{"id":45914,"date":"2026-05-20T15:49:22","date_gmt":"2026-05-20T06:49:22","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45914"},"modified":"2026-05-20T15:50:06","modified_gmt":"2026-05-20T06:50:06","slug":"post-45914","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45914","title":{"rendered":"SIPO DRep\uff1a\u300eRevised Cardano Summit 2026 Singapore\u300f\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":"<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=\"#4-18-sipo-4-e6a78be980a0e382b7e382b0e3838ae383ab-e28095-e5868de68f90e587bae78988e381a7e381a9e38186e5a489e3828fe381a3e3819fe3818b-3\">4\/18 SIPO 4 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb \u2015 \u518d\u63d0\u51fa\u7248\u3067\u3069\u3046\u5909\u308f\u3063\u305f\u304b<\/a><ul><li><a href=\"#e291a0-e887aae5b7b1e8b387e98791e8aabfe98194e883bde58a9b-e4be9de784b6e381a8e38197e381a6e69caae5afbee5bf9c-4\">\u2460 \u81ea\u5df1\u8cc7\u91d1\u8abf\u9054\u80fd\u529b \u2014 \u4f9d\u7136\u3068\u3057\u3066\u672a\u5bfe\u5fdc<\/a><\/li><li><a href=\"#e291a1-e4b889e9878de588a9e79b8ae79bb8e58f8de6a78be980a0-e4be9de784b6e381a8e38197e381a6e69caae5afbee5bf9c-5\">\u2461 \u4e09\u91cd\u5229\u76ca\u76f8\u53cd\u69cb\u9020 \u2014 \u4f9d\u7136\u3068\u3057\u3066\u672a\u5bfe\u5fdc<\/a><\/li><li><a href=\"#e291a2-e585ace585b1e8b2a1e6ada3e5bd93e58c96-e4be9de784b6e381a8e38197e381a6e6aca0e5a682-6\">\u2462 \u516c\u5171\u8ca1\u6b63\u5f53\u5316 \u2014 \u4f9d\u7136\u3068\u3057\u3066\u6b20\u5982<\/a><\/li><li><a href=\"#e291a3-iog-e4b88de59ca8e381aee8aaace6988ee3818ce381aae38184-7\">\u2463 IOG \u4e0d\u5728\u306e\u8aac\u660e\u304c\u306a\u3044<\/a><\/li><\/ul><\/li><li><a href=\"#roi-e8ab96e8a8bce381aee89684e38195-e28095-e6a78be980a0e382b7e382b0e3838ae383abe381abe58aa0e38188e381a6-8\">ROI \u8ad6\u8a3c\u306e\u8584\u3055 \u2015 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb\u306b\u52a0\u3048\u3066<\/a><\/li><li><a href=\"#e9818ee58ebb-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-9\">\u904e\u53bb SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/a><\/li><li><a href=\"#e5bbbae8a8ade79a84e4bba3e69bbfe6a188-10\">\u5efa\u8a2d\u7684\u4ee3\u66ff\u6848<\/a><\/li><li><a href=\"#e7b590e381b3-11\">\u7d50\u3073<\/a><\/li><li><a href=\"#sipo-drep-how-we-view-the-revised-cardano-summit-2026-singapore-proposal-e28095-analysis-no-vote-and-stance-12\">SIPO DRep: How We View the &#8220;Revised Cardano Summit 2026 Singapore&#8221; Proposal \u2015 Analysis, NO Vote, and Stance<\/a><\/li><li><a href=\"#introduction-13\">Introduction<\/a><\/li><li><a href=\"#proposal-overview-14\">Proposal Overview<\/a><\/li><li><a href=\"#the-four-structural-signals-from-april-18-e28095-how-the-resubmission-responds-15\">The Four Structural Signals from April 18 \u2015 How the Resubmission Responds<\/a><ul><li><a href=\"#e291a0-cf-self-funding-capacity-e28095-still-unaddressed-16\">\u2460 CF self-funding capacity \u2015 still unaddressed<\/a><\/li><li><a href=\"#e291a1-three-way-conflict-of-interest-e28095-still-unaddressed-17\">\u2461 Three-way conflict of interest \u2015 still unaddressed<\/a><\/li><li><a href=\"#e291a2-public-goods-justification-e28095-still-missing-18\">\u2462 Public-goods justification \u2015 still missing<\/a><\/li><li><a href=\"#e291a3-iog-absence-is-not-explained-19\">\u2463 IOG absence is not explained<\/a><\/li><\/ul><\/li><li><a href=\"#roi-justification-thinness-e28095-beyond-the-structural-signals-20\">ROI Justification Thinness \u2015 Beyond the Structural Signals<\/a><\/li><li><a href=\"#consistency-with-sipos-prior-votes-21\">Consistency with SIPO&#8217;s Prior Votes<\/a><\/li><li><a href=\"#constructive-alternatives-22\">Constructive Alternatives<\/a><\/li><li><a href=\"#closing-23\">Closing<\/a><\/li><li><a href=\"#references-24\">References<\/a><\/li><li><a href=\"#e382b5e383a0e3838de382a4e383ab-midjourney-e38397e383ade383b3e38397e38388-25\">\u30b5\u30e0\u30cd\u30a4\u30eb Midjourney \u30d7\u30ed\u30f3\u30d7\u30c8<\/a><\/li><\/ul><\/div><h2 id=\"e381afe38198e38281e381ab-1\">\u306f\u3058\u3081\u306b<\/h2>\n<p>2026\u5e744\u670829\u65e5\u306b\u30a8\u30dd\u30c3\u30af627\u3067\u63d0\u51fa\u3055\u308c\u305f\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u300cRevised Cardano Summit 2026 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<\/p>\n<p>\u672c\u63d0\u6848\u306f\u5358\u72ec\u306e\u65b0\u898f\u63d0\u6848\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>2026\u5e744\u670818\u65e5\u306b SIPO \u304c\u539f\u5247\u30d9\u30fc\u30b9\u306e\u7406\u7531\u3067\u300cNO\u300d\u3092\u6295\u3058\u305f\u5f53\u521d\u306e\u300cCardano Summit 2026 and TOKEN2049 Singapore\u300d\u4e00\u62ec\u63d0\u6848<\/strong>\uff08\u20b314,076,539 \/ $3.66M\uff09\u306e\u3046\u3061\u3001Summit \u90e8\u5206\u306e <strong>\u518d\u63d0\u51fa\u7248<\/strong> \u3067\u3059\u3002\u5f53\u521d\u63d0\u6848\u306f DRep \u6279\u51c6\u3067\u5426\u6c7a\u3055\u308c\u3001Cardano Foundation\uff08CF\uff09\u3068 EMURGO \u306f\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u306e\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u3092\u53cd\u6620\u3057\u30013\u3064\u306e\u72ec\u7acb\u63d0\u6848 \u2014 \u672c Summit\uff08CF \u63d0\u51fa\uff09\u3001TOKEN2049 Baseline\uff08EMURGO \u63d0\u51fa\uff09\u3001TOKEN2049 Top-Up\uff08EMURGO \u63d0\u51fa\uff09\u2014 \u306b<strong>\u5206\u5272\u518d\u63d0\u51fa<\/strong>\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>SIPO \u306f 3 \u63d0\u6848\u3059\u3079\u3066\u3092\u7cbe\u8aad\u3057\u3001\u305d\u308c\u305e\u308c\u306b\u5bfe\u3057\u3066\u500b\u5225\u306b <strong>NO<\/strong> \u3092\u6295\u3058\u307e\u3059\u3002\u672c\u8a18\u4e8b\u306f Summit \u90e8\u5206\u306b\u3064\u3044\u3066\u6271\u3044\u307e\u3059\u3002<\/p>\n<p><strong>\u307e\u305a\u660e\u78ba\u306b\u3057\u307e\u3059<\/strong>\uff1a\u79c1\u305f\u3061\u306f Cardano Summit 2026 \u306e\u958b\u50ac\u81ea\u4f53\u306b\u53cd\u5bfe\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002CF \u304c\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u306b\u5bfe\u3057\u3066<strong>\u8aa0\u610f\u3042\u308b\u5bfe\u5fdc<\/strong>\u3092\u3057\u305f\u3053\u3068 \u2014 22% \u4e88\u7b97\u524a\u6e1b\uff08$2.5M \u2192 $1.95M\uff09\u3001EMURGO TOKEN2049 \u63d0\u6848\u304b\u3089\u306e decouple\u3001CF \u5185\u90e8\u8cc7\u6e90\u62e0\u51fa\u3092 $250k \u304b\u3089 $380k \u3078\u5897\u52a0\u3001\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u3078\u306e\u660e\u793a\u7684\u306a\u8b1d\u610f \u2014 \u306f\u8cac\u4efb\u3042\u308b\u8abf\u6574\u3068\u3057\u3066\u8a8d\u8b58\u30fb\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u30014 \u6708 18 \u65e5 SIPO NO \u6295\u7968\u306f <strong>\u539f\u5247\u30d9\u30fc\u30b9<\/strong> \u306e\u5224\u65ad\u3067\u3042\u308a\u3001\u3053\u306e\u30bf\u30a4\u30d7\u306e Treasury Withdrawal \u306b\u5bfe\u3059\u308b 4 \u3064\u306e\u69cb\u9020\u7684\u61f8\u5ff5\u306b\u57fa\u3065\u3044\u3066\u3044\u307e\u3057\u305f\u3002\u518d\u63d0\u51fa\u3055\u308c\u305f Summit \u63d0\u6848\u306f\u3001\u305d\u308c\u3089\u69cb\u9020\u7684\u61f8\u5ff5\u306e\u3044\u305a\u308c\u306b\u3082<strong>\u5b9f\u8cea\u7684\u306b\u5bfe\u5fdc\u3057\u3066\u3044\u307e\u305b\u3093<\/strong>\u300222% \u524a\u6e1b\u306f\u4e88\u7b97\u7684\u8b72\u6b69\u3067\u3042\u308a\u3001\u69cb\u9020\u7684\u518d\u8a2d\u8a08\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n<hr\/>\n<h2 id=\"e68f90e6a188e381aee585a8e4bd93e5838f-2\">\u63d0\u6848\u306e\u5168\u4f53\u50cf<\/h2>\n<figure class=\"wp-block-table\">\n<table>\n<thead>\n<tr>\n<th>\u9805\u76ee<\/th>\n<th>\u5185\u5bb9<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u63d0\u6848\u540d<\/td>\n<td>Revised Cardano Summit 2026 Singapore<\/td>\n<\/tr>\n<tr>\n<td>\u30bf\u30a4\u30d7<\/td>\n<td>Treasury Withdrawal<\/td>\n<\/tr>\n<tr>\n<td>\u7533\u8acb\u984d<\/td>\n<td>\u20b37,800,000\uff08\u7d04 $1.95M\u3001$0.25 ADA\/USD\u63db\u7b97 \/ \u5f53\u521d $2.5M \u304b\u3089 22% \u524a\u6e1b\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u958b\u50ac\u5730<\/td>\n<td>Singapore\uff08TOKEN2049 \u76f4\u524d\u306e\u30bf\u30a4\u30df\u30f3\u30b0\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u5f62\u5f0f<\/td>\n<td>2 \u65e5\u9593\uff08builder \u5411\u3051 1 \u65e5 + industry \u5411\u3051 1 \u65e5\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u63d0\u6848\u8005<\/td>\n<td>Cardano Foundation\uff08CF\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u63d0\u51fa\u30a8\u30dd\u30c3\u30af<\/td>\n<td>627\uff082026\u5e744\u670829\u65e5\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u5931\u52b9\u30a8\u30dd\u30c3\u30af<\/td>\n<td>633\uff082026\u5e745\u670830\u65e5\uff09<\/td>\n<\/tr>\n<tr>\n<td>Governance Action ID<\/td>\n<td>gov_action10dp9wzmgt2nqshyrghufff4sfhcxedhmzluly5k0azguatnsthwqqs84cjf<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><strong>\u5f53\u521d 4\/18 \u4e00\u62ec\u63d0\u6848\u304b\u3089\u306e\u4e3b\u306a\u5909\u66f4\u70b9<\/strong>\uff1a<\/p>\n<ul>\n<li>22% \u4e88\u7b97\u524a\u6e1b = $550k \u30ab\u30c3\u30c8\uff083 \u30b9\u30c6\u30fc\u30b8 \u2192 2 \u30b9\u30c6\u30fc\u30b8\u3067 production \/ tech \/ onsite logistics \u524a\u6e1b\uff09<\/li>\n<li>EMURGO \u306e TOKEN2049 sponsorship \u63d0\u6848\u304b\u3089 <strong>decouple<\/strong>\uff08\u72ec\u7acb\u6295\u7968\u53ef\u80fd\uff09<\/li>\n<li>CF \u5185\u90e8\u8cc7\u6e90\u62e0\u51fa\u3092 <strong>$250k \u2192 $380k \u306b\u5897\u52a0<\/strong>\uff08\u5916\u90e8\u30d9\u30f3\u30c0\u30fc\u30b3\u30b9\u30c8\u3092\u6291\u3048\u308b\u305f\u3081\uff09<\/li>\n<li>\u300cwe thank the community for their honest feedback\u300d\u3068\u660e\u793a\u7684\u306b\u8b1d\u610f<\/li>\n<\/ul>\n<p>\u5408\u8a08 3 \u63d0\u6848\uff08\u672c Summit + TOKEN2049 Baseline + TOKEN2049 Top-Up\uff09\u306e\u5408\u7b97\u898f\u6a21\u306f \u20b312,871,917\uff08$3.22M @ $0.25\/ADA\uff09= \u5f53\u521d \u20b314,076,539\uff08$3.66M @ $0.26\/ADA\uff09\u304b\u3089 USD \u63db\u7b97\u3067<strong>\u7d04 12% \u524a\u6e1b<\/strong>\u3002<\/p>\n<hr\/>\n<h2 id=\"4-18-sipo-4-e6a78be980a0e382b7e382b0e3838ae383ab-e28095-e5868de68f90e587bae78988e381a7e381a9e38186e5a489e3828fe381a3e3819fe3818b-3\">4\/18 SIPO 4 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb \u2015 \u518d\u63d0\u51fa\u7248\u3067\u3069\u3046\u5909\u308f\u3063\u305f\u304b<\/h2>\n<p>2026 \u5e74 4 \u6708 18 \u65e5 SIPO \u306f\u672c\u63d0\u6848\u306e\u539f\u7248\u306b\u5bfe\u3057 NO \u3092\u6295\u3058\u305f\u969b\u30014 \u3064\u306e\u69cb\u9020\u7684\u61f8\u5ff5\u3092\u660e\u793a\u3057\u307e\u3057\u305f\u3002\u672c\u518d\u63d0\u51fa\u7248\u304c\u5404\u30b7\u30b0\u30ca\u30eb\u306b\u3069\u3046\u5fdc\u7b54\u3057\u305f\u304b\u3092\u9806\u306b\u78ba\u8a8d\u3057\u307e\u3059\u3002<\/p>\n<h3 id=\"e291a0-e887aae5b7b1e8b387e98791e8aabfe98194e883bde58a9b-e4be9de784b6e381a8e38197e381a6e69caae5afbee5bf9c-4\">\u2460 \u81ea\u5df1\u8cc7\u91d1\u8abf\u9054\u80fd\u529b \u2014 \u4f9d\u7136\u3068\u3057\u3066\u672a\u5bfe\u5fdc<\/h3>\n<p>\u672c\u63d0\u6848\u306f\u3001CF \u304c\u306a\u305c Summit \u3092\u81ea\u5df1\u8cc7\u91d1\u3067\u958b\u50ac\u3067\u304d\u306a\u3044\u306e\u304b\u3092\u8ad6\u3058\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u4e8b\u5b9f\u3068\u3057\u3066\uff1a<\/p>\n<ul>\n<li>CF \u306f <strong>2022 \u5e74\u304b\u3089 2024 \u5e74\u307e\u3067 Summit \u3092\u81ea\u5df1\u8cc7\u91d1\u3067\u958b\u50ac<\/strong> \u3057\u3066\u304d\u307e\u3057\u305f<\/li>\n<li>2025 Financial Insights and Activity Report \u306f CF \u306b\u5341\u5206\u306a\u5185\u90e8\u7559\u4fdd\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059<\/li>\n<li>2025 \u5e74\u304c CF \u304c Summit \u3067 Treasury \u8cc7\u91d1\u306b\u30a2\u30af\u30bb\u30b9\u3057\u305f\u521d\u5e74\u3067\u3059<\/li>\n<li>2026 \u5e74\u3067 YES \u3092\u6295\u3058\u308c\u3070\u3001\u3053\u308c\u3092<strong>\u6052\u5e38\u7684\u30d1\u30bf\u30fc\u30f3\u3068\u3057\u3066\u5b9a\u7740<\/strong>\u3055\u305b\u308b\u3053\u3068\u306b\u306a\u308a\u307e\u3059<\/li>\n<\/ul>\n<p>CF \u5185\u90e8\u62e0\u51fa\u3092 $250k \u304b\u3089 $380k \u3078\u5897\u52a0\u3055\u305b\u305f\u3053\u3068\u306f\u3001\u300c\u3082\u3046\u5c11\u3057\u306f\u81ea\u5df1\u8ca0\u62c5\u53ef\u80fd\u300d\u3068\u306e<strong>\u6697\u9ed9\u306e\u8a8d\u8b58<\/strong>\u3068\u3057\u3066\u6b53\u8fce\u3057\u307e\u3059\u304c\u3001\u539f\u5247\u7684\u554f\u3044\u306b\u306f\u7b54\u3048\u3066\u3044\u307e\u305b\u3093 \u2014 <strong>\u5341\u5206\u306b\u8cc7\u672c\u5316\u3055\u308c\u305f\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>\u30022025 \u5e74\u306e\u521d Treasury access \u306e\u7fcc\u5e74\u306b YES \u3092\u6295\u3058\u308c\u3070\u30014 \u6708 18 \u65e5\u306b SIPO \u304c\u5f15\u3044\u305f\u7dda\u306b\u53cd\u3057\u307e\u3059\u3002<\/p>\n<h3 id=\"e291a1-e4b889e9878de588a9e79b8ae79bb8e58f8de6a78be980a0-e4be9de784b6e381a8e38197e381a6e69caae5afbee5bf9c-5\">\u2461 \u4e09\u91cd\u5229\u76ca\u76f8\u53cd\u69cb\u9020 \u2014 \u4f9d\u7136\u3068\u3057\u3066\u672a\u5bfe\u5fdc<\/h3>\n<p>CF\uff08DRep \u59d4\u4efb\u984d \u7d04 \u20b3133m\uff09\u306f\u672c\u63d0\u6848\u306b\u304a\u3044\u3066\u3001\u4ee5\u4e0b 3 \u8005\u3092\u540c\u6642\u306b\u517c\u306d\u3066\u3044\u307e\u3059\uff1a<\/p>\n<ul>\n<li>(a) \u63d0\u6848\u8005<\/li>\n<li>(b) \u76f4\u63a5\u53d7\u76ca\u8005<\/li>\n<li>(c) \u6295\u7968\u6a29\u3092\u884c\u4f7f\u3059\u308b DRep<\/li>\n<\/ul>\n<p>\u3053\u308c\u306f CIP-1694 \u306e\u4e0b\u3067\u9055\u6cd5\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u304c\u3001Cardano Constitution \u7b2c II \u6761\u306e\u7cbe\u795e\u3068\u69cb\u9020\u7684\u306b\u7dca\u5f35\u95a2\u4fc2\u306b\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u7de9\u548c\u7b56\u3068\u3057\u3066\u3001CF DRep \u304c\u672c\u63d0\u6848\u306b\u5bfe\u3057\u3066 <strong>Abstain \u3092\u4e8b\u524d\u516c\u958b\u8868\u660e<\/strong> \u3059\u308b\u3053\u3068\u304c\u3001SIPO \u304c 4 \u6708 18 \u65e5\u4ee3\u66ff\u6848\u3067\u793a\u3057\u305f\u6700\u4f4e\u9650\u306e\u60c5\u5831\u958b\u793a\u8981\u4ef6\u3067\u3057\u305f\u3002\u518d\u63d0\u51fa\u7248\u306f\u63a1\u7528\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<h3 id=\"e291a2-e585ace585b1e8b2a1e6ada3e5bd93e58c96-e4be9de784b6e381a8e38197e381a6e6aca0e5a682-6\">\u2462 \u516c\u5171\u8ca1\u6b63\u5f53\u5316 \u2014 \u4f9d\u7136\u3068\u3057\u3066\u6b20\u5982<\/h3>\n<p>Summit \u306f\u69cb\u9020\u7684\u306b <strong>\u30d6\u30e9\u30f3\u30c9\u30fb\u89b3\u8846\u7372\u5f97\u30a4\u30d9\u30f3\u30c8<\/strong> \u3067\u3059\u3002\u672c\u63d0\u6848\u306f\u6226\u7565\u7684\u4fa1\u5024\u3092\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u307e\u3059\uff1a<\/p>\n<ul>\n<li>\u30a2\u30b8\u30a2\u30cf\u30d6\u3068\u3057\u3066\u306e Singapore \u30bf\u30a4\u30df\u30f3\u30b0<\/li>\n<li>TOKEN2049 \u30aa\u30fc\u30c7\u30a3\u30a8\u30f3\u30b9\u8fd1\u63a5\uff0825,000+ \u53c2\u52a0\u8005\u3092\u300c\u30d5\u30e9\u30a4\u30a4\u30f3\u3055\u305b\u308b\u8cbb\u7528\u306a\u3057\u3067\u300d\u6d3b\u7528\uff09<\/li>\n<li>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u30fb\u898f\u5236\u5f53\u5c40\u30a8\u30f3\u30b2\u30fc\u30b8\u30e1\u30f3\u30c8<\/li>\n<li>Cardano 2030 \u6226\u7565\u306e Pillar 2\uff08Adoption &#038; Utility\uff09\u30fbPillar 4\uff08Community &#038; Ecosystem Growth\uff09\u3078\u306e\u6574\u5408<\/li>\n<\/ul>\n<p>\u3053\u308c\u3089\u306f\u6226\u7565\u7684\u4fa1\u5024\u3068\u3057\u3066\u7406\u89e3\u3067\u304d\u307e\u3059\u304c\u3001<strong>SundaeLabs treasury-contracts \u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af<\/strong>\uff08\u516c\u5171\u8ca1\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u30d3\u30eb\u30c0\u30fc\u76f4\u63a5\u652f\u63f4\u306e\u305f\u3081\u306b\u8a2d\u8a08\uff09\u304c\u60f3\u5b9a\u3059\u308b\u610f\u5473\u3067\u306e\u300cSummit-as-public-good\u300d\u3092\u8ad6\u8a3c\u3057\u3066\u306f\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>SIPO \u304c 4 \u6708 18 \u65e5\u4ee3\u66ff\u6848\u3067\u6c42\u3081\u305f <strong>\u30d3\u30eb\u30c0\u30fc\u76f4\u63a5\u914d\u5206\u6bd4\u7387\u306e breakdown<\/strong> \u3082\u672c\u63d0\u6848\u306b\u306f\u542b\u307e\u308c\u3066\u3044\u307e\u305b\u3093\u3002\u5f53\u521d\u4e00\u62ec\u63d0\u6848\u3067\u306f Hackathon\u30fb\u8cde\u91d1\u30fb\u30d3\u30eb\u30c0\u30fc\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u306e\u5408\u8a08\u304c USD 54,830\uff08Summit \u30b5\u30d6\u30c8\u30fc\u30bf\u30eb\u306e 1.95%\uff09\u3068 SIPO \u6279\u5224\u306e\u6838\u5fc3\u3067\u3057\u305f\u304c\u3001\u672c\u518d\u63d0\u51fa\u7248\u3067\u3053\u306e\u6bd4\u7387\u304c\u3069\u3046\u6539\u5584\u3055\u308c\u305f\u304b\u306f\u4e0d\u660e\u3067\u3059\u3002<\/p>\n<h3 id=\"e291a3-iog-e4b88de59ca8e381aee8aaace6988ee3818ce381aae38184-7\">\u2463 IOG \u4e0d\u5728\u306e\u8aac\u660e\u304c\u306a\u3044<\/h3>\n<p>\u672c\u63d0\u6848\u306f Summit 2026 \u3092 Cardano \u306e\u65d7\u8266\u30a4\u30d9\u30f3\u30c8\u3068\u4f4d\u7f6e\u3065\u3051\u3066\u3044\u307e\u3059\u304c\u3001\u7f72\u540d\u8005\u306f <strong>CF \u306e\u307f<\/strong> \u3067\u3059\u3002<\/p>\n<p>\u6b74\u53f2\u7684\u306b\u3001Cardano \u306e\u7d71\u5408\u30a4\u30cb\u30b7\u30a2\u30c1\u30d6\u306f CF\u30fbEMURGO \u306b\u52a0\u3048 <strong>Input Output\uff08IOG\/IOHK\uff09<\/strong> \u3092\u5275\u8a2d 3 \u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\u306e\u4e00\u89d2\u3068\u3057\u3066\u542b\u3093\u3067\u304d\u307e\u3057\u305f\u3002\u672c\u63d0\u6848\u306b\u306f\uff1a<\/p>\n<ul>\n<li>IOG \u306e\u4e0d\u53c2\u52a0\u7406\u7531\u306e\u8aac\u660e\u304c\u3042\u308a\u307e\u305b\u3093<\/li>\n<li>IOG \u304c\u5171\u540c\u7f72\u540d\u3092\u6253\u8a3a\u3055\u308c\u305f\u304b\u3069\u3046\u304b\u306e\u8a00\u53ca\u304c\u3042\u308a\u307e\u305b\u3093<\/li>\n<li>IOG \u304c Summit \u306b\u767b\u58c7\u3059\u308b\u304b\u3001\u5225\u500b\u306b\u53c2\u52a0\u3059\u308b\u304b\u306e\u958b\u793a\u3082\u3042\u308a\u307e\u305b\u3093<\/li>\n<\/ul>\n<p>\u3053\u306e\u898f\u6a21\u3067\u4f4d\u7f6e\u3065\u3051\u3089\u308c\u308b\u30a4\u30d9\u30f3\u30c8\u306b\u3064\u3044\u3066\u3001<strong>\u5275\u8a2d 3 \u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\uff08CF \/ EMURGO \/ IOG\uff09\u306e\u95a2\u4fc2\u6027\u306b\u95a2\u3059\u308b\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u3078\u306e\u8aac\u660e\u306f\u3001SIPO \u304c 4 \u6708 18 \u65e5\u306b\u6c42\u3081\u305f\u6700\u4f4e\u9650\u306e\u60c5\u5831\u958b\u793a<\/strong>\u3067\u3042\u308a\u3001\u4f9d\u7136\u3068\u3057\u3066\u6b20\u843d\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<hr\/>\n<h2 id=\"roi-e8ab96e8a8bce381aee89684e38195-e28095-e6a78be980a0e382b7e382b0e3838ae383abe381abe58aa0e38188e381a6-8\">ROI \u8ad6\u8a3c\u306e\u8584\u3055 \u2015 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb\u306b\u52a0\u3048\u3066<\/h2>\n<p>4 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb\u306b\u52a0\u3048\u3001SIPO \u306f\u672c\u63d0\u6848\u304c Summit \u3092 <strong>\u6226\u7565\u6295\u8cc7<\/strong> \u3068\u4f4d\u7f6e\u3065\u3051\u306a\u304c\u3089\u3001Cardano \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u3078\u306e<strong>\u6e2c\u5b9a\u53ef\u80fd\u306a ROI<\/strong> \u3092\u660e\u793a\u3057\u3066\u3044\u306a\u3044\u70b9\u3092\u6307\u6458\u3057\u307e\u3059\u3002<\/p>\n<p>\u672c\u63d0\u6848\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306a post-event tracking \u3092\u7d04\u675f\u3057\u3066\u3044\u307e\u3059\uff1a<\/p>\n<ul>\n<li>qualified leads<\/li>\n<li>strategic meetings<\/li>\n<li>technical demonstrations<\/li>\n<li>active enterprise discussions<\/li>\n<li>potential integration opportunities<\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u3001\u3053\u308c\u3089\u304c <strong>on-chain activity \u306e\u5897\u52a0 \/ \u65b0\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u8d77\u52d5 \/ \u63a1\u7528\u6210\u9577<\/strong> \u306b\u3069\u3046\u7e4b\u304c\u308b\u304b\u306e <strong>conversion target \u3068\u30d9\u30fc\u30b9\u30e9\u30a4\u30f3<\/strong> \u304c\u793a\u3055\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>\u3053\u306e\u7a2e\u306e\u6307\u6a19\u304c\u306a\u3051\u308c\u3070\u3001\u30d6\u30e9\u30f3\u30c9\u30a4\u30d9\u30f3\u30c8\u306b\u5bfe\u3059\u308b Treasury \u8cc7\u91d1\u63d0\u4f9b\u3092\uff08CF \u81ea\u5df1\u8cc7\u91d1\u3067\u306f\u306a\u304f\uff09\u516c\u5171\u8ca1\u3068\u3057\u3066\u6b63\u5f53\u5316\u3059\u308b\u3053\u3068\u306f\u56f0\u96e3\u3067\u3059\u3002<\/p>\n<hr\/>\n<h2 id=\"e9818ee58ebb-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-9\">\u904e\u53bb SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/h2>\n<p>SIPO \u306f\u30d7\u30ed\u30c8\u30b3\u30eb\u30fb\u30ce\u30fc\u30c9\u591a\u69d8\u6027\uff08Amaru\u3001Dingo\u3001HLabs Pebble + Gerolamo\uff09\u3001\u8cc7\u672c\u5f62\u6210\u30a4\u30f3\u30d5\u30e9\uff08DeFi Liquidity\u3001Orion Fund\uff09\u3001\u30ac\u30d0\u30ca\u30f3\u30b9\u5236\u5ea6\uff08CC \u5831\u916c\u3001NCL\u3001Budget Framework\uff09\u3001\u91cd\u8981\u7d71\u5408\uff08Critical Integrations Budget\uff09\u30012026-05-09 IOG 9 \u63d0\u6848\u30e9\u30a6\u30f3\u30c9\u30012026-05-13 HLabs Pebble + Gerolamo \u518d\u63d0\u51fa\u306b\u4e00\u8cab\u3057\u3066 <strong>YES<\/strong> \u3092\u6295\u3058\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\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\u3042\u308a\u307e\u3059\u3002<\/p>\n<p>\u672c Summit Revised \u306f\u3053\u306e\u30ab\u30c6\u30b4\u30ea\u306b\u8a72\u5f53\u3057\u307e\u305b\u3093\u3002<\/p>\n<p>\u672c <strong>NO<\/strong> \u306f\u30014 \u6708 18 \u65e5\u306b\u5f15\u3044\u305f\u7dda\u3092<strong>\u77db\u76fe\u306a\u304f\u660e\u78ba\u5316<\/strong>\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n<hr\/>\n<h2 id=\"e5bbbae8a8ade79a84e4bba3e69bbfe6a188-10\">\u5efa\u8a2d\u7684\u4ee3\u66ff\u6848<\/h2>\n<p>SIPO \u306f\u4eca\u5f8c\u3001\u4ee5\u4e0b\u306e\u69cb\u9020\u3067\u518d\u63d0\u51fa\u3055\u308c\u305f Summit \u63d0\u6848\u306b\u3064\u3044\u3066\u306f\u7a4d\u6975\u7684\u306b\u652f\u6301\u3092\u691c\u8a0e\u3057\u307e\u3059\uff1a<\/p>\n<ol>\n<li><strong>CF \u304c Cardano Summit 2026 \u3092\u81ea\u5df1\u8cc7\u91d1\u3067\u958b\u50ac\u3059\u308b<\/strong> \u2014 2022-2024 \u5b9f\u52d9\u3068\u3001\u672c\u63d0\u6848\u81ea\u8eab\u304c\u8a18\u8ff0\u3057\u3066\u3044\u308b 2025 Summit \u53ce\u76ca\u306e 2026 Singapore \u5411\u3051\u78ba\u4fdd\u3068\u6574\u5408\u3057\u307e\u3059\u3002<\/li>\n<li><strong>Treasury \u8cc7\u91d1\u63d0\u4f9b\u304c\u771f\u306b\u5fc5\u8981\u3067\u3042\u308c\u3070<\/strong>\u3001\u518d\u63d0\u51fa\u7248\u306b\u4ee5\u4e0b\u3092\u542b\u3081\u308b\u3053\u3068\uff1a<\/li>\n<\/ol>\n<p>   &#8211; \u516c\u5171\u8ca1\u3068\u3057\u3066\u306e\u660e\u793a\u7684\u6b63\u5f53\u5316    &#8211; \u30d3\u30eb\u30c0\u30fc\u76f4\u63a5\u914d\u5206\u6bd4\u7387\u76ee\u6a19    &#8211; CF DRep \u306e\u81ea\u5df1\u63d0\u6848\u306b\u5bfe\u3059\u308b <strong>Abstain \u4e8b\u524d\u8868\u660e<\/strong>    &#8211; IOG \u306e\u7acb\u5834\uff08\u53c2\u52a0 \/ \u68c4\u6a29 \/ \u4e0d\u53c2\u52a0\uff09\u306e\u958b\u793a<\/p>\n<ol>\n<li><strong>2027 \u30b5\u30a4\u30af\u30eb\u5206<\/strong> \u306f\u3001\u4e0a\u8a18\u69cb\u9020\u7684\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u6700\u521d\u304b\u3089\u7d44\u307f\u8fbc\u3093\u3067 <strong>Intersect \u4e88\u7b97\u30d7\u30ed\u30bb\u30b9\u7d4c\u7531<\/strong> \u3067\u63d0\u6848\u3059\u308b\u3002<\/li>\n<\/ol>\n<hr\/>\n<h2 id=\"e7b590e381b3-11\">\u7d50\u3073<\/h2>\n<p>CF \u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u306b\u5bfe\u3059\u308b\u8cac\u4efb\u3042\u308b\u5bfe\u5fdc \u2014 22% \u4e88\u7b97\u524a\u6e1b\u3001decouple\u3001CF \u5185\u90e8\u62e0\u51fa\u5897\u3001\u660e\u793a\u7684\u306a\u8b1d\u610f \u2014 \u306b\u656c\u610f\u3092\u8868\u3057\u307e\u3059\u3002<\/p>\n<p>\u3057\u304b\u3057\u30014 \u6708 18 \u65e5 SIPO NO \u6295\u7968\u306e <strong>\u539f\u5247\u30d9\u30fc\u30b9<\/strong> \u306e\u5224\u65ad\u306f\u3001\u672c\u518d\u63d0\u51fa\u7248\u3067\u3082\u7dad\u6301\u3055\u308c\u308b\u3079\u304d\u3067\u3059\u300222% \u524a\u6e1b\u306f\u4e88\u7b97\u7684\u8b72\u6b69\u3067\u3042\u308a\u3001\u69cb\u9020\u7684\u518d\u8a2d\u8a08\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u81ea\u5df1\u8cc7\u91d1\u80fd\u529b \/ \u4e09\u91cd\u5229\u76ca\u76f8\u53cd \/ \u516c\u5171\u8ca1\u6b63\u5f53\u5316 \/ IOG \u4e0d\u5728<\/strong> \u306e 4 \u30b7\u30b0\u30ca\u30eb\u3059\u3079\u3066\u304c\u4f9d\u7136\u3068\u3057\u3066 hit \u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n<p>\u904e\u53bb 4 \u5e74\u306b\u308f\u305f\u308b CF \u306e Summit \u904b\u55b6\u5b9f\u7e3e\u306b\u306f\u656c\u610f\u3092\u8868\u3057\u307e\u3059\u3002\u4eca\u5f8c\u3001<strong>\u660e\u793a\u7684\u306a\u5229\u76ca\u76f8\u53cd\u7de9\u548c<\/strong> \u3092\u4f34\u3046\u516c\u5171\u8ca1\u6295\u8cc7\u3068\u3057\u3066\u69cb\u9020\u5316\u3055\u308c\u305f Summit \u63d0\u6848\u306b\u3064\u3044\u3066\u306f\u3001\u7a4d\u6975\u7684\u306b\u652f\u6301\u3057\u3066\u307e\u3044\u308a\u307e\u3059\u3002<\/p>\n<p>\u4ee5\u4e0a\u306e\u7406\u7531\u306b\u3088\u308a\u3001SIPO DRep \u3068\u3057\u3066\u672c\u63d0\u6848\u306b<strong>\u53cd\u5bfe\uff08NO\uff09<\/strong>\u3092\u6295\u3058\u307e\u3059\u3002<\/p>\n<hr\/>\n<h2 id=\"sipo-drep-how-we-view-the-revised-cardano-summit-2026-singapore-proposal-e28095-analysis-no-vote-and-stance-12\">SIPO DRep: How We View the &#8220;Revised Cardano Summit 2026 Singapore&#8221; Proposal \u2015 Analysis, NO Vote, and Stance<\/h2>\n<h2 id=\"introduction-13\">Introduction<\/h2>\n<p>This article presents SIPO DRep&#8217;s analysis and decision on the governance action &#8220;Revised Cardano Summit 2026 Singapore,&#8221; submitted in Epoch 627 on 2026-04-29.<\/p>\n<p>This is not a standalone new proposal. It is <strong>the resubmission of the Summit portion of the original &#8220;Cardano Summit 2026 and TOKEN2049 Singapore&#8221; combined proposal<\/strong> (\u20b314,076,539 \/ $3.66M), on which SIPO voted NO with explicit principle-based reasoning on 2026-04-18. The original combined proposal failed DRep ratification. Cardano Foundation (CF) and EMURGO responded to community feedback by splitting it into three independent resubmissions \u2014 this Summit (CF-led), TOKEN2049 Baseline (EMURGO-led), and TOKEN2049 Top-Up (EMURGO-led) \u2014 and reducing the combined ask.<\/p>\n<p>SIPO has reviewed all three resubmissions and votes <strong>NO<\/strong> on each individually. This article covers the Summit portion.<\/p>\n<p><strong>To be explicit<\/strong>: we are not opposed to Cardano Summit 2026 being held. We acknowledge and appreciate CF&#8217;s <strong>good faith response to community feedback<\/strong> \u2014 the 22% budget reduction ($2.5M \u2192 $1.95M), the decoupling from EMURGO&#8217;s TOKEN2049 proposals, the increase in CF internal resource contribution from $250k to $380k, and the explicit thanks to the community. These are responsible adjustments.<\/p>\n<p>However, SIPO&#8217;s April 18 NO vote was <strong>principle-driven<\/strong>, anchored in four structural concerns about the Treasury Fit of this kind of withdrawal. The resubmitted Summit proposal addresses none of those structural concerns in a material way. The 22% reduction is a budget concession, not a structural redesign.<\/p>\n<hr\/>\n<h2 id=\"proposal-overview-14\">Proposal Overview<\/h2>\n<figure class=\"wp-block-table\">\n<table>\n<thead>\n<tr>\n<th>Item<\/th>\n<th>Detail<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Title<\/td>\n<td>Revised Cardano Summit 2026 Singapore<\/td>\n<\/tr>\n<tr>\n<td>Type<\/td>\n<td>Treasury Withdrawal<\/td>\n<\/tr>\n<tr>\n<td>Ask<\/td>\n<td>\u20b37,800,000 (~$1.95M at $0.25 ADA\/USD \/ 22% down from original $2.5M)<\/td>\n<\/tr>\n<tr>\n<td>Venue<\/td>\n<td>Singapore (immediately before TOKEN2049)<\/td>\n<\/tr>\n<tr>\n<td>Format<\/td>\n<td>2 days (1 day for builders + 1 day for industry)<\/td>\n<\/tr>\n<tr>\n<td>Proposer<\/td>\n<td>Cardano Foundation (CF)<\/td>\n<\/tr>\n<tr>\n<td>Submitted<\/td>\n<td>Epoch 627 (2026-04-29)<\/td>\n<\/tr>\n<tr>\n<td>Expires<\/td>\n<td>Epoch 633 (2026-05-30)<\/td>\n<\/tr>\n<tr>\n<td>Governance Action ID<\/td>\n<td>gov_action10dp9wzmgt2nqshyrghufff4sfhcxedhmzluly5k0azguatnsthwqqs84cjf<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><strong>Main changes from the April 18 combined proposal<\/strong>:<\/p>\n<ul>\n<li>22% budget reduction = $550k cut (3 stages \u2192 2 stages, reducing production \/ tech \/ onsite logistics costs)<\/li>\n<li><strong>Decoupled<\/strong> from EMURGO&#8217;s TOKEN2049 sponsorship proposal (independent vote possible)<\/li>\n<li>CF internal resource contribution <strong>increased $250k \u2192 $380k<\/strong> (reducing external vendor costs)<\/li>\n<li>Explicit &#8220;we thank the community for their honest feedback&#8221;<\/li>\n<\/ul>\n<p>Combined ask across the three resubmissions (this Summit + TOKEN2049 Baseline + Top-Up) totals \u20b312,871,917 ($3.22M @ $0.25\/ADA) = approximately <strong>12% USD reduction<\/strong> from the original \u20b314,076,539 ($3.66M @ $0.26\/ADA).<\/p>\n<hr\/>\n<h2 id=\"the-four-structural-signals-from-april-18-e28095-how-the-resubmission-responds-15\">The Four Structural Signals from April 18 \u2015 How the Resubmission Responds<\/h2>\n<p>When SIPO voted NO on the original on 2026-04-18, four structural concerns were named explicitly. We audit each against the resubmission:<\/p>\n<h3 id=\"e291a0-cf-self-funding-capacity-e28095-still-unaddressed-16\">\u2460 CF self-funding capacity \u2015 still unaddressed<\/h3>\n<p>The proposal does not argue why CF cannot self-fund this Summit.<\/p>\n<p>The facts:<\/p>\n<ul>\n<li>CF self-funded the Summit from <strong>2022 through 2024<\/strong><\/li>\n<li>The <strong>2025 Financial Insights and Activity Report<\/strong> shows CF holds sufficient reserves<\/li>\n<li>2025 was the <strong>first year<\/strong> CF accessed treasury funding for the Summit<\/li>\n<li>Voting YES on 2026 would <strong>consolidate this as a recurring pattern<\/strong><\/li>\n<\/ul>\n<p>The CF internal contribution increase from $250k to $380k is welcomed as an <strong>implicit acknowledgment<\/strong> that more self-funding is possible, but it does not address the principled question: <strong>for a well-capitalized entity, treasury should be the funding source of last resort, not first<\/strong>. Voting YES on 2026 after 2025&#8217;s first treasury access would run counter to the line SIPO drew on April 18.<\/p>\n<h3 id=\"e291a1-three-way-conflict-of-interest-e28095-still-unaddressed-17\">\u2461 Three-way conflict of interest \u2015 still unaddressed<\/h3>\n<p>CF (DRep with approximately \u20b3133m delegated) remains simultaneously:<\/p>\n<ul>\n<li>(a) the proposer<\/li>\n<li>(b) the direct beneficiary<\/li>\n<li>(c) an active DRep voting on the outcome<\/li>\n<\/ul>\n<p>This is not illegal under CIP-1694, but it is in structural tension with the spirit of Article II of the Cardano Constitution.<\/p>\n<p>The mitigation SIPO requested on April 18 \u2014 <strong>publicly pre-commit CF DRep to Abstain on its own action<\/strong> \u2014 was named as a minimum disclosure requirement. The resubmission does not adopt it.<\/p>\n<h3 id=\"e291a2-public-goods-justification-e28095-still-missing-18\">\u2462 Public-goods justification \u2015 still missing<\/h3>\n<p>A Summit is, by structure, a <strong>brand and audience-acquisition event<\/strong>. The proposal articulates strategic value:<\/p>\n<ul>\n<li>Asia hub timing via Singapore<\/li>\n<li>TOKEN2049 audience proximity (25,000+ attendees &#8220;without bearing the cost of flying them in&#8221;)<\/li>\n<li>Institutional and regulatory engagement<\/li>\n<li>Cardano 2030 Pillar 2 (Adoption &#038; Utility) and Pillar 4 (Community &#038; Ecosystem Growth) alignment<\/li>\n<\/ul>\n<p>These are understandable strategic considerations, but they do not justify Summit-as-public-good in the sense the <strong>SundaeLabs treasury-contracts framework<\/strong> (designed for public goods, infrastructure, direct builder support) was built to fund.<\/p>\n<p>The <strong>per-builder direct allocation ratio breakdown<\/strong> SIPO requested in the April 18 alternative is also absent. In the original combined proposal, Hackathon \/ prizes \/ builder incentives totaled USD 54,830 (1.95% of the Summit subtotal), which was the core of SIPO&#8217;s critique. The resubmission does not disclose how this ratio has been improved.<\/p>\n<h3 id=\"e291a3-iog-absence-is-not-explained-19\">\u2463 IOG absence is not explained<\/h3>\n<p>The proposal positions Summit 2026 as a flagship Cardano event but is <strong>signed by CF only<\/strong>.<\/p>\n<p>Historically, unified Cardano initiatives have included <strong>Input Output (IOG\/IOHK)<\/strong> as one of three founding entities alongside CF and EMURGO. The proposal does not address:<\/p>\n<ul>\n<li>IOG&#8217;s reasons for non-participation<\/li>\n<li>Whether IOG was invited to co-sign<\/li>\n<li>Whether IOG will speak at the Summit or engage separately<\/li>\n<\/ul>\n<p>For an event at this scale framed as Cardano-defining, <strong>community clarity on the relationship among the three founding entities (CF \/ EMURGO \/ IOG)<\/strong> is a reasonable minimum disclosure SIPO requested on April 18 and which remains absent.<\/p>\n<hr\/>\n<h2 id=\"roi-justification-thinness-e28095-beyond-the-structural-signals-20\">ROI Justification Thinness \u2015 Beyond the Structural Signals<\/h2>\n<p>Beyond the four structural signals, SIPO notes that the proposal frames the Summit as a <strong>strategic investment<\/strong> but does not articulate <strong>measurable ROI<\/strong> to the Cardano ecosystem.<\/p>\n<p>The proposal commits to post-event tracking covering:<\/p>\n<ul>\n<li>qualified leads<\/li>\n<li>strategic meetings<\/li>\n<li>technical demonstrations<\/li>\n<li>active enterprise discussions<\/li>\n<li>potential integration opportunities<\/li>\n<\/ul>\n<p>But it does not specify <strong>conversion targets and baselines<\/strong> for how these translate into <strong>on-chain activity \/ new ecosystem projects \/ measurable adoption growth<\/strong>.<\/p>\n<p>Without such metrics, the case for treasury funding \u2014 versus CF self-funding \u2014 of a brand event becomes harder to make on public-goods grounds.<\/p>\n<hr\/>\n<h2 id=\"consistency-with-sipos-prior-votes-21\">Consistency with SIPO&#8217;s Prior Votes<\/h2>\n<p>SIPO has consistently voted <strong>YES<\/strong> on treasury withdrawals for:<\/p>\n<ul>\n<li>Protocol and node diversity (Amaru, Dingo, HLabs Pebble + Gerolamo)<\/li>\n<li>Capital formation infrastructure (DeFi Liquidity, Orion Fund)<\/li>\n<li>Governance institutions (CC compensation, NCL, Budget Framework)<\/li>\n<li>Critical integrations (Critical Integrations Budget)<\/li>\n<li>The IOG 9-proposal round on 2026-05-09<\/li>\n<li>HLabs Pebble + Gerolamo resubmission on 2026-05-13<\/li>\n<\/ul>\n<p>All of these fit within <strong>public goods, infrastructure, or ecosystem growth capital<\/strong>.<\/p>\n<p>This Summit Revised does not fit those categories.<\/p>\n<p>A <strong>NO<\/strong> here continues to <strong>clarify<\/strong>, rather than contradict, the line SIPO drew on April 18.<\/p>\n<hr\/>\n<h2 id=\"constructive-alternatives-22\">Constructive Alternatives<\/h2>\n<p>SIPO would positively consider future Summit proposals structured as follows:<\/p>\n<ol>\n<li><strong>CF funds Cardano Summit 2026 from its own reserves<\/strong> \u2014 consistent with 2022\u20132024 practice and with the 2025 Summit revenue already ring-fenced for 2026 Singapore, as stated in this proposal.<\/li>\n<li><strong>If treasury funding is genuinely required<\/strong>, the resubmission should include:<\/li>\n<\/ol>\n<p>   &#8211; An explicit public-goods justification    &#8211; A per-builder direct allocation ratio target    &#8211; <strong>CF DRep pre-committed Abstain<\/strong> on its own action    &#8211; Disclosure of IOG&#8217;s position (participating \/ abstaining \/ declining)<\/p>\n<ol>\n<li><strong>For 2027 cycle<\/strong>, route any treasury-funded event through the <strong>Intersect budget process<\/strong> with the above structural commitments embedded from the start.<\/li>\n<\/ol>\n<hr\/>\n<h2 id=\"closing-23\">Closing<\/h2>\n<p>We thank CF for the <strong>responsible response to community feedback<\/strong> \u2014 the 22% budget reduction, decoupling, CF internal contribution increase, and explicit acknowledgment of community input.<\/p>\n<p>However, SIPO&#8217;s April 18 <strong>principle-driven<\/strong> NO judgment is preserved in the resubmission. The 22% reduction is a budget concession, not a structural redesign. All four signals \u2014 <strong>self-funding capacity \/ three-way conflict of interest \/ public-goods justification \/ IOG absence<\/strong> \u2014 remain hit.<\/p>\n<p>We have profound respect for CF&#8217;s four-year Summit operational track record. We look forward to supporting future Summit proposals structured as <strong>public-goods investments with explicit conflict-of-interest mitigation<\/strong>.<\/p>\n<p>For these reasons, SIPO DRep votes <strong>NO<\/strong> on this proposal.<\/p>\n<hr\/>\n<h2 id=\"references-24\">References<\/h2>\n<ul>\n<li>Proposal IPFS metadata link in gov_action<\/li>\n<li>Original 4\/18 SIPO NO voteContext: https:\/\/sipo.tokyo\/?p=45630<\/li>\n<li>Original 4\/18 governance action: gov_action1hkgl5l4fknsf7aktmcatkz6kfl7xpvn7rzh5vnxwexl0n3cc6zrsqt5459v<\/li>\n<li>CF 2025 Financial Insights and Activity Report (referenced in proposal)<\/li>\n<li>SundaeLabs treasury-contracts: https:\/\/github.com\/SundaeSwap-finance\/treasury-contracts<\/li>\n<li>Cardano 2030 Strategic Framework: https:\/\/product.cardano.intersectmbo.org\/vision\/strategy-2030\/<\/li>\n<\/ul>\n<hr\/>\n<h2 id=\"e382b5e383a0e3838de382a4e383ab-midjourney-e38397e383ade383b3e38397e38388-25\">\u30b5\u30e0\u30cd\u30a4\u30eb Midjourney \u30d7\u30ed\u30f3\u30d7\u30c8<\/h2>\n<pre>&lt;code&gt;\nEditorial governance illustration for &quot;SIPO DRep votes NO on Revised Cardano Summit 2026 Singapore&quot;. A clean, restrained composition with a subtle tension. Center: an empty stage podium under a single spotlight, suggesting an event yet to be funded &mdash; but no presenter present. To the left, a stylized treasury vault icon with a closed door and a small &quot;self-funding capacity&quot; annotation. To the right, three small founding-entity icons (CF \/ EMURGO \/ IOG) where the IOG icon is shown in greyscale \/ disconnected. Background: deep navy editorial canvas, Singapore skyline silhouetted at low opacity at the horizon line. Top-left corner: minimalist &quot;SIPO DRep NO&quot; tag. Tone: respectful, principled, not adversarial. Aspect 16:9, mission-control &times; Bloomberg terminal aesthetic, fine matte rendering, Bauhaus restraint. --ar 16:9 --style raw --v 8.1\n&lt;\/code&gt;<\/pre>\n","protected":false},"excerpt":{"rendered":"\u306f\u3058\u3081\u306b 2026\u5e744\u670829\u65e5\u306b\u30a8\u30dd\u30c3\u30af627\u3067\u63d0\u51fa\u3055\u308c\u305f\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u300cRevised Cardano Summit 2026 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\u5358\u72ec\u306e\u65b0\u898f\u63d0\u6848\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u30022026\u5e744\u670818\u65e5\u306b SIPO \u304c\u539f\u5247\u30d9\u30fc\u30b9\u306e\u7406\u7531\u3067\u300cNO\u300d\u3092\u6295\u3058\u305f\u5f53\u521d\u306e\u300cCardano Summit 2026 and TOKEN2049 Singapore\u300d\u4e00\u62ec\u63d0\u6848\uff08\u20b314,076,539 \/ $3.66M\uff09\u306e\u3046\u3061\u3001Summit \u90e8\u5206\u306e \u518d\u63d0\u51fa\u7248 \u3067\u3059\u3002\u5f53\u521d\u63d0\u6848\u306f DRep \u6279\u51c6\u3067\u5426\u6c7a\u3055\u308c\u3001Cardano Foundation\uff08CF\uff09\u3068 EMURGO 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