- Leios 메인넷 준비에 대한 제안 에이다는 2030년 목표 달성을 위해 처리량의 획기적인 변화가 필요하며, Leios가 그 해결책임 .

- 본 제안은 공개 테스트넷에서 메인넷용 릴리스 후보까지의 경로에 자금을 지원하여 트랜잭션 용량을 10~65배 증가시키는 것을 목표로 함 .

- 에이다의 2030 전략은 월간 트랜잭션을 약 800,000건에서 27M 건 이상으로 성장시키는 것이며, 이를 위해 현재 용량의 최소 6배가 필요함 .

- Leios는 10배 이상의 용량을 제공하며, 기존 Ouroboros Praos 합의 방식을 Endorser Blocks와 위원회 기반 검증으로 강화하여 탈중앙화를 유지하면서 처리량을 높임 .

- 2026년 6월 종료되는 현재 예산 주기는 초기 공개 테스트넷을 제공하며, 본 제안은 그 이후의 세 가지 목표에 집중함 .

- 첫째는 엔지니어링 및 적합성 테스트를 통한 릴리스 후보 완성이며, 둘째는 부하 테스트 및 레드팀 활동을 통한 체계적 검증임 .

- 셋째는 하드포크를 가능하게 하는 것으로, 생태계 도구용 인터페이스 안정화, SPO 및 개발자 워크숍, 거버넌스 준비 등을 포함함 .

- 커뮤니티 하드포크 투표와 같은 외부 의존성은 수락 기준에서 제외되며 위험 요소로 관리됨 .

- 모든 자금은 Intersect가 마일스톤 기반 스마트 계약을 통해 관리하며, 미사용 자금은 국고로 반환됨 .

- 요청된 국고 예산은 ₳27,714,342임 .

- ■ 주석 *Leios: 에이다의 처리량을 높이기 위한 새로운 합의 프로토콜 확장안 **Ouroboros Praos: 에이다의 지분 증명(PoS) 합의 알고리즘 ***Endorser Blocks: 트랜잭션 처리 효율을 높이기 위해 도입된 보조 블록 유형 ****SPO: 스테이크 풀 운영자 (Stake Pool Operator) *****Hard Fork: 블록체인의 프로토콜이 이전 버전과 호환되지 않게 변경되는 대규모 업데이트 ******Mithril: 에이다의 데이터 무결성을 증명하는 지분 기반 임계값 서명 프로토콜 *******Blockfrost: 에이다 생태계를 위한 API 서비스 및 개발자 도구

- 1. **Headline (요약 제안):** 에이다 성능 향상을 위한 Leios 도입에 대한 제안 2. **Body (상세 요약):** 에이다 네트워크의 DeFi 사용자 및 DApp 개발자들은 2030년 거래 목표 달성을 위해 30배 이상의 처리량과 빠른 결제 속도를 제공하는 합의 계층을 요구하고 있음 .

- 본 제안은 에이다의 2030년 목표 달성에 필요한 처리량을 제공하는 Leios에 집중하며, 이는 기존 Ouroboros Praos를 대체하는 것이 아니라 강화하여 보안을 유지하면서 성능을 대폭 개선함 .

- 에이다의 2030년 전략은 월간 거래량을 약 800,000건에서 27M건 이상으로 30배 확장하는 것을 목표로 하며, 이를 위해 현재 용량보다 최소 6배 이상의 성능 향상이 필요함 .

- Leios는 합의 업그레이드를 통해 10배에서 최대 65배의 처리량 증가를 실현하며, 이는 탈중앙화나 스테이크 풀 운영의 경제적 생존 가능성을 저해하지 않으면서 달성됨 .

- 2025/26 예산 주기에 시작된 Leios 개발은 2026년 6월 '초기 공개 테스트넷' 단계를 거쳐, 26/27 주기에는 프로토타입에서 메인넷 적용이 가능한 수준으로 성숙시키는 것을 목표로 함 .

- 주요 목표로는 메인넷용 릴리스 후보 버전 개발, 시스템의 체계적인 검증을 통한 높은 신뢰성 확보, 그리고 하드포크를 가능하게 하는 기술적 문서화 및 거버넌스 준비 등이 포함됨 .

- Input Output의 에이다 비즈니스 유닛(CBU)은 에이다 생태계 강화를 위한 이러한 이니셔티브를 지원하기 위해 총 ₳27,714,342의 예산을 요청함 .

- 3. **Glossary (주석):** ■ 주석 *DeFi: 탈중앙화 금융 **DApp: 탈중앙화 애플리케이션 ***Throughput: 단위 시간당 디지털 데이터 전송량 또는 처리량 ****Ouroboros Praos: 에이다의 지분 증명 합의 프로토콜 *****Endorser Blocks: 처리량 향상을 위해 도입된 보조 블록 구조 ******SRL: 소프트웨어 준비 수준을 나타내는 지표 *******CIP-164: 에이다 개선 제안서 번호 164 ********Agda: 정식 명세 검증에 사용되는 프로그래밍 언어 및 증명 도우미 *********N2C: 노드와 클라이언트 간의 통신 프로토콜 **********SPO: 스테이크 풀 운영자 ***********CBU: 에이다 생태계 구축 및 지원을 담당하는 비즈니스 유닛

- 에이다 확장성 개선을 위한 Leios 도입에 대한 제안 Leios는 2030년까지 에이다 네트워크의 처리량을 30~65배 향상시키기 위한 핵심 전략임 .

- 현재 월 800,000건인 트랜잭션을 27M 건 이상으로 확장하여 경제적 자립을 달성하는 것이 목표임 .

- 탈중앙화와 SPO의 경제적 생존 가능성을 유지하면서 Endorser Blocks와 위원회 기반 검증을 도입함 .

- 주요 KPI로 월간 트랜잭션 수와 일일 처리량 용량의 획기적인 증가를 설정했음 .

- 2026년 4분기에 메인넷용 릴리스 후보를 출시하고 2027년 1분기까지 시스템 검증을 완료할 계획임 .

- Leios 활성화를 위한 하드포크는 2026년 4분기에서 2027년 1분기 사이에 준비될 예정임 .

- 총 예산은 ₳27.7M이며, 개발비가 86%로 가장 큰 비중을 차지함 .

- 커뮤니티의 하드포크 준비 상태와 기술적 가정의 불확실성이 주요 리스크로 식별되었음 .

- 모든 자금 집행은 Intersect와 제3자 확약 기관의 감독하에 투명하게 관리됨 .

- ■ 주석 *Leios: 에이다의 처리량을 높이기 위한 새로운 합의 프로토콜 확장안 **Endorser Blocks: 트랜잭션 처리 효율을 높이기 위해 도입된 보증 블록 ***SPO: 스테이크 풀 운영자 ****KPI: 핵심 성과 지표 *****TVL: 총 예치 자산 ******MAU: 월간 활성 사용자 수 *******Praos: 에이다의 기존 지분 증명 합의 알고리즘 ********Hard-fork: 블록체인의 기본 프로토콜을 근본적으로 변경하는 업데이트 *********Intersect: 에이다 생태계 거버넌스를 지원하는 회원 기반 기구 **********Dijkstra era: 에이다 로드맵의 특정 개발 단계 명칭 ***********L1: 블록체인 네트워크의 기본 레이어인 레이어 1 ************CIP-164: 에이다 개선 제안서 164번 항목

**Proposal as pdf: [https://ipnso-com.ipns.dweb.link/?cid=QmPdBp8QjKaPdYdvwLxzDiCxX85hGx8H6rxbSvTTuLkcx2](https://ipnso-com.ipns.dweb.link/?cid=QmPdBp8QjKaPdYdvwLxzDiCxX85hGx8H6rxbSvTTuLkcx2)**

Cardano needs a step change in throughput to meet its 2030 ambitions, and Leios is how it gets there. This proposal funds the path from public testnet to a mainnet-ready release candidate — delivering a 10–65x increase in transaction capacity.

Why this scale matters: Cardano's 2030 strategy targets growth from roughly 800,000 monthly transactions to over 27 million. At sustainable utilization levels, that requires at least 6x current capacity. Leios delivers 10x or more — giving significant room to grow. It works by enhancing Cardano's existing Ouroboros Praos consensus with Endorser Blocks and committee-based validation, increasing throughput without compromising decentralization or making stake pool operations unviable.

The current budget cycle (ending June 2026\) delivers an early public testnet. This proposal picks up from there and focuses on three objectives. First, a release candidate: maturing the implementation through substantial engineering, conformance testing against formal specifications, and integration into the primary node. Second, high confidence: systematic validation through parameter exploration, load testing, and adversarial red-teaming on the public testnet. Third, hard-fork enabling: everything within IO's control to make the Leios hard fork possible, including stable interfaces for ecosystem tools (DB-Sync, Mithril, Blockfrost), SPO and developer workshops, governance artifact preparation, and contingency procedures. The proposal explicitly excludes external dependencies like the community hard-fork vote from its acceptance criteria — those are captured as risks, not promises. Intersect administers all funds through milestone-based smart contracts with independent oversight. Unspent funds return to the Treasury.

**Treasury Ask:** ₳27,714,342

***As a DeFi user or DApp developer on Cardano, I want the consensus layer to deliver 30x+ throughput capacity and faster settlement, so that Cardano can meet its 2030 transaction targets and I can build applications that require high throughput and rapid finality without congestion.***

This proposal focuses on Leios, which delivers the throughput capacity Cardano needs to meet its 2030 ambitions. Leios enhances Ouroboros Praos rather than replacing it, preserving Cardano’s security guarantees while dramatically improving performance.

### **Leios: From Testnet to Mainnet-Ready**

**Opportunity:** Cardano’s 2030 product strategy targets scaling from \~800,000 transactions per month to over 27 million (a 30x increase) while remaining economically self-sufficient as the Reserve diminishes. Ouroboros Praos provides a proven-secure foundation — and Cardano is now ready to build on that foundation with a step change in throughput. Meeting the 2030 target of 27M monthly transactions at sustainable utilization levels (50–70% headroom) calls for at least 6x current capacity. Leios delivers 10x+, giving Cardano significant room to grow.

**Solution:** Leios is the consensus upgrade that delivers this step change. Designed as an overlay protocol that enhances Praos, Leios introduces Endorser Blocks and committee-based validation to dramatically increase transaction capacity while preserving Cardano’s security guarantees and predictable finality. The result is a 10–65x throughput increase, directly aligned with the 2030 adoption targets, achieved without compromising decentralization or making stake pool operations economically unviable.

This proposal continues Leios development from the current (2025/26) budget cycle, which concludes in June 2026 with an “Early Public Testnet” milestone. During this cycle, the CIP-164 proposed was merged, initial throughput demonstration and an alpha feature-complete implementation were completed, and Leios was deployed on a public testnet (dedicated; not hard-forkable).

The 26/27 cycle focuses on maturing from prototype to mainnet-ready, progressing through Software Readiness Levels 5–8. Three objectives structure the work:

**1. Release Candidate:**

The critical path: maturing the implementation to a mainnet-ready release candidate through substantial engineering effort, conformance testing against formal specifications, and progression through SRL 5–8. This includes a substantial rewrite of consensus components, implementing Leios block structure for Dijkstra ledger era, completing the conformance test suite against Agda formal specification, and integration into the primary node implementation.

**2. High Confidence:**

Systematic validation of the protocol through parameter exploration, continuous load testing, and adversarial testing on the public testnet. This includes studying timing parameters and size limits, developing a parameter graduation plan, stake-based and network-based attack testing, red-teaming exercises, and culminating in an updated threat model with validated mitigations.

**3. Hard-fork Enabling Leios:**

Everything within our control to make the hard fork possible: stable client interfaces (N2C mini-protocols, utxo-rpc API), implementation-independent technical documentation, SPO and developer workshops, tactical support for close-by projects (DB-Sync, Mithril, Blockfrost), testnet hard-forks, mainnet parameter graduation plan, contingency procedures, and preparation of updated guardrails script and rationale documents for governance. Success is defined by completing these activities, not by the mainnet hard fork occurring.

**Treasury Ask:** Input Output’s Cardano Business Unit (CBU) – the product- and market-focused unit dedicated to building, delivering, and supporting initiatives that strengthen the Cardano ecosystem – is requesting ₳27,714,342.

### Proposed Value Delivered (Why)

**Leios is how Cardano scales to meet its 2030 ambitions.**

Cardano’s 2030 product strategy sets an ambitious target: scaling from today’s \~800,000 transactions per month to over 27 million (a 30x increase) while remaining economically self-sufficient as the Reserve diminishes. Building on Praos's proven security, Leios introduces Endorser Blocks and committee-based validation to deliver a 30–65x throughput increase. Leios introduces Endorser Blocks and committee-based validation to deliver a 30–65x throughput increase, directly aligned with the 2030 adoption targets, without compromising decentralization or SPO economic viability. This isn’t about chasing theoretical maximums; it’s about building the capacity Cardano needs to become the trusted foundation for DeFi, real-world assets, and enterprise adoption, ensuring the network can generate sufficient fee revenue to thrive independently.

#### KPIs

| Core Cardano 2030 KPIs (Adoption) | Alignment | KPI Alignment Narrative |
| :---- | :---- | :---- |
| **TVL** | Yes: Partially | Indirect. Higher throughput and faster settlement create the conditions for greater DeFi deployment and TVL growth. |
| **Monthly Transactions** | Yes: Fully | The 2030 target of 27M monthly transactions is impossible without the capacity increase Leios provides. This is the primary KPI this proposal addresses. |
| **Monthly Active Users (MAU)** | Yes: Partially | Indirect. Higher throughput and faster settlement improve the end-user experience, supporting user growth. |

#### Additional KPIs

| Additional Cardano 2030 KPIs (Adoption) | Alignment | KPI Alignment Narrative |
| :---- | :---- | :---- |
| **Reliability: Monthly Uptime (6 epochs)** | Yes: Fully | Preserves Praos safety and liveness guarantees. Leios enhances rather than replaces the proven Praos foundation. |
| **Operational Resilience: Voting Power Distribution** | N/A | No impact on stake distribution. |
| **Operational Resilience: Alternative Full Node Clients** | N/A | Orthogonal, but supportive via implementation-independent documentation and conformance tests. |
| **Revenue / Adoption: Annual Protocol Revenue** | Yes: Partially | Enables fee revenue to offset Reserve decline. Does not generate revenue directly: that requires adoption: but creates the capacity for it. |
| **Governance: DRep Participation Rate** | N/A | No impact on governance participation. |
| **Scalability: Throughput Capacity per day** | Yes: Fully | Primary target. Leios delivers 30–65x capacity increase, far exceeding the 2030 target of 30x current capacity. |

#### Pillars

| Cardano 2030 Pillars | Alignment | Pillar Alignment Description |
| :---- | :---- | :---- |
| **Pillar 1: Infrastructure & Research Excellence** | Yes: Fully | L1 protocol improvement to improve throughput capacity. Core consensus-layer infrastructure enhancement. |
| **Pillar 2: Adoption & Utility** | Yes: Partially | Removes throughput capacity while preserving DApp compatibility with minimal ecosystem impact. |
| **Pillar 3: Governance** | N/A | No direct impact on governance. |
| **Pillar 4: Community & Ecosystem Growth** | Yes: Partially | A 10–65x throughput increase strengthens Cardano's position as a high-performance L1 platform. |
| **Pillar 5: Ecosystem Sustainability & Resilience** | Yes: Fully | Enables fee revenue growth necessary for long-term sustainability as the Reserve diminishes. Maintains SPO viability by not compromising the economics of pool operation. |

### Deliverables & Roadmap

Leios Strategy: [https://leios.cardano-scaling.org/docs/strategy](https://leios.cardano-scaling.org/docs/strategy)
Leios Roadmap: [https://leios.cardano-scaling.org/docs/roadmap/](https://leios.cardano-scaling.org/docs/roadmap/)

| Sequence | Item Description |
| :---- | :---- |
| | Leios |
| **Q4 2026** | Release Candidate: Mature the Leios implementation from early testnet prototype to a mainnet-ready release candidate, progressing through Software Readiness Levels 5–8. Substantial rewrite of consensus components, Leios block structure and encoding for Dijkstra era, conformance test suite against Agda specification, integration into primary node implementation. |
| **Q1 2027** | High Confidence: Systematically validate the protocol through parameter exploration, continuous load testing, and adversarial red-teaming on the public testnet. Updated threat model with validated mitigations. |
| **Q4 2026–Q1 2027** | Hard-fork Enabling Leios: Everything within our control to make the Leios hard fork possible. Stable client interfaces (N2C, utxo-rpc), technical documentation (cardano-blueprint), SPO/developer workshops, tactical support for DB-Sync/Mithril/Blockfrost, testnet hard-forks, mainnet parameter graduation plan, contingency procedures, governance artifact preparation. |

**\*Hard-fork enabling Leios has significant external dependencies (third-party infrastructure readiness, governance action submission, community hard-fork vote) not within IO’s control. A broader sequence window has been communicated to reflect this.*

**Notes on milestones:**

* Parameterization flexibility: CIP-164 target parameters are treated as an ideal goal. Technical feasibility may be confirmed at a lower parameter set, with higher targets addressed through the gradual deployment plan.
* Dijkstra era hedging: Including Leios in the Dijkstra era means the inter-era hard-fork carries Leios support even if activation follows later via intra-era fork.
* Preview as deployment pipeline entry: Hard-fork enabling targets preview testnet activation. Preview is the entry point to the Cardano deployment pipeline. Preprod and mainnet depend on ecosystem readiness and governance timing.

#### Resources

To execute on all three objectives, the initiative will be delivered by IO engineering teams spanning the following disciplines:

* **Release Candidate Readiness:** A cross-functional team spanning consensus engineering, ledger, networking, cryptography, and node/API development
* **High Confidence Validation**: Consensus, Performance & Tracing, Testing, Network, Research & Innovation consultations and Formal Methods
* **Hard-fork Enabling**: will demand resources from Consensus, Network, Ledger, Node/API, Comms & Ecosystem, Product and Architect

#### Budget

**Total Treasury Ask:** ₳27,714,342

| Funding Distribution | | |
| ----- | ----: | :---: |
| **Development** | ₳23,834,334 | 86% |
| **Infrastructure** | ₳277,143 | 1% |
| **Security & Audits** | ₳277,143 | 1% |
| **Legal & Compliance** | ₳277,143 | 1% |
| **Engagement & Ecosystem support** | ₳1,662,861 | 6% |
| **Operations & Delivery** | ₳831,430 | 3% |
| **Governance** | ₳277,143 | 1% |
| **Others** | ₳277,143 | 1% |

**Pricing Principles**: IO is requesting funding in ADA and has provided USD figures as a reference. A portion of the funding shall be specifically tied to demonstrating measurable impact on Cardano's KPIs and pillars

* **Personnel & Delivery**: Majority of costs needed to fund the delivery resources
* **Ecosystem support, Audit, Assurance & Contingency**: Leadership, ecosystem, and delivery to support execution and wider alignment. Independent work assurance and audits, plus contingency to account for complexities during execution

#### Risks

| Type | Description | Likelihood | Severity / Impact |
| :---- | :---- | :---- | :---- |
| **Community / Ecosystem** | Community readiness for HF enabling Leios is reliant on external factors / entities | **Medium** | High: Would delay activation of Leios on mainnet. Coordination with Intersect’s HF working group and providing support will help but not feasible to remove risk |
| **Technical** | Low confidence in meeting Delta EB assumption, at hard-fork. May be relativized by protocol parameters, mainnet topology, or assumption on adversary. | **Medium** | High: Could limit the achievable parameter set for Leios throughput. |
| **Community / Ecosystem** | Leios not accepted as scope for Dijkstra era by HFWG. | **Low** | High: Would delay Leios activation and remove the hedging benefit of Dijkstra-era inclusion. |
| **Technical** | Missing the window for Dijkstra era hard-fork. | **Medium** | High: Would require waiting for the next era transition or using an intra-era fork later. |
| **Community / Ecosystem** | Hard-fork delayed by integration of other features with an otherwise Leios-enabled release candidate. | **Low** | Low: Leios readiness is not blocked; only mainnet activation timing is affected. |
| **Process** | Final integration of cardano-node takes longer than expected. | **High** | Medium: Delays the release candidate milestone and downstream activities. |
| **Community / Ecosystem** | Changes to the Constitution and guardrail script not approved by governance. | **Low** | High: Would prevent mainnet activation via the standard governance path. |

#### Additional Information

**Known Limitations:** Potential non-portability of required network traffic prioritization features. Higher operational cost for SPOs. Allows for much greater chain growth. High throughput only up to 25% adversarial stake assumption.

**Release / Solution Readiness:** Leios testnet by mid 2026 (at start of this proposal). Leios targets the Dijkstra era. Leios-enabled release candidate in 2026.

**Demos & Assets:** Monthly review meetings with demos (https://leios.cardano-scaling.org/docs/development/monthly-reviews). Leios website (https://leios.cardano-scaling.org/) with showcases and explainers. Leios dev tracker ([https://engineering.iog.io/leios](https://engineering.iog.io/leios)).
CIP-164: Ouroboros Leios ([https://cips.cardano.org/cip/CIP-0164](https://cips.cardano.org/cip/CIP-0164))
CPS-18: Greater Transaction Throughput ([https://cips.cardano.org/cps/CPS-0018](https://cips.cardano.org/cps/CPS-0018))
Technical design and implementation plan: [https://github.com/input-output-hk/ouroboros-leios/blob/main/docs/leios-design/README.md](https://github.com/input-output-hk/ouroboros-leios/blob/main/docs/leios-design/README.md)
Impact Analysis: [https://github.com/input-output-hk/ouroboros-leios/blob/main/docs/ImpactAnalysis.md](https://github.com/input-output-hk/ouroboros-leios/blob/main/docs/ImpactAnalysis.md)

### **Treasury Governance & Compliance**

#### **Contract Management**

A written off-chain Legal Contract will be created between Input Output and the Cardano Development Holdings (CDH), as mandated by the Constitution, and will be administered by Intersect. This will include details of the project delivery schedule and dispute resolution.

##### Project Delivery

All milestones, acceptance criteria, payment amounts and expected delivery dates will be agreed between the Input Output and Intersect, acting on behalf of the CDH. Input Output will deliver according to the agreed-upon project schedule within the Legal Contract, of which the necessary information will be made public via the budget management platform via transaction metadata.

Defined by the milestones within a Legal Contract, Input Output will submit and attest milestone acceptance to the community, Intersect or 3rd Party Assurer.

Project progress will be monitored via Intersect's delivery assurance function which will be communicated to the community.

Acceptance of the work will be supported by a 3rd Party Assurer, who will be responsible for reviewing and signing off the work completed at each project milestone against the corresponding milestone deliverables detailed within the Legal Contract. This work is funded from a portion of this treasury withdrawal.

#### **Auditable Accounts & Fund Delegation**

##### Budget Management Tooling

To administrate treasury funds on-chain, Intersect will utilize the treasury management smart contract framework developed by Sundae Labs. The smart contracts have been extensively tested including audits from TxPipe and MLabs.

Final mainnet validation test can be seen via the Disburse action within transaction: 0f591dc544ae14102dbb4a74d5311a6acffc1772b163d8b7a9656b9525950b17

This withdrawal will utilise Intersect’s 2025 treasury reserve contract with address being: stake17xzc8pt7fgf0lc0x7eq6z7z6puhsxmzktna7dluahrj6g6ghh5qjr
Funds will later be migrated to a 2026 treasury reserve contract once established.

##### Budget Management Specifics

Intersect will utilize a single Treasury Reserve Smart Contract (TRSC), with many Project-Specific Smart Contracts (PSSC), managed by Intersect. Intersect's management consists of three 'admin' and two Intersect 'leadership' roles. An Oversight Committee consisting of five external, independent third-party entities will provide checks and balances on Intersect, and safeguard against errors and unilateral control. The administration of both TRSC and PSSCs will be managed by Intersect, with external oversight on certain actions from the Oversight Committee.

The 2025 TRSC Oversight Committee consists of Sundae Labs, Cardano Foundation, Dquadrant, Xerberus and NMKR. Their role is to independently verify key administrative actions using on-chain logic, ensuring accuracy and consistency without exercising discretion over governance decisions.
For all details on Intersect's configuration please see the Smart Contract Guide on the knowledgebase.

The high level permissions are as follows:

* TRSC Fund and PSSC Modify
* Two of the three Intersect admins, two of the five trusted entities and one of the two Intersect leadership sign-off must authorize
* TRSC Disperse
* Two of three Intersect admins, three of five trusted entities and two of two Intersect leadership sign-off must authorize
* TRSC Pause and Resume
* Two of three Intersect admins, and one of two Intersect leadership sign-off must authorize
* TRSC Sweep
* One of three Intersect admins, and one of two Intersect leadership sign-off must authorize
* TRSC Reorganize
* Two of three Intersect admins and three of five trusted entities must authorize

##### Processes

Upon enactment of this governance action, funding for this project will be directed into the TRSC's stake account. All instances of TRSC and PSSC can not be staked with a SPO and will be delegated to the auto-abstain predefined DRep. From here funds will be withdrawn into a UTxO remaining at the TRSC.

When a 2026 TRSC is established, the funding for this project will be migrated via the ‘disburse’ action.

When the Legal contract is prepared and Input Output is ready, funding for this project will be transferred using the Fund action to a PSSC. All milestones will be outlined within the metadata.

A dashboard will be available for the community to audit the TRSC or PSSC and track metrics related to this withdrawn ada as well as being immutably verifiable on chain.

#### **Funding Denomination**

All amounts in this proposal are denominated in ada (₳). The total Treasury ask is ₳27,714,342 USD figures ($6,651,442) are provided for reference only, based on an ADA/USD rate of 0.24.

#### **Refund Conditions**

All funds not disbursed by the end of the delivery period will be returned to the Cardano Treasury. A final reconciliation will be published as part of the oversight reporting cycle. In the event of partial delivery or scope reduction, unspent funds associated with cancelled or reduced deliverables will be returned proportionally.

#### **Prior Treasury Receipts**

IO and its affiliated entities has been accountable for delivery of work funded by the Cardano Treasury. The total funds allocated has been ₳130,708,860 across a number of projects within Treasury Smart Contract, to date IOG has withdrawn ₳78,459,777.

| Workstream | Ada received | % of allocation | Corresponding Governance Action |
| :---: | :---: | :---: | :---: |
| Blockfrost | ₳1,137,500 | 88% | 8ad3d454f3496a35cb0d07b0fd32f687f66338b7d60e787fc0a22939e5d8833e#2 |
| Catalyst | ₳3,095,400 | 60% *\* | 8ad3d454f3496a35cb0d07b0fd32f687f66338b7d60e787fc0a22939e5d8833e#23 |
| IOE | ₳47,159,487 | 49% | 8ad3d454f3496a35cb0d07b0fd32f687f66338b7d60e787fc0a22939e5d8833e#1 |
| IOR | ₳26,840,000 | 100% | 8ad3d454f3496a35cb0d07b0fd32f687f66338b7d60e787fc0a22939e5d8833e#32 |
| Governance | ₳227,390 | 38% | 8ad3d454f3496a35cb0d07b0fd32f687f66338b7d60e787fc0a22939e5d8833e#22 |

*\*Note: for Catalyst this only reflects the workstream that focuses on the Hermes Infrastructure and UX/UI improvements, not the execution and operation of Funds 14-16. Per [Info Action](https://explorer.cardano.org/governance-action/gov_action1k5vwlfrxtyusd2ec37tckd54gjvqn2kd72xj4t6wkkapdv7zfg0qq468n2r) this is in the process of transitioning to Cardano Foundation.

#### **Net Change Limit Compliance**

The requested amount does not at time of submission, on its own or in aggregate, breach the applicable [350M Net Change Limit](https://explorer.cardano.org/governance-action/gov_action1m3xx08yv788vfxqh6nfvrjtvmqpwezsy0ggaczctkyjmttc2wmxsq4jsr7q) covering Epoch 613 to Epoch 713.

In accordance with the guardrail *TREASURY-02a*, this withdrawal does not exceed the NCL at the moment of submission.

#### **Audit & Oversight**

Audit and oversight costs are included within the overhead applied to this proposal. The Intersect administration fee covers administrative oversight and is reflected within the cost of this proposal. Independent oversight will be provided through Intersect and technically capable third-party, including reporting obligations and milestone-based disbursement controls.

#### **Standardized Format & Immutable Hosting**

Upon finalization, this proposal will be hosted on IPFS in an immutable format. The blake2b-256 hash of the document will be provided for on-chain reference and verification.