- - 에이다 생태계의 재무 거버넌스 개선에 대한 제안임 .

- 현재 에이다의 재무 거버넌스는 자금 조달의 교착 상태와 지원 부족으로 인해 매우 취약한 상태임 .

- 본 제안은 재무 거버넌스 프로세스를 개선하고 전략적 방향성을 설정하기 위한 가이드라인을 제시함 .

- 생태계의 안정과 성장을 위해 헌법 개정과 프로세스 보완이 필요하며, 모든 구성원의 협력이 요구됨 .

- ■ 주석 *에이다: 카르다노 블록체인의 네이티브 토큰(₳) **거버넌스: 의사결정 및 관리 체계

- - 재무 거버넌스 기능 부전과 갈등 해결에 대한 제안임 .

- 현재 에이다의 재무 인출 투표 시스템은 심각한 기능 부전을 겪고 있음 .

- 한정된 자원을 두고 여러 도메인이 경쟁하면서 커뮤니티 내 적대감과 독성 문제가 발생함 .

- 이러한 갈등은 생태계의 존립을 위협하는 수준임 .

- 전략적 방향성을 제시할 구조적 가이드라인이 부재하여 재무 지출과 관련된 교착 상태가 지속되고 있음 .

- ■ 주석 *재무 인출: 에이다 재무부에서 자금을 할당받는 행위 **도메인: 특정 목적이나 분야를 의미하는 영역

- - 재무 거버넌스 체계 개편 및 전략적 예산 운용에 대한 제안임 .

- 재무 거버넌스는 에이다의 성장과 안정에 필수적이며, 명확한 전략과 로드맵을 갖춰야 함 .

- NCL을 단순한 전체 예산으로 간주해서는 안 되며, 투자 목적의 전용 예산이 필요함 .

- 개별 프로젝트를 투표로 맞붙이는 방식 대신, 전략적 엔티티와 전문가 위원회를 통해 균형 잡힌 예산을 수립해야 함 .

- 프로세스는 NCL 투표, 예산안 투표, 최종 인출 투표 순으로 진행되어야 함 .

- 예산 구조는 핵심 프로토콜, 개발 도구, 연구 혁신, 상업적 성장, 운영 지원, 교육 마케팅, 공공 이니셔티브, 기능적 예비비 등 8개 영역으로 분류함 .

- ■ 주석 *NCL: 재무부의 순환 유동성 한도(Net Circulation Limit) **DRep: 에이다 거버넌스 투표 대리인 ***SPO: 에이다 네트워크의 스테이크 풀 운영자 ****SDK: 소프트웨어 개발 키트 *****API: 애플리케이션 프로그래밍 인터페이스 ******DeFi: 탈중앙화 금융 *******dApp: 탈중앙화 애플리케이션

Treasury governance should enable strategic alignment and facilitate decision-making. However, treasury governance within the Cardano ecosystem is in a poor state. First, there is a funding impasse. Second, while being pivotal for Cardano's stability and growth, treasury governance is only indirectly addressed and barely supported by the existing governance system. This governance info action sketches basic ideas for reforming treasury governance and introduces them into public discussion. The goal is to provide an impetus for improving the treasury governance process and to outline guardrails for strategic direction. An implementation will require further refinements and amendments to the current process as well as the constitution. All members of the Cardano ecosystem are encouraged to collaborate in reforming treasury governance into a productive process that enables stability and growth.

In its current form, Cardano governance and voting on treasury withdrawals have revealed significant dysfunctionalities. In particular, treasury withdrawal actions from different, but likewise important domains have led to a perceived competition for scarce resources. This opened the door to hostility and detrimental conflict within the community and has invited toxicity. There now is ill will and strife that harm the Cardano ecosystem, endangering its existence. Cardano faces a gridlock over treasury spending between different positions and coalitions in the governance system. And while treasury governance is crucial for the Cardano ecosystem, there is a lack of guardrails and structures that could provide the process with a strategic direction.

Therefore, the following ideas are presented for discussion. These basic ideas may freely be adopted, extended or modified for concrete implementation which is beyond scope here. All members of the Cardano ecosystem - institutions/organizations, SPOs, DReps and other individuals - are encouraged to work together on solutions for improving treasury governance.

Basic Propositions

[a] Treasury governance is pivotal for the Cardano ecosystem, its growth and stability: The process of treasury governance must provide a clear direction, a coherent strategy and a specific roadmap.

[b] Treasury governance in the sense of [a] has to be explicitly addressed and supported by the governance system and the constitution.

[c] The NCL must not be treated as “potential overall budget” with the alternative of simply saving everything instead: The NCL is at best a vague initial approximation for the concept of a "budget". Only having the NCL (and a collection of incoherent treasury withdrawals) is not enough for effective treasury governance.

[d] There has to be a dedicated budget for investing. The budget must include the strategic direction and the roadmap.

[e] A thematic budget structure must make clear that various important domains exist side by side. None of these domains can be deferred in favor of another.

[f] No isolated treasury withdrawals for individual projects must be put on a vote against one another. See [e] and [g] for further explanation.

[g] DReps have to vote on dedicated and balanced budgets, not on the funding of individual projects. This is also necessary to mitigate the burden of directly comparing individual proposals which is cognitively inefficient. Few DReps are experts in even a single domain, hardly any are competent in multiple domains - therefore an expert commission is proposed under [i].

[h] A strategic entity has to be responsible for preparing, proposing and implementing a budget. This entity is appointed by a vote for a fixed term.

[i] An expert commission has to be responsible for the evaluation and selection of projects that best meet the budgetary requirements. The commission is appointed by a vote for a fixed term.

Treasury Governance Process

According to the ideas presented here, the treasury governance process is prepared and supported by the strategic entity [h] and the expert commission [i] described above.

The logical sequence of the treasury governance process is then proposed as follows:

1. Treasury Governance Voting begins with a vote on the NCL.

2. Treasury Governance Voting continues with a vote on the budget. This includes the overall budget amount, the budget structure and the allocation percentages for the individual domains. Up to this point, no individual projects or initiatives are considered. Upon completion of this phase, projects can submit targeted applications.

3. Treasury Governance Voting is concluded with a vote on the overall treasury withdrawal. The corresponding treasury withdrawal action sets out the individual projects and their respective funding amounts under the budget structure.

Budget Structure

With respect to a budget structure, the following breakdown is proposed:

1. Core Protocol and Infrastructure
Funding for node implementations, consensus improvements, networking, scalability, interoperability, and maintenance of core Cardano infrastructure.

2. Developer Tooling and Technical Resources
Support for SDKs, APIs, indexing services, TypeScript/Rust libraries, smart-contract tooling, and developer experience improvements.

3. Research and Innovation
Academic research, formal methods, cryptography, scalability research, post-quantum security, and experimental technologies.

4. Commercial Ecosystem Growth
Treasury funding for DeFi, liquidity programs, wallets, dApps, enterprise integrations, and ecosystem adoption initiatives.

5. Administration and Operational Support
Funding for governance processes, treasury administration, audit systems, reporting, constitutional compliance, and budget coordination.

6. Community, Education and Marketing
Events, conferences, outreach, education, ecosystem awareness, and community engagement.

7. Other Strategic or Public-Good Initiatives
Broader ecosystem-impact projects aligned with Cardano’s long-term vision, sustainability, or societal adoption goals.

8. Functional Reserve
Reserve budget for emergencies or urgent motions. Directly accessible under predefined conditions.

About the Author

AtlasHub, a small DRep, committed to Cardano since 2019.
No drama, no FUD, no "social" media.