- 금액: 4,969,231 ₳ (~1,093,231 USD), 제출처: Cardano Treasury

- 본 안건은 Sellout.io가 운영하고 Anvil Development Agency가 구축하는 Cardano 기반 티켓팅 플랫폼의 2단계 개발 자금 지원을 요청함.

- 1단계(온체인 이벤트 생성, CIP-68 티켓 발행, 전송, 참석 검증)는 이미 Cardano 메인넷에서 가동 중이며, Sellout이 전액(13만 달러 이상) 투자했음.

- 2단계는 온체인 로열티 강제 적용, 이벤트별 암표 방지 제어, Sellout의 기존 사용자 20만 명 이상을 위한 지갑 온보딩, 주최자 도구, 독립적인 제3자 보안 감사, 전문적인 출시 캠페인을 포함하며, Yellowstone Club 2026 콘서트 시리즈를 앵커로 활용함.

- 본 건은 제안자가 직접 제출한 온체인 Treasury Withdrawal 거버넌스 조치임.

- Intersect가 사전 합의에 따라 예산 관리자 역할을 수행하며, 독립적인 감독 하에 Sundae Labs의 TRSC/PSSC 프레임워크를 통해 자금을 보관 및 집행함.

- 8개월에 걸쳐 마일스톤별로 4,969,231 ₳를 요청하며, 새로운 운영 법인을 통해 수익의 일부를 Cardano Treasury에 환원하는 구조로, 총 1,093,231 달러를 상환하기로 약속함.

■ 주석
*Cardano: 블록체인 플랫폼
*CIP-68: Cardano 개선 제안서 68번(토큰 메타데이터 표준)
*SPO: Stake Pool Operator(지분 풀 운영자)

- 금액: 4,969,231 ₳ (~1,093,231 USD), 제출처: Cardano Treasury

- 본 제안은 3%의 Intersect 관리 수수료를 포함하여 8개월간 4,969,231 ₳를 요청하며, 이를 통해 메인넷에서 가동 중인 티켓팅 시스템을 대규모 채택 단계로 확장하고자 함.

- 온라인 티켓팅은 600억 달러 규모의 글로벌 산업이나 불투명한 재판매, 통제되지 않는 암표, 강제할 수 없는 로열티, 파편화된 참석 기록 등 구조적 문제를 안고 있으며, 블록체인은 이를 프로토콜 수준에서 해결함.

- Cardano 2030 전략 비전은 인프라 중심 사고를 넘어 비투기적 유틸리티를 확보하고, 실제 기업으로부터 지속적인 온체인 수요를 창출하는 고부가가치 분야에 투자할 것을 명시함.

- 본 제안은 실제 사용자, 실제 수익, 반복적인 메인넷 활동을 갖춘 기업형 통합 사례를 제공하여 생태계의 공백을 메움.

- 20만 명의 사용자를 보유한 Web2 플랫폼이 핵심 티켓팅 운영을 Cardano로 이전하며, 1년 차에 Yellowstone Club 콘서트 시리즈를 앵커로 배포할 예정임.

■ 주석
*RWA: Real World Asset(실물 자산)
***CAGR: 연평균 성장률

- 금액: 4,969,231 ₳ (~1,093,231 USD), 제출처: Cardano Treasury

- 전략적 기둥 정렬: Cardano 2030 비전의 채택 및 유틸리티, 생태계 지속 가능성 및 회복 탄력성 목표와 일치함.

- 2단계의 모든 거래(발행, 전송, 재판매, 로열티 분배, 체크인)는 프로토콜 수수료를 발생시켜 네트워크로 환원하며, 이는 연간 16M ₳ 이상의 프로토콜 수익 목표에 기여함.

- Yellowstone Club 배포만으로도 1년 차에 600만 달러 이상의 자금이 Cardano를 통해 이동할 것으로 예상됨.

- 작업 패키지: 이벤트 티켓팅 마켓플레이스 구축(온체인 로열티 강제, 암표 방지 제어, 지갑 온보딩, 주최자 도구, 보안 감사, 출시 캠페인).

- 핵심 목표: 2단계 메인넷 출시, Sellout의 파이프라인을 반복적인 Cardano 활동으로 전환(12개월 내 200개 이상의 이벤트, 75,000개 이상의 NFT 티켓, 150,000건 이상의 온체인 상호작용, 600만 달러 이상의 티켓 수익), Yellowstone Club 2026 시리즈 활성화.

- 자금 상환 구조: 마일스톤별 자금 집행, 미사용 예비비 반환, 마켓플레이스 및 로열티 수익의 25%를 Treasury에 상환(전액 상환 시 5%로 감소).

- 위험 완화: 마일스톤 기반 자금 집행, 공동 투자(Sellout의 자체 자본 투입), 분기별 보고 및 감독 위원회 운영.

■ 주석
*UX: 사용자 경험
*SOC: 서비스 조직 통제(보안 및 가용성 표준)
*KYC: 고객 알기 제도(본인 확인 절차)

This Treasury Withdrawal funds Phase 2 of a production Cardano-native ticketing platform operated by Sellout.io and built by Anvil Development Agency. Phase 1 (on-chain event creation, CIP-68 ticket minting, transfers, and attendance verification) is already live on Cardano mainnet, funded entirely by Sellout (over $130k invested). Phase 2 delivers a secondary marketplace with on-chain royalty enforcement, per-event anti-scalping controls, wallet onboarding for Sellout's 200,000+ existing users, organizer tools, an independent third-party security audit, and a professional launch campaign, anchored by the contracted Yellowstone Club 2026 concert series.

This is a direct on-chain Treasury Withdrawal governance action submitted by the proposer. Intersect serves as the budget administrator by prior agreement - holding and disbursing funds through the Sundae Labs Treasury Reserve / Project-Specific Smart Contract (TRSC/PSSC) framework with independent oversight - rather than this being a submission through the Intersect budget-process portal. The withdrawal requests 4,969,231 ada (~$1,093,231 USD at $0.22/ADA) over 8 months, disbursed against milestones. Phase 2 is delivered through a new operating entity that pays a defined revenue share back to the Cardano Treasury; the team commits to repay $1,093,231 to the Treasury through this mechanism.

This proposal requests 4,969,231 ada (~$1,093,231 USD at $0.22/ADA), inclusive of a 3% Intersect administration fee, over 8 months to scale a working, mainnet-live ticketing system to mass adoption.

Online ticketing is a $60B global industry with structural failure modes - opaque resale, uncontrolled scalping, unenforceable royalties, and fragmented attendance records - that blockchain solves at the protocol level; tickets are a form of RWA / supply chain. "The global Live events industry market size was estimated at USD 652.6 billion in 2022 and is projected to reach USD 1,177.1 billion by 2032, growing at a CAGR of 5.9% from 2023 to 2032."

The Cardano 2030 Strategic Vision is explicit: move past infra-first thinking, secure non-speculative utility, and invest in high-value verticals that drive sustained on-chain demand from real businesses. What the ecosystem has lacked is a homegrown enterprise integration with real users, real revenue, and recurring mainnet activity - not a partnership announcement, not a testnet demo.

This proposal closes that gap. A 200,000-user Web2 platform is migrating its core ticketing operations to Cardano, with a contracted anchor deployment concert series in Year 1. The business already exists, so does the volume. Phase 1 already works and was funded by Sellout's own capital. The Treasury funds the incremental build that takes a working system to mass adoption - and is repaid through the revenue that real commercial activity produces.

### Strategic Pillar Alignment (Cardano 2030 Vision)

**Pillar 2 - Adoption & Utility:** Driving widespread, non-speculative utility through high-value verticals, superior UX, and enterprise-grade security.

- **A.1 High-Value Verticals.** The Vision names DeFi, RWA, supply chain, and payments as flagship verticals. Online ticketing is a $60B global industry whose structural failure modes blockchain solves at the protocol level, and tickets are a form of RWA / supply chain.
- **A.2 Experience.** Our wallet onboarding is a textbook implementation of the Vision's principle to "hide wallets, fees, and signing flows" from users - making Cardano invisible to 200,000+ existing Web2 users. The Anvil API (back-end) is working toward SOC compliance (see Anvil's CBDAO Round 2 Proposal, Pillar 4).

**Pillar 5 - Ecosystem Sustainability & Resilience:** Ensuring long-term financial health and operational integrity of the network.

- **E.1.** Every Phase 2 transaction - mint, transfer, resale, royalty distribution, check-in - generates protocol fees that flow back to the network, a measurable contribution toward the Vision's >=16M ADA annual protocol revenue target.
- **E.2.** Through our royalty share we will also directly pay back the Treasury and continue building value for it long beyond this withdrawal.

**Strategic Imperative #2 - Robust on-chain demand.** Every Phase 2 component converts Sellout's existing ticketing pipeline into recurring, mainnet-settled activity. The 100,000+ projected first-year transactions and 25,000+ new wallets are direct contributions to the Vision's >=27M monthly transactions and 1M unique active address targets. This is a multi-year investment, not a one-year initiative.

**Cardano 2025 Product Roadmap (Intersect MBO).** Smart-contract-enforced royalty splits directly execute the Roadmap's "creator royalty mechanisms" item. Identity-binding for anti-scalping aligns with the soul-bound / identity-bound asset direction, designed for DID/SSI compatibility rather than centralized KYC.

**Mission critical - by the Vision's own definition.** The Yellowstone Club deployment alone is projected to move $6M+ through Cardano in Year 1 (2025 historical: $5.88M), with individual ticket prices up to $8,000.

**Pillar 4 - geography.** The Vision's Pillar 4 emphasizes LATAM, Africa, and East Asia (C.2). Sellout is US-based; this proposal extends Cardano into US enterprise as a complementary expansion, not a substitute.

### What This Withdrawal Builds

Work Package: Event Ticketing Marketplace (New Initiative; Technical / software-IT). The withdrawal funds:

- **Secondary marketplace** - list, price, and resell tickets; all transactions settle on-chain.
- **Royalty enforcement** - programmable royalty splits enforced at the smart-contract level; artists and venues receive their configured share on every resale automatically.
- **Anti-scalping controls** - configurable per-event resale rules: price ceilings, transfer limits, identity-binding (DID/SSI-compatible, not centralized KYC), time-based restrictions.
- **Wallet onboarding** - custodial wallet creation inside Sellout's existing flow; users get a Cardano wallet without needing to understand blockchain.
- **Organizer tools** - dashboard to configure resale parameters, view on-chain ticket lifecycle data, manage royalty distributions, and verify tickets.
- **Independent third-party security audit** - a formal smart-contract audit; report and remediation published as launch deliverables.
- **Public launch amplification** - a dedicated Sellout Project Lead and DevOps Lead, Sellout's marketing agency Big Storm running the multi-month launch campaign, and three trade-show activations (NIVA, INTIX, Pollstar Live!).

**Core Objectives.** (1) Ship Phase 2 to mainnet, milestone-gated and audited. (2) Convert Sellout's pipeline into recurring Cardano activity - 12-month targets from launch: 200+ events on-chain, 75,000+ CIP-68 NFT tickets, 150,000+ on-chain interactions, $6M+ ticket revenue on-chain, 20,000+ new wallets. (3) Activate the Yellowstone Club 2026 series (lineup: Noah Kahan, Sting, Weezer, The Black Crows, Mumford & Sons, Dierks Bentley, The B52s; tickets $400-$8,000; $5.88M 2025 historical -> $6M+ on-chain 2026). (4) Produce a documented enterprise case study, repeatable for other operators, white-label deployments, and additional ticketing companies.

**Expected Value / ROI.** A 200,000-user Web2 platform migrating core ticketing to Cardano; every ticket a CIP-68 NFT, every transfer/resale/royalty/check-in a transaction. Existing operations alone project 100,000+ on-chain transactions and 20,000+ new wallets in year one - direct contributions toward the Vision's 27M+ monthly transactions, 1M unique active addresses, and 16M+ ADA annual protocol revenue. The business and the volume already exist; the Treasury funds the incremental build. We are committing to repay $1,093,231 to the Cardano Treasury through our revenue-share mechanism.

### Funding & Treasury Repayment Structure

This is a treasury withdrawal of 4,969,231 ada (~$1,093,231 USD at $0.22/ADA) over 8 months, disbursed against milestones. Beyond milestone gating, value returns to the Treasury two ways:

- **Contingency return.** The ~3% contingency (136,363 ada) is returned to the Treasury if unused at project completion.
- **Revenue-share repayment.** A defined share of marketplace and royalty revenue is paid back to the Cardano Treasury. A percentage of all fees (25%) is sent to the Treasury until the Treasury is reimbursed in full; once repaid, this reduces to a smaller permanent fee (5%). Paid quarterly to the Cardano Treasury (or a designated treasury-controlled receiving vehicle). The exact revenue-base definition and cadence are finalized in M1 contracting with the appointed oversight committee; the structural commitment to repay is fixed here. Repayment progress is reported publicly each quarter.

**Why rev-share, not equity or a token.** A direct rev-share is a cleaner instrument for a treasury-funded proposal than a private-company equity stake (which raises custody, valuation, dilution, and governance-rights questions). No tradable token is issued - the instrument is a contractual repayment obligation on operating revenue. It layers on top of the protocol fees that already flow to the network, and is enforceable through the M1 contracting framework with the appointed oversight committee.

**Treasury protections.** Milestone-gated disbursement (no delivery, no payment); contingency return; undisbursed funds remain under Treasury control; independent third-party audit + oversight review + public quarterly reporting; contractual revenue-share repayment.

### Capital Allocation

Total requested: 4,969,231 ada ($1,093,231 at $0.22/ADA). Work package sub-total 4,824,431 ada ($1,061,375); Intersect administration fee 144,800 ada (3%).

| Item | Cost Category | ADA | USD ($0.22/ADA) |
|---|---|---|---|
| Anvil Blockchain Engineer (Lead) - 1 FTE, 8 mo | Resources (Labor) | 448,182 | $98,600 |
| Anvil Senior Full-Stack Engineer - 1 FTE, 8 mo | Resources (Labor) | 418,750 | $92,125 |
| Anvil Smart Contract Engineer - 1 FTE, 8 mo | Resources (Labor) | 380,682 | $83,750 |
| Anvil Front-End / UX Engineer - 1 FTE, 8 mo | Resources (Labor) | 289,318 | $63,650 |
| Anvil Jr. Engineer / QA - 0.5 FTE, 8 mo | Resources (Labor) | 78,409 | $17,250 |
| Anvil Designer (UX + Visual) - 0.5 FTE, 8 mo | Resources (Labor) | 101,136 | $22,250 |
| Anvil Project Management & Technical Leadership - 0.5 FTE, 8 mo | Resources (Labor) | 139,773 | $30,750 |
| Anvil Executive Oversight (CEO/COO) - 0.5 FTE, 8 mo | Resources (Labor) | 187,500 | $41,250 |
| Sellout Project Lead - 1.0 FTE | Resources (Labor) | 454,545 | $100,000 |
| Sellout DevOps Lead - 1.0 FTE | Resources (Labor) | 227,273 | $50,000 |
| Sellout Web2 Development - Marketplace UI | Development | 272,727 | $60,000 |
| Sellout Web2 Development - Wallet Integration | Development | 227,273 | $50,000 |
| Sellout Web2 Development - Organizer Dashboard Updates | Development | 181,818 | $40,000 |
| Sellout Web2 Development - Account Auth & Integration Plumbing | Development | 136,364 | $30,000 |
| Sellout Marketing - NIVA Conference | Engagement & Ecosystem support | 181,818 | $40,000 |
| Sellout Marketing - INTIX Conference & Expo | Engagement & Ecosystem support | 181,818 | $40,000 |
| Sellout Marketing - Pollstar Live! Conference | Engagement & Ecosystem support | 181,818 | $40,000 |
| Sellout Marketing - BigStorm Marketing Campaign | Engagement & Ecosystem support | 227,273 | $50,000 |
| Independent 3rd Party Audit | Security & Audits | 227,273 | $50,000 |
| Infrastructure, Tooling, Dev Environments | Infrastructure | 113,636 | $25,000 |
| Reserve / Scope Contingency (3%) | Operations | 136,363 | $30,000 |
| Legal Entity Formation | Legal & Compliance | 30,682 | $6,750 |
| **Work package sub-total** | | **4,824,431** | **$1,061,375** |
| Intersect Administration fee (3%) | Legal & Compliance | 144,800 | ~$31,856 |
| **Total** | | **4,969,231** | **$1,093,231** |

### Milestones & Timeline

Five milestones over 8 months (8 + 8 + 8 + 4 + 4 weeks), milestone-gated.

- **M1 - Design & Architecture (8 wks):** marketplace architecture doc; resale ruleset framework; mobile-first UX spec; custodial wallet onboarding integration plan; CIP-68 metadata extension spec; audit firm engaged; Sellout PL/DevOps onboarded, Big Storm kicked off, first trade-show slot secured; JV legal architecture planned; revenue-share reimbursement-vehicle definitions and reporting cadence established. Done: architecture docs published; Proof of Design signed by Sellout; integration/legal/audit/Big Storm plans accepted by oversight committee.
- **M2 - Marketplace Implementation on Testnet (8 wks):** marketplace MVP on testnet; end-to-end list/buy/transfer; royalty + anti-scalping enforced at contract level; mobile-first front-end integrated; custodial wallet flow with self-custody export; QA report; first-pass independent audit; Sellout Web2 marketplace + wallet UI production-ready; Big Storm content; legal framework completed for new entity. Done: testnet verified via tx links; QA report published; enforcement demoed on video; first-pass audit shared; legal formation link.
- **M3 - Organizer Tools, Audit & Documentation (8 wks):** organizer resale-config tools; Phase 1+2 on-chain data visualizations; support verification interface; integrator documentation; final audit pass (all critical/high findings remediated; report published); Sellout organizer dashboard + auth plumbing; trade-show activation #1. Done: tools functional via video; docs published; final audit report + remediation; production handoff signed; trade-show #1 post-event report.
- **M4 - Mainnet Deployment & Production Integration (4 wks):** contracts to mainnet; full Sellout backend integration; live resale flows; monitoring/logging; incident-response tabletop; trade-show activation #2; Big Storm pre-launch press; fee dashboard built to track revenue share back to the Treasury. Done: mainnet verified via video; production integration tested with live tx; monitoring verified; trade-show #2 report; launch assets signed by Sellout; revenue-share reimbursement vehicle established & operational; dashboard link showing monthly revenue-share progress.
- **M5 - Public Launch, Amplification & Reporting (4 wks):** public marketplace launch for all Sellout users; full-intensity Big Storm campaign; trade-show activation #3; educational materials for users/artists/venues; public on-chain metrics dashboard (explorer + policy-ID verifiable); final governance report to the Cardano Forum. Done: public launch link; campaign reach metrics; trade-show #3 report; dashboard live; governance report published.

### Risk Mitigation

- **Milestone gating** - funds released only on verified delivery; slips hold the corresponding disbursement.
- **Co-investment** - Sellout funded Phase 1 from its own capital (over $130k); the Treasury is not the only capital at stake.
- **Course correction** - quarterly reporting; off-track metrics are diagnosed and adjustments brought to the oversight committee.
- **Partnership continuity / key-person risk** - Anvil is the sole contracting/responsible party; all disbursements gate on Anvil deliverables. The Yellowstone anchor is contracted at the Sellout-venue layer; the on-chain infrastructure outlasts any single deployment and is reusable by other operators.
- **Post-funding sustainability** - after Phase 2, infrastructure is maintained by Sellout as normal operating cost, funded by service fees on primary and secondary sales. No further treasury withdrawal is planned or anticipated.

### Team & Track Record

**Anvil Development Agency** (Cardano-native dev agency, founded 2022). Leadership: Zack "Cash" Soesbee (CEO & Co-Founder), David "Tqueri" Desjardins (CTO & Co-Founder), Patrick "PB" Bernard (COO & Co-Founder). 8 full-time contributors; avg 4 years Cardano production experience; 80 years combined web development; 24 years combined blockchain. Record: 250+ Cardano projects delivered, 456,000+ assets minted, 50,000,000+ ADA staked through Anvil infrastructure, 267,000+ on-chain transactions; built the Wayup NFT marketplace (10,000+ listed assets). Notable clients: Intersect MBO, Wayup, Snek, Fluxpoint Studios. Advisors: Andy Bernard, Keith Pfaff, Greg Fasullo, Ken May.

**Sellout** (ticketing platform, founded 2017). 200,000+ registered users; 250,000+ tickets issued to date; 350+ events annually at current cadence; venue relationships including Live From The Divide and the Yellowstone Club. Mission: "Elevate the organizer, protect the fan, support the artist." Sellout is the client, operating partner, and anchor deployment; Anvil builds the infrastructure.

### Success Metrics & Reporting

Targets - Q4 2026 / Q1 2027 (initial deployment): 50-75 events on-chain; 30,000+ NFT tickets; 60,000+ on-chain actions. Targets - 12 months from launch: 200+ events on-chain; 75,000+ NFT tickets; 150,000+ on-chain interactions; $6,000,000+ ticket revenue on-chain; 20,000+ new wallets. Phase 1 is already live on mainnet, so baselines exist before Phase 2 begins. All on-chain metrics are independently verifiable via Cardano explorer data and policy-ID tracking; a public metrics dashboard goes live in M5; quarterly reports are published to the Cardano Forum.

### Budget Administration

This is a direct Treasury Withdrawal governance action submitted by the proposer; Intersect acts as the budget administrator by prior agreement (it is not a submission through the Intersect budget-process portal). Intersect holds and disburses the withdrawn funds through the Sundae Labs TRSC/PSSC framework with independent oversight.

**Net Change Limit compliance.** The requested amount does not, on its own or in aggregate at time of submission, breach the applicable 350M Net Change Limit covering Epoch 613 to Epoch 713. In accordance with 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 is provided through Intersect and a technically capable third party, including reporting obligations and milestone-based disbursement controls.

**Prior treasury funding disclosure.** Anvil/Sellout have not received ada from the Cardano Treasury within the last 24 months.

**Intersect Budget Management Tooling.** To administrate treasury funds on-chain, Intersect uses the treasury management smart contract framework developed by Sundae Labs (a 2026 instance, mirroring the 2025 contracts).
- 2026 Treasury Reserve Smart Contract (TRSC) stake address: stake1784sdxt6jjennmstphgdu7l7c2scf5d02a6cve2dgn5s2kq5u3j9v
- 2026 TRSC payment address: addr1x84sdxt6jjennmstphgdu7l7c2scf5d02a6cve2dgn5s2k8tq6vh499n88hqkrwsmealas4psng674m4sej5638fq4vqmxs59w
- 2026 Project-Specific Smart Contract (PSSC) payment address: addr1x9d6k9z6t6fvsetj2djmerargk475lef9gfvshy4rwh4h7jm4v295h5jepjhy5m9hj86x3dtafljj2sjepwf2xa0t0aq048cay

Intersect uses a single TRSC with one PSSC. An Oversight Committee of six external, independent third parties (Sundae Labs, Cardano Foundation, Dquadrant, NMKR, Sundial, Eternl) provides checks and balances. Upon enactment, funds are directed into the TRSC stake address; all TRSC/PSSC instances cannot be staked with an SPO and are delegated to the auto-abstain predefined DRep. When the legal contract is prepared and the vendor is ready, funds are transferred via the Fund action to the PSSC; all milestones are outlined in the metadata. A public dashboard (treasury.sundae.fi) lets the community audit the TRSC/PSSC and track metrics, immutably verifiable on chain.

### Constitutionality Disclosures (Article IV)

- **Purpose:** Fund Phase 2 of the Sellout x Anvil production Cardano-native ticketing platform - secondary marketplace with on-chain royalty enforcement, anti-scalping controls, custodial wallet onboarding for 200,000+ users, organizer tools, an independent third-party security audit, and a public launch campaign - delivered through a new operating entity that pays a defined revenue share back to the Cardano Treasury.
- **Period:** 8 months from first milestone disbursement.
- **Costs:** 4,969,231 ada total (~$1,093,231 at $0.22/ADA): 4,824,431 ada work package + 144,800 ada Intersect administration fee. Allocated per the Capital Allocation table and disbursed across five milestones; all funds milestone-gated.
- **Circumstances for payment:** Each milestone disbursement requires verified delivery accepted by the appointed oversight committee. No deliverable acceptance, no disbursement.
- **Circumstances for refund:** the ~3% contingency (136,363 ada) is returned if unused; undelivered milestones are not disbursed and remain under Treasury control; any undisbursed funds at the end of the contract period revert to the Cardano Treasury.
- **Independent verification & oversight (Article IV S4):** public quarterly reports, a public on-chain metrics dashboard (M5), and a final governance report to the Cardano Forum; all on-chain metrics independently verifiable via explorer data and policy-ID tracking.
- **Fund holding & delegation (Article IV S5):** ada held pending disbursement is held in publicly auditable accounts (the Sundae Labs TRSC/PSSC), delegated to the predefined auto-abstain voting option and not delegated to any SPO.
- **Conflict of interest:** Neither Anvil's nor Sellout's leadership holds a position on the Constitutional Committee or the appointed oversight committee for this withdrawal. Any such relationship arising during the period will be disclosed to the oversight committee within 30 days.
- **Prior treasury / ecosystem funding:** This initiative has not received any funding to date. Anvil and Sellout had a joint proposal submitted into the Enterprise category of Project Catalyst Fund 15 and were approved for the category; Fund 15 was closed before voting started. Anvil has received funding in the past through Intersect (1-time grant), Catalyst, and CBDAO. Neither Anvil nor Sellout has received funds directly from the Cardano Treasury within the last 24 months.