- DeFi 유동성 예산 집행에 대한 제안 DeFi 유동성 예산 정보 조치에 명시된 바와 같이, 에이다 국고에서 500,000 ₳를 인출할 것을 요청함 .

- 해당 자금은 에이다 커뮤니티가 승인한 스테이블코인 DeFi 유동성 예산을 위한 법적 프레임워크 및 Smart Contract 인프라 구축에 사용됨 .

- 인출금은 케이맨 제도 재단 법인 설립, 관리용 Smart Contract 및 사용자 인터페이스 개발, 시스템 보안 감사라는 세 가지 핵심 요소에 투입됨 .

- 모든 자금은 9인 임시 위원회가 9개 중 5개의 Multisignature 방식으로 관리하는 Amaru 컨트랙트로 우선 수령됨 .

- 자금은 제안서에 명시된 마일스톤 달성 여부에 따라 서비스 제공업체에 순차적으로 지급될 예정임 .

- ■ 주석 *DeFi: 탈중앙화 금융 **Smart Contract: 블록체인 기반 자동 실행 계약 ***Multisignature: 여러 개의 서명이 필요한 보안 방식 ****Milestone: 프로젝트 진행 과정의 주요 단계별 목표

- 케이맨 재단 설립 및 보안 감사에 대한 제안 케이맨 제도에 법인격이 있는 재단 회사(FC)를 설립하여 DAO 거버넌스를 운영할 계획임 .

- 해당 구조는 주주가 없는 이사 중심 체제로 운영되며, 위원회 구성원들에게 유한 책임 보호를 제공함 .

- 전문 이사 2인과 감독관 1인이 관리하며, 9인으로 구성된 임시 위원회가 5/9 Multisig 방식으로 자금을 집행함 .

- 설립 단계는 법인 형성(3~5주)과 활성화(1~2주)의 두 단계로 진행될 예정임 .

- 법적 구조 구축을 위한 총 비용은 166,000달러 또는 400,000 ₳로 추산됨 .

- Invariant0 LLC를 통해 Smart Contract의 설계 검토 및 코드 감사를 실시할 계획임 .

- 보안 감사는 고정 가격인 75,000 ₳로 진행되며 최종 보고서가 공개될 예정임 .

- Sundae Labs의 지원을 받아 Amaru 계약을 설정하고 500,000 ₳의 인출 및 배분을 관리함 .

- 에이다 Smart Contract 전문 지식을 활용하여 자금 관리의 투명성을 확보하고 단일 장애점을 방지함 .

- ■ 주석 *DAO: 탈중앙화 자율 조직 **FC: 케이맨 제도 재단 회사 ***Multisig: 여러 개의 서명이 필요한 보안 방식 ****dReps: 위임 대표자 *****Smart Contract: 블록체인 기반 자동 실행 계약 ******tDAO: 에이다 생태계 내 탈중앙화 거버넌스 조직

- 에이다 헌법 준수 출금 절차에 대한 제안 본 출금 조치는 에이다 헌법의 모든 관련 조항을 철저히 준수함 .

- 제3조 제5항의 투명성 요건에 따라 제목, 요약, 사유 및 지원 자료를 제공하며 모든 스마트 컨트랙트 코드는 GitHub를 통해 공개함 .

- 제4조 제2항에 의거하여 Amaru 및 맞춤형 컨트랙트를 통해 자금을 관리하며 9인 임시 위원회의 5/9 다중서명 승인 체계를 유지함 .

- 모든 지출 내역과 진행 상황은 매월 보고되며 온체인 거버넌스 기구인 tDAO의 감독 및 통제를 받음 .

- 제4조 제3항의 출금 한도를 준수하며 신청 금액인 500,000 ₳는 현재 한도인 약 350M ₳보다 현저히 낮은 수준임 .

- 제4조 제4항에 따라 보안 감사를 위해 75,000 ₳를 할당하고 독립적인 제3자 기관을 통해 컨트랙트 로직을 검증한 후 보고서를 공개함 .

- 모든 서비스 및 위원회 계약에는 분쟁 해결을 위한 중재 조항과 절차를 포함하여 법적 안정성을 확보함 .

- 제4조 제5항에 따라 모든 자금은 감사가 가능한 별도의 스마트 컨트랙트 주소에 보관되어 블록체인상에서 실시간으로 검증 가능함 .

- 자금은 스테이크 풀 운영자(SPO)에게 위임되지 않으며 헌법적 요구 사항에 따라 자동 기권 투표 옵션에 위임함 .

- 재무부 가이드라인에 따라 모든 출금은 ₳ 단위로 표시되며 기 승인된 예산 범위 내에서만 집행함 .

- ■ 주석 *Smart Contract: 블록체인에서 조건 충족 시 자동 실행되는 계약 프로그램 **Multisig: 보안 강화를 위해 여러 개의 서명이 있어야 거래가 승인되는 방식 ***tDAO: 온체인 투표를 통해 의사결정을 내리는 탈중앙화 자율 조직 ****SPO: 에이다 네트워크의 노드를 운영하고 블록을 생성하는 주체 *****GitHub: 소프트웨어 소스 코드를 호스팅하고 관리하는 웹 서비스 ******Off-chain: 블록체인 네트워크 외부에서 발생하는 데이터나 활동 *******Hash: 데이터의 무결성을 확인하기 위해 생성된 고유한 식별값

As outline in the DeFi Liquidity Budget Info Action, this first withdrawal action requests 500,000 ADA from the Cardano Treasury to establish the legal framework and smart contract infrastructure required for the Stablecoin DeFi Liquidity Budget as approved by the Cardano Community. This withdrawal covers three critical components: (1) establishment of a Cayman Islands Foundation Company as the legal vehicle for fund management, (2) development of the administrating smart contract and user interfaces, and (3) comprehensive security audit of the smart contract system.

All funds will be initially received by an Amaru contract administered by the 9-person Interim Committee with a 5-of-9 multisignature requirement. Funds will be disbursed to service providers upon completion of agreed milestones as detailed in this proposal.

## 1\. Legal Structure

### 1.1 Service Provider

**Walkers (Cayman) LLP**
**Location:** Cayman Islands
**Website:** [walkersglobal.com](https://walkersglobal.com)

### 1.2 Legal Structure: Cayman Islands Foundation Company

The legal entity will be a **Cayman Islands Foundation Company (FC)** with the following characteristics:

**Key Features:**

- **Memberless, director-led structure** designed for DAO governance
- **Separate legal personality** enabling the FC to hold assets, enter contracts, and act as legal counterparty for off-chain transactions
- **Limited liability protection** for Committee Members and other participants
- **Customizable governance** that mirrors on-chain tDAO and Committee structure
- **No shareholders or beneficial owners**, aligning with decentralized governance principles

**Governance Structure:**

- **Directors:** Minimum 2 Cayman-based professional directors who manage the FC's business and affairs in accordance with the FC's Articles and tDAO directives
- **Supervisor:** Cayman-based professional supervisor with enforcement rights to act as a check on directors
- **Committee:** 9-person Interim Committee with delegated operational authority (5-of-9 multisig approval for fund disbursements)
- **tDAO Oversight:** dReps retain power to appoint/remove Committee Members and shut down the fund via on-chain governance

**Director Candidates:**

- **Candidate \#1**: Co-founder of world's first Bitcoin ATM network; Founding President of Netcoins; Founding CEO of SonicStrategy; 15+ years in regulated crypto ventures
- **Candidate \#2:** Leading one of the world’s largest crypto DeFi market makers; CFA & CFP; former senior global capital markets professional; Board Member & Treasurer, CFA Society Cayman Islands.

### 1.3 Implementation Plan

**Phase 1: Legal Formation (3-5 weeks)**

1. Finalize FC name and conduct name check with Registrar of Companies
2. Interview and appoint directors and supervisor
3. Draft and review formation documents:
- Affidavit
- Memorandum and Articles of Association
- Undertaking of subscriber
- Subscriber resolutions
- Director service agreements
- Supervisor service agreement
4. Incorporate the Foundation Company with Cayman Islands Registrar

**Phase 2: Activation (1-2 weeks)**

1. Pass director resolutions to:
- Appoint the 9 Interim Committee Members
- Designate the smart contract wallet as an FC asset
- Approve 5-of-9 multisig governance structure
- Approve Committee Member service agreements (remuneration, indemnity, multisig arrangements)
- Approve transaction documents for liquidity deployment
2. Establish banking relationships (if required)
3. Complete regulatory filings

### 1.4 Detailed Cost Breakdown

| Service | Provider | Cost (USD) | Cost (ADA) @ $0.40/ADA |
| :---- | :---- | :---- | :---- |
| Constitutional documents & resolutions | Walkers (Cayman) LLP | \$25,000 \- \$30,000 | 62,500 \- 75,000 |
| Disbursements (filing fees, etc.) | Walkers (Cayman) LLP | $6,000 | 15,000 |
| Cayman regulatory memorandum | Walkers (Cayman) LLP | $12,500 | 31,250 |
| Transaction document review (est. 5 docs) | Walkers (Cayman) LLP | \$7,500 \- \$10,000 | 18,750 \- 25,000 |
| Registered office & secretary (Year 1\) | Walkers Corporate Limited | $10,000 | 25,000 |
| Supervisor services (Year 1\) | Walkers Corporate Limited | $20,000 | 50,000 |
| Director fees (Year 1, 2 directors est.) | See below | $50,000 | 125,000 |
| Contingency for additional legal work | | $10,000 | 25,000 |
| **TOTAL LEGAL STRUCTURE** | | **$166,000** | **400,000 ADA** |

**Notes:**

- ADA conversion calculated at $0.40/ADA. Actual ADA amount may vary based on exchange rate at time of payment.
- Director fees are estimated; final amount depends on negotiated terms with selected directors.
- Registered office and supervisor services are annual fees; only Year 1 costs included in this withdrawal.
- Walkers Corporate Limited is an affiliate of Walkers LLP but provides services at competitive market rates. Alternative service providers may be considered if cost optimization is required.

---

## 3\. Smart Contract Audit

### 3.1 Service Provider

**Invariant0 LLC**
**Website:** [https://invariant0.com](https://invariant0.com)
**GitHub:**

- [https://github.com/vacuumlabs/audits](https://github.com/vacuumlabs/audits) (legacy reports)
- [https://github.com/Invariant-0/audit-reports](https://github.com/Invariant-0/audit-reports) (current reports)

**Lead Auditor:** Michal Porubsky, Founder and Lead Auditor

### 3.2 Cost Breakdown

| Service | Provider | Cost | Notes |
| :---- | :---- | :---- | :---- |
| Design & Specification Review | Invariant0 LLC | Included | 3-4 days |
| Smart Contract Code Audit | Invariant0 LLC | Included | 12-16 days, 2 auditors |
| Re-audit of all fixes | Invariant0 LLC | Included | Iterative process |
| Final Audit Reports | Invariant0 LLC | Included | Internal \+ Public |
| **TOTAL AUDIT** | | **75,000 ADA** | **Fixed Price** |

---

## 4\. Amaru Contract Setup

### 4.1 Service Provider

**Sundae Labs**
**Website:** [https://sundae.fi](https://sundae.fi)
**Supporting Role:**

- Additional technical support and consultation
- Cardano smart contract expertise
- Community integration support

### 4.2 Purpose

An Amaru contract will be established to receive the 500,000 ADA from this withdrawal and manage disbursements to service providers. This provides:

- Secure multi-signature control by the 9-person Interim Committee
- Transparent on-chain tracking of all payments
- Protection against single point of failure
- Constitutional compliance with fund management requirements

### 4.3 Cost & Timeline

| Service | Provider | Cost | Timeline |
| :---- | :---- | :---- | :---- |
| Amaru contract setup & support | Sundae Labs | 25,000 ADA | 1-2 weeks |

---

This withdrawal action complies with all relevant sections of the Cardano Constitution:

### Article III, Section 5 \- Transparency Requirements

**Title, Abstract, Reason, Supporting Materials** \- Provided in this document
**URL and hash** \- Will be added with final submission
**Off-chain content** \- This document serves as complete off-chain specification

**Open source development** \- All smart contract code will be publicly available on GitHub for public review
**Documentation** \- Comprehensive documentation will enable community verification of all components

### Article IV, Section 2 \- Budget Administration

**Smart contract based administration:**

- Amaru contract for Withdrawal 1 fund management
- Custom administrating contract for Withdrawal 2 liquidity deployment
- Smart contract enforces 5-of-9 spending requirement

**Designated administrators:**

- 9-person Interim Committee with 5-of-9 multisig approval required for all disbursements
- FC governance structure mirrors on-chain tDAO oversight mechanisms

**Oversight process:**

- Monthly reporting of all expenditures and progress
- tDAO oversight via on-chain governance actions
- tDAO implemented on-chain with election, impeachment, and shutdown capabilities

**Asset custody:**

- Smart contract will hold all liquidity tokens
- All liquidity tokens held by smart contract (not delegated to third parties)

### Article IV, Section 3 \- Treasury Withdrawal Limits

**Within net change limit** \- 500,000 ADA is well below current NCL (\~350M ADA)
**Authorized by approved budget** \- Pursuant to passed Info Action (Stablecoin DeFi Liquidity Budget)
**Not unconstitutional** \- Complies with all constitutional requirements as detailed in this document

### Article IV, Section 4 \- Audit & Dispute Resolution

**Audit allocation:**

- 75,000 ADA allocated for comprehensive security audit by Invariant0 LLC
- Independent third-party audit by experienced Cardano smart contract auditors
- Comprehensive security review of all contract logic
- Public audit report for community transparency
- Audit costs included in withdrawal budget

**Dispute resolution provisions:**

- All service agreements include arbitration provisions
- Director service agreements will include dispute resolution procedures
- Committee Member agreements will include dispute resolution provisions
- FC Articles will include dispute resolution mechanisms for entity-level disputes

### Article IV, Section 5 \- Fund Management

**Separate auditable accounts:**

- All funds held in separate, auditable smart contract addresses
- Amaru contract provides public on-chain transparency for Withdrawal 1
- All transactions publicly verifiable on Cardano blockchain

**Delegation requirements:**

- Funds will NOT be delegated to any SPO
- Explicitly prohibited in contract configuration
- Funds will be delegated to predefined auto-abstain voting option per constitutional requirement

### Treasury Guardrails (Appendix I, Section 3\)

**TREASURY-03a \- Denomination** \- All withdrawals denominated in ADA
**TREASURY-04a \- Budget approval** \- Approved budget in effect via passed Info Action