \/ Xerberus \/ NMKR<\/td><\/tr><tr><td>\u7b2c\u4e09\u8005 Assurer<\/td><td>milestone-based \u76e3\u67fb<\/td><\/tr><tr><td>\u59d4\u4efb\u5236\u9650<\/td><td>Treasury \u30a8\u30b9\u30af\u30ed\u30fc\u8cc7\u91d1\u306f DRep \u30ec\u30d9\u30eb\u3067 auto-abstain \u5f37\u5236\u3001SPO \u59d4\u4efb\u4e0d\u53ef<\/td><\/tr><tr><td>Refund Clause<\/td><td>\u672a\u4f7f\u7528\u8cc7\u91d1\u306f\u6bd4\u4f8b\u8fd4\u9084<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-f620d74\">\u3053\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020\u306b\u61f8\u5ff5\u306f\u3042\u308a\u307e\u305b\u3093\u3002SIPO \u306f\u3053\u306e\u6a19\u6e96\u3092\u4e00\u8cab\u3057\u3066\u652f\u6301\u3057\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-877a542\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-5a8e523\" id=\"cardano-2030-e695b4e59088-8\">Cardano 2030 \u6574\u5408<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-4fd825f\"><table><thead><tr><th>Pillar<\/th><th>\u6574\u5408\u5ea6<\/th><th>\u8a72\u5f53\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0<\/th><\/tr><\/thead><tbody><tr><td>Pillar 1: Infrastructure &amp; Research Excellence<\/td><td>Yes: Partially<\/td><td>CIP-159\uff08chimeric account\/UTxO model \u5f37\u5316\uff09<\/td><\/tr><tr><td>Pillar 2: Adoption &amp; Utility<\/td><td>Yes: Fully<\/td><td>CIP-159 + Babel Fees\uff08DeFi onboarding \u6469\u64e6\u6d88\u6ec5\uff09<\/td><\/tr><tr><td>Pillar 3: Governance<\/td><td>Yes: Partially<\/td><td>CPS-23\uff08\u591a\u8cc7\u7523 Treasury Withdrawal\uff09<\/td><\/tr><tr><td>Pillar 4: Community &amp; Ecosystem Growth<\/td><td>Yes: Fully<\/td><td>hybrid account\/UTxO model\uff08chimeric ledger\uff09+ \u30af\u30ed\u30b9\u30c1\u30a7\u30fc\u30f3 Treasury \u9023\u643a<\/td><\/tr><tr><td>Pillar 5: Ecosystem Sustainability &amp; Resilience<\/td><td>Yes: Fully<\/td><td>CPS-23\uff08Focus Area E.1 Financial Stewardship \u76f4\u63a5\u5b9f\u88c5\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-efd74be\"><strong>5 Pillars \u306e\u3046\u3061 3 \u3064\u304c\u300cYes: Fully\u300d<\/strong>\u3001\u6b8b\u308a 2 \u3064\u304c\u300cYes: Partially\u300d\u3068\u3044\u3046\u3001\u6975\u3081\u3066\u6574\u5408\u5ea6\u306e\u9ad8\u3044\u63d0\u6848\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-449f6f1\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-49c07f2\" id=\"e4ba88e7ae97e8a68fe5be8b-9\">\u4e88\u7b97\u898f\u5f8b<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-2116aab\"><table><thead><tr><th>\u914d\u5206<\/th><th>ADA<\/th><th>\u6bd4\u7387<\/th><\/tr><\/thead><tbody><tr><td>Development<\/td><td>\u20b311,268,614<\/td><td>86%<\/td><\/tr><tr><td>Infrastructure<\/td><td>\u20b3131,030<\/td><td>1%<\/td><\/tr><tr><td>Security &amp; Audits<\/td><td>\u20b3131,030<\/td><td>1%<\/td><\/tr><tr><td>Legal &amp; Compliance<\/td><td>\u20b3131,030<\/td><td>1%<\/td><\/tr><tr><td>Engagement &amp; Ecosystem support<\/td><td>\u20b3786,182<\/td><td>6%<\/td><\/tr><tr><td>Operations &amp; Delivery<\/td><td>\u20b3393,091<\/td><td>3%<\/td><\/tr><tr><td>Governance<\/td><td>\u20b3131,030<\/td><td>1%<\/td><\/tr><tr><td>Others<\/td><td>\u20b3131,030<\/td><td>1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-b322349\">86% Development \u3068\u3044\u3046\u914d\u5206\u306f\u3001IO \u304c\u904e\u53bb\u306b SIPO \u304c\u627f\u8a8d\u3057\u3066\u304d\u305f\u4ed6\u306e Treasury Withdrawal\uff08Amaru\u3001Dingo\u3001HLabs\uff09\u3068\u6574\u5408\u3059\u308b\u6a19\u6e96\u7684\u306a\u69cb\u9020\u3067\u3059\u3002Net Change Limit\uff08350M ADA \/ Epoch 613-713\uff09\u306b\u306f\u53ce\u307e\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-36eb50b\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-161ccbc\" id=\"e382b9e382bfe383b3e382b9e4b880e8b2abe680a7-10\">\u30b9\u30bf\u30f3\u30b9\u4e00\u8cab\u6027<\/h2>\n\n\n\n<p class=\"deb-block deb-block-76a7351\">SIPO \u306e YES \u6295\u7968\u306f\u3001\u904e\u53bb\u306e\u4ee5\u4e0b\u306e\u6295\u7968\u5224\u65ad\u3068\u8ad6\u7406\u7684\u306b\u9996\u5c3e\u4e00\u8cab\u3057\u3066\u3044\u307e\u3059\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-7992efa\"><table><thead><tr><th>\u904e\u53bb YES<\/th><th>\u8a72\u5f53\u8ef8<\/th><th>\u672c\u63d0\u6848\u3068\u306e\u95a2\u4fc2<\/th><\/tr><\/thead><tbody><tr><td>Amaru \/ Dingo\uff08\u30ce\u30fc\u30c9\u591a\u69d8\u6027\uff09<\/td><td>\u30d7\u30ed\u30c8\u30b3\u30eb\u591a\u69d8\u6027<\/td><td>CIP-159 \u306f alt clients \u304c\u4f9d\u5b58\u3059\u308b ledger \u4ed5\u69d8\u306e\u9032\u5316<\/td><\/tr><tr><td>DeFi Liquidity Budget W1\uff08\u518d\u63d0\u51fa\u542b\u3080\uff09<\/td><td>\u5236\u5ea6\u8a2d\u8a08\u30b3\u30b9\u30c8<\/td><td>CPS-23 \u306f Treasury \u5236\u5ea6\u8a2d\u8a08\u306e\u5ef6\u9577<\/td><\/tr><tr><td>Orion Fund<\/td><td>\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6210\u9577<\/td><td>Babel Fees \u306f capital onboarding \u306e\u6469\u64e6\u9664\u53bb<\/td><\/tr><tr><td>HLabs Pebble + Gerolamo<\/td><td>Stewardship \u5206\u6563<\/td><td>Ensurable Systems co-venture \u306f\u540c\u30d1\u30bf\u30fc\u30f3<\/td><\/tr><tr><td>Budget Process Framework<\/td><td>\u30ac\u30d0\u30ca\u30f3\u30b9\u30d7\u30ed\u30bb\u30b9<\/td><td>Multi-Asset Treasury \u306f governance \u62e1\u5f35<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-e42b7f9\">\u672c\u63d0\u6848\u306f <strong>5 \u3064\u306e\u904e\u53bb YES \u30ab\u30c6\u30b4\u30ea\u3059\u3079\u3066\u306b\u4f55\u3089\u304b\u306e\u5f62\u3067\u8a72\u5f53\u3059\u308b<\/strong> \u4f8b\u5916\u7684\u306a\u30b1\u30fc\u30b9\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-8ee670e\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-5938d23\" id=\"e69c9fe5be85e4ba8be9a085efbc88yes-e381abe381afe6988ee7a2bae381aae69da1e4bbb6e3818ce4bcb4e38186efbc89-11\">\u671f\u5f85\u4e8b\u9805\uff08YES \u306b\u306f\u660e\u78ba\u306a\u6761\u4ef6\u304c\u4f34\u3046\uff09<\/h2>\n\n\n\n<p class=\"deb-block deb-block-aaac95e\">SIPO \u306e YES \u306f\u7121\u6761\u4ef6\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4ee5\u4e0b\u3092\u62d8\u675f\u529b\u306e\u3042\u308b\u904b\u7528\u4e0a\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3068\u3057\u3066\u671f\u5f85\u3057\u307e\u3059\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Babel Fees permissionless \u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u30ed\u30fc\u30c9\u30de\u30c3\u30d7<\/strong>\uff1aMVP \u306f 1 provider\u30fbclosed network layer\u3002\u6b21\u30b5\u30a4\u30af\u30eb\u3067\u30aa\u30fc\u30d7\u30f3 permissionless multi-provider \u3078\u306e\u79fb\u884c\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u516c\u958b\u3059\u308b\u3053\u3068\uff08provider \u6570\u3001\u5730\u7406\u7684\u5206\u6563\u3001fallback\u3001\u691c\u95b2\u8010\u6027\u306e\u5177\u4f53\u7684\u57fa\u6e96\u3092\u542b\u3080\uff09<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>CPS-23 \u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u5354\u8b70\u306e\u900f\u660e\u6027<\/strong>\uff1aCIP-1694 \/ Constitution \/ Treasury Withdrawal action type \u3078\u306e\u4fee\u6b63\u3092\u4f34\u3046\u305f\u3081\u3001Q4 2026 \u304b\u3089 DRep \/ SPO \/ Constitutional Committee \u306e input \u306b\u958b\u304b\u308c\u308b\u3053\u3068<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>CIP-165 \u4f9d\u5b58\u6027\u306e\u6708\u6b21\u5831\u544a<\/strong>\uff1aCIP-159 \u3068 LedgerHD \u306f CIP-165\uff08Canonical Ledger State\uff09\u3078\u306e\u4fee\u6b63\u306b\u4f9d\u5b58\u3002hard dependency \u3068\u3057\u3066\u6708\u6b21\u9032\u6357\u958b\u793a<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>L2 Scalability Initiative \u3068\u306e reserve \u9023\u643a<\/strong>\uff1aCIP-159 \u306e deliverables \u304c\u6642\u9593\u7684\u306b\u3082 interface \u7684\u306b\u3082 L2 \u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3068\u6574\u5408\u3059\u308b\u3088\u3046\u3001\u4e21\u30c1\u30fc\u30e0\u9593\u306e\u8abf\u6574\u3092\u671f\u5f85<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Babel Fees provider \u7d4c\u6e08\u6027\u306e\u958b\u793a<\/strong>\uff1a10\u301c50% provider \u30de\u30fc\u30b8\u30f3\u306e sustainable \u904b\u7528\u6761\u4ef6\u306b\u3064\u3044\u3066\u306e\u516c\u958b\u30e2\u30c7\u30ea\u30f3\u30b0\uff08\u6700\u5c0f tx \u91cf\u3001ADA \u30a4\u30f3\u30d9\u30f3\u30c8\u30ea\u8981\u4ef6\u3001\u6c7a\u6e08\u9045\u5ef6\u3001staking \u5831\u916c\u3068\u306e\u76f8\u4e92\u4f5c\u7528\uff09<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Pogun BitVM bridge \u3068\u306e\u7d71\u5408\u5354\u8abf<\/strong>\uff1aBabel Fees \u306e\u65e9\u671f\u30e6\u30fc\u30b9\u30b1\u30fc\u30b9\u3068\u3057\u3066 Pogun bridge \u304c\u60f3\u5b9a\u3055\u308c\u308b\u3002\u4e21\u8005\u306e timeline \u8abf\u6574\u30fb\u4e92\u63db\u6027\u900f\u660e\u306a\u5831\u544a<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>\u5b89\u5b9a\u30d5\u30a9\u30fc\u30de\u30c3\u30c8\u3067\u306e\u56db\u534a\u671f\u5831\u544a<\/strong>\uff1aAmaru \/ Dingo \/ HLabs \u3068\u540c\u6c34\u6e96\u306e\u898f\u5f8b<\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-70eaa73\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-3065626\" id=\"e7b590e381b3-12\">\u7d50\u3073<\/h2>\n\n\n\n<p class=\"deb-block deb-block-4659a3d\">SIPO \u306f\u672c\u63d0\u6848\u3092 <strong>Cardano \u306e\u53f0\u5e33\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u63a1\u7528\u5c64\u306e\u4e09\u5c64\u69cb\u9020\u5f37\u5316<\/strong> \u3068\u3057\u3066\u8a55\u4fa1\u3057\u307e\u3059\u3002\u5404\u30b3\u30f3\u30dd\u30fc\u30cd\u30f3\u30c8\u306f\u72ec\u7acb\u3057\u3066\u6b63\u5f53\u5316\u3055\u308c\u3001\u30d1\u30c3\u30b1\u30fc\u30b8\u306f\u52a0\u7b97\u7684\u306b\u4fa1\u5024\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>CIP-159<\/strong> \u306f Cardano \u304c\u73fe\u5728\u30b5\u30dd\u30fc\u30c8\u3067\u304d\u306a\u3044\u7d4c\u6e08\u30e2\u30c7\u30eb\uff08\u30de\u30a4\u30af\u30ed\u624b\u6570\u6599\u3001L2 reserve\u3001batcher \u7d4c\u6e08\u6027\uff09\u3092\u30a2\u30f3\u30d6\u30ed\u30c3\u30af\u3057\u307e\u3059\u3002<\/li><li><strong>CPS-23 Multi-Asset Treasury<\/strong> \u306f Cardano 2030 \u304c\u60f3\u5b9a\u3059\u308b\u898f\u6a21\u3067\u8ca1\u52d9\u30b9\u30c1\u30e5\u30ef\u30fc\u30c9\u30b7\u30c3\u30d7\u3092\u6271\u3046\u3088\u3046\u30ac\u30d0\u30ca\u30f3\u30b9\u5c64\u3092\u6210\u719f\u3055\u305b\u307e\u3059\u3002<\/li><li><strong>Babel Fees<\/strong> \u306f Cardano \u304c DeFi \u6210\u9577\u306e\u305f\u3081\u306b\u60f9\u304d\u3064\u3051\u308b\u5fc5\u8981\u304c\u3042\u308b Bitcoin \/ \u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u30e6\u30fc\u30b6\u30fc\u57fa\u76e4\u306e\u6700\u5927\u306e onboarding \u6469\u64e6\u3092\u9664\u53bb\u3057\u307e\u3059\u3002<\/li><\/ul>\n\n\n\n<p class=\"deb-block deb-block-4d2070b\">\u672c\u63d0\u6848\u306f\u3001\u672c\u30e9\u30a6\u30f3\u30c9\u306e\u4ed6\u306e\u3044\u305a\u308c\u306e\u63d0\u6848\u3082\u540c\u7b49\u306e breadth \u3068 ledger-level precision \u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u5bfe\u5fdc\u3057\u3066\u3044\u306a\u3044 3 \u3064\u306e\u69cb\u9020\u7684\u30d5\u30ed\u30f3\u30c8\u3067 Cardano \u3092\u524d\u9032\u3055\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b126fc1\">\u671f\u5f85\u4e8b\u9805\u304c\u62d8\u675f\u529b\u306e\u3042\u308b\u904b\u7528\u4e0a\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3053\u3068\u3092\u524d\u63d0\u3068\u3057\u3066\u3001SIPO DRep \u306f\u672c\u63d0\u6848\u306b\u8cdb\u6210\uff08YES\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-5688b86\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-97ecab6\" id=\"sipo-drep-why-we-vote-yes-on-io-cardano-upgrades-13\">SIPO DRep: Why We Vote YES on &#8220;IO: Cardano Upgrades&#8221;<\/h2>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-0734fe1\" id=\"introduction-14\">Introduction<\/h2>\n\n\n\n<p class=\"deb-block deb-block-bdf2aa1\">This article presents SIPO DRep&#8217;s analysis and decision on the governance action &#8220;IO: Cardano Upgrades&#8221;, submitted on April 22, 2026 (Epoch 626).<\/p>\n\n\n\n<p class=\"deb-block deb-block-0c8d78b\">The proposal is a co-venture between Input Output (IO) and Ensurable Systems requesting <strong>\u20b313,103,039 (USD $3,144,729 at $0.24\/ADA)<\/strong>. It bundles three technically independent but mutually reinforcing workstreams: CIP-159 Account Address Enhancement, CPS-23 Multi-Asset Treasury, and Babel Fees.<\/p>\n\n\n\n<p class=\"deb-block deb-block-f1adddc\"><strong>SIPO votes YES on this proposal.<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-57096c4\">This is one of the rare proposals in this IOG round that simultaneously advances three doctrinal axes SIPO has consistently supported: ledger primitive expansion (public-good infrastructure), governance-layer maturation (institutional design cost), and adoption barrier removal (ecosystem growth capital).<\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-c16d353\" id=\"proposal-overview-15\">Proposal Overview<\/h2>\n\n\n\n<p class=\"deb-block deb-block-ca20509\">The proposal has three workstreams:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>WS1 CIP-159 Account Address Enhancement (\u20b37,069,985)<\/strong> \u2014 lifts the minUTxOValue restriction that has historically blocked wallets from charging micro-fees below ~1 ADA, enables L2 reserve patterns needed by Midgard, and reduces batcher\/aggregator costs.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>WS2 CPS-23 Multi-Asset Treasury (\u20b32,356,662)<\/strong> \u2014 produces the CIP defining ledger changes for the Treasury to hold stablecoins, partner-chain tokens, and Real World Assets.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>WS3 Babel Fees (\u20b33,676,392)<\/strong> \u2014 enables transaction fees to be paid in any Cardano native asset (bridged BTC, USDC, etc.) without requiring users to acquire ADA first.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-c34f70c\" id=\"why-sipo-votes-yes-16\">Why SIPO Votes YES<\/h2>\n\n\n\n<p class=\"deb-block deb-block-2a5a6a1\"><strong>1. CIP-159 fills a structural gap in Cardano&#8217;s ledger primitives.<\/strong> The minUTxOValue restriction has prevented wallets from charging micro-fees below ~1 ADA, when the average transaction fee is only ~0.39 ADA. CIP-159 fixes this. It is also the ledger-level prerequisite for L2 reserve management \u2014 SIPO has voted YES on the L2 Scalability Initiative in this same round and considers CIP-159 a structural enabler.<\/p>\n\n\n\n<p class=\"deb-block deb-block-60d109a\"><strong>2. CPS-23 Multi-Asset Treasury extends governance to the financial layer.<\/strong> Currently, the Treasury holds only ADA, exposing all funded projects to ADA price volatility. CPS-23 begins the design work to allow stable-value denomination and asset diversification \u2014 directly implementing Cardano 2030 Pillar 5 Focus Area E.1.<\/p>\n\n\n\n<p class=\"deb-block deb-block-d98c254\"><strong>3. Babel Fees removes the largest onboarding friction for Bitcoin and stablecoin holders.<\/strong> Cardano DeFi cannot capture Bitcoin holders if they must first acquire ADA to transact. Babel Fees solves this. Combined with Pogun (institutional-grade Bitcoin DeFi infrastructure, also under SIPO YES vote in this round), Cardano gains the structural pieces to position itself as the home for Bitcoin DeFi.<\/p>\n\n\n\n<p class=\"deb-block deb-block-5f66c90\"><strong>4. Three workstreams are technically independent but additive in value.<\/strong> Partial delivery does not invalidate the package. The proposal explicitly maps dependencies in its Risk section.<\/p>\n\n\n\n<p class=\"deb-block deb-block-54cf604\"><strong>5. Governance and oversight structure is identical to the standard SIPO has approved<\/strong> on Amaru, Dingo, HLabs Pebble + Gerolamo, DeFi Liquidity Budget, and Orion Fund (Sundae Labs treasury-contracts framework, Intersect administration, 5-entity Oversight Committee).<\/p>\n\n\n\n<p class=\"deb-block deb-block-23dda49\"><strong>6. Co-venture with Ensurable Systems contributes to Pillar 5 stewardship distribution<\/strong> \u2014 the same pattern SIPO supported in HLabs Pebble + Gerolamo.<\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-f26fd58\" id=\"expectations-17\">Expectations<\/h2>\n\n\n\n<p class=\"deb-block deb-block-0a24f92\">SIPO&#8217;s YES is conditional on:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Babel Fees permissionless network roadmap (open multi-provider in next cycle, with concrete criteria)<\/li><li>CPS-23 community consultation transparency (DRep \/ SPO \/ CC input from Q4 2026)<\/li><li>CIP-165 dependency monthly reporting<\/li><li>L2 reserve coordination with the L2 Scalability Initiative team<\/li><li>Babel Fees provider economics disclosure (sustainable operation conditions)<\/li><li>Pogun BitVM bridge integration coordination<\/li><li>Quarterly reporting in the format already standard on Amaru \/ Dingo \/ HLabs<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-00692d2\" id=\"closing-18\">Closing<\/h2>\n\n\n\n<p class=\"deb-block deb-block-d858188\">This proposal advances Cardano simultaneously on three structural fronts that no other proposal in this round addresses with the same combination of breadth and ledger-level precision. With the expectations above treated as binding operational commitments, SIPO DRep votes YES.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-7ad1b4a\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-54a2efa\" id=\"references-19\">References<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Proposal IPFS: https:\/\/ipnso-com.ipns.dweb.link\/?cid=QmXD6eoaFWrRoubFfvB2vSmLGbhVa66DbM9xw2dH1htRYK<\/li><li>Governance Action: https:\/\/gov.tools\/connected\/governance_actions\/73e171a4c0730b4b59ecae271ab89f12a9d56360b02920e1f95107dbdc1d6762#1<\/li><li>CIP-159: Account Address Enhancement<\/li><li>CPS-23: Cardano Multi-Asset Treasury<\/li><li>CIP-118: Nested Transactions<\/li><li>CIP-164: Ouroboros Leios<\/li><li>CIP-165: Canonical Ledger State<\/li><li>Cardano 2030 Strategy: https:\/\/product.cardano.intersectmbo.org\/vision\/strategy-2030\/<\/li><li>\u95a2\u9023 SIPO \u6295\u7968\uff08\u672c\u30e9\u30a6\u30f3\u30c9\uff09: L2 Scalability Initiative\uff08YES\uff09\/ Pogun\uff08YES\uff09<\/li><li>\u95a2\u9023 SIPO \u904e\u53bb\u6295\u7968: Amaru\uff08YES\uff09\/ Dingo\uff08YES\uff09\/ HLabs Pebble + Gerolamo\uff08YES\uff09\/ DeFi Liquidity Budget W1\uff08YES\uff09\/ Orion Fund\uff08YES, conditional\uff09<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"SIPO DRep \u306e\u5206\u6790\u3068\u5224\u65ad\u3002CIP-159 Account Address Enhancement\u3001CPS-23 Multi-Asset Treasury\u3001Babel Fees \u306e3\u30ef\u30fc\u30af\u30b9\u30c8\u30ea\u30fc\u30e0\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u5305\u62ec\u7684\u30a2\u30c3\u30d7\u30b0\u30ec\u30fc\u30c9\u63d0\u6848 \u20b313.10M \u306b\u5bfe\u3057 SIPO \u306f\u8cdb\u6210\uff08YES\uff09\u3002\u53f0\u5e33\u30d7\u30ea\u30df\u30c6\u30a3\u30d6\u62e1\u5f35\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u5c64\u6210\u719f\u30fb\u63a1\u7528\u969c\u58c1\u9664\u53bb\u306e\u4e09\u5c64\u69cb\u9020\u5f37\u5316\u3068\u3057\u3066\u8a55\u4fa1\u3002","protected":false},"author":1,"featured_media":45806,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,1],"tags":[339,317,331,335,337,319,341,321],"class_list":{"0":"post-45797","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-japanese","11":"tag-babel-fees","12":"tag-cardano","13":"tag-cardano-2030","14":"tag-cip-159","15":"tag-cps-23","16":"tag-drep","17":"tag-ensurable-systems","18":"tag-treasury-withdrawal"},"featured_image_urls":{"full":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0.png",1456,816,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-300x168.png",300,168,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-768x430.png",768,430,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-1024x574.png",900,504,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0.png",1456,816,false],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0.png",1456,816,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-450x252.png",450,252,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_clean_architectural_infographic_showing_three_con_d6a7fd8a-b6b4-4562-8159-40f65e9e21ac_0-900x504.png",900,504,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=1\" rel=\"category\">\u65e5\u672c\u8a9e\u7248<\/a>","author_info":{"name":"sition","url":"https:\/\/sipo.tokyo\/?author=1"},"comments_num":"0 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