{"id":46033,"date":"2026-06-03T18:19:38","date_gmt":"2026-06-03T09:19:38","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=46033"},"modified":"2026-06-03T18:19:39","modified_gmt":"2026-06-03T09:19:39","slug":"post-46033","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=46033","title":{"rendered":"SIPO DRep\uff1a\u300eEternl: Path to Sustainability (2026-2027)\u300f\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b \u2015 SIPO DRep \u306e\u5206\u6790\u3068\u300c\u671f\u5f85\u4e8b\u9805\u4ed8\u304d\u8cdb\u6210\uff08Yes\uff09\u300d\u8a55\u4fa1\u3001\u30b9\u30bf\u30f3\u30b9"},"content":{"rendered":"<p><!--\n  WordPress \u8cbc\u4ed8\u7528 HTML\uff08post body fragment \/ H1 \u306a\u3057\uff09\u3002\n  \u30fb\u30bf\u30a4\u30c8\u30eb\uff08WP \u30bf\u30a4\u30c8\u30eb\u6b04\u3078\uff09: SIPO DRep\uff1a\u300eEternl: Path to Sustainability (2026-2027)\u300f\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b \u2015 SIPO DRep \u306e\u5206\u6790\u3068\u300c\u671f\u5f85\u4e8b\u9805\u4ed8\u304d\u8cdb\u6210\uff08Yes\uff09\u300d\u8a55\u4fa1\u3001\u30b9\u30bf\u30f3\u30b9\n  \u30fb\u8cbc\u4ed8\u65b9\u6cd5: WP \u30d6\u30ed\u30c3\u30af\u30a8\u30c7\u30a3\u30bf\u3092\u300c\u30b3\u30fc\u30c9\u30a8\u30c7\u30a3\u30bf\u30fc\u300d\u306b\u5207\u66ff\u3048\u3066\u8cbc\u4ed8\u3001\u307e\u305f\u306f\u300c\u30ab\u30b9\u30bf\u30e0 HTML\u300d\u30d6\u30ed\u30c3\u30af\u306b\u8cbc\u4ed8\u3002\n  \u30fb\u5a92\u4f53\u306e\u58f0\u306f SIPO\u30fb\u500b\u4eba\u540d\u306a\u3057\u30fb\u4e2d\u7acb\u30c8\u30fc\u30f3\u3002\n--><\/p>\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=\"#eternl-path-to-sustainability-2026-2027-1\">Eternl: Path to Sustainability (2026-2027)<\/a><\/li><li><a href=\"#eternl-e38292e381a9e38186e8a68be3828be3818b-e28095-sipo-drep-e381a8e38197e381a6e381aee58886e69e90e381a8e382b9e382bfe383b3e382b9-2\">Eternl \u3092\u3069\u3046\u898b\u308b\u304b \u2015 SIPO DRep \u3068\u3057\u3066\u306e\u5206\u6790\u3068\u30b9\u30bf\u30f3\u30b9<\/a><ul><li><a href=\"#e68f90e6a188e381aee6a682e8a681-3\">\u63d0\u6848\u306e\u6982\u8981<\/a><\/li><li><a href=\"#e4bd95e381abe68a95e8b387e38199e3828be381aee3818b-e28095-e99d9ee382abe382b9e38388e38387e382a3-wallet-e381a8e38184e38186e585ace585b1e8b2a1-4\">\u4f55\u306b\u6295\u8cc7\u3059\u308b\u306e\u304b \u2015 \u975e\u30ab\u30b9\u30c8\u30c7\u30a3 wallet \u3068\u3044\u3046\u516c\u5171\u8ca1<\/a><\/li><li><a href=\"#fund-control-e38292e78e87e79bb4e381ab-e28095-e58d98e4b880e98db5e381a8e3808ce8bf94e6b888e59e8be3808de381aee6a78be980a0-5\">fund-control \u3092\u7387\u76f4\u306b \u2015 \u5358\u4e00\u9375\u3068\u300c\u8fd4\u6e08\u578b\u300d\u306e\u69cb\u9020<\/a><\/li><li><a href=\"#e887aae7ab8be8a888e794bbe381a8e8bf94e6b888e382b3e3839fe38383e38388-6\">\u81ea\u7acb\u8a08\u753b\u3068\u8fd4\u6e08\u30b3\u30df\u30c3\u30c8<\/a><\/li><li><a href=\"#e381aae3819ce3808ce69c9fe5be85e4ba8be9a085e4bb98e3818de8b39be68890efbc88yesefbc89e3808de381aae381aee3818b-7\">\u306a\u305c\u300c\u671f\u5f85\u4e8b\u9805\u4ed8\u304d\u8cdb\u6210\uff08Yes\uff09\u300d\u306a\u306e\u304b<\/a><\/li><li><a href=\"#sipo-drep-e381a8e38197e381a6e381aee7b590e8ab96e383bbe382b9e382bfe383b3e382b9-8\">SIPO DRep \u3068\u3057\u3066\u306e\u7d50\u8ad6\u30fb\u30b9\u30bf\u30f3\u30b9<\/a><\/li><\/ul><\/li><li><a href=\"#how-sipo-views-eternl-path-to-sustainability-a-drep-perspective-9\">How SIPO Views Eternl: Path to Sustainability \u2014 A DRep Perspective \u2014<\/a><ul><li><a href=\"#overview-10\">Overview<\/a><\/li><li><a href=\"#a-non-custodial-wallet-as-a-public-good-11\">A Non-Custodial Wallet as a Public Good<\/a><\/li><li><a href=\"#an-honest-treatment-of-treasury-protection-12\">An Honest Treatment of Treasury Protection<\/a><\/li><li><a href=\"#self-sustainability-and-repayment-13\">Self-Sustainability and Repayment<\/a><\/li><li><a href=\"#why-yes-with-expectations-14\">Why &#8220;Yes, with Expectations&#8221;<\/a><\/li><li><a href=\"#final-position-15\">Final Position<\/a><\/li><\/ul><\/div><h2 id=\"eternl-path-to-sustainability-2026-2027-1\">Eternl: Path to Sustainability (2026-2027)<\/h2>\n<ul>\n<li>Governance Action Type: Treasury Withdrawal\uff08\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u5f15\u304d\u51fa\u3057\uff09<\/li>\n<li>\u63d0\u51fa: 2026\u5e745\u670815\u65e5\uff08Epoch 631\uff09<\/li>\n<li>\u5931\u52b9: 2026\u5e746\u670819\u65e5\u9803\uff08Epoch 638\uff09<\/li>\n<li>\u8981\u6c42\u984d: \u20b31,680,000\uff08\u7d04 $420,000\/\u5e74\u30fb12\u30f6\u6708\uff09<\/li>\n<li>\u63d0\u6848\u8005: Eternl\uff08\u975e\u30ab\u30b9\u30c8\u30c7\u30a3 Cardano \u30e9\u30a4\u30c8 wallet\uff09<\/li>\n<li>Governance Action ID: <code>gov_action1ngpqafax5rvp8lcgey4asvqtycrh4e56fwp8cn2r9trx2ysryhtsqdm3w3z<\/code><\/li>\n<li>Legacy Governance Action ID (CIP-105): <code>9a020ea7a6a0d813ff08c92bd8300b26077ae69a4b827c4d432ac665120325d7#0<\/code><\/li>\n<li>gov.tools: <a href=\"https:\/\/gov.tools\/governance_actions\/9a020ea7a6a0d813ff08c92bd8300b26077ae69a4b827c4d432ac665120325d7#0\" target=\"_blank\" rel=\"noopener\">\u8a72\u5f53\u30ac\u30d0\u30ca\u30f3\u30b9\u30a2\u30af\u30b7\u30e7\u30f3\u3092\u958b\u304f<\/a><\/li>\n<li><strong>SIPO DRep \u30b9\u30bf\u30f3\u30b9: \u8cdb\u6210\uff08Yes\u30fb\u671f\u5f85\u4e8b\u9805\u4ed8\u304d\uff09<\/strong><\/li>\n<\/ul>\n<h2 id=\"eternl-e38292e381a9e38186e8a68be3828be3818b-e28095-sipo-drep-e381a8e38197e381a6e381aee58886e69e90e381a8e382b9e382bfe383b3e382b9-2\">Eternl \u3092\u3069\u3046\u898b\u308b\u304b \u2015 SIPO DRep \u3068\u3057\u3066\u306e\u5206\u6790\u3068\u30b9\u30bf\u30f3\u30b9<\/h2>\n<h3 id=\"e68f90e6a188e381aee6a682e8a681-3\">\u63d0\u6848\u306e\u6982\u8981<\/h3>\n<p>\u672c\u63d0\u6848\u306f\u3001\u5e83\u304f\u4f7f\u308f\u308c\u3066\u3044\u308b\u975e\u30ab\u30b9\u30c8\u30c7\u30a3\u306e Cardano \u30e9\u30a4\u30c8 wallet\u300cEternl\u300d\uff08web\u30fb\u30d6\u30e9\u30a6\u30b6\u62e1\u5f35\u30fbAndroid\u30fbiOS\uff09\u306e 12\u30f6\u6708\u306e\u904b\u7528\u30fb\u4fdd\u5b88\u30fb\u30a4\u30f3\u30d5\u30e9\u30fb\u30b5\u30dd\u30fc\u30c8\u306b\u5bfe\u3057\u3001\u20b31,680,000\uff08$0.25\/ADA \u63db\u7b97\u3067\u5e74 \u7d04 $420,000\uff09\u306e\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u5f15\u304d\u51fa\u3057\u3092\u6c42\u3081\u308b\u3082\u306e\u3067\u3059\u3002install base \u306f\u62e1\u5f35 \u7d04 10 \u4e07\u30fb\u30e2\u30d0\u30a4\u30eb \u7d04 3 \u4e07\u306e\u8a08 \u7d04 13 \u4e07\u3002\u4e88\u7b97\u306f Frontend 55% \/ Backend 25% \/ Admin 14% \/ Support 5% \/ Audits 1% \u306b\u914d\u5206\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<h3 id=\"e4bd95e381abe68a95e8b387e38199e3828be381aee3818b-e28095-e99d9ee382abe382b9e38388e38387e382a3-wallet-e381a8e38184e38186e585ace585b1e8b2a1-4\">\u4f55\u306b\u6295\u8cc7\u3059\u308b\u306e\u304b \u2015 \u975e\u30ab\u30b9\u30c8\u30c7\u30a3 wallet \u3068\u3044\u3046\u516c\u5171\u8ca1<\/h3>\n<p>Eternl \u306f\u3001\u30db\u30eb\u30c0\u30fc\u304c\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30ac\u30d0\u30ca\u30f3\u30b9\u53c2\u52a0\u30fb\u6c7a\u6e08\u30fbdApp \u5229\u7528\u3092\u884c\u3046\u4e3b\u8981\u306a\u5165\u53e3\u3067\u3059\u3002\u79d8\u5bc6\u9375\u3092\u30e6\u30fc\u30b6\u30fc\u81ea\u8eab\u304c\u7ba1\u7406\u3059\u308b\u975e\u30ab\u30b9\u30c8\u30c7\u30a3\u8a2d\u8a08\u306e\u30b2\u30fc\u30c8\u30a6\u30a7\u30a4\u306f\u3001Cardano \u306b\u3068\u3063\u3066\u516c\u5171\u8ca1\u6027\u304c\u9ad8\u304f\u3001SIPO \u306e\u30c9\u30af\u30c8\u30ea\u30f3\uff08\u00a73.1 \u4e2d\u6838\u30a4\u30f3\u30d5\u30e9\u30fb\u00a76 \u57fa\u76e4\u54c1\u8cea\uff09\u306f\u3053\u306e\u7a2e\u306e\u4e2d\u6838 wallet \u30a4\u30f3\u30d5\u30e9\u3092\u8a55\u4fa1\u3057\u307e\u3059\u3002<\/p>\n<h3 id=\"fund-control-e38292e78e87e79bb4e381ab-e28095-e58d98e4b880e98db5e381a8e3808ce8bf94e6b888e59e8be3808de381aee6a78be980a0-5\">fund-control \u3092\u7387\u76f4\u306b \u2015 \u5358\u4e00\u9375\u3068\u300c\u8fd4\u6e08\u578b\u300d\u306e\u69cb\u9020<\/h3>\n<p>SIPO \u306f\u3001\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u4fdd\u8b77\u306e\u30d7\u30ed\u30d5\u30a1\u30a4\u30eb\u3092\u7387\u76f4\u306b\u8ff0\u3079\u307e\u3059\u3002\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u3067\u691c\u8a3c\u3059\u308b\u3068\u3001\u5f15\u304d\u51fa\u3057\u5148\u306f script \u5f37\u5236\u306e escrow \u3067\u306f\u306a\u304f\u3001<strong>\u5358\u4e00\u7f72\u540d\u9375\uff08key-hash\uff09\u306e stake \u30a2\u30c9\u30ec\u30b9<\/strong>\u3067\u3059\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u8fd4\u6e08\u3068\u76e3\u8996\u306e\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306f<strong>\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u3067\u5f37\u5236\u3055\u308c\u3066\u304a\u3089\u305a<\/strong>\u3001\u30c9\u30ad\u30e5\u30e1\u30f3\u30c8\u30fb\u516c\u958b\u5831\u544a\u30fb\u78ba\u7acb\u3057\u305f product \u306e\u904b\u55b6\u8005\u3068\u3057\u3066\u306e\u8a55\u5224\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u5f15\u304d\u51fa\u3057\u306b\u5bfe\u3059\u308b SIPO \u306e\u6700\u3082\u5f37\u3044\u57fa\u6e96\u306f\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u5f37\u5236\u306e\u76e3\u67fb\u6e08\u307f escrow \u3067\u3042\u308a\u3001\u672c\u63d0\u6848\u306f\u305d\u306e\u57fa\u6e96\u3092\u6e80\u305f\u3057\u3066\u3044\u307e\u305b\u3093\u3002SIPO \u306f\u3053\u306e\u9650\u754c\u3092\u3001\u8986\u3044\u96a0\u3059\u306e\u3067\u306f\u306a\u304f\u7387\u76f4\u306b\u8a55\u4fa1\u3078\u7e54\u308a\u8fbc\u307f\u307e\u3059\u3002<\/p>\n<p>\u305d\u308c\u3067\u3082 SIPO \u304c\u652f\u6301\u306b\u50be\u304f\u306e\u306f\u3001\u672c\u63d0\u6848\u304c<strong>\u507d\u306e escrow \u3092\u63d0\u793a\u3057\u3066\u3044\u306a\u3044<\/strong>\u304b\u3089\u3067\u3059\u3002\u63d0\u6848\u306f\u3001\u5168\u984d\u3092\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u306b\u5909\u63db\u3057\u3001\u516c\u958b\u3055\u308c\u305f\u76e3\u8996\u53ef\u80fd\u306a company wallet \u3067\u4fdd\u6301\u3059\u308b\u3068\u660e\u8a00\u3057\u3066\u3044\u307e\u3059\u3002\u904b\u7528 wallet \u306e\u6027\u8cea\u4e0a\u3001\u904b\u8ee2\u8cc7\u91d1\u3092 escrow \u3067\u56fa\u5b9a\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u305a\u3001\u3053\u3053\u3067\u306e\u4fdd\u8b77\u306f escrow \u3067\u306f\u306a\u304f<strong>\u8fd4\u6e08\u7fa9\u52d9\u3068\u7a3c\u50cd\u4e2d product \u306e\u8a55\u5224<\/strong>\u306b\u7f6e\u304b\u308c\u3066\u3044\u307e\u3059\u3002\u4e3b\u5f35\u3068\u5b9f\u88c5\u306e\u4e56\u96e2\u304c\u306a\u3044\u900f\u660e\u306a\u904b\u7528\u3067\u3059\u3002<\/p>\n<h3 id=\"e887aae7ab8be8a888e794bbe381a8e8bf94e6b888e382b3e3839fe38383e38388-6\">\u81ea\u7acb\u8a08\u753b\u3068\u8fd4\u6e08\u30b3\u30df\u30c3\u30c8<\/h3>\n<p>\u672c\u63d0\u6848\u3092\u7279\u5fb4\u3065\u3051\u308b\u306e\u306f\u30012 \u3064\u306e\u524d\u5411\u304d\u306a\u69cb\u9020\u3067\u3059\u3002\u7b2c\u4e00\u306b<strong>\u81ea\u7acb\u8a08\u753b<\/strong>\u3067\u3059\u3002\u500b\u4eba\u30fb\u6cd5\u4eba\u5411\u3051\u306e Pro plan\uff08\u500b\u4eba $96\/\u5e74\u30fb\u6cd5\u4eba $384\/\u5e74\uff09\u3092\u5c0e\u5165\u3057\u3001\u65e2\u5b58 install base \u306e\u7d04 4.2%\uff08\u7d04 5,500 \u30e6\u30fc\u30b6\u30fc\uff09\u306e\u8cfc\u5165\u3067\u5e74 $420,000 \u306e\u8cbb\u7528\u3092\u81ea\u5df1\u8cc7\u91d1\u5316\u3059\u308b\u3053\u3068\u3092\u76ee\u6307\u3057\u307e\u3059\u3002\u3053\u308c\u306f Treasury \u4f9d\u5b58\u3092\u7e2e\u5c0f\u3057\u3001\u6700\u7d42\u7684\u306b\u7f6e\u304d\u63db\u3048\u308b\u65b9\u91dd\u3067\u3042\u308a\u3001\u7d99\u7d9a\u8cbb\u578b\u306e\u63d0\u6848\u3068\u3057\u3066 SIPO \u304c\u91cd\u8996\u3059\u308b\u300c\u5c06\u6765\u306e\u81ea\u7acb\u300d\uff08\u00a74\u30fb\u4e88\u7b97\u898f\u5f8b\uff09\u306b\u6700\u3082\u6574\u5408\u7684\u3067\u3059\u3002\u7b2c\u4e8c\u306b<strong>\u8fd4\u6e08\u30b3\u30df\u30c3\u30c8<\/strong>\u3067\u3059\u3002\u6bce\u5e74 12\u6708\u30fb6\u6708\u306b\u3001\u904b\u7528\u4e88\u7b97\u3092\u8d85\u3048\u308b\u4f59\u5270\u3092 Treasury \u8fd4\u6e08\u306b\u5145\u3066\uff08\u53d7\u9818\u3057\u305f $420,000 \u76f8\u5f53\u306e ADA \u3092\u5168\u984d\u8fd4\u3059\u307e\u3067 100%\uff09\u3001\u5168\u984d\u8fd4\u6e08\u5f8c\u306f Pro plan \u53ce\u5165\u306e\u3046\u3061 $420,000 \u3092\u8d85\u3048\u308b\u5206\u306e 50% \u3092\u3001\u8ffd\u52a0 $210,000 \u76f8\u5f53\u307e\u3067 Treasury \u3078\u5bc4\u4ed8\u3059\u308b\u3068\u3057\u3066\u3044\u307e\u3059\u3002\u8fd4\u6e08\u3068\u30a2\u30c3\u30d7\u30b5\u30a4\u30c9\u3092\u4f34\u3046\u3053\u306e\u69cb\u9020\u306f\u3001\u5358\u306a\u308b\u52a9\u6210\u91d1\u3068\u306f\u4e00\u7dda\u3092\u753b\u3057\u307e\u3059\u3002<\/p>\n<h3 id=\"e381aae3819ce3808ce69c9fe5be85e4ba8be9a085e4bb98e3818de8b39be68890efbc88yesefbc89e3808de381aae381aee3818b-7\">\u306a\u305c\u300c\u671f\u5f85\u4e8b\u9805\u4ed8\u304d\u8cdb\u6210\uff08Yes\uff09\u300d\u306a\u306e\u304b<\/h3>\n<p>\u7dcf\u5408\u7684\u306b \u2015 \u5b9f\u5229\u7528\u306e\u5e83\u3044\u516c\u5171\u8ca1 wallet\u3001\u73fe\u30bb\u30c3\u30c8\u4e2d\u3067\u6700\u5c0f\u306e\u8981\u6c42\u984d\u3001KPI \u3078\u306e\u6b63\u76f4\u306a\u6271\u3044\uff08\u63d0\u6848\u81ea\u3089\u4e00\u90e8\u3092\u300cpartial\u300d\u3068\u8a18\u8f09\uff09\u3001\u63d0\u6848\u5074\u306e\u5229\u76ca\u76f8\u53cd\u306a\u3057\u3001\u305d\u3057\u3066\u76f4\u8fd1\u306e\u76f4\u63a5\u5f15\u304d\u51fa\u3057\u306e\u4e2d\u3067\u6700\u3082\u539a\u3044\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u652f\u6301 \u2015 \u304b\u3089\u3001SIPO \u306f\u8cdb\u6210\u3092\u6295\u3058\u307e\u3057\u305f\u3002\u305f\u3060\u3057\u4fdd\u8b77\u304c\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u5f37\u5236\u3067\u306a\u3044\u4ee5\u4e0a\u3001\u652f\u6301\u306f\u900f\u660e\u6027\u3092\u6761\u4ef6\u3068\u3057\u307e\u3059\u3002SIPO \u306f\u4ee5\u4e0b\u306e\u671f\u5f85\u4e8b\u9805\u3092\u4ed8\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>(1) install base \u306e\u80cc\u5f8c\u306b\u3042\u308b<strong>\u5b9f\u30a2\u30af\u30c6\u30a3\u30d6\u30e6\u30fc\u30b6\u30fc\u7387<\/strong>\u3092\u516c\u958b\u3059\u308b\u3053\u3068<\/li>\n<li>(2) <strong>Pro plan \u306e\u8ee2\u63db\u7387<\/strong>\u3068\u81ea\u7acb\u3078\u306e\u9032\u6357\u3092\u5831\u544a\u3059\u308b\u3053\u3068<\/li>\n<li>(3) 12\u6708\u30fb6\u6708\u306e<strong>Treasury \u3078\u306e\u8fd4\u6e08\u30c8\u30e9\u30f3\u30b6\u30af\u30b7\u30e7\u30f3<\/strong>\u3092\u516c\u958b\u3059\u308b\u3053\u3068<\/li>\n<li>(4) <strong>\u30a6\u30a9\u30ec\u30c3\u30c8\u4fdd\u5b88 portfolio<\/strong>\uff08\u30d5\u30eb\u30ce\u30fc\u30c9 wallet\u30fb\u30cf\u30fc\u30c9\u30a6\u30a7\u30a2 wallet \u7b49\uff09\u306e\u4e2d\u3067\u306e Eternl \u306e\u30b9\u30b3\u30fc\u30d7\u3068\u91cd\u8907\u56de\u907f\u3092\u958b\u793a\u3059\u308b\u3053\u3068<\/li>\n<\/ul>\n<h3 id=\"sipo-drep-e381a8e38197e381a6e381aee7b590e8ab96e383bbe382b9e382bfe383b3e382b9-8\">SIPO DRep \u3068\u3057\u3066\u306e\u7d50\u8ad6\u30fb\u30b9\u30bf\u30f3\u30b9<\/h3>\n<p>\u4ee5\u4e0a\u304b\u3089\u3001SIPO \u306f\u672c\u63d0\u6848\u306b <strong>\u8cdb\u6210\uff08Yes\u30fb\u671f\u5f85\u4e8b\u9805\u4ed8\u304d\uff09<\/strong> \u3092\u6295\u3058\u307e\u3057\u305f\u3002fund-control \u304c\u5358\u4e00\u9375\u3067\u3042\u308b\u70b9\u306f SIPO \u306e\u6700\u5f37\u57fa\u6e96\u3092\u6e80\u305f\u3057\u307e\u305b\u3093\u304c\u3001\u63d0\u6848\u306f\u507d\u306e escrow \u3092\u4e3b\u5f35\u305b\u305a\u3001\u81ea\u7acb\u8a08\u753b\u3068\u8fd4\u6e08\u30b3\u30df\u30c3\u30c8\u3068\u3044\u3046\u3001\u7d99\u7d9a\u8cbb\u63d0\u6848\u3067 SIPO \u304c\u6700\u3082\u898b\u305f\u3044\u69cb\u9020\u3092\u5099\u3048\u3066\u3044\u307e\u3059\u3002SIPO \u306f Eternl \u3092\u3001Treasury \u4f9d\u5b58\u304b\u3089\u8131\u3059\u308b\u73fe\u5b9f\u7684\u306a\u9053\u7b4b\u3092\u6301\u3064\u4e2d\u6838 wallet \u30a4\u30f3\u30d5\u30e9\u3068\u3057\u3066\u3001\u4e0a\u8a18\u306e\u900f\u660e\u6027\u3092\u671f\u5f85\u3057\u3064\u3064\u652f\u6301\u3057\u307e\u3059\u3002<\/p>\n<h2 id=\"how-sipo-views-eternl-path-to-sustainability-a-drep-perspective-9\">How SIPO Views Eternl: Path to Sustainability \u2014 A DRep Perspective \u2014<\/h2>\n<h3 id=\"overview-10\">Overview<\/h3>\n<p>This governance action requests \u20b31,680,000 (about $420,000 per year) for twelve months of operations, maintenance, infrastructure, and support of Eternl, a widely-used non-custodial Cardano light wallet (web, browser extension, Android, iOS) with an install base of roughly 130,000.<\/p>\n<h3 id=\"a-non-custodial-wallet-as-a-public-good-11\">A Non-Custodial Wallet as a Public Good<\/h3>\n<p>Eternl is a primary gateway through which holders stake, participate in governance, make payments, and interact with dApps. As a non-custodial gateway, it is a public good, and SIPO&#8217;s doctrine (\u00a73.1 core infrastructure, \u00a76 foundational quality) values core wallet infrastructure of this kind.<\/p>\n<h3 id=\"an-honest-treatment-of-treasury-protection-12\">An Honest Treatment of Treasury Protection<\/h3>\n<p>SIPO is explicit: the withdrawal recipient is a single-key (key-hash) stake address, not a script-enforced escrow, so the repayment and monitoring commitments are not enforced on-chain \u2014 they rest on documentation, public reporting, and the proposer&#8217;s reputation. This does not meet SIPO&#8217;s strongest standard (on-chain-enforced, audited escrow), and SIPO weighs that openly. What moves SIPO to support is that the proposal presents no false escrow: it states plainly that funds will be converted to stablecoins and held in a public, monitorable company wallet, with protection resting on a repayment obligation rather than an escrow.<\/p>\n<h3 id=\"self-sustainability-and-repayment-13\">Self-Sustainability and Repayment<\/h3>\n<p>Two structures stand out. A path to self-sustainability \u2014 a Pro plan (personal and company tiers) intended to fund operations from roughly 4.2% of the existing install base, reducing and ultimately replacing Treasury dependence (\u00a74 budget discipline). And a repayment commitment \u2014 every December and June, surplus above the operating budget repays the Treasury at 100% until the full $420,000 value in ADA is returned, after which 50% of Pro-plan income above $420,000 is donated back, up to a further $210,000. This distinguishes the proposal from a simple grant.<\/p>\n<h3 id=\"why-yes-with-expectations-14\">Why &#8220;Yes, with Expectations&#8221;<\/h3>\n<p>A real, widely-used public-goods wallet, the smallest ask in the set, honest KPIs, no proposer conflict of interest, and the strongest community support among recent direct withdrawals move SIPO to Yes. Because the protections are not on-chain enforced, support is conditional on transparency, with four expectations: (1) publish the real active-user rate; (2) report the Pro-plan conversion rate and self-sustainability progress; (3) publish the December and June repayment transactions; and (4) disclose Eternl&#8217;s scope within the broader wallet-maintenance portfolio to avoid overlap.<\/p>\n<h3 id=\"final-position-15\">Final Position<\/h3>\n<p>SIPO votes Yes, with expectations. The single-key fund-control does not meet SIPO&#8217;s strongest standard, but the proposal makes no false escrow claim and offers a credible self-sustainability plan and repayment commitment \u2014 the structures SIPO most wants to see in continuing-cost proposals. SIPO supports Eternl as core wallet infrastructure with a credible path off Treasury dependence.<\/p>\n","protected":false},"excerpt":{"rendered":"Eternl: Path to Sustainability (2026-2027) Governance Action Type: Treasury Withdrawal\uff08\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u5f15\u304d\u51fa\u3057\uff09 \u63d0\u51fa: 2026\u5e745\u670815\u65e5\uff08Epoch 631\uff09 \u5931\u52b9: 2026\u5e746\u670819\u65e5\u9803\uff08Epoch 638\uff09 \u8981\u6c42\u984d: \u20b31,680,000\uff08\u7d04 $420,000\/\u5e74\u30fb12\u30f6\u6708\uff09 \u63d0\u6848\u8005: Eternl\uff08\u975e\u30ab\u30b9\u30c8\u30c7\u30a3 Cardano \u30e9\u30a4\u30c8 wallet\uff09 Governance Action ID: gov_action1ngpqafax5rvp8lcgey4asvqtycrh4e56fwp8cn2r9trx2ysryhtsqdm3w3z L&hellip;","protected":false},"author":1,"featured_media":46035,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[307,21,35,28,1],"tags":[],"class_list":{"0":"post-46033","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\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1.png",1456,816,false],"thumbnail":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-150x150.png",150,150,true],"medium":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-300x168.png",300,168,true],"medium_large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-768x430.png",768,430,true],"large":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-1024x574.png",900,504,true],"1536x1536":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1.png",1456,816,false],"2048x2048":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1.png",1456,816,false],"dp-widget-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-140x96.png",140,96,true],"dp-widget-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-280x192.png",280,192,true],"dp-related-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-250x154.png",250,154,true],"dp-related-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-500x308.png",500,308,true],"dp-archive-thumb":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_1-450x252.png",450,252,true],"dp-archive-thumb-2x":["https:\/\/sipo.tokyo\/wp-content\/uploads\/2026\/06\/sition_sipo_on-custodial_wallet_shown_as_a_welcoming_gateway__f47c7471-d5a8-4f90-b14a-54795f5bd109_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\/46033","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=46033"}],"version-history":[{"count":1,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/46033\/revisions"}],"predecessor-version":[{"id":46034,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/posts\/46033\/revisions\/46034"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=\/wp\/v2\/media\/46035"}],"wp:attachment":[{"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sipo.tokyo\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}