{"id":45918,"date":"2026-05-20T15:49:34","date_gmt":"2026-05-20T06:49:34","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45918"},"modified":"2026-05-20T15:49:34","modified_gmt":"2026-05-20T06:49:34","slug":"post-45918","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45918","title":{"rendered":"SIPO DRep\uff1a\u300eCardano at TOKEN2049 Singapore 2026: Baseline &#8220;Platinum&#8221; Sponsorship\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-e5868de68f90e587bae78988e381a7e381aee5afbee5bf9ce78ab6e6b381-3\">4\/18 SIPO 4 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb \u2015 \u518d\u63d0\u51fa\u7248\u3067\u306e\u5bfe\u5fdc\u72b6\u6cc1<\/a><ul><li><a href=\"#e291a0-emurgo-e381aee887aae5b7b1e8b387e98791e8aabfe98194-e28095-e6a49ce8a88ee38195e3828ce381a6e38184e381aae38184-4\">\u2460 EMURGO \u306e\u81ea\u5df1\u8cc7\u91d1\u8abf\u9054 \u2015 \u691c\u8a0e\u3055\u308c\u3066\u3044\u306a\u3044<\/a><\/li><li><a href=\"#e291a1-emurgo-e4b889e9878de588a9e79b8ae79bb8e58f8d-e28095-e69caae5afbee5bf9c-5\">\u2461 EMURGO \u4e09\u91cd\u5229\u76ca\u76f8\u53cd \u2015 \u672a\u5bfe\u5fdc<\/a><\/li><li><a href=\"#e291a2-e585ace585b1e8b2a1-vs-e38396e383a9e383b3e38389e3839ee383bce382b1e38386e382a3e383b3e382b0e6af94e78e87-e28095-e983a8e58886e79a84-6\">\u2462 \u516c\u5171\u8ca1 vs \u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u6bd4\u7387 \u2015 \u90e8\u5206\u7684\u6539\u5584<\/a><\/li><li><a href=\"#e291a3-iog-e4b88de59ca8e381a8e3808cunified-cardanoe3808dframing-7\">\u2463 IOG \u4e0d\u5728\u3068\u300cunified Cardano\u300dframing<\/a><\/li><\/ul><\/li><li><a href=\"#e9818ee58ebb-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-8\">\u904e\u53bb SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/a><\/li><li><a href=\"#e5bbbae8a8ade79a84e4bba3e69bbfe6a188-9\">\u5efa\u8a2d\u7684\u4ee3\u66ff\u6848<\/a><\/li><li><a href=\"#e7b590e381b3-10\">\u7d50\u3073<\/a><\/li><li><a href=\"#sipo-drep-how-we-view-the-cardano-at-token2049-singapore-2026-baseline-platinum-sponsorship-proposal-e28095-analysis-no-vote-and-stance-11\">SIPO DRep: How We View the &#8220;Cardano at TOKEN2049 Singapore 2026: Baseline &#8216;Platinum&#8217; Sponsorship&#8221; Proposal \u2015 Analysis, NO Vote, and Stance<\/a><\/li><li><a href=\"#introduction-12\">Introduction<\/a><\/li><li><a href=\"#proposal-overview-13\">Proposal Overview<\/a><\/li><li><a href=\"#the-four-structural-signals-from-april-18-e28095-how-the-resubmission-responds-14\">The Four Structural Signals from April 18 \u2015 How the Resubmission Responds<\/a><ul><li><a href=\"#e291a0-emurgo-self-funding-e28095-not-explored-15\">\u2460 EMURGO self-funding \u2015 not explored<\/a><\/li><li><a href=\"#e291a1-emurgo-three-way-conflict-of-interest-e28095-unaddressed-16\">\u2461 EMURGO three-way conflict of interest \u2015 unaddressed<\/a><\/li><li><a href=\"#e291a2-public-goods-vs-brand-marketing-ratio-e28095-partial-improvement-17\">\u2462 Public-goods vs brand marketing ratio \u2015 partial improvement<\/a><\/li><li><a href=\"#e291a3-iog-absence-and-unified-cardano-framing-18\">\u2463 IOG absence and &#8220;unified Cardano&#8221; framing<\/a><\/li><\/ul><\/li><li><a href=\"#consistency-with-sipos-prior-votes-19\">Consistency with SIPO&#8217;s Prior Votes<\/a><\/li><li><a href=\"#constructive-alternatives-20\">Constructive Alternatives<\/a><\/li><li><a href=\"#closing-21\">Closing<\/a><\/li><li><a href=\"#references-22\">References<\/a><\/li><li><a href=\"#e382b5e383a0e3838de382a4e383ab-midjourney-e38397e383ade383b3e38397e38388-23\">\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\u670830\u65e5\u306b\u30a8\u30dd\u30c3\u30af628\u3067\u63d0\u51fa\u3055\u308c\u305f\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u300cCardano at TOKEN2049 Singapore 2026: Baseline &#8216;Platinum&#8217; Sponsorship Proposal\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 \u5e74 4 \u6708 18 \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> \u306e\u3046\u3061\u3001TOKEN2049 baseline sponsorship \u90e8\u5206\u306e<strong>\u518d\u63d0\u51fa\u7248<\/strong>\u3067\u3059\u3002EMURGO \u306f\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u30d5\u30a3\u30fc\u30c9\u30d0\u30c3\u30af\u3092\u53cd\u6620\u3057\u30013 \u3064\u306e\u72ec\u7acb\u63d0\u6848 \u2014 Summit\uff08CF \u63d0\u51fa\uff09\u3001TOKEN2049 Baseline\uff08\u672c\u63d0\u6848\uff09\u3001TOKEN2049 Top-Up\uff08EMURGO \u63d0\u51fa\uff09\u2014 \u306b\u5206\u5272\u3057\u3001Tier \u3092\u5f53\u521d\u306e <strong>Title \u304b\u3089 Platinum \u3078\u5f15\u304d\u4e0b\u3052<\/strong>\u3001\u5408\u8a08\u8acb\u6c42\u984d\u3092\u524a\u6e1b\u3057\u3066\u518d\u63d0\u51fa\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 TOKEN2049 Baseline \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 \u304c TOKEN2049 Singapore \u306b presence \u3092\u6301\u3064\u3053\u3068\u81ea\u4f53\u306b\u53cd\u5bfe\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002EMURGO \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 <strong>Title \u304b\u3089 Platinum \u3078\u306e tier \u5f15\u304d\u4e0b\u3052<\/strong>\u300130 builder tickets\uff0810 procured + 20 included\uff09\u306e\u660e\u793a\u7684\u78ba\u4fdd\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30d3\u30eb\u30c0\u30fc\u5411\u3051 sub-stage \u51fa\u6f14\u67a0\u306e\u660e\u793a\u3001Baseline \u3068 Top-Up \u3092\u5206\u96e2\u3057\u3066 DRep \u304c\u500b\u5225\u5224\u65ad\u53ef\u80fd\u3068\u3057\u305f\u69cb\u9020\u7684\u5206\u96e2 \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 Baseline \u306f<strong>\u8868\u5c64\u7684\u61f8\u5ff5<\/strong>\uff08tier \u5f15\u304d\u4e0b\u3052\u3001builder ticket \u660e\u793a\uff09\u306b\u306f\u90e8\u5206\u7684\u306b\u5bfe\u5fdc\u3057\u3066\u3044\u307e\u3059\u304c\u3001<strong>\u69cb\u9020\u7684\u8ad6\u70b9<\/strong>\u306b\u306f\u5b9f\u8cea\u7684\u306b\u5bfe\u5fdc\u3057\u3066\u3044\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>Cardano at TOKEN2049 Singapore 2026: Baseline &#8216;Platinum&#8217; Sponsorship Proposal<\/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>\u20b33,303,750\uff08\u7d04 $826k\u3001$0.25 ADA\/USD\u63db\u7b97 \/ \u63d0\u6848\u66f8\u8a18\u8f09\u306f $792,900 @ $0.24\/ADA\uff09<\/td>\n<\/tr>\n<tr>\n<td>Tier<\/td>\n<td><strong>Platinum<\/strong>\uff08\u5f53\u521d Title \u304b\u3089\u4e0b\u65b9\u4fee\u6b63\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u30d6\u30fc\u30b9<\/td>\n<td>108 sqm\uff082 \u756a\u76ee\u306b\u5927\u304d\u3044\uff09<\/td>\n<\/tr>\n<tr>\n<td>Builder Tickets<\/td>\n<td>30 \u679a\uff0820 included + 10 procured\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u63d0\u6848\u8005<\/td>\n<td>EMURGO\uff08Singapore \u62e0\u70b9\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u63d0\u51fa\u30a8\u30dd\u30c3\u30af<\/td>\n<td>628\uff082026\u5e744\u670830\u65e5\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u5931\u52b9\u30a8\u30dd\u30c3\u30af<\/td>\n<td>634\uff082026\u5e746\u67084\u65e5\uff09<\/td>\n<\/tr>\n<tr>\n<td>Governance Action ID<\/td>\n<td>gov_action18u8lpkzge2csxe3plynn9lh4agwtv3nrqkyfwalwj4ykjv7l68jqqzmul9z<\/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><strong>Tier \u5f15\u304d\u4e0b\u3052<\/strong>\uff1aTitle \u2192 Platinum\uff08\u6700\u4e0a\u4f4d \u2192 \u4e2d\u4f4d\uff09= $700k \u7a0b\u5ea6\u524a\u6e1b<\/li>\n<li>\u72ec\u7acb\u63d0\u6848\u3068\u3057\u3066 <strong>Summit \u304b\u3089\u3082\u3001Top-Up \u304b\u3089\u3082\u5207\u308a\u96e2\u3057<\/strong>\uff08DReps \u304c isolated decision \u53ef\u80fd\uff09<\/li>\n<li>\u30d3\u30eb\u30c0\u30fc\u76f4\u63a5\u914d\u5206\u306e\u660e\u793a\u5316\uff1adedicated builder tickets 30 \u679a + sub-stage presentation slots + on-site coordination<\/li>\n<li>\u300cEMURGO&#8217;s direct response to community feedback\u300d\u3068\u660e\u793a<\/li>\n<li>\u300c100% pass-through funding\u300d\uff08venue \/ event delivery \/ build-out \/ tickets \u306e hard costs \u306b\u76f4\u63a5\u5145\u5f53\uff09\u3068 framing<\/li>\n<\/ul>\n<hr\/>\n<h2 id=\"4-18-sipo-4-e6a78be980a0e382b7e382b0e3838ae383ab-e28095-e5868de68f90e587bae78988e381a7e381aee5afbee5bf9ce78ab6e6b381-3\">4\/18 SIPO 4 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb \u2015 \u518d\u63d0\u51fa\u7248\u3067\u306e\u5bfe\u5fdc\u72b6\u6cc1<\/h2>\n<h3 id=\"e291a0-emurgo-e381aee887aae5b7b1e8b387e98791e8aabfe98194-e28095-e6a49ce8a88ee38195e3828ce381a6e38184e381aae38184-4\">\u2460 EMURGO \u306e\u81ea\u5df1\u8cc7\u91d1\u8abf\u9054 \u2015 \u691c\u8a0e\u3055\u308c\u3066\u3044\u306a\u3044<\/h3>\n<p>EMURGO \u306f <strong>global enterprise partnerships<\/strong> \u3092\u6301\u3064\u5546\u696d\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\u3067\u3059\u3002<\/p>\n<p>4 \u6708 18 \u65e5 SIPO \u4ee3\u66ff\u6848\u3067\u306f\u300cEMURGO \u306f\u5546\u696d\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u8cc7\u91d1\uff08sponsors\u3001co-branding\u3001enterprise revenue \u914d\u5206\uff09\u3067 TOKEN2049 sponsorship \u3092 pursue \u3059\u308b\u300d\u3053\u3068\u3092<strong>\u660e\u793a\u7684\u306b\u793a\u5506<\/strong>\u3057\u307e\u3057\u305f\u3002<\/p>\n<p>\u518d\u63d0\u51fa\u7248\u306f\u3001\u306a\u305c commercial partnership \u8cc7\u91d1\u3067\uff08\u3088\u308a\u4f4e\u4fa1\u683c\u306e Platinum tier $793k \u3067\u3082\uff09\u30ab\u30d0\u30fc\u3067\u304d\u306a\u3044\u306e\u304b\u3092\u8ad6\u3058\u3066\u3044\u307e\u305b\u3093\u3002EMURGO \u306e commercial \u6027\u8cea\u3092\u8003\u3048\u308b\u3068\u3001TOKEN2049 \u306e\u3088\u3046\u306a\u5546\u696d\u30a4\u30d9\u30f3\u30c8\u3078\u306e sponsorship \u306f\u3001Treasury \u8cc7\u91d1\u63d0\u4f9b\u3088\u308a\u3082 EMURGO \u306e\u4e8b\u696d\u6d3b\u52d5\u306b\u89aa\u548c\u6027\u304c\u9ad8\u3044\u306f\u305a\u3067\u3059\u3002<\/p>\n<h3 id=\"e291a1-emurgo-e4b889e9878de588a9e79b8ae79bb8e58f8d-e28095-e69caae5afbee5bf9c-5\">\u2461 EMURGO \u4e09\u91cd\u5229\u76ca\u76f8\u53cd \u2015 \u672a\u5bfe\u5fdc<\/h3>\n<p>EMURGO\uff08DRep \u59d4\u4efb\u984d <strong>\u7d04 \u20b3297m<\/strong>\uff09\u306f\u672c\u63d0\u6848\u306b\u304a\u3044\u3066\u3001\u4ee5\u4e0b 3 \u8005\u3092\u517c\u306d\u305f\u307e\u307e\u3067\u3059\uff1a<\/p>\n<ul>\n<li>(a) \u63d0\u6848\u8005<\/li>\n<li>(b) facilitator \u3068\u3057\u3066\u306e\u53d7\u76ca\u8005\uff08\u300c100% pass-through\u300d\u3068 framing \u3057\u3066\u3044\u308b\u304c\u3001\u7d44\u7e54\u3068\u3057\u3066\u6d3b\u52d5\u30b3\u30b9\u30c8\u30fb\u4eba\u4ef6\u8cbb\u30fb\u8abf\u6574\u30ea\u30bd\u30fc\u30b9\u3092\u5438\u53ce\uff09<\/li>\n<li>(c) \u6295\u7968\u6a29\u3092\u884c\u4f7f\u3059\u308b DRep<\/li>\n<\/ul>\n<p>\u300c100% pass-through\u300d\u3068\u8868\u73fe\u3055\u308c\u3066\u3044\u308b\u90e8\u5206\u306b\u3064\u3044\u3066\u3001EMURGO \u306f\u672c\u63d0\u6848\u3067 <strong>operational facilitator<\/strong> \u306e\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002venue selection \/ vendor relationships \/ logistical know-how \/ \u904e\u53bb TOKEN2049 \u5b9f\u7e3e\u6d3b\u7528 \u306a\u3069\u306e<strong>\u6d3b\u52d5\u30b3\u30b9\u30c8<\/strong>\u306f\u7d44\u7e54\u3068\u3057\u3066\u5438\u53ce\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u5408\u7406\u7684\u306a\u5f79\u5272\u5206\u62c5\u3067\u3059\u304c\u3001\u300c\u53d7\u76ca\u8005\u30bc\u30ed\u300d\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3002<\/p>\n<p>\u672c\u63d0\u6848\u306f <strong>EMURGO DRep \u306e\u81ea\u5df1\u63d0\u6848\u306b\u5bfe\u3059\u308b Abstain \u4e8b\u524d\u8868\u660e<\/strong>\u3092\u542b\u3093\u3067\u3044\u307e\u305b\u3093\u30024 \u6708 18 \u65e5 SIPO \u5efa\u8a2d\u7684\u4ee3\u66ff\u6848\u3067\u6700\u4f4e\u9650\u306e\u60c5\u5831\u958b\u793a\u8981\u4ef6\u3068\u3057\u3066\u660e\u793a\u3057\u307e\u3057\u305f\u304c\u3001\u518d\u63d0\u51fa\u7248\u306f\u63a1\u7528\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<h3 id=\"e291a2-e585ace585b1e8b2a1-vs-e38396e383a9e383b3e38389e3839ee383bce382b1e38386e382a3e383b3e382b0e6af94e78e87-e28095-e983a8e58886e79a84-6\">\u2462 \u516c\u5171\u8ca1 vs \u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u6bd4\u7387 \u2015 \u90e8\u5206\u7684\u6539\u5584<\/h3>\n<p>\u672c Baseline \u306f\u610f\u5473\u306e\u3042\u308b\u30d3\u30eb\u30c0\u30fc\u8981\u7d20\u3092\u542b\u307f\u3001\u3053\u308c\u306f\u65b9\u5411\u6027\u3068\u3057\u3066 <strong>\u8a55\u4fa1\u3067\u304d\u307e\u3059<\/strong>\uff1a<\/p>\n<ul>\n<li>30 builder tickets \u5c02\u5c5e\u78ba\u4fdd\uff0820 included + 10 procured\uff09<\/li>\n<li>sub-stage presentation slots\uff08builders \u76f4\u63a5\u51fa\u6f14\uff09<\/li>\n<li>on-site coordination\uff08EMURGO \u306b\u3088\u308b 2 \u65e5\u9593 builder \u6848\u5185\uff09<\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u3001<strong>$793k \u306e headline \u914d\u5206<\/strong> \u2014 Platinum tier sponsorship\uff08108 sqm \u30d6\u30fc\u30b9\u3001networking\u3001lead generation positioning\uff09\u2014 \u306f\u4f9d\u7136\u3068\u3057\u3066<strong>\u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u6027\u8cea<\/strong>\u304c\u5f37\u304f\u3001direct public-goods support \u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3002<\/p>\n<p>4 \u6708 18 \u65e5 SIPO \u6279\u5224\u306e\u6838\u5fc3\u306f\u300cevent budget \u306b\u5bfe\u3059\u308b <strong>builder direct allocation \u6bd4\u7387<\/strong> \u304c\u9006\u8ee2\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u3082\u306e\u3067\u3057\u305f\u3002\u672c\u518d\u63d0\u51fa\u7248\u306f\u7cbe\u795e\u7684\u306b\u306f\u90e8\u5206\u5bfe\u5fdc\u3057\u3066\u3044\u307e\u3059\u304c\u3001<strong>$ \u3042\u305f\u308a\u306e builder-direct \u6bd4\u7387<\/strong>\u306f\u4f9d\u7136\u3068\u3057\u3066\u4f4e\u3044\u307e\u307e\u3067\u3059\uff08headline \u306f sponsorship\u3001\u30d3\u30eb\u30c0\u30fc\u8981\u7d20\u306f\u88dc\u8db3\uff09\u3002<\/p>\n<h3 id=\"e291a3-iog-e4b88de59ca8e381a8e3808cunified-cardanoe3808dframing-7\">\u2463 IOG \u4e0d\u5728\u3068\u300cunified Cardano\u300dframing<\/h3>\n<p>\u672c\u63d0\u6848\u306f TOKEN2049 presence \u3092\u4ee5\u4e0b\u306e\u3088\u3046\u306b framing \u3057\u3066\u3044\u307e\u3059\uff1a<\/p>\n<ul>\n<li>\u300cputting Cardano builders at the forefront\u300d<\/li>\n<li>\u300cthe Cardano ecosystem on the global stage\u300d<\/li>\n<li>\u300ca strategic platform for our ecosystem&#8217;s most important asset: its builders\u300d<\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u3001\u7f72\u540d\u8005\u306f <strong>EMURGO \u306e\u307f<\/strong> \u3067\u3059\u3002IOG \u306e\u53c2\u52a0\u306f\u89e6\u308c\u3089\u308c\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n<p>community-first \/ unified-Cardano framing \u306b\u306f\u3001<strong>IOG \u306e\u7acb\u5834\u306e\u958b\u793a<\/strong> \u304c\u5fc5\u8981\u3067\u3059 \u2014 declined \/ not invited \/ pursuing separately \u306e\u3069\u308c\u306a\u306e\u304b\u3002\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u304c\u3053\u308c\u3092\u771f\u306b\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306e\u30a4\u30cb\u30b7\u30a2\u30c1\u30d6\u3068\u3057\u3066\u8a55\u4fa1\u3067\u304d\u308b\u305f\u3081\u306b\u306f\u3001\u5275\u8a2d 3 \u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\u306e\u6574\u5408\u6027\u958b\u793a\u304c\u524d\u63d0\u6761\u4ef6\u3067\u3059\u3002<\/p>\n<hr\/>\n<h2 id=\"e9818ee58ebb-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-8\">\u904e\u53bb SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/h2>\n<p>SIPO \u306f\u516c\u5171\u8ca1\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u6210\u9577\u8cc7\u672c\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u5236\u5ea6\u306b\u4e00\u8cab\u3057\u3066 <strong>YES<\/strong> \u3092\u6295\u3058\u3066\u304d\u307e\u3057\u305f\u3002<\/p>\n<p>\u696d\u754c\u30ab\u30f3\u30d5\u30a1\u30ec\u30f3\u30b9\u3067\u306e\u30a4\u30d9\u30f3\u30c8 sponsorship \u306f\u3001\u30d3\u30eb\u30c0\u30fc focused \u8981\u7d20\u3092\u542b\u3093\u3067\u3044\u3066\u3082\u3001\u4ee5\u4e0b\u306e\u6761\u4ef6\u4e0b\u3067\u306f\u4e0a\u8a18\u30ab\u30c6\u30b4\u30ea\u5916\u3068\u5224\u65ad\u3055\u308c\u307e\u3059\uff1a<\/p>\n<ul>\n<li>(a) \u63d0\u6848\u8005\u304c<strong>\u5341\u5206\u8cc7\u672c\u5316\u3055\u308c\u305f\u5546\u696d\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3<\/strong><\/li>\n<li>(b) <strong>\u5229\u76ca\u76f8\u53cd\u7de9\u548c<\/strong>\u304c\u6b20\u5982<\/li>\n<li>(c) <strong>\u516c\u5171\u8ca1\u6b63\u5f53\u5316\u304c headline \u3067\u306a\u3044<\/strong>\uff08\u88dc\u8db3\u8981\u7d20\u3068\u3057\u3066\u7d44\u307f\u8fbc\u307e\u308c\u3066\u3044\u308b\u306e\u307f\uff09<\/li>\n<\/ul>\n<p>\u672c Baseline \u306f\u3053\u306e 3 \u6761\u4ef6\u3059\u3079\u3066\u306b\u8a72\u5f53\u3057\u307e\u3059\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=\"e5bbbae8a8ade79a84e4bba3e69bbfe6a188-9\">\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 TOKEN2049 ecosystem presence \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>EMURGO \u5546\u696d\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u8cc7\u91d1\u3067 sponsorship \u3092 pursue \u3059\u308b<\/strong><\/li>\n<\/ol>\n<p>   &#8211; sponsors\u3001co-branding\u3001EMURGO \u65e2\u5b58 enterprise revenue \u914d\u5206    &#8211; 4 \u6708 18 \u65e5 SIPO NO voteContext \u3067\u63d0\u793a\u6e08\u306e\u4ee3\u66ff\u6848<\/p>\n<ol>\n<li><strong>TOKEN2049 \u30d3\u30eb\u30c0\u30fc showcase \u306b Treasury \u8cc7\u91d1\u63d0\u4f9b\u304c\u771f\u306b\u5fc5\u8981\u3067\u3042\u308c\u3070<\/strong>\u3001\u30d3\u30eb\u30c0\u30fc\u76f4\u63a5 grant \u30d7\u30ed\u30b0\u30e9\u30e0\u3068\u3057\u3066\u518d\u69cb\u6210\uff1a<\/li>\n<\/ol>\n<p>   &#8211; Catalyst-style sub-allocation \u3067\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c attend \/ present \/ showcase    &#8211; EMURGO \u306f <strong>logistical facilitator \u306e\u307f<\/strong>\uff08\u63d0\u6848\u8005\u8ca1\u52d9\u5229\u76ca\u30bc\u30ed\uff09    &#8211; CF \/ EMURGO \/ IOG \u306e\u7acb\u5834\u306e <strong>\u5408\u540c\u958b\u793a<\/strong>    &#8211; \u63d0\u6848\u8005 DRep \u306e <strong>Abstain \u4e8b\u524d\u8868\u660e<\/strong><\/p>\n<ol>\n<li><strong>\u5c06\u6765\u30b5\u30a4\u30af\u30eb\u5206<\/strong> \u306f\u3001\u4ee5\u4e0b\u306e <strong>2 \u3064\u306e\u76ee\u7684\u3092\u5206\u96e2<\/strong>\u3057\u3066\u69cb\u9020\u5316\u3059\u308b\uff1a<\/li>\n<\/ol>\n<p>   &#8211; \u300cCardano logistical presence\uff08\u904b\u7528\uff09\u300d= <strong>\u516c\u5171\u8ca1\u6574\u5408 grant<\/strong> \u3068\u3057\u3066\u4f4d\u7f6e\u3065\u3051    &#8211; \u300cCardano sponsorship branding\uff08\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\uff09\u300d= <strong>\u5546\u696d\u7684\u306b<\/strong>\u4f4d\u7f6e\u3065\u3051<\/p>\n<hr\/>\n<h2 id=\"e7b590e381b3-10\">\u7d50\u3073<\/h2>\n<p>EMURGO \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 <strong>Title \u304b\u3089 Platinum \u3078\u306e tier \u5f15\u304d\u4e0b\u3052<\/strong>\u3001\u30d3\u30eb\u30c0\u30fc\u8981\u7d20\u306e\u660e\u793a\u5316\u3001\u69cb\u9020\u7684\u5206\u96e2\u306b\u3088\u308b\u72ec\u7acb\u6295\u7968\u5316 \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\u3002tier \u5f15\u304d\u4e0b\u3052\u3068 builder focus \u6539\u5584\u306f\u65b9\u5411\u6027\u3068\u3057\u3066\u6b63\u3057\u3044\u3067\u3059\u304c\u3001<strong>\u81ea\u5df1\u8cc7\u91d1\u4ee3\u66ff\uff08EMURGO commercial partnership\uff09 \/ \u4e09\u91cd\u5229\u76ca\u76f8\u53cd \/ \u516c\u5171\u8ca1 headline \u6bd4\u7387 \/ IOG \u4e0d\u5728<\/strong> \u306e\u69cb\u9020\u7684\u8ad6\u70b9\u306f\u3059\u3079\u3066\u672a\u89e3\u6c7a\u306e\u307e\u307e\u3067\u3059\u3002<\/p>\n<p>\u904e\u53bb\u306e EMURGO \u306e Cardano \u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5c55\u958b\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> \u3068 <strong>builder-direct \u914d\u5206\u3092 headline\uff08\u88dc\u8db3\u3067\u306f\u306a\u304f\uff09<\/strong> \u3068\u3057\u305f\u69cb\u9020\u306e TOKEN2049 ecosystem presence \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-cardano-at-token2049-singapore-2026-baseline-platinum-sponsorship-proposal-e28095-analysis-no-vote-and-stance-11\">SIPO DRep: How We View the &#8220;Cardano at TOKEN2049 Singapore 2026: Baseline &#8216;Platinum&#8217; Sponsorship&#8221; Proposal \u2015 Analysis, NO Vote, and Stance<\/h2>\n<h2 id=\"introduction-12\">Introduction<\/h2>\n<p>This article presents SIPO DRep&#8217;s analysis and decision on the governance action &#8220;Cardano at TOKEN2049 Singapore 2026: Baseline &#8216;Platinum&#8217; Sponsorship Proposal,&#8221; submitted in Epoch 628 on 2026-04-30.<\/p>\n<p>This is not a standalone new proposal. It is <strong>the resubmission of the TOKEN2049 baseline sponsorship portion<\/strong> of the original &#8220;Cardano Summit 2026 and TOKEN2049 Singapore&#8221; combined proposal, on which SIPO voted NO with explicit principle-based reasoning on 2026-04-18. EMURGO responded to community feedback by splitting it into three independent resubmissions \u2014 Summit (CF-led), TOKEN2049 Baseline (this proposal), and TOKEN2049 Top-Up \u2014 reducing the tier from <strong>Title to Platinum<\/strong> 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 TOKEN2049 Baseline portion.<\/p>\n<p><strong>To be explicit<\/strong>: we are not opposed to Cardano having a presence at TOKEN2049 Singapore. We acknowledge EMURGO&#8217;s <strong>good faith response to community feedback<\/strong> \u2014 the restructuring from Title to Platinum tier (lower-cost), the explicit dedication of 30 builder tickets (20 included + 10 procured), the dedicated sub-stage presentation slots for ecosystem builders, and the structural separation that allows DReps to make an isolated decision on the baseline versus the upgrade. 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 Baseline addresses some <strong>surface concerns<\/strong> (tier downgrade, builder ticket explicit) but does not materially address the <strong>structural issues<\/strong>.<\/p>\n<hr\/>\n<h2 id=\"proposal-overview-13\">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>Cardano at TOKEN2049 Singapore 2026: Baseline &#8216;Platinum&#8217; Sponsorship Proposal<\/td>\n<\/tr>\n<tr>\n<td>Type<\/td>\n<td>Treasury Withdrawal<\/td>\n<\/tr>\n<tr>\n<td>Ask<\/td>\n<td>\u20b33,303,750 (~$826k at $0.25 ADA\/USD \/ proposal states $792,900 @ $0.24\/ADA)<\/td>\n<\/tr>\n<tr>\n<td>Tier<\/td>\n<td><strong>Platinum<\/strong> (downgraded from original Title)<\/td>\n<\/tr>\n<tr>\n<td>Booth<\/td>\n<td>108 sqm (second largest)<\/td>\n<\/tr>\n<tr>\n<td>Builder Tickets<\/td>\n<td>30 dedicated (20 included + 10 procured)<\/td>\n<\/tr>\n<tr>\n<td>Proposer<\/td>\n<td>EMURGO (Singapore-headquartered)<\/td>\n<\/tr>\n<tr>\n<td>Submitted<\/td>\n<td>Epoch 628 (2026-04-30)<\/td>\n<\/tr>\n<tr>\n<td>Expires<\/td>\n<td>Epoch 634 (2026-06-04)<\/td>\n<\/tr>\n<tr>\n<td>Governance Action ID<\/td>\n<td>gov_action18u8lpkzge2csxe3plynn9lh4agwtv3nrqkyfwalwj4ykjv7l68jqqzmul9z<\/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><strong>Tier downgrade<\/strong>: Title \u2192 Platinum (top tier \u2192 middle tier) = approximately $700k reduction<\/li>\n<li>Independent proposal <strong>decoupled from Summit and from Top-Up<\/strong> (DReps can make isolated decisions)<\/li>\n<li>Builder-direct allocation made explicit: dedicated builder tickets 30, sub-stage presentation slots, on-site coordination<\/li>\n<li>Explicit framing as &#8220;EMURGO&#8217;s direct response to community feedback&#8221;<\/li>\n<li>Framed as &#8220;100% pass-through funding&#8221; (hard costs: venue \/ event delivery \/ build-out \/ tickets)<\/li>\n<\/ul>\n<hr\/>\n<h2 id=\"the-four-structural-signals-from-april-18-e28095-how-the-resubmission-responds-14\">The Four Structural Signals from April 18 \u2015 How the Resubmission Responds<\/h2>\n<h3 id=\"e291a0-emurgo-self-funding-e28095-not-explored-15\">\u2460 EMURGO self-funding \u2015 not explored<\/h3>\n<p>EMURGO is a <strong>commercial entity<\/strong> with global enterprise partnerships.<\/p>\n<p>The April 18 SIPO alternative explicitly suggested EMURGO pursue TOKEN2049 sponsorship through <strong>commercial partnership funding<\/strong> (sponsors, co-branding, enterprise revenue allocation) rather than treasury withdrawal.<\/p>\n<p>The resubmission does not address why commercial partnership funding cannot cover this \u2014 <strong>even at the lower Platinum tier ($793k USD)<\/strong>. Given EMURGO&#8217;s commercial nature, sponsorship of commercial industry events like TOKEN2049 sits more naturally within EMURGO&#8217;s business activities than within treasury-funded public-goods work.<\/p>\n<h3 id=\"e291a1-emurgo-three-way-conflict-of-interest-e28095-unaddressed-16\">\u2461 EMURGO three-way conflict of interest \u2015 unaddressed<\/h3>\n<p>EMURGO (DRep with approximately <strong>\u20b3297m delegated<\/strong>) remains simultaneously:<\/p>\n<ul>\n<li>(a) the proposer<\/li>\n<li>(b) the direct beneficiary as facilitator (despite the &#8220;100% pass-through&#8221; framing, the organization absorbs operational costs, staff time, coordination resources)<\/li>\n<li>(c) an active DRep voting on the outcome<\/li>\n<\/ul>\n<p>On the &#8220;100% pass-through&#8221; framing: EMURGO serves as <strong>operational facilitator<\/strong> in this proposal \u2014 venue selection, vendor relationships, logistical know-how, leveraging prior TOKEN2049 experience. These <strong>activity costs<\/strong> are absorbed by the organization. This is a reasonable role division, but it is not &#8220;zero beneficiary.&#8221;<\/p>\n<p>The proposal does not publicly pre-commit <strong>EMURGO DRep to Abstain<\/strong> on its own action. SIPO&#8217;s April 18 constructive alternative named this as a minimum disclosure requirement; the resubmission does not adopt it.<\/p>\n<h3 id=\"e291a2-public-goods-vs-brand-marketing-ratio-e28095-partial-improvement-17\">\u2462 Public-goods vs brand marketing ratio \u2015 partial improvement<\/h3>\n<p>The Baseline does include meaningful builder elements, which we appreciate as movement in the right direction:<\/p>\n<ul>\n<li>30 dedicated builder tickets (20 included + 10 procured)<\/li>\n<li>sub-stage presentation slots (builders presenting directly)<\/li>\n<li>on-site coordination (EMURGO leading builders across two days)<\/li>\n<\/ul>\n<p>However, the <strong>$793k headline allocation<\/strong> \u2014 a Platinum tier sponsorship (108 sqm booth, networking, lead generation positioning) \u2014 still has the <strong>character of brand marketing<\/strong> rather than direct public-goods support.<\/p>\n<p>The core of SIPO&#8217;s April 18 critique was that &#8220;the builder-direct allocation ratio relative to event budget should not be a small fraction.&#8221; The resubmission addresses this <strong>in spirit but not in headline structure<\/strong> \u2014 builder elements remain supplementary, sponsorship remains headline. The <strong>per-dollar builder-direct ratio<\/strong> remains low.<\/p>\n<h3 id=\"e291a3-iog-absence-and-unified-cardano-framing-18\">\u2463 IOG absence and &#8220;unified Cardano&#8221; framing<\/h3>\n<p>The proposal frames the TOKEN2049 presence as:<\/p>\n<ul>\n<li>&#8220;putting Cardano builders at the forefront&#8221;<\/li>\n<li>&#8220;the Cardano ecosystem on the global stage&#8221;<\/li>\n<li>&#8220;a strategic platform for our ecosystem&#8217;s most important asset: its builders&#8221;<\/li>\n<\/ul>\n<p>But the proposal is <strong>signed by EMURGO only<\/strong>. IOG&#8217;s participation is not addressed.<\/p>\n<p>The <strong>community-first \/ unified-Cardano framing<\/strong> requires disclosure of <strong>IOG&#8217;s position<\/strong> \u2014 declined \/ not invited \/ pursuing separately \u2014 for the community to evaluate whether this is genuinely an ecosystem-wide initiative. Without that disclosure, the unified-Cardano language remains aspirational.<\/p>\n<hr\/>\n<h2 id=\"consistency-with-sipos-prior-votes-19\">Consistency with SIPO&#8217;s Prior Votes<\/h2>\n<p>SIPO has consistently voted <strong>YES<\/strong> on public goods, infrastructure, ecosystem growth capital, and governance institutions.<\/p>\n<p>Event sponsorship at industry conferences, even with builder-focused elements, falls outside those categories when:<\/p>\n<ul>\n<li>(a) the proposer is a <strong>well-capitalized commercial entity<\/strong><\/li>\n<li>(b) <strong>conflict-of-interest mitigation<\/strong> is absent<\/li>\n<li>(c) the <strong>public-goods justification is not the headline<\/strong> of the proposal (only supplementary elements are builder-focused)<\/li>\n<\/ul>\n<p>The Baseline meets all three of these conditions.<\/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-20\">Constructive Alternatives<\/h2>\n<p>SIPO would positively consider future TOKEN2049 ecosystem presence proposals structured as follows:<\/p>\n<ol>\n<li><strong>EMURGO pursues TOKEN2049 sponsorship through commercial partnership funding<\/strong><\/li>\n<\/ol>\n<p>   &#8211; Sponsors, co-branding, allocation from EMURGO&#8217;s existing enterprise revenue    &#8211; As suggested in the April 18 SIPO NO voteContext<\/p>\n<ol>\n<li><strong>If treasury funding for a TOKEN2049 builder showcase is genuinely needed<\/strong>, restructure as a builder-direct grant program:<\/li>\n<\/ol>\n<p>   &#8211; Catalyst-style sub-allocation for ecosystem projects to attend \/ present \/ showcase    &#8211; EMURGO as <strong>logistical facilitator only<\/strong> (zero proposer financial benefit)    &#8211; <strong>Joint disclosure<\/strong> of CF \/ EMURGO \/ IOG positions    &#8211; <strong>Pre-committed Abstain<\/strong> from proposer DReps<\/p>\n<ol>\n<li><strong>For future cycles<\/strong>, <strong>separate two distinct goals<\/strong>:<\/li>\n<\/ol>\n<p>   &#8211; &#8220;Cardano logistical presence (operational)&#8221; = positioned as <strong>public-goods-aligned grant<\/strong>    &#8211; &#8220;Cardano sponsorship branding (marketing)&#8221; = positioned as <strong>commercial<\/strong><\/p>\n<hr\/>\n<h2 id=\"closing-21\">Closing<\/h2>\n<p>We thank EMURGO for the <strong>responsible response to community feedback<\/strong> \u2014 the <strong>Title to Platinum tier downgrade<\/strong>, the explicit dedication of builder elements, and the structural separation enabling independent voting.<\/p>\n<p>However, SIPO&#8217;s April 18 <strong>principle-driven<\/strong> NO judgment is preserved in the resubmission. The tier downgrade and builder focus improvement are directionally right, but the structural issues \u2014 <strong>EMURGO commercial-partnership-funding alternative \/ three-way conflict \/ public-goods-vs-brand-marketing headline \/ IOG absence<\/strong> \u2014 all remain unresolved.<\/p>\n<p>We have profound respect for EMURGO&#8217;s ecosystem development track record. We look forward to supporting future TOKEN2049 ecosystem presence proposals structured with <strong>explicit conflict-of-interest mitigation<\/strong> and <strong>builder-direct allocation as headline rather than supplement<\/strong>.<\/p>\n<p>For these reasons, SIPO DRep votes <strong>NO<\/strong> on this proposal.<\/p>\n<hr\/>\n<h2 id=\"references-22\">References<\/h2>\n<ul>\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>TOKEN2049 Singapore event: https:\/\/www.token2049.com\/singapore<\/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-e38397e383ade383b3e38397e38388-23\">\u30b5\u30e0\u30cd\u30a4\u30eb Midjourney \u30d7\u30ed\u30f3\u30d7\u30c8<\/h2>\n<pre>&lt;code&gt;\nClean editorial illustration. Center: a large premium conference booth structure rendered in muted greyscale tones with elegant unmarked silver-grey panels, suggesting corporate brand presence without specific identity. To the left, a small cluster of builder figures with construction tools rendered in warm amber, visibly diminutive relative to the booth scale &mdash; illustrating a ratio imbalance through pure scale contrast. To the right, three small geometric entity emblems arranged in a row, where one is rendered in muted greyscale and visibly disconnected from the others by negative space. A small platinum-colored ribbon detail near the booth as a visual marker. Background: deep navy editorial canvas with a Singapore skyline silhouette at low opacity. Tone: respectful, principled, restrained. Purely abstract visual composition with no typography, no labels, no signage, no annotations, no letters, no numbers &mdash; pure imagery only for later text overlay. 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\u670830\u65e5\u306b\u30a8\u30dd\u30c3\u30af628\u3067\u63d0\u51fa\u3055\u308c\u305f\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u300cCardano at TOKEN2049 Singapore 2026: Baseline &#8216;Platinum&#8217; Sponsorship Proposal\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 \u5e74 4 \u6708 18 \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 \u306e\u3046\u3061\u3001TOKEN2049 baseline sponsorship \u90e8\u5206\u306e\u518d\u63d0\u51fa\u7248\u3067\u3059\u3002EMURGO 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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 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