{"id":45805,"date":"2026-05-09T20:50:39","date_gmt":"2026-05-09T11:50:39","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45805"},"modified":"2026-05-09T20:50:40","modified_gmt":"2026-05-09T11:50:40","slug":"sipo-drep-pogun-bitcoin-defi-202605","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45805","title":{"rendered":"SIPO DRep\uff1a\u300ePogun: Capital Without Compromise\u300f\u63d0\u6848 \u2015 Bitcoin DeFi \u306e home \u3068\u3057\u3066\u306e\u30ab\u30eb\u30c0\u30ce\u3001Treasury Investment \u7b2c1\u53f7\u3001SIPO \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=\"#3-e5b1a4e38397e383ade38380e382afe38388e382b9e382bfe38383e382af-3\">3 \u5c64\u30d7\u30ed\u30c0\u30af\u30c8\u30b9\u30bf\u30c3\u30af<\/a><\/li><li><a href=\"#bitcoin-defi-e6a99fe4bc9ae381aee8a68fe6a8a1e6849f-4\">Bitcoin DeFi \u6a5f\u4f1a\u306e\u898f\u6a21\u611f<\/a><\/li><li><a href=\"#cardano-eutxo-e381aee6a78be980a0e79a84e584aae4bd8de680a7-e381aae3819c-cardano-e381aae381aee3818b-5\">Cardano EUTXO \u306e\u69cb\u9020\u7684\u512a\u4f4d\u6027 (\u306a\u305c Cardano \u306a\u306e\u304b)<\/a><\/li><li><a href=\"#f09f8c9f-treasury-investment-e58588e4be8be6a78be980a0-6\">\ud83c\udf1f Treasury Investment \u5148\u4f8b\u69cb\u9020<\/a><ul><li><a href=\"#return-commitment-3-phases-7\">Return Commitment (3 phases)<\/a><\/li><li><a href=\"#phase-gated-4-tranche-disbursement-8\">Phase-Gated 4 Tranche Disbursement<\/a><\/li><li><a href=\"#refund-clauses-5-triggers-9\">Refund Clauses (5 triggers)<\/a><\/li><li><a href=\"#e688a6e795a5e79a84e6848fe591b3-10\">\u6226\u7565\u7684\u610f\u5473<\/a><\/li><\/ul><\/li><li><a href=\"#e382ace38390e3838ae383b3e382b9e383bbe382a2e38389e38390e382a4e382b6e383aae383bce6a78be980a0-11\">\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u69cb\u9020<\/a><ul><li><a href=\"#product-committee-pro-bono-treasury-e8b387e98791-e38388e383bce382afe383b3-e5a0b1e985ace381aee9858de58886e381aae38197-12\">Product Committee (pro-bono \u2014 Treasury \u8cc7\u91d1 \/ \u30c8\u30fc\u30af\u30f3 \/ \u5831\u916c\u306e\u914d\u5206\u306a\u3057)<\/a><\/li><li><a href=\"#advisory-board-13\">Advisory Board<\/a><\/li><\/ul><\/li><li><a href=\"#e68a80e8a193e59fbae79ba4e381aee68890e7869fe5baa6-14\">\u6280\u8853\u57fa\u76e4\u306e\u6210\u719f\u5ea6<\/a><ul><li><a href=\"#babe-witness-encryptionefbc88cardinal-e980b2e58c96e78988efbc89-15\">BABE Witness Encryption\uff08Cardinal \u9032\u5316\u7248\uff09<\/a><\/li><li><a href=\"#1-of-n-security-model-16\">1-of-N Security Model<\/a><\/li><li><a href=\"#phase-1-audit-17\">Phase 1 Audit<\/a><\/li><\/ul><\/li><li><a href=\"#e382ace38390e3838ae383b3e382b9e6a78be980a0-18\">\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020<\/a><\/li><li><a href=\"#cardano-2030-e695b4e59088-19\">Cardano 2030 \u6574\u5408<\/a><\/li><li><a href=\"#e4ba88e7ae97e8a68fe5be8b-20\">\u4e88\u7b97\u898f\u5f8b<\/a><\/li><li><a href=\"#e382b9e382bfe383b3e382b9e4b880e8b2abe680a7-e696b0e58588e4be8be381aee7a2bae7ab8b-21\">\u30b9\u30bf\u30f3\u30b9\u4e00\u8cab\u6027 (\u65b0\u5148\u4f8b\u306e\u78ba\u7acb)<\/a><\/li><li><a href=\"#e69c9fe5be85e4ba8be9a085efbc88yes-e381abe381afe6988ee7a2bae381aae69da1e4bbb6e3818ce4bcb4e38186efbc89-22\">\u671f\u5f85\u4e8b\u9805\uff08YES \u306b\u306f\u660e\u78ba\u306a\u6761\u4ef6\u304c\u4f34\u3046\uff09<\/a><\/li><li><a href=\"#e7b590e381b3-23\">\u7d50\u3073<\/a><\/li><li><a href=\"#sipo-drep-why-we-vote-yes-on-pogun-capital-without-compromise-24\">SIPO DRep: Why We Vote YES on &#8220;Pogun: Capital Without Compromise&#8221;<\/a><\/li><li><a href=\"#introduction-25\">Introduction<\/a><\/li><li><a href=\"#why-sipo-votes-yes-26\">Why SIPO Votes YES<\/a><\/li><li><a href=\"#expectations-27\">Expectations<\/a><\/li><li><a href=\"#closing-28\">Closing<\/a><\/li><li><a href=\"#references-29\">References<\/a><\/li><\/ul><\/div><h2 class=\"wp-block-heading deb-block deb-block-a9d8168\" id=\"e381afe38198e38281e381ab-1\">\u306f\u3058\u3081\u306b<\/h2>\n\n\n\n<p class=\"deb-block deb-block-1de13c7\">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\u300cPogun: Capital Without Compromise\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-f06c91c\">\u672c\u63d0\u6848\u306f\u3001<strong>Pogun<\/strong>\uff08Authors: Input Output Global, Intersect\uff09\u306b\u3088\u3063\u3066\u63d0\u51fa\u3055\u308c\u305f Treasury Withdrawal \u63d0\u6848\u3067\u3042\u308a\u3001\u7533\u8acb\u984d\u306f <strong>\u20b312,290,000\uff08USD $2,950,000\u3001$0.24\/ADA \u63db\u7b97\uff09<\/strong> \u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-90bb534\">\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-0658087\">\u672c\u63d0\u6848\u306f\u672c\u30e9\u30a6\u30f3\u30c9\u306b\u304a\u3044\u3066 <strong>2 \u3064\u306e\u610f\u5473\u3067\u6b74\u53f2\u7684<\/strong> \u3067\u3059\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>\u6226\u7565\u7684\u306b<\/strong>: \u300c\u4e16\u754c\u306e Bitcoin \u30db\u30eb\u30c0\u30fc\u3092 Cardano DeFi \u306b\u547c\u3073\u8fbc\u3080\u72ec\u81ea\u7acb\u3061\u4f4d\u7f6e\u300d\u3092\u78ba\u7acb\u3059\u308b\u521d\u306e\u672c\u683c\u7684\u63d0\u6848 \u2014 Cardano \u304c <strong>institutional-grade Bitcoin DeFi \u306e\u69cb\u9020\u7684 home<\/strong> \u3068\u3057\u3066\u4f4d\u7f6e\u3065\u304f\u304b\u5426\u304b\u3092\u6c7a\u3081\u308b\u63d0\u6848\u3002<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>\u30ac\u30d0\u30ca\u30f3\u30b9\u7684\u306b<\/strong>: Cardano governance \u306b\u304a\u3051\u308b <strong>Treasury Investment \u578b (\u5546\u696d venture \u00d7 repayment \u69cb\u9020) \u306e\u7b2c1\u53f7\u4e8b\u4f8b<\/strong>\u3002SIPO \u306f\u3053\u3053\u3067\u300c\u5546\u696d venture \u3067\u3082 phase-gated + refund + return commitment \u306e 3 \u91cd\u9632\u5fa1\u304c\u3042\u308c\u3070 Treasury Fit \u306b\u8a72\u5f53\u3059\u308b\u300d\u3068\u3044\u3046\u65b0\u30ab\u30c6\u30b4\u30ea\u3092\u652f\u6301\u8868\u660e\u3057\u3001\u5c06\u6765\u306e\u540c\u7a2e\u5546\u696d venture \u8a55\u4fa1\u306e\u5148\u4f8b\u3092\u4f5c\u308a\u307e\u3059\u3002<\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-244eabc\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-cd7ef21\" id=\"e68f90e6a188e381aee585a8e4bd93e5838f-2\">\u63d0\u6848\u306e\u5168\u4f53\u50cf<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-35a13d9\"><table><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>\u63d0\u6848\u540d<\/td><td>Pogun: Capital Without Compromise<\/td><\/tr><tr><td>\u30bf\u30a4\u30d7<\/td><td>Treasury Withdrawal<\/td><\/tr><tr><td>\u7533\u8acb\u984d<\/td><td>\u20b312,290,000\uff08USD $2,950,000\u3001$0.24\/ADA \u63db\u7b97\uff09<\/td><\/tr><tr><td>\u63d0\u6848\u8005<\/td><td>Pogun\uff08Authors: Input Output Global, Intersect\uff09<\/td><\/tr><tr><td>\u671f\u9593<\/td><td>Q2 2026 \u301c Q1 2027\uff084 phase-gated tranches\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_action1w0shrfxqwv95kk0v4cn34wylz25a2cmqkq5jpc0e2yrahhqava3qsuae57l<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-c10c09d\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-e80769d\" id=\"3-e5b1a4e38397e383ade38380e382afe38388e382b9e382bfe38383e382af-3\">3 \u5c64\u30d7\u30ed\u30c0\u30af\u30c8\u30b9\u30bf\u30c3\u30af<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-c12a823\"><table><thead><tr><th>Layer<\/th><th>Q<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>Credit Market<\/strong><\/td><td>Q2 2026<\/td><td><strong>Non-margin peer-to-peer credit<\/strong> \u2014 corporate bond \u30e2\u30c7\u30eb\u3002\u4fa1\u683c\u5909\u52d5\u3067 liquidation \u3055\u308c\u306a\u3044\u30fbdefault \u6642\u306e\u307f\u3002Bond Token \u8b72\u6e21\u53ef\u80fd = secondary fixed-income market \u5275\u8a2d<\/td><\/tr><tr><td><strong>Yield DApp<\/strong><\/td><td>Q3 2026<\/td><td>Credit Market \u4e0a\u306e deposit-and-earn \u5c64\u3002Private credit \/ RWA \/ structured fixed-income strategies routing<\/td><\/tr><tr><td><strong>BitVM Bridge<\/strong><\/td><td>Q4 2026<\/td><td><strong>Trust-minimized 1-of-N security<\/strong>\u3002BABE (witness encryption) + Mithril + Groth16 = Cardinal (Bitcoin 2025 demo) \u9032\u5316\u7248<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-c9de30f\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-e89a041\" id=\"bitcoin-defi-e6a99fe4bc9ae381aee8a68fe6a8a1e6849f-4\">Bitcoin DeFi \u6a5f\u4f1a\u306e\u898f\u6a21\u611f<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-5e60000\"><table><thead><tr><th>\u6307\u6a19<\/th><th>\u6570\u5024<\/th><\/tr><\/thead><tbody><tr><td>Bitcoin \u6642\u4fa1\u7dcf\u984d<\/td><td><strong>$1.5T \u8d85<\/strong><\/td><\/tr><tr><td>Bitcoin \u306e DeFi \u53c2\u52a0\u7387<\/td><td><strong>\u7d04 1% \u306e\u307f<\/strong><\/td><\/tr><tr><td>Q3 2025 crypto lending \u904e\u53bb\u6700\u9ad8<\/td><td><strong>$73.6B<\/strong><\/td><\/tr><tr><td>On-chain lending \u6bd4\u7387<\/td><td>67%\uff082021 \u5e74\u306e 49% \u304b\u3089\u4e0a\u6607\uff09<\/td><\/tr><tr><td>\u516c\u958b\u4f01\u696d Bitcoin \u4fdd\u6709<\/td><td>192 \u793e\u3001843,000 BTC\uff08MicroStrategy \/ Metaplanet \/ Twenty One Capital \u7b49\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-4f793ce\">institutional Bitcoin \u30db\u30eb\u30c0\u30fc\u304c\u6c42\u3081\u308b credit infrastructure\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Fixed-rate bilateral terms<\/strong>\uff08pool-based \u5909\u52d5\u91d1\u5229\u3067\u306f\u306a\u3044\uff09<\/li><li><strong>\u4fa1\u683c\u5909\u52d5\u3067\u306f\u306a\u304f definitive default \u6642\u306e\u307f\u306e collateral \u30ea\u30b9\u30af<\/strong><\/li><li><strong>\u8b72\u6e21\u53ef\u80fd bond instruments<\/strong>\uff08secondary fixed-income market\uff09<\/li><\/ul>\n\n\n\n<p class=\"deb-block deb-block-147e8d7\"><strong>\u3053\u306e institutional-grade credit infrastructure \u306f\u4eca\u65e5\u3069\u306e\u30c1\u30a7\u30fc\u30f3\u3067\u3082\u30d7\u30ed\u30c0\u30af\u30b7\u30e7\u30f3\u30b9\u30b1\u30fc\u30eb\u3067\u5b58\u5728\u3057\u307e\u305b\u3093\u3002<\/strong> \u7af6\u4e89 window \u306f\u6025\u901f\u306b\u72ed\u307e\u3063\u3066\u304a\u308a\u3001Pogun \u304c Cardano \u306b\u5bfe\u3057\u3066\u63d0\u4f9b\u3059\u308b\u6226\u7565\u7684\u4fa1\u5024\u306f\u3001<strong>\u300c\u6700\u3082\u5927\u304d\u3044 addressable market \u306b\u5bfe\u3057\u3066\u6700\u3082\u5408\u81f4\u3059\u308b\u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u3092\u6301\u3064 Cardano \u304c\u3001\u305d\u306e\u6a5f\u4f1a\u3092\u7372\u5f97\u3067\u304d\u308b engineering window \u304c\u4eca\u300d<\/strong> \u3068\u3044\u3046\u8a8d\u8b58\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-eb7489b\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-89ce9a7\" id=\"cardano-eutxo-e381aee6a78be980a0e79a84e584aae4bd8de680a7-e381aae3819c-cardano-e381aae381aee3818b-5\">Cardano EUTXO \u306e\u69cb\u9020\u7684\u512a\u4f4d\u6027 (\u306a\u305c Cardano \u306a\u306e\u304b)<\/h2>\n\n\n\n<p class=\"deb-block deb-block-36261a3\">Cardano \u306e EUTXO \u30e2\u30c7\u30eb\u304c Bitcoin DeFi \u30a4\u30f3\u30d5\u30e9\u306b\u5bfe\u3057\u3066\u63d0\u4f9b\u3059\u308b\u69cb\u9020\u7684\u512a\u4f4d\u6027\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-10a9375\"><table><thead><tr><th>\u8981\u7d20<\/th><th>Bitcoin DeFi \u3067\u306e\u610f\u5473<\/th><\/tr><\/thead><tbody><tr><td><strong>EUTXO \u2194 Bitcoin UTXO \u306e architectural lineage<\/strong><\/td><td>deterministic \/ parallelized financial logic \u2014 account-based chains \u3067\u306f\u8907\u96d1\u6027\u3068\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5\u3067\u3057\u304b\u5b9f\u73fe\u3067\u304d\u306a\u3044<\/td><\/tr><tr><td><strong>Front-running \/ MEV \u306a\u3057<\/strong><\/td><td>Credit market handling capital \u306b\u5bfe\u3059\u308b fundamental safety guarantee \u2014 sandwich attack \u3084 liquidation MEV bot \u304c\u306a\u3044<\/td><\/tr><tr><td><strong>Deterministic execution<\/strong><\/td><td>flash-loan self-liquidations \u7b49\u306e\u8907\u96d1\u306a atomic operations \u304c\u4e88\u6e2c\u53ef\u80fd<\/td><\/tr><tr><td><strong>Native asset security<\/strong><\/td><td>bridged BTC = Cardano Native Token (CNT) \u3067\u3001ledger \u30ec\u30d9\u30eb secured \u2014 ERC-20 approval exploits \/ infinite approval drain \u306a\u3057<\/td><\/tr><tr><td><strong>Pennies-per-tx \u4e88\u6e2c\u53ef\u80fd\u624b\u6570\u6599<\/strong><\/td><td>structured credit \u304c\u4efb\u610f\u306e\u30b9\u30b1\u30fc\u30eb\u3067 viable \u2014 borrower \u304c pennies \u3067 loan \u3092 service \u3067\u304d\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-2526d1e\">\u3053\u306e\u7d44\u307f\u5408\u308f\u305b\u306f\u3001SIPO \u304c\u78ba\u7acb\u3057\u3066\u304d\u305f <strong>Cardano Architecture Paradigm Shift\u30fbEUTXO-EVM Divergence \u30c9\u30af\u30c8\u30ea\u30f3<\/strong> \u3068\u5b8c\u5168\u6574\u5408\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-c6690b8\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-d0692d4\" id=\"f09f8c9f-treasury-investment-e58588e4be8be6a78be980a0-6\">\ud83c\udf1f Treasury Investment \u5148\u4f8b\u69cb\u9020<\/h2>\n\n\n\n<p class=\"deb-block deb-block-12617d5\">Pogun \u306f <strong>Cardano governance \u306b\u304a\u3051\u308b\u521d\u306e Treasury Investment \u578b\u63d0\u6848<\/strong> \u3067\u3059\u3002Pure grant \u3068\u306f\u69cb\u9020\u7684\u306b\u7570\u306a\u308b\u4ed5\u7d44\u307f\uff1a<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-aa958ca\" id=\"return-commitment-3-phases-7\">Return Commitment (3 phases)<\/h3>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-096d7ff\"><table><thead><tr><th>Phase<\/th><th>\u6761\u4ef6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>Phase 1: Grace<\/strong><\/td><td>EBITDA negative \u306e\u9593<\/td><td>Return \u306a\u3057<\/td><\/tr><tr><td><strong>Phase 2: Repayment<\/strong><\/td><td>EBITDA positive \u5f8c<\/td><td><strong>20% of EBITDA \u3092 Treasury \u306b\u652f\u6255\u3044<\/strong> \u2014 USD-equivalent $2.95M \u5b8c\u6e08\u307e\u3067<\/td><\/tr><tr><td><strong>Phase 3: Perpetual<\/strong><\/td><td>\u5b8c\u6e08\u5f8c<\/td><td><strong>5% of EBITDA \u3092\u6c38\u4e45\u306b Treasury \u306b\u652f\u6255\u3044<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-f42a0bd\" id=\"phase-gated-4-tranche-disbursement-8\">Phase-Gated 4 Tranche Disbursement<\/h3>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-046a779\"><table><thead><tr><th>Phase<\/th><th>\u671f\u9593<\/th><th>\u914d\u5206<\/th><th>\u7d2f\u7a4d<\/th><\/tr><\/thead><tbody><tr><td>Phase 1<\/td><td>Q2 2026<\/td><td>33% (\u20b34.06M)<\/td><td>33%<\/td><\/tr><tr><td>Phase 2<\/td><td>Q3 2026<\/td><td>25% (\u20b33.07M)<\/td><td>58%<\/td><\/tr><tr><td>Phase 3<\/td><td>Q4 2026<\/td><td>25% (\u20b33.07M)<\/td><td>83%<\/td><\/tr><tr><td>Phase 4<\/td><td>Q1 2027<\/td><td>17% (\u20b32.09M)<\/td><td>100%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-0fbbb56\"><strong>\u5404 phase \u306f\u72ec\u7acb administrator \u306b\u3088\u308b\u524d milestone \u691c\u8a3c\u5f8c\u306b\u306e\u307f release<\/strong>\u3002Treasury \u306f\u5b8c\u4e86\u3057\u3066\u3044\u306a\u3044\u4ed5\u4e8b\u306b\u5bfe\u3057\u3066\u652f\u6255\u3046\u3053\u3068\u304c\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-84dc2a5\" id=\"refund-clauses-5-triggers-9\">Refund Clauses (5 triggers)<\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Milestone failure<\/strong> (90 \u65e5\u4ee5\u5185\u306b remediation \u4e0d\u6210\u7acb)<\/li><li><strong>Team dissolution<\/strong><\/li><li><strong>BitVM technical infeasibility<\/strong> (\u72ec\u7acb\u6280\u8853 review \u5224\u5b9a)<\/li><li><strong>Voluntary termination<\/strong><\/li><li><strong>Partial delivery<\/strong> (\u672a\u914d\u4fe1 phase \u5206\u306e\u307f\u8fd4\u9084)<\/li><\/ol>\n\n\n\n<p class=\"deb-block deb-block-3f080dd\">\u2192 Failure \u6642\u306f <strong>\u672a disburse \u8cc7\u91d1\u304c\u5e38\u306b Treasury \u306b\u8fd4\u9084<\/strong> \u3055\u308c\u308b\u69cb\u9020\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-b4ae073\" id=\"e688a6e795a5e79a84e6848fe591b3-10\">\u6226\u7565\u7684\u610f\u5473<\/h3>\n\n\n\n<p class=\"deb-block deb-block-5263668\"><strong>SIPO \u306e Treasury Fit \u30c9\u30af\u30c8\u30ea\u30f3 v2.0 NO Criteria #6c<\/strong>\uff08\u53ce\u76ca\u306e Treasury \u9084\u5143\u300130-50% \u671b\u307e\u3057\u3044\uff09\u306b\u5bfe\u3057\u3001Pogun \u306f <strong>20% + 5% perpetual \u3067\u80fd\u52d5\u7684\u306b\u5fdc\u3048\u308b<\/strong>\u3002\u3053\u308c\u306f <strong>Pillar 5 Focus Area E.1<\/strong>\uff08Treasury \u3092 passive pool \u304b\u3089 yield-generating multi-asset reserve \u3078\u9032\u5316\uff09\u3092\u3001\u7279\u5b9a\u306e\u5546\u696d venture \u4e0a\u3067\u904b\u7528\u5316\u3059\u308b\u521d\u306e\u4e8b\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-03d3193\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-fc905d7\" id=\"e382ace38390e3838ae383b3e382b9e383bbe382a2e38389e38390e382a4e382b6e383aae383bce6a78be980a0-11\">\u30ac\u30d0\u30ca\u30f3\u30b9\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30ea\u30fc\u69cb\u9020<\/h2>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-acab8d0\" id=\"product-committee-pro-bono-treasury-e8b387e98791-e38388e383bce382afe383b3-e5a0b1e985ace381aee9858de58886e381aae38197-12\">Product Committee (pro-bono \u2014 Treasury \u8cc7\u91d1 \/ \u30c8\u30fc\u30af\u30f3 \/ \u5831\u916c\u306e\u914d\u5206\u306a\u3057)<\/h3>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-07c694f\"><table><thead><tr><th>\u30e1\u30f3\u30d0\u30fc<\/th><th>\u5f79\u8077<\/th><th>\u7d44\u7e54<\/th><\/tr><\/thead><tbody><tr><td><strong>Pi Lanningham<\/strong><\/td><td>CTO<\/td><td>Sundae Labs<\/td><\/tr><tr><td><strong>Philip DiSarro<\/strong><\/td><td>CEO<\/td><td>Anastasia Labs<\/td><\/tr><tr><td><strong>Lucas Rosa<\/strong><\/td><td>Creator<\/td><td>Aiken<\/td><\/tr><tr><td><strong>Santiago Carmuega<\/strong><\/td><td>CEO<\/td><td>TxPipe<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-7873188\"><strong>4 \u540d\u3059\u3079\u3066 Cardano \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3067\u6700\u3082\u4fe1\u983c\u3067\u304d\u308b\u6280\u8853\u30ea\u30fc\u30c0\u30fc\u30b7\u30c3\u30d7<\/strong> \u3092\u4ee3\u8868\u3059\u308b\u3002pro-bono \u904b\u55b6\u306f\u5f37\u3044\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30b7\u30b0\u30ca\u30eb\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-5e85f16\" id=\"advisory-board-13\">Advisory Board<\/h3>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-f624ef7\"><table><thead><tr><th>\u30e1\u30f3\u30d0\u30fc<\/th><th>\u5f79\u8077<\/th><th>\u8ca2\u732e\u9818\u57df<\/th><\/tr><\/thead><tbody><tr><td><strong>Russell Shapiro \/ Fallen Icarus<\/strong><\/td><td>Economist (Individual)<\/td><td><strong>Credit market \u8a2d\u8a08\u306e\u8d77\u6e90<\/strong><\/td><\/tr><tr><td><strong>Robin Linus<\/strong><\/td><td>Creator<\/td><td><strong>BitVM \u6280\u8853\u306e\u5275\u59cb\u8005<\/strong><\/td><\/tr><tr><td><strong>Bo Zhang<\/strong><\/td><td>former COO<\/td><td>Function\uff08institutional partnerships\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-0683e43\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-25b87a1\" id=\"e68a80e8a193e59fbae79ba4e381aee68890e7869fe5baa6-14\">\u6280\u8853\u57fa\u76e4\u306e\u6210\u719f\u5ea6<\/h2>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-6c93411\" id=\"babe-witness-encryptionefbc88cardinal-e980b2e58c96e78988efbc89-15\">BABE Witness Encryption\uff08Cardinal \u9032\u5316\u7248\uff09<\/h3>\n\n\n\n<p class=\"deb-block deb-block-872a0e5\">Pogun \u306e bridge \u306f <strong>Cardinal \u69cb\u6210<\/strong> \u304b\u3089\u9032\u5316\u3057\u305f BABE witness encryption \u4e0a\u306b\u69cb\u7bc9\u3002Cardinal \u306f <strong>Bitcoin 2025 \u3067 Bitcoin mainnet \u4e0a live demo<\/strong> \u6e08\u307f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-bf3bb34\"><table><thead><tr><th>\u6307\u6a19<\/th><th>BitVM3<\/th><th>BABE<\/th><th>\u6539\u5584<\/th><\/tr><\/thead><tbody><tr><td>On-chain cost<\/td><td>~$38<\/td><td>~$38<\/td><td>comparable<\/td><\/tr><tr><td>Off-chain storage<\/td><td>40.5 GiB<\/td><td>22.2 MiB<\/td><td><strong>1,868\u00d7<\/strong><\/td><\/tr><tr><td>Setup time<\/td><td>353.7 s<\/td><td>174.9 ms<\/td><td><strong>2,022\u00d7<\/strong><\/td><\/tr><tr><td>Decryption time<\/td><td>352.1 s<\/td><td>126.5 ms<\/td><td><strong>2,783\u00d7<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-21bebf9\"><strong>\u3053\u308c\u306f production viable \u306a engineered infrastructure<\/strong> \u3067\u3042\u308a\u3001research speculation \u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-cc98cfe\" id=\"1-of-n-security-model-16\">1-of-N Security Model<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>bridge \u306f honest operator \u304c <strong>1\u4eba\u3067\u3082\u5b58\u5728\u3059\u308b\u9650\u308a secure<\/strong><\/li><li>institutions \u306f <strong>\u81ea\u3089 N \u540d\u306e operator \u306e1\u4eba\u3068\u3057\u3066\u53c2\u52a0\u53ef\u80fd<\/strong> \u2014 \u81ea\u793e\u8cc7\u7523\u306e\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u3092\u7b2c\u4e09\u8005\u306b\u8a17\u3059\u5fc5\u8981\u306a\u3057<\/li><li>BFT \u9650\u754c\uff08supermajority \u8981\u6c42\uff09\u304b\u3089\u89e3\u653e<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-3175e2c\" id=\"phase-1-audit-17\">Phase 1 Audit<\/h3>\n\n\n\n<p class=\"deb-block deb-block-2d99dfc\">Credit market smart contracts \u306f <strong>TxPipe \u306b\u3088\u308b formal security audit \u4e2d\u3067\u30012026\u5e745\u670827\u65e5\u5b8c\u4e86\u4e88\u5b9a<\/strong>\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-d6eb6d7\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-a0df846\" id=\"e382ace38390e3838ae383b3e382b9e6a78be980a0-18\">\u30ac\u30d0\u30ca\u30f3\u30b9\u69cb\u9020<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-1babb36\"><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>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>Refund Clause<\/td><td>5 trigger \u5305\u62ec\u7684<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-7784a19\">SIPO \u304c\u4e00\u8cab\u652f\u6301\u3057\u3066\u304d\u305f\u6a19\u6e96\u3092\u7d99\u627f\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-5c09530\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-81c4ddc\" id=\"cardano-2030-e695b4e59088-19\">Cardano 2030 \u6574\u5408<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-ea4826a\"><table><thead><tr><th>Pillar<\/th><th>\u6574\u5408\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td>Pillar 1: Infrastructure &amp; Research Excellence<\/td><td>Yes<\/td><td>BitVM bridge = \u5171\u6709 cross-chain interoperability infrastructure<\/td><\/tr><tr><td>Pillar 2: Adoption &amp; Utility (DeFi \/ RWA \/ Developer Experience)<\/td><td>Yes: Fully<\/td><td>DeFi + RWA + Developer Experience \u306e 3 \u8ef8\u5168\u3066\u3067\u8a72\u5f53<\/td><\/tr><tr><td>Pillar 3: Governance<\/td><td>N\/A<\/td><td>\u2014<\/td><\/tr><tr><td>Pillar 5: Ecosystem Sustainability &amp; Resilience (E.1 Financial Stewardship)<\/td><td>Yes: Fully<\/td><td><strong>Treasury Investment \u69cb\u9020\u306e\u69cb\u9020\u7684\u5b9f\u88c5<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-096d0c9\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-8f5317e\" id=\"e4ba88e7ae97e8a68fe5be8b-20\">\u4e88\u7b97\u898f\u5f8b<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-40f2752\"><table><thead><tr><th>\u914d\u5206<\/th><th>ADA<\/th><th>\u6bd4\u7387<\/th><\/tr><\/thead><tbody><tr><td>Product, Engineering and R&amp;D<\/td><td>\u20b36,267,900<\/td><td>51%<\/td><\/tr><tr><td>Growth<\/td><td>\u20b32,335,100<\/td><td>19%<\/td><\/tr><tr><td>Security Audits<\/td><td>\u20b31,597,700<\/td><td>13%<\/td><\/tr><tr><td>Legal &amp; Compliance<\/td><td>\u20b31,229,000<\/td><td>10%<\/td><\/tr><tr><td>Ops &amp; Infrastructure<\/td><td>\u20b3860,300<\/td><td>7%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"deb-block deb-block-fcc85be\"><strong>13% Security Audits\uff08\u4ed6\u63d0\u6848 1%\uff09<\/strong> \u306f production-critical Bitcoin DeFi \u30a4\u30f3\u30d5\u30e9\u3078\u306e\u9069\u5207\u306a\u914d\u616e\u3002<strong>10% Legal &amp; Compliance<\/strong> \u306f institutional \u9867\u5ba2\u5411\u3051\u5546\u696d venture \u3068\u3057\u3066\u9069\u5207\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-e8f7ad4\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-221340c\" id=\"e382b9e382bfe383b3e382b9e4b880e8b2abe680a7-e696b0e58588e4be8be381aee7a2bae7ab8b-21\">\u30b9\u30bf\u30f3\u30b9\u4e00\u8cab\u6027 (\u65b0\u5148\u4f8b\u306e\u78ba\u7acb)<\/h2>\n\n\n\n<figure class=\"wp-block-table deb-block deb-block-f2a2b43\"><table><thead><tr><th>\u904e\u53bb SIPO \u6295\u7968<\/th><th>\u8a72\u5f53\u8ef8<\/th><th>\u672c\u63d0\u6848\u3068\u306e\u95a2\u4fc2<\/th><\/tr><\/thead><tbody><tr><td><strong>Treasury Fit \u30c9\u30af\u30c8\u30ea\u30f3 v2.0<\/strong><\/td><td>NO 8 Criteria<\/td><td><strong>Pogun \u306f #6c (\u53ce\u76ca Treasury \u9084\u5143) \u3092\u80fd\u52d5\u7684\u306b satisfy \u3059\u308b\u521d\u306e\u63d0\u6848<\/strong><\/td><\/tr><tr><td>Orion Fund (\u6761\u4ef6\u4ed8\u304d YES)<\/td><td>\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6210\u9577 capital inflow<\/td><td>\u540c\u3058\u300cBTC capital \u3092 Cardano \u306b\u547c\u3073\u8fbc\u3080\u300d\u8ef8<\/td><\/tr><tr><td>DeFi Liquidity Budget W1<\/td><td>\u5236\u5ea6\u8a2d\u8a08<\/td><td>DeFi \u30a4\u30f3\u30d5\u30e9\u6574\u5099\u306e\u5ef6\u9577<\/td><\/tr><tr><td>L2 Scalability Initiative (\u672c\u30e9\u30a6\u30f3\u30c9 YES)<\/td><td>\u30b9\u30b1\u30fc\u30ea\u30f3\u30b0<\/td><td>Pogun \u306f L2 throughput \u4e0a\u3067\u52d5\u4f5c<\/td><\/tr><tr><td>IO Cardano Upgrades Babel Fees (\u672c\u30e9\u30a6\u30f3\u30c9 YES)<\/td><td>onboarding<\/td><td>Babel Fees + Pogun = Bitcoin \u30db\u30eb\u30c0\u30fc onboarding \u5b8c\u6210<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-000c35e\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-7b627b4\" id=\"e69c9fe5be85e4ba8be9a085efbc88yes-e381abe381afe6988ee7a2bae381aae69da1e4bbb6e3818ce4bcb4e38186efbc89-22\">\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-48fa381\">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>Pogun team track record \u306e\u72ec\u7acb\u691c\u8a3c<\/strong>\uff1aPhase 2 disbursement \u524d\u306b\u3001\u7b2c\u4e09\u8005 attestation \u3092\u4f34\u3046\u30c1\u30fc\u30e0\u904e\u53bb\u30c7\u30ea\u30d0\u30ea\u30fc\u5b9f\u7e3e\u306e Pogun website \u516c\u958b<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>1-of-N operator economics \u306e\u958b\u793a<\/strong>\uff1aOperator \u6570\u3001bond \u30b5\u30a4\u30ba\u3001slashing \u7d4c\u6e08\u6027\u3001honest-operator assumption sensitivity \u3092 bridge alpha\uff08Phase 2\uff09\u524d\u306b\u516c\u958b<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>TxPipe audit report \u306e\u5b8c\u5168\u516c\u958b<\/strong>\uff1a2026\u5e745\u670827\u65e5\u5b8c\u4e86\u306e Phase 1 audit \u3092\u3001\u5168 findings\u3001risk assessments\u3001remediation status \u3092\u4f34\u3046\u5b8c\u5168\u516c\u958b<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>EBITDA \u5831\u544a\u30d5\u30a9\u30fc\u30de\u30c3\u30c8\u306e\u4e8b\u524d\u516c\u958b<\/strong>\uff1acost \u5185\u8a33\u3001revenue attribution\u3001EBITDA \u8a08\u7b97\u65b9\u6cd5\u8ad6\u3092 Phase 1 \u4e2d\u306b\u30b5\u30f3\u30d7\u30eb\u30d5\u30a9\u30fc\u30de\u30c3\u30c8\u3068\u3057\u3066\u516c\u958b\uff08return \u767a\u751f\u524d\uff09<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Treasury Investment \u5148\u4f8b\u5316\u3078\u306e commitment<\/strong>\uff1aPogun\u30fbIntersect\u30fbCardano Foundation \u304c\u672c\u30ab\u30c6\u30b4\u30ea\u3092\u5c06\u6765\u306e\u5546\u696d venture \u63d0\u6848\u306e\u305f\u3081\u306b formalize \u3059\u308b\u4f5c\u696d\u306b\u53c2\u52a0\u3057\u3001\u4ed6 venture \u304c apply \u53ef\u80fd\u306a\u516c\u958b\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u306b\u8ca2\u732e<\/li><\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-84a2565\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-972476d\" id=\"e7b590e381b3-23\">\u7d50\u3073<\/h2>\n\n\n\n<p class=\"deb-block deb-block-c367885\">Pogun \u306f <strong>addressable market \u304c\u6700\u5927\u304b\u3064\u7af6\u4e89 window \u304c narrowing \u3059\u308b\u3053\u306e\u77ac\u9593\u306b\u304a\u3051\u308b Cardano \u306e Bitcoin DeFi \u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u30fb\u30e0\u30fc\u30d6<\/strong> \u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-014fe8c\">3 \u3064\u306e\u5c64\u304c\u76f8\u4e57\u52b9\u679c\u3092\u751f\u307f\u51fa\u3057\u307e\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>\u6226\u7565<\/strong>\uff1aBitcoin DeFi \u306e home \u3068\u3057\u3066 Cardano \u3092\u78ba\u7acb \u2014 \u7af6\u5408 chain \u3067\u306f\u69cb\u9020\u7684\u306b\u518d\u73fe\u56f0\u96e3<\/li><li><strong>\u30ac\u30d0\u30ca\u30f3\u30b9<\/strong>\uff1aTreasury Investment \u306e <strong>\u65b0\u30ab\u30c6\u30b4\u30ea\u3092 Cardano governance \u306b\u78ba\u7acb<\/strong> \u2014 \u5c06\u6765\u306e\u5546\u696d venture \u3092\u8a55\u4fa1\u3067\u304d\u308b\u5148\u4f8b\u3092\u4f5c\u308b<\/li><li><strong>\u6280\u8853<\/strong>\uff1aBABE \/ BitVM \u306e production-viable engineering \u2014 research speculation \u3067\u306f\u306a\u3044<\/li><\/ul>\n\n\n\n<p class=\"deb-block deb-block-ed2b86e\">\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-0ae1b34\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-c14d118\" id=\"sipo-drep-why-we-vote-yes-on-pogun-capital-without-compromise-24\">SIPO DRep: Why We Vote YES on &#8220;Pogun: Capital Without Compromise&#8221;<\/h2>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-1df7213\" id=\"introduction-25\">Introduction<\/h2>\n\n\n\n<p class=\"deb-block deb-block-122dcfb\">This article presents SIPO DRep&#8217;s analysis and decision on the governance action &#8220;Pogun: Capital Without Compromise&#8221;, submitted on April 22, 2026 (Epoch 626).<\/p>\n\n\n\n<p class=\"deb-block deb-block-817ff6a\">The proposal requests <strong>\u20b312,290,000 (USD $2,950,000)<\/strong> for an integrated three-layer Bitcoin DeFi system: non-margin Credit Market (Q2 2026), Yield DApp (Q3 2026), and BitVM-powered trust-minimized Bridge (Q4 2026).<\/p>\n\n\n\n<p class=\"deb-block deb-block-66f3c71\"><strong>SIPO votes YES on this proposal.<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-2307a0c\">This is historic in two ways: (1) strategically, it positions Cardano as the structural home for institutional-grade Bitcoin DeFi; (2) governance-wise, it is the first <strong>Treasury Investment<\/strong> in Cardano governance \u2014 combining phase-gated disbursement, refund clauses, and an explicit return commitment (20% of EBITDA until USD-equivalent par, then 5% perpetual).<\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-7afe80d\" id=\"why-sipo-votes-yes-26\">Why SIPO Votes YES<\/h2>\n\n\n\n<p class=\"deb-block deb-block-4259868\"><strong>1. Cardano&#8217;s strategic positioning for the largest addressable market in crypto.<\/strong> Bitcoin is over $1.5T market cap with only ~1% in DeFi. Crypto lending hit $73.6B in Q3 2025. The institutional credit infrastructure \u2014 fixed-rate bilateral terms, collateral at risk only on definitive default, transferable bond instruments \u2014 does not exist on any chain at production scale today. Cardano&#8217;s EUTXO advantages (no front-running\/MEV, native asset security, parallelized financial logic, predictable pennies-per-tx fees) make this specifically viable on Cardano.<\/p>\n\n\n\n<p class=\"deb-block deb-block-11c8bc7\"><strong>2. New Treasury Fit category: Treasury Investment with binding return commitment.<\/strong> 20% of EBITDA until $2.95M repaid, then 5% perpetual. On-chain verification, quarterly reconciliation. This operationalizes Pillar 5 Focus Area E.1 (Treasury evolving from passive pool to yield-generating multi-asset reserve).<\/p>\n\n\n\n<p class=\"deb-block deb-block-dde1a86\"><strong>3. Phase-gated four-tranche disbursement plus comprehensive refund clauses bound the Treasury exposure.<\/strong> Five distinct refund triggers cover failure cases. The Treasury never pays for work that has not been completed.<\/p>\n\n\n\n<p class=\"deb-block deb-block-f5dc817\"><strong>4. Governance, advisory, and technical foundation are materially serious.<\/strong> Product Committee (Pi Lanningham, Philip DiSarro, Lucas Rosa, Santiago Carmuega \u2014 pro-bono). Advisory Board includes BitVM creator Robin Linus. Bridge built on BABE witness encryption demonstrated live at Bitcoin 2025. Credit market under TxPipe formal audit (completion 27 May 2026).<\/p>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-5c6b7e0\" id=\"expectations-27\">Expectations<\/h2>\n\n\n\n<p class=\"deb-block deb-block-441a6dd\">SIPO&#8217;s YES is conditional on:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Pogun team track record independent verification (before Phase 2)<\/li><li>1-of-N operator economics disclosure (before Phase 2 bridge alpha)<\/li><li>TxPipe audit report full publication (Phase 1 audit completing 27 May 2026)<\/li><li>EBITDA reporting format pre-publication (sample format during Phase 1, before any return is due)<\/li><li>Treasury Investment precedent commitment (formalizing the category for future commercial venture proposals)<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-112a29e\" id=\"closing-28\">Closing<\/h2>\n\n\n\n<p class=\"deb-block deb-block-2b0f3b8\">Pogun is Cardano&#8217;s positioning move for Bitcoin DeFi at the moment the addressable market is largest and the competitive window is narrowing. The Treasury Investment structure makes Treasury exposure bounded and creates a precedent for future commercial ventures. With 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-799be8d\"\/>\n\n\n\n<h2 class=\"wp-block-heading deb-block deb-block-f1d9e77\" id=\"references-29\">References<\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Proposal IPFS: https:\/\/ipnso-com.ipns.dweb.link\/?cid=bafybeibbrhuis55rl52hsp5rboooobjg4rvq7q5ly2mern7s7f3xcbjzwi<\/li><li>Governance Action: https:\/\/gov.tools\/connected\/governance_actions\/73e171a4c0730b4b59ecae271ab89f12a9d56360b02920e1f95107dbdc1d6762#8<\/li><li>BitVM (Robin Linus): https:\/\/bitvm.org\/<\/li><li>BABE witness encryption (Garg, et al.) \u2014 successor to BitVM3 verification approach<\/li><li>Cardinal (Bitcoin 2025 demo) \u2014 live BitVM mainnet demonstration on Bitcoin<\/li><li>Mithril (Cardano state attestation): https:\/\/mithril.network\/<\/li><li>Galaxy Research Q3 2025 lending report \u2014 $73.6B record<\/li><li>Cardano 2030 Strategy Pillar 5 E.1 (Treasury Stewardship): https:\/\/product.cardano.intersectmbo.org\/vision\/strategy-2030\/<\/li><li>\u95a2\u9023 SIPO \u6295\u7968\uff08\u672c\u30e9\u30a6\u30f3\u30c9\uff09: IO Cardano Upgrades \/ Babel Fees\uff08YES\uff09\/ L2 Scalability\uff08YES\uff09<\/li><li>\u95a2\u9023 SIPO \u904e\u53bb\u6295\u7968\u30fb\u30c9\u30af\u30c8\u30ea\u30f3: DeFi Liquidity Budget W1\uff08YES\uff09\/ Orion Fund\uff08YES, conditional\uff09\/ Cardano Architecture Paradigm Shift \/ EUTXO-EVM Divergence \/ Treasury Fit \u30c9\u30af\u30c8\u30ea\u30f3 v2.0 (NO Criteria #6c \u2014 Pogun \u306f\u3053\u308c\u3092\u80fd\u52d5\u7684\u306b satisfy)<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"SIPO DRep \u306e\u5206\u6790\u3068\u5224\u65ad\u30023 \u5c64 Bitcoin DeFi \u63d0\u6848\uff08Credit Market + Yield DApp + BitVM Bridge\uff09\u20b312.29M \u306b\u5bfe\u3057 SIPO \u306f\u8cdb\u6210\uff08YES\uff09\u3002Cardano governance \u306b\u304a\u3051\u308b Treasury Investment \u578b\uff08\u5546\u696d venture \u00d7 repayment \u69cb\u9020\uff09\u7b2c1\u53f7\u4e8b\u4f8b\u300220% EBITDA \u8fd4\u6e08 + 5% perpetual\u3002","protected":false},"author":1,"featured_media":45816,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[411,407,409,317,319,415,405,413,321],"class_list":{"0":"post-45805","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-drep","8":"category-21","9":"category-blog","10":"category-28","11":"category-japanese","12":"tag-babe","13":"tag-bitcoin-defi","14":"tag-bitvm","15":"tag-cardano","16":"tag-drep","17":"tag-pillar-5","18":"tag-pogun","19":"tag-treasury-investment","20":"tag-treasury-withdrawal"},"featured_image_urls":{"full":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3.png",1456,816,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-300x168.png",300,168,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-768x430.png",768,430,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-1024x574.png",900,504,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3.png",1456,816,false],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3.png",1456,816,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-450x252.png",450,252,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Bitcoin_symbolic_geometric_shape_flowing_into_a_C_f2364298-c5d6-4a7d-9a06-bd6d1b1fafa6_3-900x504.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=28\" rel=\"category\">\u6295\u7a3f\u8a18\u4e8b<\/a>, <a href=\"https:\/\/sipo.tokyo\/?cat=1\" rel=\"category\">\u65e5\u672c\u8a9e\u7248<\/a>","author_info":{"name":"sition","url":"https:\/\/sipo.tokyo\/?author=1"},"comments_num":"0 comments","_links":{"self":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45805"}],"version-history":[{"count":1,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45805\/revisions"}],"predecessor-version":[{"id":45826,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45805\/revisions\/45826"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/45816"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}