거버넌스 제안 상세
제안서 상세 내용과 투표 현황을 확인하세요.
한글 버전
- 본 거버넌스 안건은 Strike Finance V2 유동성 인프라에 9,000,000 ₳를 12개월간 생산적으로 운용할 것을 요청함.
- 이는 보조금(grant)이 아니며, Cardano 생태계의 영구 선물 유동성을 심화하고 온체인 거래 활동을 증대하며 Cardano Treasury를 위한 수익을 창출하기 위해 자본을 운용하는 것임.
- Strike는 누적 거래량 1.13B USD 이상, 968,000건 이상의 거래, 3,071명의 고유 거래자, 유동성 공급자를 위한 3.25M USD 이상의 수익, 1.16M USD 이상의 프로토콜 수익을 기록했으며, 지난 6개월간 Cardano 거래 활동의 50% 이상을 차지했음.
- 운용되는 ₳는 Cardano의 법정화폐 담보 스테이블코인인 USDM으로 매도되어 스테이블코인 기반 유동성을 제공할 것임.
- 본 제안은 모델링을 위해 ₳당 0.15 USD를 가정하며, 이는 약 1.35M USDM의 유동성에 해당함.
- 실제 USDM 명목 가치는 운용 시점의 전환 가격에 따라 달라지며 투명하게 보고될 것임.
- 보수적인 모델링 가정하에 본 운용은 연간 약 900,000 ₳ 상당의 수익을 창출할 것으로 예상됨.
- ₳ 가격 변동이 없다고 가정할 경우, 12개월 동안 Treasury 소유 자산은 9,000,000 ₳에서 약 9,900,000 ₳ 상당으로 증가할 것임.
- 이는 모델링된 추정치이며 수익을 보장하지 않음.
- Snek의 Rami, Surf의 Phil, Moneta의 James로 구성된 위원회가 본 제안의 관리자 역할을 수행할 것임.
- 운용되는 유동성의 운영상 보관은 이 독립적인 다중 서명(multisig) 위원회를 통해 처리되며, Strike Finance는 Treasury 자산에 대한 단독 보관권이나 통제권을 갖지 않음.
- 첫 6개월간의 실현 수익은 6개월 차에 Cardano Treasury로 반환됨.
- 12개월 차에는 잔여 원금과 실현 수익을 포함한 Treasury 소유 운용 자산의 100%가 Cardano Treasury로 반환될 것임.
- 추가적인 Treasury 참여는 새로운 거버넌스 제안이 필요함.
■ 주석
*₳: 에이다(ADA) 토큰
*B: 10억 단위
*****USDM: Cardano 기반 스테이블코인
- Cardano가 글로벌 금융 생태계로서 경쟁하려면 의미 있는 유동성, 강력한 실행력, 지속적인 거래자 참여를 지원할 수 있는 파생상품 인프라가 필요함.
- 현재 Cardano 사용자의 파생상품 거래 수요 상당 부분이 중앙화 거래소나 경쟁 블록체인 생태계로 유출되고 있으며, 이로 인해 유동성, 수수료, 거래자 관심 및 금융 활동이 Cardano 외부로 이동하고 있음.
- Strike Finance는 Cardano 기반 영구 선물 인프라를 제공하여 이를 해결하고자 함.
- Strike는 누적 거래량 1.148B USD 이상, 1,001,000건 이상의 거래, 3,226명의 고유 거래자, 유동성 공급자를 위한 3.25M USD 이상의 수익, 1.167M USD 이상의 프로토콜 수익을 기록했으며, 지난 6개월간 Cardano 거래 활동의 50% 이상을 차지했음.
- 성장의 주요 병목 현상은 유동성 깊이임.
- V2 출시(2026-03-20)부터 2026-06-15까지의 데이터에 따르면, 유동성 심화에 따라 거래량, 수익, 거래 건수가 가속화되고 있음.
- 6월 첫 15일간의 실적은 5월 전체 실적을 상회했으며, V2는 월간 거래량 100M USD 이상의 추세를 보임.
- 프로토콜 수익은 3월 2,083 USD에서 6월 첫 15일간 10,000 USD로 매달 증가했음.
- Strike 유동성 공급자 볼트(Vault)는 2개월간의 공개 성과 기록을 보유하고 있으며, 현재 TVL은 약 985,271.59 USD, 연간 수익률(APR)은 43.52%임.
- 볼트의 TVL은 4월 초 약 147,000 USD에서 최근 약 985,000 USD로 증가했으며, 같은 기간 월간 V2 거래량은 4월 7.7M USD에서 6월 첫 15일간 51.2M USD로 증가했음.
- 이러한 수치는 유동성만으로 미래 거래량이나 수익을 보장하지는 않지만, Strike V2가 측정 가능한 스테이블코인 유동성 플라이휠을 보유하고 있음을 보여줌.
- 더 큰 유동성은 더 좁은 스프레드, 더 깊은 실행, 더 큰 포지션 수용력, 더 나은 거래자 유지, 더 많은 온체인 거래 활동, 더 많은 수수료 창출 및 더 강력한 Cardano 기반 DeFi 인프라를 지원함.
- 본 제안은 Cardano Treasury가 유휴 자산을 생산적으로 운용하여 생태계를 위한 수익을 창출할 수 있는 방법을 제시함.
- Cardano 헌법 행동 표준 제7조 "Treasury 인출"에 따라, 관리자가 운용 전 보유하는 모든 ₳는 Cardano 커뮤니티가 감사할 수 있는 별도의 계정에 보관될 것임.
- 해당 계정은 스테이크 풀 운영자에게 위임되지 않으며, 기권(abstain) 투표 옵션으로 위임될 것임.
■ 주석
*TVL: 총 예치 자산
*DeFi: 탈중앙화 금융
- 영구 선물은 암호화폐 시장에서 제품-시장 적합성(product-market fit)을 보여주는 가장 명확한 사례임.
- 2025년 상위 10개 영구 선물 거래소는 92.9T USD의 거래량을 처리했음.
- Strike Finance는 Treasury 지원 없이도 누적 거래량 1.13B USD, 968,011건의 거래, 1.16M USD의 프로토콜 수익 등 의미 있는 규모를 달성했음.
- 이더리움 생태계 사용자가 Strike 거래량의 약 50%를 차지하고 있으며, 이는 제품과 유동성이 충족되면 외부 거래자들도 Cardano 기반 인프라를 사용함을 보여줌.
- Strike는 수요가 입증되지 않아 Treasury 지원이 필요한 것이 아니라, 제품-시장 적합성이 존재함에도 유동성이 부족하여 더 큰 규모로 경쟁하지 못하는 상황임.
- 본 제안은 12개월간의 일시적인 유동성 가속화 메커니즘임.
- 12개월 후 Strike는 DeFiLlama 등 공신력 있는 지표 기준 암호화폐 시장 전체 상위 20위 영구 선물 프로토콜로 진입하는 것을 목표로 함.
- 운용되는 ₳는 ₳당 0.15 USD 모델링 기준 약 1.35M USDM으로 전환되어 운용될 것임.
- 예상 연간 수익은 약 135,000 USD(900,000 ₳ 상당)임.
- 6개월 차에 실현 수익을 반환하고, 12개월 차에 원금과 잔여 실현 수익을 포함한 100%를 Cardano Treasury로 반환함.
- 관리자는 Snek의 Rami, Surf의 Phil, Moneta의 James로 구성된 독립 위원회이며, Strike Finance는 자금에 대한 단독 통제권을 갖지 않음.
- Strike V2는 메인넷에서 운영 중이며, Christian Schmitz가 공식 감사를 진행 중으로 2026년 7월 1일에 완료될 예정임.
- 주요 위험 요소로는 ₳ 가격 상승에 따른 기회비용, USDM 디페깅(depeg), 스마트 컨트랙트 위험, 시장 상황에 따른 수익 저조 등이 있음.
- 드로다운(drawdown)이 8%를 초과하거나 보고가 2회 연속 누락될 경우 거버넌스 검토가 트리거되며, 10% 초과 시 의무 검토가 진행됨.
- 드로다운이 20%를 초과할 경우 다중 서명 서명자들은 청산(wind-down)을 투표할 수 있음.
- 청산 시 모든 Treasury 소유 자산은 지정된 관리자 계정으로 반환됨.
- 본 제안은 2026년 순 변경 한도(Net Change Limit) 내에 포함됨.
- 성공 지표로 12개월 내 30일 거래량 1B USD, 거래자 5,000명, 연간 수익률 5M USD를 목표로 함.
- Strike Finance는 매월 투명성 보고서를 제공하여 운용 상태, 유동성 활용, 수익, 위험 등을 공개할 것임.
■ 주석
*T: 1조 단위
*Drawdown: 고점 대비 최대 하락폭
English
This governance action requests a **12-month productive treasury deployment of 9,000,000 ADA** into Strike Finance V2 liquidity infrastructure.
This is **not grant funding**. Treasury-owned capital would be deployed to deepen Cardano-native perpetual futures liquidity, increase on-chain trading activity, and generate yield for the Cardano Treasury.
Strike has processed **over 1,130,000,000 USD** in cumulative volume, facilitated **968,000+ trades** across **3,071 unique traders**, generated **over 3,250,000 USD** in profit for liquidity providers, produced **over 1,160,000 USD** in total protocol revenue, and represented **over 50% of Cardano trading activity** during the past six months.
| Allocation | Amount | Purpose |
|---|---:|---|
| V2 USDM liquidity | 9,000,000 ADA sold for USDM | Support scalable execution depth and stablecoin markets |
The deployed ADA will be **sold for USDM**, Cardano's fiat-backed stablecoin, to provide stablecoin-denominated liquidity. For modeling, this proposal assumes **ADA = 0.15 USD**, making **9,000,000 ADA** approximately **1,350,000 USDM** of stablecoin liquidity. The actual USDM notional will depend on the conversion price at deployment and will be transparently reported.
Under conservative modeled assumptions, the deployment is expected to generate approximately **900,000 ADA-equivalent** in annual yield. Assuming no ADA price change, this would increase the treasury-owned position from **9,000,000 ADA** to approximately **9,900,000 ADA-equivalent** over 12 months. These are modeled estimates, not guaranteed returns.
**A council composed of Rami from Snek, Phil from Surf, and James from Moneta will serve as the administrator for this proposal.** Operational custody of deployed liquidity will be handled through this independent multisig council. Strike Finance will not have unilateral custody or control of treasury assets.
Realized yield from the first six months will be returned to the Cardano Treasury at month 6. At month 12, **100% of treasury-owned deployed assets, including remaining principal and realized yield, will be returned to the Cardano Treasury**. Any further treasury participation would require a new governance proposal.
Perpetual futures markets represent one of the largest categories of global digital asset trading activity. More than 75% of cryptocurrency trading activity now occurs through perpetual futures markets.
If Cardano intends to compete as a globally relevant financial ecosystem, it needs derivatives infrastructure capable of supporting meaningful liquidity, strong execution, and sustained trader participation.
Today, a meaningful portion of derivatives trading demand from Cardano users leaves the Cardano ecosystem for centralized exchanges and competing blockchain ecosystems. This causes liquidity, fees, trader attention, and financial activity to move outside Cardano.
Strike Finance addresses this by providing Cardano-native perpetual futures infrastructure.
## Demonstrated Demand
The demand has already been demonstrated. Strike has:
- Processed more than **1,148,000,000 USD** in cumulative trading volume
- Facilitated more than **1,001,000** trades across **3,226 unique traders**
- Generated more than **3,250,000 USD** in profit for liquidity providers
- Produced more than **1,167,000 USD** in total protocol revenue
- Accounted for more than **50%** of Cardano trading activity over the past six months
The primary bottleneck to further growth is liquidity depth.
## V2 Liquidity and Trading Activity
V2 data since launch shows the relationship between stablecoin liquidity and Strike trading activity. From V2 launch on **2026-03-20** through **2026-06-15**, the protocol produced:
| V2 metric since launch | Public data |
|---|---:|
| Total V2 volume | 87,288,044 USD |
| 30-day V2 volume | 75,322,500 USD |
| 7-day V2 volume | 29,220,000 USD |
| Total V2 trades | 410,800 |
| 30-day V2 trades | 241,400 |
| Total V2 users | 2,681 |
| Peak daily active users | 875 |
| Total V2 revenue | 30,105 USD |
| Peak open interest | 1,246,007 USD on 2026-06-15 |
Monthly platform growth shows clear acceleration across volume, revenue, and trades as liquidity deepened:
| Month | V2 volume | V2 revenue | V2 trades | Vault TVL at month start |
|---|---:|---:|---:|---:|
| March 2026, from 03-20 launch | 1,558,000 USD | 2,083 USD | 11,961 | Vault not yet launched |
| April 2026 | 7,662,000 USD | 4,249 USD | 55,238 | 147,208 USD, Apr 5 launch |
| May 2026 | 26,147,000 USD | 8,917 USD | 206,392 | 711,143 USD |
| June 2026, first 15 days | 51,199,211 USD | 10,000 USD | 137,211 | 992,232 USD |
The first fifteen days of June alone exceeded the entire month of May in both volume and revenue, putting V2 on a run rate of over **100,000,000 USD** in monthly volume. Protocol revenue has grown every month since launch -- **2,083 USD in March, 4,249 USD in April, 8,917 USD in May, and 10,000 USD in just the first fifteen days of June** -- tracking the growth in liquidity and volume directly.
## Strike Liquidity Provider Vault
The Strike Liquidity Provider vault supporting V2 market making is live with two months of public performance history.
| Strike Liquidity Provider metric | Latest reported value |
|---|---:|
| Current total value locked | 985,271.59 USD |
| Annual percentage rate | 43.52% |
| All-time period return | +8.85% |
| All-time profit and loss | +69,537.24 USD |
| Realized profit and loss | +46,678.24 USD |
| Maximum drawdown | 1.15% |
| All-time Sharpe ratio | 4.97 |
| Vault all-time volume | 39,881,464.76 USD |
| Depositors | 208 |
| Leader commission / fee | 0% |
| Minimum owner share | 5.00% |
| Lockup period | 1 day |
| Vault age | 2 months |
| Owner | 019d06...a144 |
| Description | Official liquidity vault powered by advanced market-making strategies |
The vault's own history demonstrates the liquidity-to-volume flywheel directly. Vault total value locked grew from approximately **147,000 USD** in early April to approximately **985,000 USD** in the latest reported snapshot, and over that same period monthly V2 volume grew from **7,700,000 USD** in April to **26,100,000 USD** in May and **51,200,000 USD** in just the first fifteen days of June.
Despite the vault growing more than sixfold, the annual percentage rate has increased to **43.52%**, profit and loss is trending upward, and the vault maintains an all-time Sharpe ratio of **4.97** with a maximum drawdown of only **1.15%**.
These figures do not prove that liquidity alone guarantees future volume or yield. They show that Strike V2 already has a measurable stablecoin liquidity flywheel: as available stablecoin liquidity increased, the protocol supported higher trading activity, fee generation, and a live vault with public performance history -- and yield did not compress as capital scaled.
## Liquidity Flywheel
Greater liquidity supports tighter spreads, deeper execution, larger position capacity, better trader retention, more on-chain trading activity, more fee generation for liquidity providers, and stronger Cardano-native decentralized finance infrastructure.
This creates a direct ecosystem flywheel:
**More liquidity -> better execution -> more traders -> more volume -> more yield -> stronger Cardano decentralized finance**
This proposal gives the Cardano Treasury a way to become more productive. Instead of leaving a portion of treasury assets idle, treasury capital can be deployed into transparent Cardano-native liquidity infrastructure with the objective of earning yield for the ecosystem.
In compliance with Section 7 "Treasury Withdrawals" of the Cardano Constitution Action Standards, any ADA received from the treasury withdrawal that is held by the administrator prior to deployment will be kept in one or more separate accounts that can be audited by the Cardano Community. Such accounts will not be delegated to any stake pool operator and will be delegated to the predefined abstain voting option.
This structure helps keep value creation inside Cardano rather than allowing trading activity, liquidity demand, and yield opportunities to migrate to other chains or centralized venues.
Perpetual futures are one of crypto's clearest examples of product-market fit. Top-10 perpetual exchanges processed **92.9 trillion USD** in 2025 (+64.6% year over year), and the top decentralized perpetual exchanges averaged over **611 billion USD** in monthly volume in the first four months of 2026, holding 13.5% of total crypto open interest. Liquidity concentrates where execution is deepest and spreads are tightest. If Cardano does not support competitive perpetual futures infrastructure, trading activity, fees, liquidity demand, and user attention will continue to leave the ecosystem for centralized exchanges and other chains.
## Strike's Organic Growth
Strike Finance has already reached meaningful scale without a treasury-backed liquidity program: **1,130,619,017 USD** cumulative volume, **968,011** trades, **3,071** unique traders, **1,162,630 USD** total protocol revenue, **3,254,391 USD** in liquidity provider profit, and over 50% of Cardano trading activity over the last six months.
Ethereum ecosystem users already account for approximately **50% of Strike's trading volume**, and Strike's largest trader by volume came from the Ethereum ecosystem. This shows that external traders will use Cardano-native infrastructure when product and liquidity meet their needs.
This is strong organic traction inside Cardano, but small against the global market: DeFiLlama reports approximately **588 billion USD** in 30-day decentralized perpetual futures volume, with the largest protocol alone at approximately **188 billion USD**. Strike does not need treasury support because demand is unproven. Strike needs deeper liquidity because product-market fit exists, and liquidity is the main constraint preventing Cardano-native perpetual futures from competing at larger scale.
## 12-Month Objective
This proposal is a temporary liquidity acceleration mechanism, not permanent treasury dependency. By the end of the 12-month deployment, Strike aims to rank as a **top-20 perpetual futures protocol across the broader crypto market**, measured by public rankings such as DeFiLlama's perpetual futures leaderboard, with enough liquidity depth, external trader participation, and momentum to continue scaling without additional treasury assistance. If the deployment does not produce a credible path toward top-20 competitiveness, renewal should not be assumed; any continued participation requires a new governance proposal with updated performance data.
## Terms, Deployment, and Yield
| Term | Detail |
|---|---|
| Requested amount | 9,000,000 ADA |
| Duration | 12 months |
| Structure | Productive liquidity deployment |
| Grant funding | No |
| Net Change Limit | Fits within the current 2026 Net Change Limit |
| Previous treasury funding | None -- Strike Finance has never received Cardano Treasury funding |
| Treasury ownership | Treasury retains ownership throughout deployment |
| Midpoint distribution | Realized yield returned at six months |
| Final return | Principal plus remaining realized yield returned at 12 months |
| Strike custody | Strike will not have unilateral custody or control |
| Oversight | Independent multisig, third-party assurance, and public reporting |
| Future participation | Requires a new governance proposal after 12 months |
The deployed ADA will be **sold for USDM** at deployment to provide stablecoin-denominated liquidity, executed in an orderly manner to minimize market impact. Modeling at **ADA = 0.15 USD**: approximately **1,350,000 USDM** deployed at a modeled **10% USD-denominated annual percentage rate**, generating approximately **135,000 USD / 900,000 ADA-equivalent** in annual yield. These are modeled estimates, not guaranteed returns. Realized yield from the first six months is returned to the Cardano Treasury at month 6. At month 12, **100% of treasury-owned deployed assets, including remaining principal and realized yield, will be returned to the Cardano Treasury**.
## Administration, Custody, and Oversight
**Administrator: Independent council.** A council composed of Rami from Snek, Phil from Surf, and James from Monetra will receive the treasury withdrawal, hold funds prior to deployment, and oversee disbursement in line with this proposal.
In compliance with **Section 7 "Treasury Withdrawals" of the Cardano Constitution Action Standards**, any ADA held by the administrator prior to further disbursement will be kept in one or more separate accounts auditable by the Cardano Community, will not be delegated to any stake pool operator, and will be delegated to the predefined abstain voting option. The designated holding account(s) will be published prior to on-chain submission.
Operational custody of deployed liquidity will be governed by an independent multisig with Rami from Snek, Phil from Surf, and James from Monetra. Strike Finance will not have unilateral access to treasury funds during the deployment period. Treasury principal remains ecosystem-owned, deployment activity remains publicly auditable, realized and unrealized profit and loss are reported separately, and any material risk event must be disclosed.
## Independent Audit and Assurance
Strike V2 is live on mainnet with public performance history. The protocol has undergone several unofficial reviews by individual technical reviewers. Christian Schmitz, founder of the Helios programming language and Pulse, is currently conducting an official audit of the protocol, which is expected to be finalized by **July 1, 2026**. The report will be published upon completion.
Independent third-party assurance reports will accompany deployment confirmation, the month-6 yield distribution, and the month-12 return of funds, verifying balances, profit and loss, drawdown, and distributions against on-chain data.
## Previous Treasury Funding
Strike Finance has **never received funding from the Cardano Treasury** or any related ecosystem treasury program, including within the last 24 months. This is Strike Finance's first treasury proposal.
## Risk Summary
The treasury may earn less than modeled, experience drawdown, or underperform a simple hold-ADA strategy. Primary risks: ADA price appreciation risk (deployed ADA is sold for USDM and may underperform holding ADA if ADA rises significantly); USDM depeg, custody, liquidity, or redemption risk; smart contract risk; yield underperformance from market conditions; and custody and operational risk around multisig coordination. Governance review is triggered if drawdown exceeds **8%**, if reporting is missed for two consecutive monthly cycles, or if any unresolved custody, accounting, stablecoin, redemption, or smart contract concern arises; mandatory review at **10%** drawdown.
## Early Termination and Return of Funds
| Trigger | Action | Timeline |
|---|---|---|
| Drawdown of treasury-owned position exceeds 20% | Mandatory review; multisig signers may vote to wind down | Review within 7 days of breach |
| Reporting missed for two consecutive monthly cycles without remedy | Multisig signers may vote to wind down | Wind-down decision within 14 days |
In any wind-down: positions are exited in an orderly manner, all treasury-owned assets (principal plus realized yield, minus any realized losses) are returned to the designated administrator account, and an audited reconciliation report is published within 30 days. The independent multisig -- not Strike Finance -- controls wind-down execution, so return of funds does not depend on Strike Finance's cooperation.
## Net Change Limit
This proposal fits within the **current 2026 Net Change Limit**. Because this is a productive deployment with 100% of principal plus realized yield contractually returned within 12 months, the net long-term impact on the treasury is expected to be positive rather than a net outflow.
## Success Metrics
Success will be measured across three platform metrics: volume, traders, and revenue.
| Metric | Baseline | Target |
|---|---:|---:|
| 30-day volume | 50,000,000 USD | 1,000,000,000 USD in 30-day volume within 12 months |
| Traders | 2,528 | 5,000 within 12 months |
| Annualized revenue run rate | Approximately 172,000 USD | 5,000,000 USD within 12 months |
## Reporting and Value to Cardano
Strike Finance will provide monthly public transparency reports covering deployment status, liquidity utilization, volume, open interest, realized and unrealized profit and loss, yield, drawdown, stablecoin exposure, market quality metrics, distributions, and any material risks or deviations. This proposal benefits Cardano by deepening Cardano-native liquidity, keeping derivatives activity inside Cardano, improving execution quality, generating yield for the Treasury, and creating a measurable model for productive treasury deployments. At the end of the 12-month period, the full treasury-owned position and all remaining realized yield will be returned to the Cardano Treasury.
부가 정보
| 트랜잭션 해시 | 8721696358acdd43e34e5ed9ef1b3e2a1d2af9c1aa1972e017b9b9271b7ddc70 |
|---|---|
| 블록 타임 | 1781813812 |
| Proposal ID | gov_action1suskjc6c4nw58c6wtmv77xe79gwj47wp4gvh9cqhhxujwxmam3cqqkz5nwj |
| Proposal Index | 0 |
Strike Finance 유동성 배포에 대한 제안
현재 어디까지 왔나
📊 제안서 투표현황
DRep 투표현황
SPO 투표현황
헌법위원회 투표현황
📝 상세 설명
🇰🇷 한글 버전
- 본 거버넌스 안건은 Strike Finance V2 유동성 인프라에 9,000,000 ₳를 12개월간 생산적으로 운용할 것을 요청함.
- 이는 보조금(grant)이 아니며, Cardano 생태계의 영구 선물 유동성을 심화하고 온체인 거래 활동을 증대하며 Cardano Treasury를 위한 수익을 창출하기 위해 자본을 운용하는 것임.
- Strike는 누적 거래량 1.13B USD 이상, 968,000건 이상의 거래, 3,071명의 고유 거래자, 유동성 공급자를 위한 3.25M USD 이상의 수익, 1.16M USD 이상의 프로토콜 수익을 기록했으며, 지난 6개월간 Cardano 거래 활동의 50% 이상을 차지했음.
- 운용되는 ₳는 Cardano의 법정화폐 담보 스테이블코인인 USDM으로 매도되어 스테이블코인 기반 유동성을 제공할 것임.
- 본 제안은 모델링을 위해 ₳당 0.15 USD를 가정하며, 이는 약 1.35M USDM의 유동성에 해당함.
- 실제 USDM 명목 가치는 운용 시점의 전환 가격에 따라 달라지며 투명하게 보고될 것임.
- 보수적인 모델링 가정하에 본 운용은 연간 약 900,000 ₳ 상당의 수익을 창출할 것으로 예상됨.
- ₳ 가격 변동이 없다고 가정할 경우, 12개월 동안 Treasury 소유 자산은 9,000,000 ₳에서 약 9,900,000 ₳ 상당으로 증가할 것임.
- 이는 모델링된 추정치이며 수익을 보장하지 않음.
- Snek의 Rami, Surf의 Phil, Moneta의 James로 구성된 위원회가 본 제안의 관리자 역할을 수행할 것임.
- 운용되는 유동성의 운영상 보관은 이 독립적인 다중 서명(multisig) 위원회를 통해 처리되며, Strike Finance는 Treasury 자산에 대한 단독 보관권이나 통제권을 갖지 않음.
- 첫 6개월간의 실현 수익은 6개월 차에 Cardano Treasury로 반환됨.
- 12개월 차에는 잔여 원금과 실현 수익을 포함한 Treasury 소유 운용 자산의 100%가 Cardano Treasury로 반환될 것임.
- 추가적인 Treasury 참여는 새로운 거버넌스 제안이 필요함.
■ 주석
*₳: 에이다(ADA) 토큰
*B: 10억 단위
*****USDM: Cardano 기반 스테이블코인
- Cardano가 글로벌 금융 생태계로서 경쟁하려면 의미 있는 유동성, 강력한 실행력, 지속적인 거래자 참여를 지원할 수 있는 파생상품 인프라가 필요함.
- 현재 Cardano 사용자의 파생상품 거래 수요 상당 부분이 중앙화 거래소나 경쟁 블록체인 생태계로 유출되고 있으며, 이로 인해 유동성, 수수료, 거래자 관심 및 금융 활동이 Cardano 외부로 이동하고 있음.
- Strike Finance는 Cardano 기반 영구 선물 인프라를 제공하여 이를 해결하고자 함.
- Strike는 누적 거래량 1.148B USD 이상, 1,001,000건 이상의 거래, 3,226명의 고유 거래자, 유동성 공급자를 위한 3.25M USD 이상의 수익, 1.167M USD 이상의 프로토콜 수익을 기록했으며, 지난 6개월간 Cardano 거래 활동의 50% 이상을 차지했음.
- 성장의 주요 병목 현상은 유동성 깊이임.
- V2 출시(2026-03-20)부터 2026-06-15까지의 데이터에 따르면, 유동성 심화에 따라 거래량, 수익, 거래 건수가 가속화되고 있음.
- 6월 첫 15일간의 실적은 5월 전체 실적을 상회했으며, V2는 월간 거래량 100M USD 이상의 추세를 보임.
- 프로토콜 수익은 3월 2,083 USD에서 6월 첫 15일간 10,000 USD로 매달 증가했음.
- Strike 유동성 공급자 볼트(Vault)는 2개월간의 공개 성과 기록을 보유하고 있으며, 현재 TVL은 약 985,271.59 USD, 연간 수익률(APR)은 43.52%임.
- 볼트의 TVL은 4월 초 약 147,000 USD에서 최근 약 985,000 USD로 증가했으며, 같은 기간 월간 V2 거래량은 4월 7.7M USD에서 6월 첫 15일간 51.2M USD로 증가했음.
- 이러한 수치는 유동성만으로 미래 거래량이나 수익을 보장하지는 않지만, Strike V2가 측정 가능한 스테이블코인 유동성 플라이휠을 보유하고 있음을 보여줌.
- 더 큰 유동성은 더 좁은 스프레드, 더 깊은 실행, 더 큰 포지션 수용력, 더 나은 거래자 유지, 더 많은 온체인 거래 활동, 더 많은 수수료 창출 및 더 강력한 Cardano 기반 DeFi 인프라를 지원함.
- 본 제안은 Cardano Treasury가 유휴 자산을 생산적으로 운용하여 생태계를 위한 수익을 창출할 수 있는 방법을 제시함.
- Cardano 헌법 행동 표준 제7조 "Treasury 인출"에 따라, 관리자가 운용 전 보유하는 모든 ₳는 Cardano 커뮤니티가 감사할 수 있는 별도의 계정에 보관될 것임.
- 해당 계정은 스테이크 풀 운영자에게 위임되지 않으며, 기권(abstain) 투표 옵션으로 위임될 것임.
■ 주석
*TVL: 총 예치 자산
*DeFi: 탈중앙화 금융
- 영구 선물은 암호화폐 시장에서 제품-시장 적합성(product-market fit)을 보여주는 가장 명확한 사례임.
- 2025년 상위 10개 영구 선물 거래소는 92.9T USD의 거래량을 처리했음.
- Strike Finance는 Treasury 지원 없이도 누적 거래량 1.13B USD, 968,011건의 거래, 1.16M USD의 프로토콜 수익 등 의미 있는 규모를 달성했음.
- 이더리움 생태계 사용자가 Strike 거래량의 약 50%를 차지하고 있으며, 이는 제품과 유동성이 충족되면 외부 거래자들도 Cardano 기반 인프라를 사용함을 보여줌.
- Strike는 수요가 입증되지 않아 Treasury 지원이 필요한 것이 아니라, 제품-시장 적합성이 존재함에도 유동성이 부족하여 더 큰 규모로 경쟁하지 못하는 상황임.
- 본 제안은 12개월간의 일시적인 유동성 가속화 메커니즘임.
- 12개월 후 Strike는 DeFiLlama 등 공신력 있는 지표 기준 암호화폐 시장 전체 상위 20위 영구 선물 프로토콜로 진입하는 것을 목표로 함.
- 운용되는 ₳는 ₳당 0.15 USD 모델링 기준 약 1.35M USDM으로 전환되어 운용될 것임.
- 예상 연간 수익은 약 135,000 USD(900,000 ₳ 상당)임.
- 6개월 차에 실현 수익을 반환하고, 12개월 차에 원금과 잔여 실현 수익을 포함한 100%를 Cardano Treasury로 반환함.
- 관리자는 Snek의 Rami, Surf의 Phil, Moneta의 James로 구성된 독립 위원회이며, Strike Finance는 자금에 대한 단독 통제권을 갖지 않음.
- Strike V2는 메인넷에서 운영 중이며, Christian Schmitz가 공식 감사를 진행 중으로 2026년 7월 1일에 완료될 예정임.
- 주요 위험 요소로는 ₳ 가격 상승에 따른 기회비용, USDM 디페깅(depeg), 스마트 컨트랙트 위험, 시장 상황에 따른 수익 저조 등이 있음.
- 드로다운(drawdown)이 8%를 초과하거나 보고가 2회 연속 누락될 경우 거버넌스 검토가 트리거되며, 10% 초과 시 의무 검토가 진행됨.
- 드로다운이 20%를 초과할 경우 다중 서명 서명자들은 청산(wind-down)을 투표할 수 있음.
- 청산 시 모든 Treasury 소유 자산은 지정된 관리자 계정으로 반환됨.
- 본 제안은 2026년 순 변경 한도(Net Change Limit) 내에 포함됨.
- 성공 지표로 12개월 내 30일 거래량 1B USD, 거래자 5,000명, 연간 수익률 5M USD를 목표로 함.
- Strike Finance는 매월 투명성 보고서를 제공하여 운용 상태, 유동성 활용, 수익, 위험 등을 공개할 것임.
■ 주석
*T: 1조 단위
*Drawdown: 고점 대비 최대 하락폭
🇺🇸 English
This governance action requests a **12-month productive treasury deployment of 9,000,000 ADA** into Strike Finance V2 liquidity infrastructure.
This is **not grant funding**. Treasury-owned capital would be deployed to deepen Cardano-native perpetual futures liquidity, increase on-chain trading activity, and generate yield for the Cardano Treasury.
Strike has processed **over 1,130,000,000 USD** in cumulative volume, facilitated **968,000+ trades** across **3,071 unique traders**, generated **over 3,250,000 USD** in profit for liquidity providers, produced **over 1,160,000 USD** in total protocol revenue, and represented **over 50% of Cardano trading activity** during the past six months.
| Allocation | Amount | Purpose |
|---|---:|---|
| V2 USDM liquidity | 9,000,000 ADA sold for USDM | Support scalable execution depth and stablecoin markets |
The deployed ADA will be **sold for USDM**, Cardano's fiat-backed stablecoin, to provide stablecoin-denominated liquidity. For modeling, this proposal assumes **ADA = 0.15 USD**, making **9,000,000 ADA** approximately **1,350,000 USDM** of stablecoin liquidity. The actual USDM notional will depend on the conversion price at deployment and will be transparently reported.
Under conservative modeled assumptions, the deployment is expected to generate approximately **900,000 ADA-equivalent** in annual yield. Assuming no ADA price change, this would increase the treasury-owned position from **9,000,000 ADA** to approximately **9,900,000 ADA-equivalent** over 12 months. These are modeled estimates, not guaranteed returns.
**A council composed of Rami from Snek, Phil from Surf, and James from Moneta will serve as the administrator for this proposal.** Operational custody of deployed liquidity will be handled through this independent multisig council. Strike Finance will not have unilateral custody or control of treasury assets.
Realized yield from the first six months will be returned to the Cardano Treasury at month 6. At month 12, **100% of treasury-owned deployed assets, including remaining principal and realized yield, will be returned to the Cardano Treasury**. Any further treasury participation would require a new governance proposal.
Perpetual futures markets represent one of the largest categories of global digital asset trading activity. More than 75% of cryptocurrency trading activity now occurs through perpetual futures markets.
If Cardano intends to compete as a globally relevant financial ecosystem, it needs derivatives infrastructure capable of supporting meaningful liquidity, strong execution, and sustained trader participation.
Today, a meaningful portion of derivatives trading demand from Cardano users leaves the Cardano ecosystem for centralized exchanges and competing blockchain ecosystems. This causes liquidity, fees, trader attention, and financial activity to move outside Cardano.
Strike Finance addresses this by providing Cardano-native perpetual futures infrastructure.
## Demonstrated Demand
The demand has already been demonstrated. Strike has:
- Processed more than **1,148,000,000 USD** in cumulative trading volume
- Facilitated more than **1,001,000** trades across **3,226 unique traders**
- Generated more than **3,250,000 USD** in profit for liquidity providers
- Produced more than **1,167,000 USD** in total protocol revenue
- Accounted for more than **50%** of Cardano trading activity over the past six months
The primary bottleneck to further growth is liquidity depth.
## V2 Liquidity and Trading Activity
V2 data since launch shows the relationship between stablecoin liquidity and Strike trading activity. From V2 launch on **2026-03-20** through **2026-06-15**, the protocol produced:
| V2 metric since launch | Public data |
|---|---:|
| Total V2 volume | 87,288,044 USD |
| 30-day V2 volume | 75,322,500 USD |
| 7-day V2 volume | 29,220,000 USD |
| Total V2 trades | 410,800 |
| 30-day V2 trades | 241,400 |
| Total V2 users | 2,681 |
| Peak daily active users | 875 |
| Total V2 revenue | 30,105 USD |
| Peak open interest | 1,246,007 USD on 2026-06-15 |
Monthly platform growth shows clear acceleration across volume, revenue, and trades as liquidity deepened:
| Month | V2 volume | V2 revenue | V2 trades | Vault TVL at month start |
|---|---:|---:|---:|---:|
| March 2026, from 03-20 launch | 1,558,000 USD | 2,083 USD | 11,961 | Vault not yet launched |
| April 2026 | 7,662,000 USD | 4,249 USD | 55,238 | 147,208 USD, Apr 5 launch |
| May 2026 | 26,147,000 USD | 8,917 USD | 206,392 | 711,143 USD |
| June 2026, first 15 days | 51,199,211 USD | 10,000 USD | 137,211 | 992,232 USD |
The first fifteen days of June alone exceeded the entire month of May in both volume and revenue, putting V2 on a run rate of over **100,000,000 USD** in monthly volume. Protocol revenue has grown every month since launch -- **2,083 USD in March, 4,249 USD in April, 8,917 USD in May, and 10,000 USD in just the first fifteen days of June** -- tracking the growth in liquidity and volume directly.
## Strike Liquidity Provider Vault
The Strike Liquidity Provider vault supporting V2 market making is live with two months of public performance history.
| Strike Liquidity Provider metric | Latest reported value |
|---|---:|
| Current total value locked | 985,271.59 USD |
| Annual percentage rate | 43.52% |
| All-time period return | +8.85% |
| All-time profit and loss | +69,537.24 USD |
| Realized profit and loss | +46,678.24 USD |
| Maximum drawdown | 1.15% |
| All-time Sharpe ratio | 4.97 |
| Vault all-time volume | 39,881,464.76 USD |
| Depositors | 208 |
| Leader commission / fee | 0% |
| Minimum owner share | 5.00% |
| Lockup period | 1 day |
| Vault age | 2 months |
| Owner | 019d06...a144 |
| Description | Official liquidity vault powered by advanced market-making strategies |
The vault's own history demonstrates the liquidity-to-volume flywheel directly. Vault total value locked grew from approximately **147,000 USD** in early April to approximately **985,000 USD** in the latest reported snapshot, and over that same period monthly V2 volume grew from **7,700,000 USD** in April to **26,100,000 USD** in May and **51,200,000 USD** in just the first fifteen days of June.
Despite the vault growing more than sixfold, the annual percentage rate has increased to **43.52%**, profit and loss is trending upward, and the vault maintains an all-time Sharpe ratio of **4.97** with a maximum drawdown of only **1.15%**.
These figures do not prove that liquidity alone guarantees future volume or yield. They show that Strike V2 already has a measurable stablecoin liquidity flywheel: as available stablecoin liquidity increased, the protocol supported higher trading activity, fee generation, and a live vault with public performance history -- and yield did not compress as capital scaled.
## Liquidity Flywheel
Greater liquidity supports tighter spreads, deeper execution, larger position capacity, better trader retention, more on-chain trading activity, more fee generation for liquidity providers, and stronger Cardano-native decentralized finance infrastructure.
This creates a direct ecosystem flywheel:
**More liquidity -> better execution -> more traders -> more volume -> more yield -> stronger Cardano decentralized finance**
This proposal gives the Cardano Treasury a way to become more productive. Instead of leaving a portion of treasury assets idle, treasury capital can be deployed into transparent Cardano-native liquidity infrastructure with the objective of earning yield for the ecosystem.
In compliance with Section 7 "Treasury Withdrawals" of the Cardano Constitution Action Standards, any ADA received from the treasury withdrawal that is held by the administrator prior to deployment will be kept in one or more separate accounts that can be audited by the Cardano Community. Such accounts will not be delegated to any stake pool operator and will be delegated to the predefined abstain voting option.
This structure helps keep value creation inside Cardano rather than allowing trading activity, liquidity demand, and yield opportunities to migrate to other chains or centralized venues.
Perpetual futures are one of crypto's clearest examples of product-market fit. Top-10 perpetual exchanges processed **92.9 trillion USD** in 2025 (+64.6% year over year), and the top decentralized perpetual exchanges averaged over **611 billion USD** in monthly volume in the first four months of 2026, holding 13.5% of total crypto open interest. Liquidity concentrates where execution is deepest and spreads are tightest. If Cardano does not support competitive perpetual futures infrastructure, trading activity, fees, liquidity demand, and user attention will continue to leave the ecosystem for centralized exchanges and other chains.
## Strike's Organic Growth
Strike Finance has already reached meaningful scale without a treasury-backed liquidity program: **1,130,619,017 USD** cumulative volume, **968,011** trades, **3,071** unique traders, **1,162,630 USD** total protocol revenue, **3,254,391 USD** in liquidity provider profit, and over 50% of Cardano trading activity over the last six months.
Ethereum ecosystem users already account for approximately **50% of Strike's trading volume**, and Strike's largest trader by volume came from the Ethereum ecosystem. This shows that external traders will use Cardano-native infrastructure when product and liquidity meet their needs.
This is strong organic traction inside Cardano, but small against the global market: DeFiLlama reports approximately **588 billion USD** in 30-day decentralized perpetual futures volume, with the largest protocol alone at approximately **188 billion USD**. Strike does not need treasury support because demand is unproven. Strike needs deeper liquidity because product-market fit exists, and liquidity is the main constraint preventing Cardano-native perpetual futures from competing at larger scale.
## 12-Month Objective
This proposal is a temporary liquidity acceleration mechanism, not permanent treasury dependency. By the end of the 12-month deployment, Strike aims to rank as a **top-20 perpetual futures protocol across the broader crypto market**, measured by public rankings such as DeFiLlama's perpetual futures leaderboard, with enough liquidity depth, external trader participation, and momentum to continue scaling without additional treasury assistance. If the deployment does not produce a credible path toward top-20 competitiveness, renewal should not be assumed; any continued participation requires a new governance proposal with updated performance data.
## Terms, Deployment, and Yield
| Term | Detail |
|---|---|
| Requested amount | 9,000,000 ADA |
| Duration | 12 months |
| Structure | Productive liquidity deployment |
| Grant funding | No |
| Net Change Limit | Fits within the current 2026 Net Change Limit |
| Previous treasury funding | None -- Strike Finance has never received Cardano Treasury funding |
| Treasury ownership | Treasury retains ownership throughout deployment |
| Midpoint distribution | Realized yield returned at six months |
| Final return | Principal plus remaining realized yield returned at 12 months |
| Strike custody | Strike will not have unilateral custody or control |
| Oversight | Independent multisig, third-party assurance, and public reporting |
| Future participation | Requires a new governance proposal after 12 months |
The deployed ADA will be **sold for USDM** at deployment to provide stablecoin-denominated liquidity, executed in an orderly manner to minimize market impact. Modeling at **ADA = 0.15 USD**: approximately **1,350,000 USDM** deployed at a modeled **10% USD-denominated annual percentage rate**, generating approximately **135,000 USD / 900,000 ADA-equivalent** in annual yield. These are modeled estimates, not guaranteed returns. Realized yield from the first six months is returned to the Cardano Treasury at month 6. At month 12, **100% of treasury-owned deployed assets, including remaining principal and realized yield, will be returned to the Cardano Treasury**.
## Administration, Custody, and Oversight
**Administrator: Independent council.** A council composed of Rami from Snek, Phil from Surf, and James from Monetra will receive the treasury withdrawal, hold funds prior to deployment, and oversee disbursement in line with this proposal.
In compliance with **Section 7 "Treasury Withdrawals" of the Cardano Constitution Action Standards**, any ADA held by the administrator prior to further disbursement will be kept in one or more separate accounts auditable by the Cardano Community, will not be delegated to any stake pool operator, and will be delegated to the predefined abstain voting option. The designated holding account(s) will be published prior to on-chain submission.
Operational custody of deployed liquidity will be governed by an independent multisig with Rami from Snek, Phil from Surf, and James from Monetra. Strike Finance will not have unilateral access to treasury funds during the deployment period. Treasury principal remains ecosystem-owned, deployment activity remains publicly auditable, realized and unrealized profit and loss are reported separately, and any material risk event must be disclosed.
## Independent Audit and Assurance
Strike V2 is live on mainnet with public performance history. The protocol has undergone several unofficial reviews by individual technical reviewers. Christian Schmitz, founder of the Helios programming language and Pulse, is currently conducting an official audit of the protocol, which is expected to be finalized by **July 1, 2026**. The report will be published upon completion.
Independent third-party assurance reports will accompany deployment confirmation, the month-6 yield distribution, and the month-12 return of funds, verifying balances, profit and loss, drawdown, and distributions against on-chain data.
## Previous Treasury Funding
Strike Finance has **never received funding from the Cardano Treasury** or any related ecosystem treasury program, including within the last 24 months. This is Strike Finance's first treasury proposal.
## Risk Summary
The treasury may earn less than modeled, experience drawdown, or underperform a simple hold-ADA strategy. Primary risks: ADA price appreciation risk (deployed ADA is sold for USDM and may underperform holding ADA if ADA rises significantly); USDM depeg, custody, liquidity, or redemption risk; smart contract risk; yield underperformance from market conditions; and custody and operational risk around multisig coordination. Governance review is triggered if drawdown exceeds **8%**, if reporting is missed for two consecutive monthly cycles, or if any unresolved custody, accounting, stablecoin, redemption, or smart contract concern arises; mandatory review at **10%** drawdown.
## Early Termination and Return of Funds
| Trigger | Action | Timeline |
|---|---|---|
| Drawdown of treasury-owned position exceeds 20% | Mandatory review; multisig signers may vote to wind down | Review within 7 days of breach |
| Reporting missed for two consecutive monthly cycles without remedy | Multisig signers may vote to wind down | Wind-down decision within 14 days |
In any wind-down: positions are exited in an orderly manner, all treasury-owned assets (principal plus realized yield, minus any realized losses) are returned to the designated administrator account, and an audited reconciliation report is published within 30 days. The independent multisig -- not Strike Finance -- controls wind-down execution, so return of funds does not depend on Strike Finance's cooperation.
## Net Change Limit
This proposal fits within the **current 2026 Net Change Limit**. Because this is a productive deployment with 100% of principal plus realized yield contractually returned within 12 months, the net long-term impact on the treasury is expected to be positive rather than a net outflow.
## Success Metrics
Success will be measured across three platform metrics: volume, traders, and revenue.
| Metric | Baseline | Target |
|---|---:|---:|
| 30-day volume | 50,000,000 USD | 1,000,000,000 USD in 30-day volume within 12 months |
| Traders | 2,528 | 5,000 within 12 months |
| Annualized revenue run rate | Approximately 172,000 USD | 5,000,000 USD within 12 months |
## Reporting and Value to Cardano
Strike Finance will provide monthly public transparency reports covering deployment status, liquidity utilization, volume, open interest, realized and unrealized profit and loss, yield, drawdown, stablecoin exposure, market quality metrics, distributions, and any material risks or deviations. This proposal benefits Cardano by deepening Cardano-native liquidity, keeping derivatives activity inside Cardano, improving execution quality, generating yield for the Treasury, and creating a measurable model for productive treasury deployments. At the end of the 12-month period, the full treasury-owned position and all remaining realized yield will be returned to the Cardano Treasury.