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HOME › Weekly Brief EN › Weekly Brief #29 | Leios Arrives With Dijkstra, Starting at 3–5x Today’s Throughput
Weekly Brief EN

Weekly Brief #29 | Leios Arrives With Dijkstra, Starting at 3–5x Today’s Throughput

2026-10-24SIPO

In the early hours of October 21 JST, Input Output (IOG) laid out five stages for bringing Ouroboros Leios to Cardano mainnet with the next hard fork, “Dijkstra,” and said throughput would start at roughly 3–5 times today’s level and aim for 10–15 times. The hard fork is only the entry point: it is followed by SPOs registering BLS keys, load testing on the live network, and step-by-step increases decided by governance votes.

In the same week, CIP-23, which sets a floor under a pool’s variable fee, was confirmed to be fully included in the Dijkstra hard fork. On October 23, Intersect opened a public Dijkstra testnet and began onboarding SPOs. Meanwhile cardano-node 11.2, the release the next steps depend on, has still not shipped two weeks after its expected date.

In governance, the SPO poll asking whether to raise k from 500 to 1000 reached its deadline at 06:44:51 JST on October 22, with explicit Yes at only 2.20%. Treasury actions now number three: the 22 million ADA copper action has been joined by AURORA (940,000 ADA) and PFMS (9.6 million ADA).

SIPO voted No on the k poll with its three pools, and all three pools run at a 3.9% margin. The revised CAP-12 lists SIPO among the commenters whose input it incorporated. SIPO’s DRep has not yet voted on any of the three treasury actions. Full disclosures are in Chapters 6 and 3.

Executive Summary

  • Leios in five stages: constitution update → Dijkstra hard fork → BLS key registration → mainnet load exercises → throughput increases (at least two). Raising throughput does not require another hard fork. Leios is said to need roughly 90–95% of stake registered with BLS keys before it switches on.
  • CIP-23 goes into Dijkstra: the Hard Fork Working Group’s October 20 minutes record it as “confirmed to be fully included.” The revised CAP-12 says the minimum pool margin will be introduced at 0, with a later parameter update setting its first value.
  • A public Dijkstra testnet opens: it is still on protocol version 11 (Conway), though, and the move to Dijkstra comes after the node 11.2 pre-release. The testnet’s Dijkstra-era configuration file sets a 1.5% minimum margin as its initial value.
  • Node 11.2 misses its date for a second week: the October 13 minutes said “pre-release in the week of October 12,” and the October 20 minutes said “tagged version expected this week,” but as of the morning of October 24 there is no tag.
  • The k poll reaches its deadline: final explicit Yes was 26 pools and 210,480,600 ada, or 2.20%; No votes cast were 48 pools, 19.92% of the denominator. In the final week, 15 Everstake pools (about 660 million ada) recorded No votes within 29 minutes. As an info action, it has no binding effect.
  • Two Committee votes on the copper action: two constitutional committee members judged it “unconstitutional.” Their reasons include that the action’s document sits at a URL that can be changed, and that the receiving account is delegated to a stake pool.
  • Two new treasury actions: AURORA (940,000 ADA), shared infrastructure for discovering lending opportunities, and PFMS (9,600,000 ADA), which would record an Indian state police force’s evidence trail on Cardano. The three pending actions total 32,540,000 ADA, or 76% of the 42,604,371 ada left under the 2026 limit.
  • On the tooling side: Mithril 2642 became a full release, with a new setting required for SPO signers. Hydra 2.4.2, testnet block production in Amaru, and Dingo’s second mainnet block also arrived.
  • Midnight: announced “Nightmode,” which extends its privacy to assets on other chains, and Dynamic, a Fireblocks company, integrated Midnight into its wallet infrastructure.
  • Recovery and reimbursement: SecondFi sent more than 100 million ADA and 22 million NIGHT to owners’ designated addresses, and Liqwid said it will reimburse lenders who took losses in the summer NIGHT liquidations.
  • All four assets fell: ADA −5.15%, BTC −0.42%, ETH −0.82%, NIGHT −5.46%.

1. Market Pulse

Morning fixed-point readings from October 17 to October 24.

Asset10/1710/24Week
ADA$0.22563$0.21401−5.15%
BTC$81,736.8$81,392.0−0.42%
ETH$2,419.00$2,399.20−0.82%
NIGHT$0.04147$0.039207−5.46%

All four assets fell again this week, with ADA and NIGHT down the most. Both NIGHT readings are derived from Cardano DEX prices, so the sources are aligned. Measured in ADA, NIGHT went from 0.183797 ADA to 0.183203 ADA, −0.32%, roughly flat.

Measured at epoch boundaries, ADA went from $0.22545085 (¥35.63) at 06:45 JST on October 17, when epoch 662 began, to $0.22840837 (¥36.11) at 06:45 JST on October 22, when epoch 663 began: +1.31%. The sampling times differ, so it does not even match the direction of the weekly −5.15%.

We do not link price moves to the events covered in this issue.

The remaining network figures: across the boundary from epoch 662 to 663, the staking ratio moved from 56.76% to 56.77%, delegators fell by 186 to 1,333,303, and pools that produced blocks rose from 931 to 937. The treasury stands at 1,385,672,065 ada in epoch 663.

2. Leios Arrives With Dijkstra in Five Stages

The order IOG set out

In an article dated October 20, “Leios is coming,” IOG split the path to mainnet into five stages. The announcement went out at 01:20 JST on October 21. Each stage has different voters and thresholds.

StageWhat happensVote
1. Constitution updateAdd the new Dijkstra parameters and their safe ranges (guardrails) to the ConstitutionDRep 75%, Committee two-thirds (no SPO vote)
2. Dijkstra hard forkMove to the new rules, including LeiosDRep 60%, SPO 51%, Committee two-thirds
3. BLS key registrationEach pool registers the key it uses for Leios votesNo vote
4. Mainnet load exercisesPlanned bursts of transactions to measure propagation on the live networkNo vote
5. Throughput increasesRaise the limits by parameter changes (at least twice)DRep 67%, SPO 51%, Committee two-thirds

The article states the throughput target this way:

“Leios aims to start at roughly 3 to 5 times today’s 4.5 TxkB/s ceiling, and the next parameter updates aim for around 10 to 15 times.”

On stage five it adds: “Those capacity changes do not require another hard fork.” In other words, there are three distinct milestones: Dijkstra makes the protocol available, BLS key registration turns on voting, and later parameter changes decide how much Leios can carry.

The mechanism, briefly

Leios keeps today’s blocks as “ranking blocks” and adds “endorser blocks” on top, which list references to transactions. At the start of each epoch, pools take voting seats in order of stake, check the contents of an endorser block, and sign with a BLS key. According to the article, once votes representing at least 75% of all active stake arrive, the signatures are combined into a single certificate and those transactions enter the ledger.

That is why the article names, as the condition for switching Leios on, “roughly 90 to 95% of the stake registered.” Pools without a BLS key can keep producing today’s blocks but cannot vote on endorser blocks.

What else comes with Dijkstra

Besides Leios, the article lists nested transactions, account enhancements, guard scripts, Plutus V4, freely withdrawable staking rewards, and a new pledge-leverage parameter. Reward withdrawals and pledge leverage bear directly on decisions by delegators and SPOs (Dijkstra で入る Leios、処理能力は今の3〜5倍から).

On the development side, the consensus team merged Praos2, which combines Praos with the Leios overlay, into main, and the Plutus team enabled new builtins for Dijkstra. Neither can be used on-chain until the hard fork.

Disclosure: SIPO is an SPO running three pools, and registering BLS keys after the hard fork is SIPO’s own work.

3. CIP-23’s Minimum Pool Margin Goes Into Dijkstra

How it got moved up

As of early October, CIP-23, which sets a floor under a pool’s variable fee (margin), was expected to take effect in the hard fork after Dijkstra (protocol version 13). As we reported last week, at the October 13 Hard Fork Working Group a group of SPOs asked for full implementation in version 12, and the development teams were asked to size the work.

On October 20 (UTC), the operator of ATADA, an Austrian pool that has championed the proposal, posted on X:

“SPOs – we did it! minMargin CIP23 will be fully included in the upcoming Dijkstra Hardfork to PV12 and not in PV13 many months away!”

The Hard Fork Working Group minutes from the same day record it officially:

“CIP-23 is confirmed to be fully included in the Dijkstra era hard fork scope”

What changes in the ledger code

The implementation can be followed in IntersectMBO’s ledger repository. Pull request #6197, opened on October 17, changes the reward calculation to use “the larger of the pool’s registered margin and the minimum margin” and “the larger of the registered fixed cost and the minimum fixed cost,” and is written to apply only from protocol version 12. As of October 21 it was still a draft and had not been reviewed (CIP-23 の最低プールマージン、Dijkstra のハードフォークへ前倒し).

The value is still 0

The key point is that what Dijkstra brings is “the ability to set a ratio floor.” Version 4 of the constitutional amendment CAP-12 was published at 18:28 JST on October 21, and the author’s summary says:

“minPoolMargin is fully implemented at the Dijkstra hard fork. It is introduced at 0, and a later Parameter Update sets its initial value.”

The same version gives MPC-03a, which sets the principle for the minimum fixed cost, this wording: “minPoolCost should be set in conjunction with minPoolMargin. Until the protocol version that activates the minPoolMargin reward calculation, minPoolCost should be set in line with the economic cost of operating a pool.” After last week’s expiry of the proposal to cut it to 75 ada, how to combine the two floors, fixed and proportional, moves to the parameter-change debates after Dijkstra.

Version 4 also moves the Peras parameters into a separate amendment, and attaches to pledge leverage (maxPledgeLeverage) a requirement of 18 epochs’ notice and a limit of at most one change in any 36-epoch period. On the emergency procedure for switching Leios off, an editor pointed out that it was attached to the wrong parameter, and the Technical Steering Committee (TSC) said it would take it up at its October 28 meeting.

Disclosure: SIPO commented on CAP-12 on October 3 as a DRep that runs three pools, and the version 4 summary lists SIPO among the commenters whose input it incorporated in the pledge-leverage item. SIPO’s three pools run at a 3.9% margin and a 340 ada fixed cost.

4. A Public Dijkstra Testnet Opens; Node 11.2 Is Still Missing

The testnet’s sequence

At 15:03 JST on October 23, Intersect announced that a public Dijkstra testnet was available.

“A public Dijkstra testnet is now available! SPOs can begin onboarding using Node 11.1.3 on pv11. Epochs are 1-day in length.”

The sequence it gave: run protocol version 11 (Conway) on node 11.1.3 → node 11.2 pre-release → a Hard Fork Initiation governance action → hard fork to version 12 (Dijkstra) using node 11.2 → integration and testing against the Dijkstra feature set minus Leios. What is open now is the first step; Dijkstra’s features cannot yet be used on this testnet.

The published Dijkstra-era configuration file sets the minimum pool margin (minPoolMargin) to 0.015, or 1.5%. This is the testnet’s initial value and does not indicate a mainnet value. Its significance is that after the hard fork, reward calculations with the floor in effect can be checked in one-day epochs (Cardano の Dijkstra 公開テストネット、SPO の参加受付を開始).

11.2 misses two weeks running

Node 11.2, which opens the next step on the testnet, did not ship this week either.

WhenHard Fork Working Group expectationWhat happened
October 13 minutesPre-release in the week of October 12, mainnet-ready in the week of October 19Did not ship
October 20 minutes“tagged version expected this week”Not out as of the morning of October 24

The latest release and tag in IntersectMBO/cardano-node is still 11.1.3 from September 29. The October 20 minutes say 11.2 “includes the full feature set of Dijkstra era hard fork scope except Leios,” that it is expected to bring LSM (keeping ledger state on disk) to mainnet, and that memory requirements with LSM are expected to be about 12GB. Version 11.3, with Leios, is “at least 2 weeks away” from being tagged.

The same minutes say that allowing BLS keys in the pool parameters to be updated without the owner’s signature is likely to be implemented for Dijkstra. On the Constitution, the Parameter Committee expected “a new draft of the Constitution this week,” and a guardrails briefing open to Committee members, SPOs, and DReps was held at 23:00 JST on October 23. The first version of the guardrail script, described as coming “next week” in last week’s minutes, is not mentioned.

5. The k Poll Expires at 2.20% Explicit Yes

Should stakePoolTargetNum (k) be raised from 500 to 1000? (SPO poll) stopped accepting votes at 06:44:51 JST on October 22 and was recorded on-chain as expired in epoch 663.

CategoryLast issue (10/17)Final
SPO explicit Yes24 pools, 194,863,923 ada26 pools, 210,480,600 ada
SPO No votes cast33 pools, 1,244,423,359 ada48 pools, 1,906,436,008 ada
SPO not voted8,056,965,897 ada7,403,195,983 ada
SPO always abstain (outside denominator)618 pools621 pools
CommitteeYes 1, Abstain 1Yes 1, Abstain 1

The final week’s 18 votes

Eighteen SPO votes arrived this week. Stake figures are each pool’s current value retrieved on the morning of October 24.

Recorded (JST)PoolVoteStake (approx.)
Oct 20, 01:38VAMP (Vampyre Fund)Yes~15.85M ada
Oct 20, 19:52FHLN1 (Freiholon)Yes~40K ada
Oct 21, 01:04–01:3315 Everstake / Everstake Partner poolsNo~662.07M ada total
Oct 22, 02:58HEPHY (Hephaestus Stake Pool)Abstain~850K ada

The 15 Everstake pools recorded their No votes one after another over 29 minutes. None of this week’s 18 votes came with a rationale, so we do not state reasons.

The action’s own standard, and its effect

The action’s text declared its own test:

“Sufficient support is established only if explicit SPO YES votes represent more than 50% of the applicable active SPO voting stake”

The denominator is now 9,569,944,128 ada, and explicit Yes was 2.20%. Reaching the standard would have required about 4.57 billion ada more in Yes votes. No votes cast were 19.92% of the denominator, and SPO stake that never voted remained at 77.36%.

The text also states that this is an info action, that the 50% standard is not an on-chain ratification threshold, and that the result “must not be interpreted as a mandate for any alternative increase in stakePoolTargetNum.” k stays at 500, and no parameter changes as a result of this poll. The DRep column showed 7.78% Yes, but the action’s text declares that DRep votes do not count toward its test. As of the morning of October 24, we found no statement on the result from Intersect, IOG, or the Cardano Foundation.

DRep votes with rationales show both sides:

Yes (GNP1_DRep): “I voted YES on raising k from 500 to 1000 as both a DRep and an SPO.” “Only 0.16% of stake changes pool each epoch. In 2021 it was 1.36%.”

No (dreptalk): “I vote NO on changing k in isolation. SPO economics depend on minPoolCost, minPoolMargin (CIP-23), pledge influence and CIP-50 together.”

The figures are the voters’ own measurements. Vote movements through last week are in Chapter 6 of Weekly Brief #28.

6. SIPO’s Three Pools and the Two Floors

This concerns SIPO’s own position, so we disclose the record and our interests together.

On October 7, SIPO voted No on this poll with its three pools, SIPO, SIPO2, and SIPO3, and abstained as a DRep. There were no new votes before the deadline. The full rationale is at SIPO：k を 1000 に上げる SPO ポールに 3 プールで反対.

The deadline does not end the discussion of k, but as the action itself declares, the result decides nothing. As last week, here is a mechanical estimate dividing the on-chain circulating supply on the morning of October 24, 36,813,948,001 ada, by k.

kSaturation point (supply ÷ k)SIPO’s three pools (live stake at the end of epoch 662)
500 (current)about 73,627,896 adaAll three below
1000 (poll’s proposal)about 36,813,948 adaSIPO 53,952,999 ada = 1.466x / SIPO2 35,201,211 ada (0.956) / SIPO3 24,267,600 ada (0.659)

SIPO’s first pool would sit above the saturation point at k=1000, and our No vote should be read as a judgment made with that disadvantage in view. SIPO grew by about 1.56 million ada over the week.

We also note our position on the other floor, the minimum margin. SIPO’s three pools run at a 3.9% margin, above the testnet’s 1.5% initial value. The mainnet value has not been set, and while it is 0, reward calculations do not change for any pool, SIPO included.

In epoch 662, the three pools produced 121 blocks: SIPO 45, SIPO2 43, SIPO3 33 (105 in epoch 661). Delegator counts are 1,106, 475, and 542.

7. Two “Unconstitutional” Votes on the Copper Action

Nine days have passed since Cardano Strategic Copper Reserve | ₳22M RWA Tokenization was submitted. The last votes will be accepted at 06:44:51 JST on November 16.

CategoryLast issue (10/17)This issue (10/24)
DRep Yes2 votes, 12,547,657 ada2 votes, 13,206,411 ada (0.25%)
DRep No votes cast16 votes, 154,987,311 ada51 votes, 1,337,286,591 ada (25.75% of denominator)
DRep Abstain01 vote, 93,600,650 ada
Committee0No 2

The Committee’s reasons

On the Constitutional Committee, two members recorded No, meaning “unconstitutional,” at 02:32 JST on October 22 and 05:00 JST on October 23. Both rationales cite the following two points.

  • Where the document is hosted: the Constitution requires the action’s document to be hosted so that it is incapable of being altered after submission. The rationales point out that this action’s document is at a URL on the proposer’s website, and that a hash lets a change be detected but does not prevent the document from being replaced.
  • Delegation of the receiving account: the account that would receive 22,000,000 ada is delegated to the predefined “abstain” voting option but is also delegated to a stake pool, which they say the Constitution forbids.

One member also noted that the recipient is its own sole administrator and that independent checks on the use of funds have yet to be appointed. The two DRep Yes votes have no rationale. Ratification requires two-thirds of the Committee to find it constitutional, and the remaining five members have not yet voted.

On the proposer’s side, “Cardano Governance Hour #12,” in which the Cardano Foundation’s governance lead discusses the action with Toto Finance’s CEO, is scheduled for 01:30 JST on October 28.

SIPO’s DRep has not yet voted on this action.

8. Two New Treasury Actions: AURORA and PFMS

AURORA (940,000 ADA)

AURORA: Open infrastructure for bringing real credit markets to Cardano., submitted at 06:14 JST on October 19, proposes shared infrastructure for finding, comparing, and verifying individual lending opportunities on Cardano across different lending implementations. Its abstract says:

“The Treasury request is 940,000 ADA for approximately five months of delivery across four milestones. Fairway is responsible for delivery, with technical contributions from Sundial and architectural advice from Fallen Icarus.”

Funds first go into an independent 3-of-5 multisig, and software built with treasury money would be released under the Apache License 2.0. Loan origination and settlement are left to each underlying system.

Votes stand at 5 DRep Yes votes, 20,410,682 ada (0.41%), and 19 No votes cast, 1,010,850,250 ada (20.06% of the denominator). On the Committee, the same two members as on the copper action judged it “unconstitutional.” Their rationales cite the document being hosted at a GitHub branch URL, missing details on costs and the circumstances for refunds to the treasury, and no disclosure of whether the recipient received ADA from the treasury in the past 24 months.

PFMS (9,600,000 ADA)

PFMS: Bringing Government Scale Adoption to Cardano by Trivolve Tech, submitted at 20:49 JST on October 21, asks for funding to build “PFMS,” an evidence management system for police forces developed by Indian firm Trivolve Tech. The action’s author field lists Trivolve Tech and the Cardano Foundation.

“This proposal requests a milestone gated treasury withdrawal of 9,600,000 ADA to fund the design, development and deployment of the Police Force Management System (PFMS).”

The plan is to write hashes of evidence records to Cardano mainnet in batches so that it can be verified they were not altered, with the state of Telangana as the first deployment. The proposal projects about 1.5 million transactions a year and says 70% of verification revenue would go to the treasury, 20% to core Cardano library maintenance, and 10% to Trivolve Tech. The Cardano Foundation said on X: “We are the administrator for this action. If DReps approve it, we will ensure funds are released when each milestone is delivered and verified.” (PFMS、インド警察の証拠管理に960万 ADA のトレジャリー請求)

Votes stand at 10 DRep Yes votes, 182,529,961 ada (3.46%), and 3 No votes cast, 26,416,431 ada. On the Committee, one member judged it “constitutional.” That rationale cites the document being hosted on IPFS, which cannot be altered, but also sets a condition: if the receiving account is delegated to a stake pool before ratification, the vote will change to unconstitutional.

The deadline for both AURORA and PFMS is 06:44:51 JST on November 21.

Against the remaining limit

ActionAmountDeadline
Copper22,000,000 ADANov 16
PFMS9,600,000 ADANov 21
AURORA940,000 ADANov 21
Total32,540,000 ADA

Against the 42,604,371 ada left under the 2026 limit, the three pending actions total 76%. The ₳600,000 Mesh SDK draft mentioned last week has not yet appeared on-chain (Cardano トレジャリーの引き出し枠、残り約 4,260 万 ADA).

SIPO’s DRep has not yet voted on AURORA or PFMS.

9. Network: Epoch 662 at 156,063 Transactions

EpochPeriod (JST)BlocksTransactionsPer blockFees
66010/7 6:44 – 10/12 6:4421,2431,780,89683.8337,720.00 ada
66110/12 6:44 – 10/17 6:4421,385253,31411.8567,761.27 ada
66210/17 6:44 – 10/22 6:4421,268156,0637.3454,576.59 ada

Epoch 662 carried 156,063 transactions, back to about the level of epoch 659 (158,011), the epoch before the record set in epoch 660.

On rewards, total rewards for epoch 661 were finalized at 6,165,276 ada, down 0.96% from 6,224,828 ada in epoch 660. The treasury balance rose by +3,743,601 ada across the boundary into epoch 663. As we wrote last week, the reward pot combines payouts from reserves with fees, and 20% of it goes to the treasury. What we can state is the arithmetic of this sequence.

10. Tooling and Layer 2

  • Mithril 2642 becomes a full release: 2642.0, which we reported last week as a pre-release for test networks only, is now a full release. The development blog announced on October 20 that it had been deployed to three networks including mainnet, and asks SPOs running signers to update the signer to 1.2.5 and add the new setting PROTOCOL_CONFIGURATION_READER_ADAPTER_CONFIG. Signers without the setting keep working until the next distribution, but the next version removes the old way of reading it (Mithril 2642.0 のメインネット展開、SPO の署名者に新設定).
  • Hydra 2.4.2 (October 23): the release notes highlight “higher transaction throughput through larger snapshot batches, faster partial fanout, and a Windows build of hydra-node,” and say it is a drop-in replacement from 2.4.0.
  • Glacier Drop rerun on Hydra v2: on October 22, IOG published the results of replaying 24,576 claims from Midnight’s 2025 token distribution, the Glacier Drop, on current Hydra. Claims settled per second rose 1.9x, and the time to settle one claim became 2.3x faster. The rerun was done by the same team that operated the head during the drop (Hydra v2、NIGHT 請求の確定時間を9.9秒から4.4秒に).
  • Amaru (October 22): the Rust node Amaru “can now forge blocks on test networks” when given KES, VRF, and operational certificate credentials. Mainnet forging remains disabled.
  • Dingo’s second mainnet block: with the Go node Dingo, community pool GMBL produced the block at height 14,097,344 at 22:47:16 JST on October 21, about five weeks after the first case in September (Dingo、2 つ目のプール GMBL がメインネットでブロック生成). The v0.87.0 release notes include an item “harden devnet security boundaries.”
  • cardano-cli 11.5.0.0 and Plutus 1.72.0.0: cardano-cli’s node-configuration check now also inspects the Dijkstra configuration file. Plutus fixed the scope check for protocol version 12 and above.
  • Five Intersect tools: cardano-api, cardano-rpc, cardano-wasm, cardano-sieve, and cardano-testnet were added to Cardano’s developer tool index (Intersect の5ツール、Cardano の Builder Tools に掲載).

cardano-node had no release again this week.

11. Midnight: Nightmode and Wider Entry Points

Nightmode

At 22:53 JST on October 20, Midnight announced “Nightmode,” which brings Midnight’s shielding and selective disclosure to assets on other chains. It was built with Sig Network, and the announcement names public chains such as Bitcoin, Ethereum, Solana, and Tron. The official blog explains:

“Nightmode connects Midnight to public blockchains using Multi-Party Computation (MPC) vault contracts.” “The native assets never leave their origin network.”

Listed uses include shielded trading, confidential lending, liquid staking, institutional payments, and private RWA settlement. The blog does not say when it will be available (Midnight、他チェーンの資産を秘匿する Nightmode を発表).

Charles Hoskinson posted “Welcome to Midnight, Tron” on X on October 21 and 22, and Sig Network posted “TRON + Midnight in December.” early on October 24 JST. We found no mention of Midnight from Tron’s official accounts this week. We do not describe the relationship as a “partnership.”

Wallet and distribution tools

  • Dynamic integrates Midnight (October 22): Dynamic, a Fireblocks company, integrated Midnight across its non-custodial wallet infrastructure. Users can go from a wallet created with email or social login to a shielded transaction without installing extra software (Fireblocks 傘下の Dynamic、組み込みウォレットで Midnight に対応).
  • NuFi’s announcement: multichain wallet NuFi said it will support Zcash (~1 week) and XRP (~1 month), followed by Midnight “soon after.”
  • Quantum Alliance: on October 16, an alliance of nine organizations building open standards for quantum readiness launched, with the Midnight Foundation among its founding members (Quantum Alliance 発足、Midnight が耐量子の物差しづくりへ).
  • Video series: on October 22, the Midnight Foundation released all four episodes of “Freedom Fighters,” following Venezuelan opposition leader Leopoldo López.

There were no releases of the node, ledger, or Compact this week, and no newly published security advisories. There was also no new announcement on the roadmap items: the move to BABE, block production rewards, or NIGHT staking.

Disclosure: SIPO is a member of Midnight’s Nightforce ambassadors and, as a Cardano SPO, could be eligible when block production opens as the roadmap describes.

12. Recovery, Reimbursement, and Audits

  • SecondFi’s recovery: on October 21, SecondFi (formerly Yoroi) reported that since releasing its recovery tool on October 7 it had sent more than 100 million ADA and 22 million NIGHT to designated addresses for verified and processed claims. It plans to automate transfers through the recovery smart contract in the coming days (SecondFi の資産回収、1 億 ADA 超と 2,200 万 NIGHT を送金).
  • Liqwid reimbursement: early on October 22, Liqwid announced that lenders whose positions absorbed bad debt after the NIGHT liquidations in July and August will be reimbursed. It describes this as a goodwill initiative supported by the Liqwid and Wanchain teams and others; the total amount and the affected markets are not stated. It will announce on its Discord and X when claims open (Liqwid、NIGHT 清算の不良債権を負った貸し手に補填へ).
  • Indigo’s fix: early on October 20, Indigo announced it had fixed a vulnerability found by TxPipe, on-chain after approval by INDY DAO. It says user funds were never at risk from the warning through completion (Indigo、TxPipe が見つけた脆弱性を DAO の承認で修正).
  • TxPipe’s patched releases: on the night of October 22, TxPipe released fixes for four products including the data node Dolos, so they no longer trust eMudhra intermediate certificates whose private keys anyone can derive (TxPipe、eMudhra 中間 CA を信頼しない修正版を4製品で公開).
  • Intersect’s Members Area: at 01:48 JST on October 22, Intersect said it had taken its Members Area offline as a precaution after reports of PHP vulnerabilities. As of the morning of October 24, there was no notice that it is back.
  • Impersonation and delayed distributions: Iagon stated that a token named IAGONAUT has nothing to do with it. Palm Economy postponed its vesting distribution and switched to manual handling because of September’s VyFi breach.

We found no reports of new incidents in Cardano DeFi this week.

13. DeFi Moves

  • Minswap tops DEX volume: on DefiLlama, Minswap led Cardano DEX volume for October 15–21 at about $2.74 million. The change at the top reflects a roughly 60% drop at Dano Finance, the previous week’s leader, and total DEX volume fell 32.7% (Minswap、直近7日の取引高で Cardano の DEX 首位に).
  • Minswap and FluidTokens: a recording of the October 20 X Space “The merging” was posted, but neither company has issued a written announcement. We continue not to call it a “merger.”
  • Entry points for RealFi’s dollar: on October 20, SundaeSwap enabled direct swaps from ADA into RealFi’s yield-bearing token sUSDrf. On Strike Finance, loans backed by sUSDrf reached $119,199 early on October 18, the largest on its collateral list (RealFi の sUSDrf、Strike の借入担保で11.9万ドルの首位に). Strike also launched a scheme paying 12% of the fees of second-tier referrals.
  • Surf: lender Surf said its deposits reached 17.5 million ADA and that it will resume its leverage feature within days. Its figure differs from DefiLlama’s by about 1.1 million ADA, and Surf has not explained how it counts.

SIPO participates in RealFi’s SPO Accelerator as a RealFi Alpha Ambassador.

14. Organizations and People

  • Joint letter to the SEC: on October 21, the Cardano Foundation announced it had co-signed, with Stellar, Hedera, Aptos Labs, Ava Labs, and Chainlink, a letter asking the U.S. Securities and Exchange Commission to write its March classification of ADA as a “digital commodity” into the text of the proposed rules. The letter’s concern is that the classification currently appears only in the rules’ explanatory section (Cardano 財団など6団体、ADA のデジタル商品分類を SEC 規則本文に). The same day, the Foundation also responded to the EU’s MiCA review consultation, saying “More regulation doesn’t mean better regulation.”
  • 100,000 farm plots in India: early on October 22, the Foundation announced that 100,000 farm plots in India have been registered on Cardano through 5am.earth’s system. This project received a ₳10 million treasury withdrawal approved in June, and SIPO’s DRep also voted Yes with stated expectations (5am.earth の農地登録、インドで10万件に).
  • First class at UCLA: under the Foundation’s partnership with UCLA Anderson School of Management, the first class was held on October 19, with Cardano content to enter the curriculum in 2027.
  • Intersect’s budget: Intersect’s weekly update #133 reports that 25 vendor contracts under the 2026 budget, totaling 204,639,279 ada, are now all on-chain contracts. The Parameter Committee is seeking researchers to study how far utxoCostPerByte, which sets the minimum ADA in a UTxO, could safely be reduced; applications close November 4.
  • Charles Hoskinson: on October 18 he revealed he is developing a programming language for Cardano with Aiken co-founder Lucas Rosa that handles “intents” and “PCD” through Groth16 proofs. On October 20 he unveiled “Quinelings,” small programs that can output their own source (ホスキンソン氏、Cardano 向けの新しいプログラミング言語を開発中). The content of the “[ANN] soon” we covered last week has still not been announced.
  • Agora’s knowledge base: the “Agora Knowledge Base,” which gathers Cardano governance materials in one place with traceable sources, has launched (Agora、Cardano ガバナンスの知識ベースを公開).

15. Risk Dimensions

  • Operations (node schedule). Node 11.2 has missed its expected date two weeks running. The testnet’s move to Dijkstra, the hard-fork initiation action, and the mainnet timeline all come after 11.2. The roughly 12GB memory requirement when using LSM also matters for operational preparation.
  • Operations (Mithril). The signer’s new setting becomes mandatory with the next distribution. Without it, signers will be unable to read the protocol configuration in that version.
  • Governance (two floors). The minimum margin enters at 0, with its value set by a later parameter change. Together with how the minimum fixed cost is combined and how pledge leverage is used, the assumptions behind pool economics could shift within months.
  • Pool economics (SIPO itself). SIPO’s first pool sits at 1.466x the k=1000 saturation point, and SIPO2 is at 95.6% of the line. The poll ended at its deadline, but the discussion of k itself has not.
  • Treasury. The three pending actions total 76% of the remaining limit. Unconstitutional judgments have been recorded on copper and AURORA over where documents are hosted and receiving accounts, and PFMS also carries a condition about delegation of its receiving account.
  • Midnight. The blog does not give an availability date for Nightmode, and the relationship with Tron rests on statements from Midnight’s and Sig Network’s side.
  • Recovery and reimbursement. For both SecondFi’s recovery and Liqwid’s reimbursement, claim procedures are announced only through official channels. Beware of impersonating notices.
  • Web infrastructure. The Intersect Members Area shutdown showed that parts of the governance process sit on ordinary web infrastructure.

16. Next Week

  1. cardano-node 11.2 — the pre-release, two weeks late. Check the IntersectMBO/cardano-node releases page and the Hard Fork Working Group minutes for October 27.
  2. The public Dijkstra testnet’s next step — whether configuration files are reissued after 11.2. Check the Dijkstra page of the Cardano Operations Book.
  3. CAP-12 and the new Constitution draft — the TSC takes up the Leios switch-off procedure at its October 28 meeting. Check the CAP-12 page on the CAP portal.
  4. cardano-ledger pull request #6197 — whether CIP-23’s reward-calculation change leaves draft and is merged. Check that page in IntersectMBO/cardano-ledger.
  5. Governance Hour on the copper action — 01:30 JST, October 28. Check the announcement on @Cardano’s X. Votes by the remaining five Committee members can be followed on gov.tools for that action.
  6. AURORA and PFMS votes — both close at 06:44:51 JST on November 21. Check each action’s page on gov.tools.
  7. Intersect weekly update #134 — how the k poll result is recorded. Check Intersect’s news page.
  8. Light client technical workshop — 00:00 JST, October 30. Check IOG’s announcement on X.
  9. Strike’s second-half distribution — 10,000 STRIKE on October 28. Check @strikeperps on X.
  10. Cardano Card shutdown — October 31. Check @cardano_card on X.
  11. Epoch 664 boundary — 06:44:51 JST, October 27. Whether the k poll is recorded as removed on-chain can be checked in Koios governance records.

Summary

This week, Dijkstra’s contents became concrete from the SPO side. IOG split Leios’s rollout into five stages, laying out a path that starts at 3–5 times today’s throughput and rises toward 10–15 times with each governance vote. For SPOs, registering BLS keys after the hard fork is itself the condition for switching Leios on.

Fee floors will also number two with Dijkstra. CIP-23’s minimum margin is confirmed to be in the hard-fork scope, entering at 0, with its value set by a later parameter change. The debate over lowering the minimum fixed cost, whose proposal expired last week, continues as a question of how to combine these two floors.

Meanwhile, the poll on raising k to 1000 reached its deadline at 2.20% explicit Yes. That is far from the standard the action declared for itself, and the result decides nothing. Three actions now sit in the treasury queue, and the Committee’s judgments are arriving first on procedural points: where documents are hosted and how receiving accounts are delegated.

Every one of these steps, though, starts from node 11.2, which has yet to ship. Next week, too, the first thing to check is the cardano-node releases page.

References and Sources

Where the text refers to SIPO’s own articles, links are given in place. The following are primary sources.

Transparency Notes

  • Final k poll votes: epoch 663 tallies retrieved from Koios at 07:15 JST on October 24. The denominator is explicit Yes of 210,480,600 ada plus the stake that counts as No (No votes cast, always no confidence, not voted) of 9,359,463,528 ada, for 9,569,944,128 ada. 2.20% is Yes ÷ denominator; 19.92% is No votes cast of 1,906,436,008 ada ÷ denominator; 77.36% is not-voted 7,403,195,983 ada ÷ denominator; about 4.57 billion ada to the standard is 0.5 × denominator − Yes. Explicit abstentions and the 621 “always abstain” pools are excluded from the denominator, as the action’s text declares.
  • How we describe “expired”: the on-chain status is “expired” (epoch 663). Info actions have no ratification procedure, and there is no “rejected” status.
  • The 15 Everstake pools: pools registered under the name “Everstake” or “Everstake Partner.” The stake total is each pool’s current active stake retrieved on the morning of October 24, not the value at voting time. We do not state the operator’s intentions or reasons.
  • How we write “No X%”: the No percentage returned by the public API includes not-voted and “always no confidence” stake. Our No percentages are limited to No votes cast divided by the denominator (copper 25.75% = 1,337,286,591 ÷ 5,193,471,251; AURORA 20.06% = 1,010,850,250 ÷ 5,038,508,795).
  • Committee votes: we give recording times and do not name Committee members in the text. “Unconstitutional” and “constitutional” follow how each member’s rationale states its judgment. Summaries of reasons stay within the rationales’ own wording.
  • AURORA and PFMS deadlines: calculated from the actions’ expiry epoch (669) and epoch-boundary times. AURORA’s submission date follows the on-chain record (21:14 UTC on October 18).
  • Ratio to the remaining limit: 76% is the arithmetic of 32,540,000 ÷ 42,604,371. It is not a forecast of outcomes.
  • 1.5% minimum margin: the value in the Dijkstra-era configuration file (dijkstra-genesis.json) of the public Dijkstra testnet. CAP-12 version 4 says it will be introduced at 0 on mainnet.
  • Node 11.2: we confirmed that 11.2 is absent from the IntersectMBO/cardano-node releases and tags as of the morning of October 24.
  • Rewards and treasury: total rewards are Koios epoch-info values. The treasury increase is the difference in balances (1,385,672,064.61 − 1,381,928,463.90).
  • Saturation estimate: a mechanical estimate dividing the on-chain circulating supply on the morning of October 24, 36,813,948,001 ada, by k. SIPO’s three pool figures are live stake retrieved right after the end of epoch 662.
  • SIPO’s interests: on the k poll, that SIPO voted No with three pools and abstained as a DRep and that its first pool sits above the k=1000 saturation point; on CIP-23 and CAP-12, that the three pools run at a 3.9% margin and 340 ada fixed cost and that the CAP-12 version 4 summary lists SIPO’s comment among its sources; on Leios, that BLS key registration will be SIPO’s own work; on copper, AURORA, and PFMS, that its DRep has not yet voted; on Midnight, that SIPO is a member of the Nightforce ambassadors and could be eligible when block production opens; on RealFi, that SIPO participates in the SPO Accelerator as an Alpha Ambassador; and on 5am.earth, that its DRep voted Yes in June. All are disclosed in the text.
  • Price sampling times: the October 17 value is the 06:35:02 morning reading and the October 24 value is the 06:35:01 reading. On CoinGecko’s 7-day daily series (09:00 JST October 17 → 07:23 JST October 24), ADA was −5.33%, BTC −0.33%, ETH −1.12%, and NIGHT −6.78%, with different base times and series. The epoch-boundary ADA figure (+1.31%) uses values at the exact boundary times.
  • The word “security”: cardano-node had no release this week. For Dingo, we write only to the extent the v0.87.0 release notes contain the word security. The Indigo, TxPipe, and Intersect items follow each organization’s own announcement wording.
  • What we did not write: the content of the Minswap–FluidTokens Space (no written announcement), the content of the Cardano R&D session and the Midgard Labs Tokyo meetup (we could not confirm a written record), official figures from the Musashi Dojo load tests (not published), the content of the unpublished advisory mentioned in Midnight’s indexer release notes, and any forecast of the actions’ outcomes.
  • Prices and events: not linked.

This is not investment advice. For information and research purposes only.

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Delegate to SIPO · 委任ガイド

ADA を手元に置いたまま、
SIPO に委任する

SIPO は Cardano ステークプール 3 基 (SIPO / SIPO2 / SIPO3) を運用しています。Midnight のバリデータ運用は開始後に参加予定です。

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ステーキングをはじめる → はじめての方は、この 3 本を順に読むと迷いません。
  1. 1
    📘 Learning ステーキングとは、ADA を手元に置いたまま報酬を受け取る仕組み 仕組みを知る →
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    📘 Learning DRep への委任とは、13.7 億 ADA の国庫の使い道に一票を託す仕組み ガバナンスに参加する →
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    📘 Learning 委任マニュアル 2026 年版、Lace と Daedalus でプールと DRep を選ぶ手順 手順どおりに委任する →