{"id":45975,"date":"2026-05-27T12:10:31","date_gmt":"2026-05-27T03:10:31","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45975"},"modified":"2026-05-27T12:10:31","modified_gmt":"2026-05-27T03:10:31","slug":"post-45975","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45975","title":{"rendered":"SIPO \u518d\u6295\u7968: Constructive NO \u304c\u5f15\u304d\u51fa\u3057\u305f\u6539\u5584\u3068\u3001Cardano \u7d71\u5408 narrative \u306e\u518d\u69cb\u7bc9"},"content":{"rendered":"\n<p class=\"deb-core-block deb-block-15be323\"><strong>\u65e5\u672c\u8a9e\u7248<\/strong><\/p>\n\n\n\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=\"#e382b5e3839ee383aae383bc-1\">\u30b5\u30de\u30ea\u30fc<\/a><\/li><li><a href=\"#constructive-no-e3818ce5bc95e3818de587bae38197e3819fe585ace9968be68385e5a0b1-2\">Constructive NO \u304c\u5f15\u304d\u51fa\u3057\u305f\u516c\u958b\u60c5\u5831<\/a><\/li><li><a href=\"#sipo-4-e69cace69fb1e381aee5868de8a995e4bea1-3\">SIPO 4 \u672c\u67f1\u306e\u518d\u8a55\u4fa1<\/a><\/li><li><a href=\"#e38288e3828ae5a4a7e3818de381aa-narrative-cardano-e6aca1e6aeb5e99a8ee381b8e381ae-real-world-execution-signal-4\">\u3088\u308a\u5927\u304d\u306a narrative \u2014 Cardano \u6b21\u6bb5\u968e\u3078\u306e real-world execution signal<\/a><\/li><li><a href=\"#e3808cconstructive-no-e28692-e694b9e59684-e28692-yese3808de38397e383ade382bbe382b9-5\">\u300cConstructive NO \u2192 \u6539\u5584 \u2192 YES\u300d\u30d7\u30ed\u30bb\u30b9<\/a><\/li><li><a href=\"#sipo-e381aee69c9fe5be85e4ba8be9a085efbc88e585ace9968be382a2e382abe382a6e383b3e382bfe38393e383aae38386e382a3efbc89-6\">SIPO \u306e\u671f\u5f85\u4e8b\u9805\uff08\u516c\u958b\u30a2\u30ab\u30a6\u30f3\u30bf\u30d3\u30ea\u30c6\u30a3\uff09<\/a><ul><li><a href=\"#revised-summit-7\">Revised Summit<\/a><\/li><li><a href=\"#baseline-8\">Baseline<\/a><\/li><li><a href=\"#top-up-9\">Top-Up<\/a><\/li><\/ul><\/li><li><a href=\"#e9818ee58ebb-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-10\">\u904e\u53bb SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/a><\/li><li><a href=\"#votecontext-e382aae383b3e38381e382a7e383bce383b3e68f90e587ba-11\">voteContext \u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u63d0\u51fa<\/a><\/li><li><a href=\"#e996a2e980a3e8a898e4ba8b-2026-05-13-no-e68a95e7a5a8e69982e381aee585ace9968be8a898e4ba8b-12\">\u95a2\u9023\u8a18\u4e8b (2026-05-13 NO \u6295\u7968\u6642\u306e\u516c\u958b\u8a18\u4e8b)<\/a><\/li><li><a href=\"#e7b590e8aa9e-13\">\u7d50\u8a9e<\/a><\/li><li><a href=\"#summary-14\">Summary<\/a><\/li><li><a href=\"#public-channel-improvement-triggered-by-sipos-constructive-no-15\">Public-channel improvement triggered by SIPO&#8217;s Constructive NO<\/a><\/li><li><a href=\"#reassessment-of-sipos-four-pillars-16\">Reassessment of SIPO&#8217;s four pillars<\/a><\/li><li><a href=\"#the-broader-narrative-real-world-execution-signal-for-cardanos-next-phase-17\">The broader narrative \u2014 real-world execution signal for Cardano&#8217;s next phase<\/a><\/li><li><a href=\"#constructive-no-e28692-improvement-e28692-yes-pathway-18\">Constructive NO \u2192 improvement \u2192 YES pathway<\/a><\/li><li><a href=\"#sipo-expectations-public-accountability-19\">SIPO expectations (public accountability)<\/a><\/li><li><a href=\"#consistency-with-prior-sipo-votes-20\">Consistency with prior SIPO votes<\/a><\/li><li><a href=\"#related-posts-2026-05-13-no-vote-disclosures-21\">Related posts (2026-05-13 NO vote disclosures)<\/a><\/li><li><a href=\"#closing-22\">Closing<\/a><\/li><\/ul><\/div><h3 class=\"wp-block-heading deb-core-block deb-block-25f60dc\" id=\"e382b5e3839ee383aae383bc-1\">\u30b5\u30de\u30ea\u30fc<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-426f200\">2026-05-13 \u306b SIPO DRep \u304c NO \u3092\u6295\u3058\u305f 3 \u4ef6\u306e Cardano Summit \/ TOKEN2049 \u95a2\u9023 Treasury Withdrawal \u63d0\u6848 (Revised Cardano Summit 2026 Singapore \/ TOKEN2049 Baseline &#8216;Platinum&#8217; \/ TOKEN2049 Top-Up &#8216;Title&#8217;) \u306b\u3064\u3044\u3066\u30012026-05-27 \u306b SIPO \u306f\u6295\u7968\u3092 NO \u304b\u3089 YES \u3078\u5909\u66f4\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-a4ab5d6\">\u5224\u65ad\u8ef8\u306e\u6839\u672c\u5909\u66f4\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002SIPO \u306e 4 \u672c\u67f1\u8a55\u4fa1\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u81ea\u4f53\u306f\u7dad\u6301\u3055\u308c\u307e\u3059\u3002\u5909\u5316\u3057\u305f\u306e\u306f\u3001\u305d\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u304c\u9069\u7528\u3055\u308c\u308b\u516c\u958b\u60c5\u5831\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-874507e\" id=\"constructive-no-e3818ce5bc95e3818de587bae38197e3819fe585ace9968be68385e5a0b1-2\">Constructive NO \u304c\u5f15\u304d\u51fa\u3057\u305f\u516c\u958b\u60c5\u5831<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-4e5533a\">2026-05-24\u3001IOG CEO Charles Hoskinson \u6c0f\u304c\u516c\u5f0f X \u30a2\u30ab\u30a6\u30f3\u30c8 (<a href=\"https:\/\/x.com\/IOHK_Charles\/status\/2058553026382606787\" target=\"_blank\" rel=\"noopener\">https:\/\/x.com\/IOHK_Charles\/status\/2058553026382606787<\/a>) \u3067\u6b21\u306e\u516c\u7684\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3092\u8868\u660e\u3057\u307e\u3057\u305f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-d4ea0f1\">\n<li class=\"deb-core-block\">Cardano Summit 2026 (10\/5-8 Singapore) \u3078\u306e\u767b\u58c7<\/li>\n\n\n\n<li class=\"deb-core-block\">Token2049 \u30b9\u30dd\u30f3\u30b5\u30fc\u30b7\u30c3\u30d7\u3092 Title \u30ec\u30d9\u30eb\u3078\u30a2\u30c3\u30d7\u30b0\u30ec\u30fc\u30c9\u3059\u308b\u5206\u3078\u306e\u500b\u4eba\u7684\u90e8\u5206\u8ca2\u732e\u306e\u516c\u7684\u610f\u5411<\/li>\n\n\n\n<li class=\"deb-core-block\">Pentad (IOG \/ EMURGO \/ Cardano Foundation \/ Midnight Foundation \/ Intersect) \u3078\u306e coordination \u6b63\u5f0f\u5316\u5bfe\u8a71\u62db\u96c6<\/li>\n\n\n\n<li class=\"deb-core-block\">&#8220;I am 100% focused on Cardano and Midnight&#8221; \u306e\u660e\u793a<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-core-block deb-block-c8ef812\">2026-05-25\u3001Cardano Foundation CEO Frederik Gregaard \u6c0f\u304c\u540c\u30b9\u30ec\u30c3\u30c9\u3067\u516c\u958b\u652f\u6301\u3092\u8868\u660e\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-0749957\">\u3053\u308c\u306f IOG CEO \u3068 CF CEO \u306b\u3088\u308b publicly verifiable\u30fbon-the-record \u306a\u30b7\u30b0\u30ca\u30eb\u3067\u3042\u308a\u3001SIPO \u304c 4\/18 + 5\/13 \u306b\u300c\u6700\u4f4e\u9650\u306e\u60c5\u5831\u958b\u793a\u300d\u3068\u3057\u3066\u6c42\u3081\u305f<strong>\u5275\u8a2d\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\u95a2\u4fc2\u6027\u306e\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u3078\u306e\u8aac\u660e<\/strong>\u304c\u3001principals \u81ea\u8eab\u306b\u3088\u3063\u3066\u516c\u958b\u30c1\u30e3\u30cd\u30eb\u3067\u63d0\u4f9b\u3055\u308c\u305f\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-d8e65c4\">\u52a0\u3048\u3066\u3001EMURGO \u306e\u672c Baseline \u63d0\u6848\u306b\u304a\u3051\u308b 15% \u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30d5\u30a3\u30fc\u7121\u6599\u5316\u65b9\u91dd\u306f\u3001Learn Cardano Podcast (Laura Matticucci CF + Nathaniel Acton EMURGO) \u306a\u3069\u516c\u958b\u8b70\u8ad6\u30fb\u5831\u9053\u3092\u901a\u3058\u3066\u78ba\u8a8d\u3055\u308c\u3064\u3064\u3042\u308a\u307e\u3059\u3002SIPO \u306f\u3053\u306e\u30d5\u30a3\u30fc\u7121\u6599\u5316\u30b7\u30b0\u30ca\u30eb\u3092\u300c\u652f\u6301\u7684\u3060\u304c load-bearing \u3067\u306a\u3044\u300d\u8981\u56e0\u3068\u3057\u3066\u6271\u3044\u3001EMURGO \u516c\u5f0f\u30c1\u30e3\u30cd\u30eb (EMURGO X \/ press release \/ Cardano Forum) \u7d4c\u7531\u3067\u306e\u6b63\u5f0f\u767a\u8868\u3092\u671f\u5f85\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-316051f\" id=\"sipo-4-e69cace69fb1e381aee5868de8a995e4bea1-3\">SIPO 4 \u672c\u67f1\u306e\u518d\u8a55\u4fa1<\/h3>\n\n\n\n<figure class=\"wp-block-table deb-core-block deb-block-2094495\"><table class=\"has-fixed-layout\"><thead><tr><th>\u67f1<\/th><th>5\/13 NO \u6839\u62e0<\/th><th>5\/27 \u518d\u8a55\u4fa1<\/th><\/tr><\/thead><tbody><tr><td><strong>\u67f1 1<\/strong>\uff08\u4e09\u91cd\u5229\u76ca\u76f8\u53cd\u69cb\u9020\uff09<\/td><td>EMURGO \/ CF \u304c\u63d0\u6848\u8005 \u00d7 \u53d7\u76ca\u8005 \u00d7 DRep \u517c\u4efb<\/td><td>formal \u306b\u306f\u672a\u89e3\u6d88\u3002\u672c\u518d\u6295\u7968\u306f\u67f1 1 \u306e\u518d\u8a55\u4fa1\u306b\u57fa\u3065\u304f\u3082\u306e\u3067\u306f\u306a\u3044<\/td><\/tr><tr><td><strong>\u67f1 2<\/strong>\uff08\u81ea\u5df1\u8cc7\u91d1\u4ee3\u66ff\u53ef\u80fd\u6027\uff09<\/td><td>Treasury \u4f9d\u5b58\u30fb\u4ee3\u66ff\u8ad6\u3058\u3089\u308c\u305a<\/td><td>Top-Up \u306f Hoskinson \u6c0f\u500b\u4eba\u62e0\u51fa\u30b7\u30b0\u30ca\u30eb \/ Baseline \u306f EMURGO fee waiver \u30b7\u30b0\u30ca\u30eb\u3067\u90e8\u5206\u7684\u7de9\u548c<\/td><\/tr><tr><td><strong>\u67f1 3<\/strong>\uff08Builder \u652f\u63f4 vs \u30d6\u30e9\u30f3\u30c9\u9732\u51fa\u6bd4\u7387\uff09<\/td><td>Top-Up \u306f\u7d14\u7c8b\u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1 premium<\/td><td>Top-Up \u306f Hoskinson \u6c0f\u500b\u4eba\u62e0\u51fa\u3068 Treasury \u306e co-funding pathway \u3068\u3057\u3066\u518d\u8a55\u4fa1<\/td><\/tr><tr><td><strong>\u67f1 4<\/strong>\uff08IOG \u4e0d\u5728\u30fb\u7d71\u5408 Cardano framing \u958b\u793a\u4e0d\u8db3\uff09<\/td><td>3 \u4ef6\u3059\u3079\u3066 IOG \u7acb\u5834\u958b\u793a\u306a\u3057<\/td><td><strong>\u516c\u7684\u30b7\u30b0\u30ca\u30eb\u306b\u3088\u308a\u5b9f\u8cea\u7684\u306b\u5bfe\u5fdc<\/strong>\uff08Hoskinson \u516c\u7684\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8 + CF CEO \u516c\u958b\u652f\u6301 + Pentad coordination \u62db\u96c6\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-1f0c97c\" id=\"e38288e3828ae5a4a7e3818de381aa-narrative-cardano-e6aca1e6aeb5e99a8ee381b8e381ae-real-world-execution-signal-4\">\u3088\u308a\u5927\u304d\u306a narrative \u2014 Cardano \u6b21\u6bb5\u968e\u3078\u306e real-world execution signal<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-6340ce2\">SIPO \u306f\u672c\u518d\u6295\u7968\u3092\u300c\u5358\u4e00\u958b\u793a\u3078\u306e\u624b\u7d9a\u7684\u5bfe\u5fdc\u300d\u3068\u306f\u6349\u3048\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-6e8cd1c\">\u73fe\u5728\u306e\u6697\u53f7\u5e02\u5834\u306f\u5e83\u7bc4\u306a\u505c\u6ede\u5c40\u9762\u306b\u3042\u308a\u3001\u4e16\u754c\u79e9\u5e8f\u306f\u4e0d\u5b89\u5b9a\u306a\u6642\u671f\u306b\u3042\u308a\u307e\u3059\u3002AI \u30a8\u30fc\u30b8\u30a7\u30f3\u30c8\u7d4c\u6e08\u30fb\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u30fb\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u81ea\u5f8b\u5206\u6563\u578b\u7d4c\u6e08\u570f\u306e\u4ea4\u5dee\u306f\u3001\u3053\u308c\u304b\u3089\u306e 10 \u5e74\u3092\u5b9a\u7fa9\u3059\u308b\u554f\u3044\u306b\u306a\u308a\u3064\u3064\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-71463fa\">\u3053\u306e\u554f\u3044\u306b\u6b63\u9762\u304b\u3089\u5fdc\u3048\u5f97\u308b\u30c1\u30a7\u30fc\u30f3\u306e\u4e2d\u3067\u3001Cardano \u306f SIPO \u306e\u898b\u7acb\u3066\u3067\u306f\u6700\u3082\u6709\u529b\u306a\u5019\u88dc\u306e\u4e00\u3064\u3067\u3059\u3002Cardano \u306e EUTXO \u8a2d\u8a08\u3001Ouroboros \u7cfb\u8b5c\u306e\u7814\u7a76\u4e3b\u5c0e\u6027\u3001\u5f62\u5f0f\u691c\u8a3c\u3078\u306e commitment\u3001Midnight \u306e ZK \u30d7\u30e9\u30a4\u30d0\u30b7\u30fc\u5b9f\u88c5\u3001Hydra \u306e L2 \u30b9\u30b1\u30fc\u30e9\u30d3\u30ea\u30c6\u30a3\u3001Partner Chain \u30a2\u30fc\u30ad\u30c6\u30af\u30c1\u30e3\u3001Tweag \/ HLabs \/ Amaru \/ Dingo \/ Pebble \/ Gerolamo \u3068\u3044\u3063\u305f\u30ce\u30fc\u30c9\u591a\u69d8\u6027\u6295\u8cc7 \u2014 \u3053\u308c\u3089\u304c\u53ce\u675f\u3057\u3064\u3064\u3042\u308b\u7bc0\u76ee\u306b\u304a\u3044\u3066\u3001Cardano \u304c\u78ba\u56fa\u305f\u308b\u4fe1\u5ff5\u30fb\u9577\u671f\u7684\u8a2d\u8a08\u30fb\u5b9f\u884c\u80fd\u529b\u30fb\u4e00\u8cab\u3057\u305f\u5b9f\u88c5\u30ed\u30fc\u30c9\u30de\u30c3\u30d7\u3092\u4e16\u754c\u306b\u793a\u305b\u308b\u304b\u306f\u3001\u30d6\u30e9\u30f3\u30c9\u3092\u8d85\u3048\u305f\u516c\u76ca\u4fa1\u5024\u3092\u6301\u3061\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-61a331f\">Hoskinson \u6c0f\u306e 5\/24 \u516c\u7684\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3068 Frederik Gregaard \u6c0f\u306e\u516c\u958b\u652f\u6301\u306f\u30012026-05-13 \u6642\u70b9\u3067\u306f\u5229\u7528\u3067\u304d\u306a\u304b\u3063\u305f\u5f62\u3067\u300cCardano \u5275\u8a2d\u30a8\u30f3\u30c6\u30a3\u30c6\u30a3\u306e\u518d\u540c\u671f\u3068 integrated trajectory \u306e\u516c\u7684 demonstration\u300d\u306e\u53ef\u80fd\u6027\u3092\u958b\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-f3e02c7\">Summit 2026 \u3068 TOKEN2049 Singapore 2026 \u306f\u3001\u305d\u306e\u7d71\u5408\u6226\u7565\u3092\u73fe\u5b9f\u4e16\u754c\u3078\u6295\u5c04\u3057\u5f97\u308b\u6570\u5c11\u306a\u3044 moment \u306e\u4e00\u3064\u3067\u3059\u3002\u300cTreasury \u8ca0\u62c5\u3092\u4f34\u3046\u5358\u306a\u308b\u30d6\u30e9\u30f3\u30c9\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u30a4\u30d9\u30f3\u30c8\u300d\u3067\u306f\u306a\u304f\u3001\u300c\u91cd\u8981\u5c40\u9762\u306b\u304a\u3051\u308b real-world execution signal\u300d\u3068\u3057\u3066\u518d\u8a55\u4fa1\u3059\u308b\u65b9\u304c\u3001\u672c\u63d0\u6848\u306e\u610f\u5473\u3092\u6b63\u78ba\u306b\u6349\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-346e8d3\" id=\"e3808cconstructive-no-e28692-e694b9e59684-e28692-yese3808de38397e383ade382bbe382b9-5\">\u300cConstructive NO \u2192 \u6539\u5584 \u2192 YES\u300d\u30d7\u30ed\u30bb\u30b9<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-88bb1d9\">SIPO \u306e\u6295\u7968\u5909\u66f4\u306f\u3001Murasaki \u6c0f\u500b\u4eba\u5bfe\u8a71\u306b\u8aac\u5f97\u3055\u308c\u305f\u304b\u3089\u5909\u3048\u305f\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3080\u3057\u308d\u9006\u3067\u3001SIPO \u306e Constructive NO \u304c\u6539\u5584\u3092\u5f15\u304d\u51fa\u3057\u3001\u305d\u306e\u6539\u5584\u304c<strong>\u516c\u958b\u30c1\u30e3\u30cd\u30eb\u3067 publicly verifiable \u306b\u958b\u793a\u3055\u308c\u305f<\/strong>\u7d50\u679c\u3001SIPO \u304c\u72ec\u7acb\u306b\u518d\u8a55\u4fa1\u3057\u3066 judgment update \u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-8c46952\">\u3053\u308c\u306f DRep \u3068\u3057\u3066\u671b\u307e\u3057\u3044\u5224\u65ad\u66f4\u65b0\u30d7\u30ed\u30bb\u30b9\u306e\u4e00\u5f62\u3067\u3059\uff1a<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-c16b1be\">\n<li class=\"deb-core-block\">\u5f53\u521d NO \u306f\u59a5\u5f53\u3060\u3063\u305f\uff084 \u69cb\u9020\u30b7\u30b0\u30ca\u30eb hit\uff09<\/li>\n\n\n\n<li class=\"deb-core-block\">NO \u306b\u3088\u308a\u516c\u958b\u30c1\u30e3\u30cd\u30eb\u6539\u5584\u304c\u751f\u3058\u305f\uff08Charles \u516c\u958b\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8 + CF CEO \u516c\u958b\u652f\u6301 + EMURGO fee waiver \u516c\u958b\u8b70\u8ad6\uff09<\/li>\n\n\n\n<li class=\"deb-core-block\">\u516c\u958b\u60c5\u5831\u306e\u8ffd\u52a0\u306b\u3088\u308a\u63d0\u6848\u306e\u8a55\u4fa1\u74b0\u5883\u304c\u5909\u308f\u3063\u305f\uff08Pentad coordination \u518d\u5354\u8abf\u53ef\u80fd\u6027 + Cardano \u7d71\u5408 narrative \u518d\u69cb\u7bc9\u6a5f\u4f1a\uff09<\/li>\n\n\n\n<li class=\"deb-core-block\">\u6b8b\u308b\u69cb\u9020\u7684\u61f8\u5ff5\uff08\u67f1 1 \u307b\u304b\uff09\u306f\u3042\u308b\u304c\u3001\u516c\u76ca\u7684\u4fa1\u5024\uff08Cardano \u6b21\u6bb5\u968e real-world execution signal\uff09\u304c\u4e0a\u56de\u308b\u3068\u5224\u65ad<\/li>\n\n\n\n<li class=\"deb-core-block\">SIPO \u306f\u72ec\u7acb\u306b YES \u3078 judgment update \u3059\u308b<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-core-block deb-block-d901cb5\">\u300c\u6295\u7968\u30ed\u30b8\u30c3\u30af\u300d(NO 4 \u672c\u67f1) \u81ea\u4f53\u306f\u59a5\u5354\u3057\u3066\u3044\u307e\u305b\u3093 \u2014 \u4f55\u3092\u8a55\u4fa1\u3059\u308b\u304b\u3068\u3044\u3046\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u306f\u540c\u3058\u3067\u3059\u3002\u5909\u5316\u3057\u305f\u306e\u306f\u3001\u305d\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u304c\u9069\u7528\u3055\u308c\u308b\u60c5\u5831\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-a7c024f\" id=\"sipo-e381aee69c9fe5be85e4ba8be9a085efbc88e585ace9968be382a2e382abe382a6e383b3e382bfe38393e383aae38386e382a3efbc89-6\">SIPO \u306e\u671f\u5f85\u4e8b\u9805\uff08\u516c\u958b\u30a2\u30ab\u30a6\u30f3\u30bf\u30d3\u30ea\u30c6\u30a3\uff09<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-8f1564a\">SIPO \u306f DRep \u3067\u3042\u308a\u3001\u6cd5\u7684\u6761\u4ef6\u3092\u8ab2\u3059\u7acb\u5834\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u672c YES \u518d\u6295\u7968\u306b\u4f34\u3044\u3001\u4ee5\u4e0b\u3092\u516c\u958b\u30a2\u30ab\u30a6\u30f3\u30bf\u30d3\u30ea\u30c6\u30a3\u3068\u3057\u3066\u30c8\u30e9\u30c3\u30af\u3057\u3001CF \/ EMURGO \/ IOG \u304c\u95a2\u4e0e\u3059\u308b\u5c06\u6765\u306e Treasury Withdrawal \u8a55\u4fa1\u3067\u53c2\u7167\u3057\u307e\u3059\uff1a<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-core-block deb-block-7836bfb\" id=\"revised-summit-7\">Revised Summit<\/h4>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-472ae8b\">\n<li class=\"deb-core-block\">Pentad coordination meeting \u306e\u516c\u958b\u30a2\u30ca\u30a6\u30f3\u30b9 + Summit 2026 \u524d\u306e outcome \u958b\u793a<\/li>\n\n\n\n<li class=\"deb-core-block\">IOG \u306e Summit 2026 \u53c2\u52a0\u304c\u516c\u958b Program &amp; Agenda \u3067\u5177\u4f53\u5316\uff08Hoskinson keynote \/ IOG technical track \/ Midnight presence \/ \u307e\u305f\u306f\u540c\u7b49\u306e\u53ef\u8996\u7684 IOG\u30fbMidnight \u53c2\u52a0\uff092026 \u5e74 9 \u6708\u307e\u3067\u306b<\/li>\n\n\n\n<li class=\"deb-core-block\">Summit 2026 \u4e8b\u5f8c\u30ec\u30dd\u30fc\u30c8\u3067 builder \u76f4\u63a5\u914d\u5206 breakdown\u30fbaudience conversion \u6307\u6a19\u30fbCF \u81ea\u5df1\u8cc7\u91d1\u62e0\u51fa\u4f1a\u8a08\u3092\u958b\u793a<\/li>\n\n\n\n<li class=\"deb-core-block\">CF 2026 Financial Insights and Activity Report \u3067\u5c06\u6765 Summit \u81ea\u5df1\u8cc7\u91d1\u8abf\u9054\u80fd\u529b\u3092\u8ad6\u3058\u308b<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading deb-core-block deb-block-9fb7c8c\" id=\"baseline-8\">Baseline<\/h4>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-1a25415\">\n<li class=\"deb-core-block\">EMURGO \u304c 15% \u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30d5\u30a3\u30fc\u7121\u6599\u5316\u3092 TOKEN2049 \u524d\u306b\u516c\u5f0f\u30c1\u30e3\u30cd\u30eb\u7d4c\u7531\u3067\u6b63\u5f0f\u5316<\/li>\n\n\n\n<li class=\"deb-core-block\">TOKEN2049 \u30d6\u30fc\u30b9\u30d7\u30ed\u30b0\u30e9\u30e0\u3067 Top 20 Cardano builders \u3068 IOG \/ Midnight \u30d7\u30ec\u30bc\u30f3\u30b9\u3092 2026 \u5e74 9 \u6708\u307e\u3067\u306b\u516c\u958b<\/li>\n\n\n\n<li class=\"deb-core-block\">\u4e8b\u5f8c\u30ec\u30dd\u30fc\u30c8\u3067 30 \u30d3\u30eb\u30c0\u30fc\u30c1\u30b1\u30c3\u30c8\u914d\u5206\u7d50\u679c\u30fbaudience-conversion \u6307\u6a19\u30fb\u5546\u696d\u30b9\u30dd\u30f3\u30b5\u30fc\u30b7\u30c3\u30d7\u53ce\u76ca\u958b\u793a<\/li>\n\n\n\n<li class=\"deb-core-block\">EMURGO \u304c\u5c06\u6765\u7684\u306b\u81ea\u5df1\u63d0\u51fa Treasury \u63d0\u6848\u306b\u5bfe\u3059\u308b DRep Abstain \u610f\u5411\u306e\u63d0\u6848\u3054\u3068\u958b\u793a\u306e\u65b9\u5411\u3078\u9032\u3080\u3053\u3068<\/li>\n<\/ol>\n\n\n\n<h4 class=\"wp-block-heading deb-core-block deb-block-eca2027\" id=\"top-up-9\">Top-Up<\/h4>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-5833817\">\n<li class=\"deb-core-block\"><strong>Reconciliation Expectation<\/strong>: Hoskinson \u6c0f\u500b\u4eba\u62e0\u51fa + Treasury Top-Up \u5f15\u51fa \u2264 \u5b9f Title \u30a2\u30c3\u30d7\u30b0\u30ec\u30fc\u30c9\u8cbb\u7528\u3001\u8d85\u904e\u5206\u306f TOKEN2049 \u7d42\u4e86\u5f8c 30 \u65e5\u4ee5\u5185\u306b Treasury \u8fd4\u5374<\/li>\n\n\n\n<li class=\"deb-core-block\">Title \u30a2\u30c3\u30d7\u30b0\u30ec\u30fc\u30c9\u8cbb\u7528\uff08Baseline \u2192 Title \u5dee\u984d\uff09\u3092 2026 \u5e74 9 \u6708\u307e\u3067\u306b\u516c\u958b\u958b\u793a<\/li>\n\n\n\n<li class=\"deb-core-block\">Hoskinson \u6c0f\u500b\u4eba\u62e0\u51fa\u984d\u3092 Treasury \u5f15\u51fa\u3068\u5206\u96e2\u3057\u3066\u516c\u958b\u958b\u793a\u30fbverifiable<\/li>\n\n\n\n<li class=\"deb-core-block\">EMURGO \u304c Top-Up \u5f15\u51fa\u306b\u8ffd\u52a0\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30d5\u30a3\u30fc\u304c\u4e0a\u4e57\u305b\u3055\u308c\u306a\u3044\u3053\u3068\u3092\u516c\u7684\u78ba\u8a8d<\/li>\n\n\n\n<li class=\"deb-core-block\">TOKEN2049 \u30e1\u30a4\u30f3\u30b9\u30c6\u30fc\u30b8 Title \u30d7\u30ec\u30bc\u30f3\u30b9\u3092 2026 \u5e74 9 \u6708\u307e\u3067\u306b\u516c\u958b Program &amp; Agenda \u3067\u5177\u4f53\u5316<\/li>\n<\/ol>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-1934b37\" id=\"e9818ee58ebb-sipo-e68a95e7a5a8e381a8e381aee695b4e59088e680a7-10\">\u904e\u53bb SIPO \u6295\u7968\u3068\u306e\u6574\u5408\u6027<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-1e09fed\">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\u30012026-05-09 IOG 9 \u63d0\u6848\u30e9\u30a6\u30f3\u30c9\u306b\u4e00\u8cab\u3057\u3066 YES \u3092\u6295\u3058\u3066\u304d\u307e\u3057\u305f\u3002\u672c\u518d\u6295\u7968\u306f\u305d\u306e\u7dda\u3092\u4fee\u6b63\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002Pentad coordination \u610f\u56f3\u306e\u516c\u958b\u958b\u793a\u5f8c\u3001\u672c 3 \u63d0\u6848\u304c Cardano \u6b21\u6bb5\u968e\u306e coordination \u30a4\u30f3\u30d5\u30e9 moment + real-world execution signal \u3068\u3057\u3066 qualify \u3059\u308b\u3053\u3068\u3092\u53cd\u6620\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-b354f69\" id=\"votecontext-e382aae383b3e38381e382a7e383bce383b3e68f90e587ba-11\">voteContext \u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u63d0\u51fa<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-eb4f902\">3 \u4ef6\u306e voteContext (CIP-100 \u6a19\u6e96\u30fb\u30d0\u30a4\u30ea\u30f3\u30ac\u30eb\u65e5\u82f1) \u306f gov.tools \u3067 2026-05-27 \u306b\u518d\u6295\u7968\u6642\u306b\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u8a18\u9332\u3055\u308c\u307e\u3057\u305f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-0ab3cd6\">\n<li class=\"deb-core-block\">Revised Cardano Summit 2026 Singapore: <code>gov_action10dp9wzmgt2nqshyrghufff4sfhcxedhmzluly5k0azguatnsthwqqs84cjf<\/code><\/li>\n\n\n\n<li class=\"deb-core-block\">TOKEN2049 Baseline &#8216;Platinum&#8217; Sponsorship: <code>gov_action18u8lpkzge2csxe3plynn9lh4agwtv3nrqkyfwalwj4ykjv7l68jqqzmul9z<\/code><\/li>\n\n\n\n<li class=\"deb-core-block\">TOKEN2049 Top-Up &#8216;Title&#8217; Sponsorship Upgrade: <code>gov_action1kj6ghzuz9wcq88f3y72cyyeekdcemlq0dqk4zpjd4eck5assuypqq0pckkw<\/code><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-3198b32\" id=\"e996a2e980a3e8a898e4ba8b-2026-05-13-no-e68a95e7a5a8e69982e381aee585ace9968be8a898e4ba8b-12\">\u95a2\u9023\u8a18\u4e8b (2026-05-13 NO \u6295\u7968\u6642\u306e\u516c\u958b\u8a18\u4e8b)<\/h3>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-82c4008\">\n<li class=\"deb-core-block\"><a href=\"https:\/\/sipo.tokyo\/?p=45914\" target=\"_blank\" rel=\"noopener\">Revised Cardano Summit 2026 Singapore\uff08\u518d\u63d0\u51fa\uff09\u2014 SIPO DRep voteContext (NO)<\/a><\/li>\n\n\n\n<li class=\"deb-core-block\"><a href=\"https:\/\/sipo.tokyo\/?p=45918\" target=\"_blank\" rel=\"noopener\">TOKEN2049 Singapore 2026 Baseline &#8216;Platinum&#8217; Sponsorship\uff08\u518d\u63d0\u51fa\uff09\u2014 SIPO DRep voteContext (NO)<\/a><\/li>\n\n\n\n<li class=\"deb-core-block\"><a href=\"https:\/\/sipo.tokyo\/?p=45920\" target=\"_blank\" rel=\"noopener\">TOKEN2049 Singapore 2026 Top-Up &#8216;Title&#8217; Sponsorship Upgrade\uff08\u518d\u63d0\u51fa\uff09\u2014 SIPO DRep voteContext (NO)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-ac97113\" id=\"e7b590e8aa9e-13\">\u7d50\u8a9e<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-c0e95a7\">Cardano \u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u306f\u3001\u5bfe\u8a71\u3068\u516c\u958b\u30b7\u30b0\u30ca\u30eb\u3092\u901a\u3058\u3066\u6539\u5584\u3092\u5f15\u304d\u51fa\u3057\u3001\u305d\u308c\u306b DRep \u304c\u72ec\u7acb\u306b\u5fdc\u7b54\u3059\u308b\u3053\u3068\u3067\u6210\u719f\u3057\u307e\u3059\u3002\u4eca\u56de\u306e Constructive NO \u2192 \u516c\u958b\u30c1\u30e3\u30cd\u30eb\u6539\u5584 \u2192 \u72ec\u7acb\u518d\u8a55\u4fa1 \u2192 YES \u30d7\u30ed\u30bb\u30b9\u306f\u3001Cardano \u304c\u300c\u6b21\u306e\u81ea\u5f8b\u5206\u6563\u578b\u7d4c\u6e08\u570f\u300d\u3092\u62c5\u3046\u5b9f\u88c5\u4e3b\u4f53\u3068\u3057\u3066\u6210\u719f\u3057\u3066\u3044\u304f\u305f\u3081\u306b\u5fc5\u8981\u306a governance fabric \u306e\u4e00\u5f62\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-6927e4f\">SIPO \u306f Cardano \u304c Summit 2026 \u3068 TOKEN2049 Singapore \u3067\u3001\u3053\u306e integrated strategy \u3092\u4e16\u754c\u306b\u793a\u3059\u3053\u3068\u3001\u305d\u3057\u3066\u516c\u958b\u3055\u308c\u305f\u671f\u5f85\u4e8b\u9805\u304c\u8aa0\u5b9f\u306b\u9075\u5b88\u3055\u308c\u308b\u3053\u3068\u3092\u4fe1\u983c\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-core-block deb-block-b79124a\"\/>\n\n\n\n<p class=\"deb-core-block deb-block-8471894\"><strong>English Version<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-ad32c43\" id=\"summary-14\">Summary<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-b809758\">SIPO DRep has changed its vote from NO to YES on three Cardano Summit \/ TOKEN2049 Treasury Withdrawal proposals (Revised Cardano Summit 2026 Singapore \/ TOKEN2049 Baseline &#8216;Platinum&#8217; \/ TOKEN2049 Top-Up &#8216;Title&#8217;) on 2026-05-27, having voted NO on 2026-05-13.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-2b36cd4\">This is not a change in SIPO&#8217;s evaluation framework. SIPO&#8217;s four-pillar Treasury Fit framework remains intact. What changed is the public information against which the framework is being applied.<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-a072dd8\" id=\"public-channel-improvement-triggered-by-sipos-constructive-no-15\">Public-channel improvement triggered by SIPO&#8217;s Constructive NO<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-8d8cd6d\">On 2026-05-24, IOG CEO Charles Hoskinson posted a public commitment on his official X account (<a href=\"https:\/\/x.com\/IOHK_Charles\/status\/2058553026382606787\" target=\"_blank\" rel=\"noopener\">https:\/\/x.com\/IOHK_Charles\/status\/2058553026382606787<\/a>):<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-c0f0b29\">\n<li class=\"deb-core-block\">Attending Cardano Summit 2026 (October 5-8, Singapore) and being on stage<\/li>\n\n\n\n<li class=\"deb-core-block\">Personal partial contribution toward upgrading Cardano&#8217;s TOKEN2049 sponsorship to Title level<\/li>\n\n\n\n<li class=\"deb-core-block\">Inviting the Pentad (IOG \/ EMURGO \/ Cardano Foundation \/ Midnight Foundation \/ Intersect) to formalize coordination<\/li>\n\n\n\n<li class=\"deb-core-block\">Public statement: &#8220;I am 100% focused on Cardano and Midnight&#8221;<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-core-block deb-block-8769871\">On 2026-05-25, Cardano Foundation CEO Frederik Gregaard publicly endorsed the message in the same thread.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-4b71d15\">This is a publicly verifiable, on-the-record signal from IOG&#8217;s CEO and CF&#8217;s CEO that materially addresses the disclosure gap on the founding-entity relationship that SIPO surfaced on 2026-04-18 and 2026-05-13 as a minimum disclosure expectation.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-25dc4d8\">Additionally, EMURGO&#8217;s intent to waive its 15% management fee on the Baseline proposal has been emerging through public discussion and reporting, including the Learn Cardano Podcast (featuring Laura Matticucci of CF and Nathaniel Acton of EMURGO). SIPO treats this fee-waiver signal as supportive but not load-bearing, and expects formal announcement via EMURGO&#8217;s official channels (EMURGO X \/ press release \/ Cardano Forum).<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-a2734b1\" id=\"reassessment-of-sipos-four-pillars-16\">Reassessment of SIPO&#8217;s four pillars<\/h3>\n\n\n\n<figure class=\"wp-block-table deb-core-block deb-block-4c88f3d\"><table class=\"has-fixed-layout\"><thead><tr><th>Pillar<\/th><th>2026-05-13 NO basis<\/th><th>2026-05-27 reassessment<\/th><\/tr><\/thead><tbody><tr><td><strong>Pillar 1<\/strong> (three-way conflict structure)<\/td><td>EMURGO \/ CF as proposer \u00d7 beneficiary \u00d7 DRep<\/td><td>Formally unresolved. This re-vote does not rest on Pillar 1 reassessment<\/td><\/tr><tr><td><strong>Pillar 2<\/strong> (commercial \/ self-funding alternatives)<\/td><td>Treasury dependence; alternatives not articulated<\/td><td>Partially mitigated: Top-Up by Hoskinson personal contribution signal; Baseline by EMURGO fee-waiver signal<\/td><\/tr><tr><td><strong>Pillar 3<\/strong> (builder-direct vs. brand-marketing ratio)<\/td><td>Top-Up as pure brand-marketing premium<\/td><td>Top-Up re-readable as Hoskinson personal contribution + Treasury co-funding pathway<\/td><\/tr><tr><td><strong>Pillar 4<\/strong> (IOG absence \/ unified-Cardano framing disclosure gap)<\/td><td>All three proposals lacked IOG position disclosure<\/td><td><strong>Materially addressed by public signal<\/strong> (Hoskinson public commitment + CF CEO public endorsement + Pentad coordination invitation)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-afb49a8\" id=\"the-broader-narrative-real-world-execution-signal-for-cardanos-next-phase-17\">The broader narrative \u2014 real-world execution signal for Cardano&#8217;s next phase<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-3f439d1\">SIPO does not view this re-vote as a narrow procedural response to a single disclosure.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-be722b3\">The crypto market is in broad stagnation; the global order is in a period of instability. The convergence of AI agent economies, digital assets, blockchain, and autonomous decentralised economic systems is becoming the defining question of the coming decade.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-8885ed6\">Among the chains that could respond to that question head-on, Cardano remains, in SIPO&#8217;s view, one of the strongest candidates. Cardano&#8217;s EUTXO design, Ouroboros research lineage, commitment to formal verification, Midnight&#8217;s ZK privacy implementation, Hydra L2 scalability, Partner Chain architecture, and node diversity investments (Tweag \/ HLabs \/ Amaru \/ Dingo \/ Pebble \/ Gerolamo) are converging into an integrated trajectory. Whether Cardano can demonstrate that integrated trajectory to the world \u2014 with conviction, long-term design, execution capacity, and a coherent implementation roadmap \u2014 has public value beyond branding at this juncture.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-fb56793\">Hoskinson&#8217;s 2026-05-24 public commitment and Frederik Gregaard&#8217;s public endorsement opened the possibility of Cardano founding-entity re-synchronization and public demonstration of integrated trajectory in a way that was not available on 2026-05-13.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-3bc1333\">Summit 2026 and TOKEN2049 Singapore 2026 are among the few moments where that integrated strategy can be projected into the real world. Better evaluated not only as brand-marketing events with treasury costs, but as real-world execution signals at a critical juncture.<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-17d290e\" id=\"constructive-no-e28692-improvement-e28692-yes-pathway-18\">Constructive NO \u2192 improvement \u2192 YES pathway<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-a4d45d3\">SIPO&#8217;s vote change is not a response to private-channel persuasion. It is the opposite: SIPO&#8217;s Constructive NO surfaced structural concerns, prompted public-channel response from principals, and resulted in publicly verifiable disclosure. SIPO has independently reassessed in light of that public information and updated its judgment.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-a601e40\">This is one constructive form of DRep judgment update:<\/p>\n\n\n\n<ol class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-aae35c7\">\n<li class=\"deb-core-block\">The original NO was warranted (four structural signals)<\/li>\n\n\n\n<li class=\"deb-core-block\">The NO prompted public-channel improvement (Charles public commitment + CF CEO public endorsement + EMURGO fee-waiver public discussion)<\/li>\n\n\n\n<li class=\"deb-core-block\">The additional public information changed the evaluation environment (Pentad coordination potential + Cardano integrated narrative rebuilding opportunity)<\/li>\n\n\n\n<li class=\"deb-core-block\">Residual structural concerns (Pillar 1 etc.) remain, but the public-goods value (Cardano next-phase real-world execution signal) is judged to outweigh<\/li>\n\n\n\n<li class=\"deb-core-block\">SIPO independently updates judgment to YES<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-core-block deb-block-e0bed81\">The &#8220;voting logic&#8221; (four pillars) is not compromised \u2014 the framework itself is unchanged. What changed is the information to which the framework is applied.<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-e7024b8\" id=\"sipo-expectations-public-accountability-19\">SIPO expectations (public accountability)<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-b535a82\">SIPO is a DRep and does not impose legal conditions. The following are tracked as public accountability expectations and referenced in future Treasury Withdrawal evaluations involving CF \/ EMURGO \/ IOG (see each voteContext for full detail):<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-42920b1\">\n<li class=\"deb-core-block\">Pentad coordination meeting publicly announced and outcomes disclosed<\/li>\n\n\n\n<li class=\"deb-core-block\">IOG \/ Midnight participation made concrete in publicly listed Program &amp; Agenda by September 2026<\/li>\n\n\n\n<li class=\"deb-core-block\">EMURGO formal management-fee-waiver announcement via official channels before TOKEN2049<\/li>\n\n\n\n<li class=\"deb-core-block\">Top-Up Reconciliation Expectation: Hoskinson personal contribution + Treasury Top-Up draw \u2264 actual Title upgrade cost, with overage returned within 30 days<\/li>\n\n\n\n<li class=\"deb-core-block\">Public post-event reporting on builder allocations, audience-conversion metrics, and CF self-funding contributions<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-053765a\" id=\"consistency-with-prior-sipo-votes-20\">Consistency with prior SIPO votes<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-416bb56\">SIPO continues to vote YES on Treasury Withdrawals for protocol and node diversity (Amaru, Dingo, HLabs Pebble + Gerolamo), capital formation infrastructure (DeFi Liquidity, Orion Fund), governance institutions (CC compensation, NCL, Budget Framework), critical integrations, and the IOG 9-proposal round on 2026-05-09. This re-vote does not modify that line. It reflects that, after public disclosure of Pentad coordination intent, these three proposals qualify as a coordination-infrastructure moment and a real-world execution signal for Cardano&#8217;s next phase.<\/p>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-d8cdf2f\" id=\"related-posts-2026-05-13-no-vote-disclosures-21\">Related posts (2026-05-13 NO vote disclosures)<\/h3>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-core-block deb-block-676ad48\">\n<li class=\"deb-core-block\"><a href=\"https:\/\/sipo.tokyo\/?p=45914\" target=\"_blank\" rel=\"noopener\">Revised Cardano Summit 2026 Singapore (resubmission) \u2014 SIPO DRep voteContext (NO)<\/a><\/li>\n\n\n\n<li class=\"deb-core-block\"><a href=\"https:\/\/sipo.tokyo\/?p=45918\" target=\"_blank\" rel=\"noopener\">TOKEN2049 Singapore 2026 Baseline &#8216;Platinum&#8217; Sponsorship (resubmission) \u2014 SIPO DRep voteContext (NO)<\/a><\/li>\n\n\n\n<li class=\"deb-core-block\"><a href=\"https:\/\/sipo.tokyo\/?p=45920\" target=\"_blank\" rel=\"noopener\">TOKEN2049 Singapore 2026 Top-Up &#8216;Title&#8217; Sponsorship Upgrade (resubmission) \u2014 SIPO DRep voteContext (NO)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading deb-core-block deb-block-9f840f9\" id=\"closing-22\">Closing<\/h3>\n\n\n\n<p class=\"deb-core-block deb-block-1a7cdf1\">Cardano&#8217;s governance matures by surfacing concerns through dialogue and public signals, and DReps independently responding to those signals. The Constructive NO \u2192 public-channel improvement \u2192 independent reassessment \u2192 YES pathway demonstrated here is one shape of the governance fabric needed for Cardano to mature as the implementation entity for the next autonomous decentralised economic phase.<\/p>\n\n\n\n<p class=\"deb-core-block deb-block-e5f6ecd\">SIPO trusts that Cardano will use Summit 2026 and TOKEN2049 Singapore to project this integrated strategy to the world, and that the publicly stated expectations will be honored in good faith.<\/p>\n","protected":false},"excerpt":{"rendered":"\u65e5\u672c\u8a9e\u7248 \u30b5\u30de\u30ea\u30fc 2026-05-13 \u306b SIPO DRep \u304c NO \u3092\u6295\u3058\u305f 3 \u4ef6\u306e Cardano Summit \/ TOKEN2049 \u95a2\u9023 Treasury Withdrawal \u63d0\u6848 (Revised Cardano Summit 2026 Singapore \/ TOKEN2049 Baseline &#8216;Platinum&#8217; \/ TOKEN2049 Top-Up &#8216;Title&#8217;) \u306b\u3064\u3044\u3066\u30012026-05-27 \u306b SIPO \u306f\u6295\u7968\u3092 NO \u304b\u3089 YES \u3078\u5909\u66f4\u3057\u307e\u3057\u305f\u3002 \u5224\u65ad\u8ef8\u306e\u6839\u672c\u5909\u66f4\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002SIPO \u306e 4 \u672c\u67f1\u8a55\u4fa1\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u81ea\u4f53\u306f\u7dad\u6301\u3055\u308c\u307e\u3059\u3002\u5909\u5316\u3057\u305f\u306e\u306f\u3001\u305d\u306e\u30d5\u30ec\u30fc\u30e0\u30ef\u30fc\u30af\u304c\u9069\u7528\u3055\u308c\u308b\u516c\u958b\u60c5\u5831\u3067&hellip;","protected":false},"author":1,"featured_media":45976,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[],"class_list":{"0":"post-45975","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"},"featured_image_urls":{"full":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1.png",1456,816,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-300x168.png",300,168,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-768x430.png",768,430,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-1024x574.png",900,504,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1.png",1456,816,false],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1.png",1456,816,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-450x252.png",450,252,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/05\/sition_sipo_Pop-casual_editorial_graphic_illustrating_Cardano_b647e2fb-ae69-4ed3-a27e-fb8be2703b7a_1-900x504.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\/45975","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=45975"}],"version-history":[{"count":1,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45975\/revisions"}],"predecessor-version":[{"id":45977,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/45975\/revisions\/45977"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/45976"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}