Amaru는 Cardano 네트워크를 위한 새로운 오픈소스 block-producing node임.
Rust로 개발 중이며, 네트워크의 접근성과 견고성을 높이는 것이 목표임.
기존 Cardano node와의 완전한 상호운용성(interoperability)을 지향함.
보안과 안전성을 희생하지 않으면서, 네트워크 인프라의 다양성(diversity)을 증진함[1][4][5].

Amaru 프로젝트는 ₳1.5M(150만 에이다)의 재무부 자금 지원을 요청했음.
이 예산은 이미 제출 및 승인된 budget proposal에 따라 집행됨.
자금은 5개의 script address로 분할 관리되며, 각각 ledger, consensus, mercenaries, marketing, contingency reserve(비상 예비금) 영역을 담당함[1].

각 scope(업무 범위)별로 NFT credential을 multisig 방식으로 관리함.
credential 분실 시, 다수결 승인과 contestation period(이의제기 기간)를 거쳐 복구가 가능함.
scope가 침해당한 극단적 상황에서는, N-1명의 scope owner 승인으로 treasury 또는 지정 계좌로 자금 이체가 가능한 failsafe 메커니즘이 있음[2].

treasury의 모든 운영 내역은 on-chain에서 투명하게 기록·검증됨.
각 작업의 근거와 결과가 블록체인에 남아, 언제든 감사(audit)가 가능함[2].

코드 및 문서의 delivery(전달)는 GitHub Pull Request로 관리함

## PRAGMA와 Amaru 프로젝트 요약

PRAGMA는 블록체인 오픈소스 소프트웨어 프로젝트를 위한 회원제 비영리 협회임.
카르다노 생태계를 중심으로, Blink Labs, Cardano Foundation, dcSpark, Sundae Labs, TxPipe 등 5개 조직이 동등한 권한으로 전략과 운영을 주도함[2][3].
이들은 모두 카르다노 생태계에서 검증된 개발 및 엔지니어링 실적을 보유함.
PRAGMA의 목표는 카르다노 및 그 외 블록체인을 위한 오픈소스 생태계를 조성하고, 개발자들이 협업하며 고품질 소프트웨어를 개발할 수 있는 환경을 제공하는 것임[1][2].
PRAGMA는 오픈소스 개발의 민주화와 지속가능성, 사회적 영향력을 중시함[1].

Amaru는 PRAGMA 산하의 대표적 오픈소스 프로젝트임.
Amaru는 카르다노의 대체 풀노드 구현체로, 기존 IOG의 Haskell 노드와 병행하여 동작할 수 있도록 설계됨.
주요 개발 언어는 Rust이며, 모듈화, 사용자 경험, 낮은 하드웨어 요구사항을 중점으로 개발됨.
이를 통해 카르다노 코어 소프트웨어의 다양성과 접근성을 높이고, 새로운 기여자를 유치하는 것이 목표임[3].

Amaru는 Maintainer Committee에 의해 관리됨.
각 멤버는 별도의 업무 범위(scope)와 예산을 책임지며, 예산은 에이다(₳)로 표기됨.
2025년 말까지의 예산 배정은 다음과 같음:

- **Matthias Benkort**: ledger & overall architecture, 1.5 FTE (₳300K)
- **Arnaud Bailly**: consensus and simulation testing, 1.5 FTE (₳300K)
- **Pi Lanningham**: ad hoc work & middleware integrations, 2.5 FTE (₳500K)
- **Damien Czapla**: project management, PR & marketing, 0.5 FTE (₳100K)
- **Santiago Carmuega**: p2p networking (별도 자금 조달 완료, 본 예산 미포함)

Arnaud, Matthias, Pi, Damien은 추가로 contingency scope(비상 예산) ₳300K(전체 예산의 25%)를 공동 관리함.
총 요청 예산은 ₳1.5M(150만 에이다)임.
각 scope의 예산은 기타 자금(후원, Catalyst 등)으로 충당되지 않는 부분에 한해 요청됨.

Amaru는 카르다노의 핵심 인프라(블록 생산 노드, 릴레이)의 대체 솔루션을 제공함.
코어 인프라의 분산화는 네트워크의 견고성과 보안을 높이기 위한 필수 단계로 간주됨.
이러한 프로젝트는 사업 모델 수립이 어렵고, 오픈소스 및 중립성을 유지해야 하므로, 카르다노 재무부(트레저리)로부터의 자금 지원이 적합함.
트레저리 자금은 프로젝트의 중립성과 책임성을 보장하며, 커뮤니티가 궁극적 이해관계자가 됨.

Amaru의 코드, 진행 상황, 의사결정은 모두 공개되며, 팀은 다양한 조직과 배경을 가진 인원으로 구성됨.
이러한 구조는 프로젝트의 중립성과 개방성을 유지하기 위한 의도적 선택임.

---

### 전문 용어 주석

- **FTE(Full-Time Equivalent)**: 전일제 근무자 1인분의 노동량을 의미함. 예를 들어, 0.5 FTE는 전일제의 절반 수준의 인건비임.
- **Maintainer Committee**: 프로젝트의 핵심 관리 및 의사결정을 담당하는 위원회임.
- **Scope**: 프로젝트 내에서 각 담당자가 책임지는 업무 영역임.
- **Contingency**: 예상치 못한 상황에 대비한 비상 예산임.
- **Catalyst**: 카르다노의 탈중앙화 자금 조달 시스템임.
- **Treasury(트레저리)**: 카르다노 네트워크의 공동 자금 풀임. 커뮤니티 투표를 통해 프로젝트에 자금을 지원함.

Amaru 프로젝트의 예산 관리는 **Amaru 유지관리 위원회**가 직접 수행하며, 이를 보조하는 **온체인 스마트 계약**이 있음. 오프체인에서는 PRAGMA의 Maintainer Committee Framework에 따라 자금 관리, 책임, 기여자 보수가 이루어짐. 스마트 계약은 예산 내 정의된 작업 범위와 관련 소유자의 승인 하에 자금 지출을 보장함[1].

초기 설정은 Sundae Labs가 설계·개발한 스마트 계약을 기반으로 하며, 5개의 Amaru 재무부(각 작업 범위별 1개, 비상 예산 1개)를 동일한 계약으로 관리하되 구성은 다르게 함. 주요 작업은 다음과 같음:

- **reorganize**: 여러 자금 출처(UTxO 등)를 하나로 통합해 관리 용이성 증대
- **sweep**: 만료일 이후 남은 ADA를 Cardano 재무부로 반환 (네이티브 자산은 계약 내 유지)
- **disburse**: 예산 만료일 전까지 ADA 및 네이티브 자산 지급 허용, 만료 후 ADA 지급 금지
- **fund**: 사전 설정된 온체인 벤더에 자금 지급 기능이나, 본 설정에서는 완전히 비활성화됨

각 작업은 다중서명 등 권한 설정이 있으며, 예를 들어 reorganize는 해당 범위 소유자 단독 승인 가능, sweep과 disburse는 2025년 말까지 4명 중 3명 승인 필요함[1].

최종 설정은 외부 감사 완료 후 도입 예정이며, 주요 추가 기능은 **자격 증명 회전**으로, 범위 소유자의 키 분실 또는 프로젝트 이탈 시 PRAGMA 총회(5명 전원 서명) 승인으로 새 소유자로 교체 가능함[1].

재무 감사는 추후 감사인을 선정하며, 스마트 계약에서 발생하는 거래에 CIP-100에 따른 메타데이터(키 1694)를 첨부해 투명성을 확보함. 초기 설정 관련 메타데이터는 이미 온체인에 공개되어 있음[1].

헌법적 자기평가에 따르면, 제안은 Cardano 헌법의 예산, 자금 관리, 감사, 베스팅 규칙 등 조항을 준수하며, PRAGMA Maintainer Committee Framework에 따른 분쟁 해결 절차도 포함됨[1][2][4].

요약하면, Amaru 예산 관리는 온체인 스마트 계약과 오프체인 위원회가 협력해 투명하고 안전하게 운영하며, 초기에는 Sundae Labs의 검증된 계약을 사용하고, 최종적으로는 자격 증명 회전 기능을 포함한 확장된 계약으로 전환할 계획임[1].

---

**주석**
- UTxO: Unspent Transaction Output, 블록체인에서 사용되지 않은 거래 출력
- CIP-100: Cardano Improvement Proposal 100, 거래 메타데이터 표준
- Multisig: 다중 서명, 여러 서명이 있어야 권한이 발동되는 방식
- Delegation: 스테이킹 권한 위임
- DRep: Delegated Representative, Cardano 거버넌스 대표
- Vesting: 자금 지급 조건 및 일정 관리

[Amaru](https://github.com/pragma-org/amaru) is an open-source project implementing a new fully interoperable block-producing node for Cardano. It aims to improve the network's overall accessibility and robustness without compromising its safety and security.

This treasury withdrawal of ₳1.5M follows a previously submitted and now approved [budget proposal](https://explorer.cardano.org/tx/bd488931f792651fefa9c6fda185a2c6cec83245b51d994e33090ce36e29cc26). It is split across five script addresses each covering a scope of a work (ledger, consensus, mercenaries and marketing) and a contingency reserve.

## Who we are

[Amaru](https://github.com/pragma-org/amaru) is a multi-entity effort that currently sits under [PRAGMA](https://pragma.io): a member-based, not-for-profit association for open-source blockchain software projects. Five members with equal power currently drive PRAGMA's strategy and operations: Blink Labs, Cardano Foundation, dcSpark, Sundae Labs, and TxPipe. Each of them has a proven track record of building on Cardano and supporting our ecosystem.

[Amaru](https://github.com/pragma-org/amaru/graphs/contributors) itself is managed by an appointed maintainer committee in charge of different scopes. Each member of the maintainer committee is responsible for a scope of work and has oversight of its delivery, which includes managing the associated budget. The current maintainer committee comprises of:

- [Matthias Benkort](https://github.com/ktorz) responsible for the **ledger & overall architecture** with a budget of 1.5 FTEs (**`₳300,000`**) until end of 2025.

Managing treasury at: [`stake17xnev6rc25xwz8kg4qae8lq6dcg964z00py5gqgxd387pncv8fq8g`](https://cardanoscan.io/stakeKey/stake17xnev6rc25xwz8kg4qae8lq6dcg964z00py5gqgxd387pncv8fq8g)

- [Arnaud Bailly](https://github.com/abailly) responsible for the **consensus and simulation testing**, with a budget of 1.5 FTEs (**`₳300,000`**) until end of 2025.

Managing treasury at: [`stake17xd74ehu0l4d5mx0sfz4fd0r5jvw4v2jqkkfyjxrlwvnkhccrqj9l`](https://cardanoscan.io/stakeKey/stake17xd74ehu0l4d5mx0sfz4fd0r5jvw4v2jqkkfyjxrlwvnkhccrqj9l)

- [Pi Lanningham](https://github.com/Quantumplation) responsible for the **ad hoc work and middleware integrations** (a.k.a mercenaries) with a budget of 2.5 FTEs (**`₳500,000`**) until end of 2025.

Managing treasury at: [`stake17xrh74lqhhxgzelfsn0wq5kcm4e5dmluprlcpg5mq30p5yqhgk7k8`](https://cardanoscan.io/stakeKey/stake17xrh74lqhhxgzelfsn0wq5kcm4e5dmluprlcpg5mq30p5yqhgk7k8)

- [Damien Czapla](https://github.com/Dam-CZ) responsible for the **project management, public relations & marketing** with a budget of 0.5 FTE (**`₳100,000`**) until end of 2025.

Managing treasury at: [`stake17xrqac8khkprtpp2jz90mpkujjwye8dt6a9sjewrvjudx9ggg4u5y`](https://cardanoscan.io/stakeKey/stake17xrqac8khkprtpp2jz90mpkujjwye8dt6a9sjewrvjudx9ggg4u5y)

- [Santiago Carmuega](https://github.com/scarmuega) responsible for the **p2p networking**. Santiago oversees **no part of the treasury budget** whatsoever related to Amaru in 2025. The networking's funding has been fully secured through other mechanisms.

Additionally, Arnaud, Matthias, Pi and Damien are collectively responsible for the _contingency_ scope with a budget of **`₳300,000`** until the end of 2025, corresponding to 25% of the sum of all other budgets as outlined in the [budget proposal](https://ipfs.io/ipfs/bafkreibqma7t2k4rcywvx5afukahhi3dp2so2ugh7t4ljuawhanvk7sr34).

The contingency treasury's stake address is: [`stake178jztxzwynajcp4dva5gy9udmmnwg7ueffvf4c7hpjqhc7gtj5nzz`](https://cardanoscan.io/stakeKey/stake178jztxzwynajcp4dva5gy9udmmnwg7ueffvf4c7hpjqhc7gtj5nzz)

---

In total, we request **`₳1,500,000`** (1.5M ADA).

---

> **NOTES**
>
> 1. Efforts are estimated in FTE (Full-Time Employee) valued at $200K / ₳400K per annum.
>
> 2. As outlined in the initial budget proposal, the withdrawal requests only account for resources that aren't currently covered by other means (e.g. sponsorship, employee payroll, Catalyst, ...). In particular, every scope owner highlighted above is fully covered **outside** of this withdrawal.

## Building an alternative node

[Amaru](https://github.com/pragma-org/amaru) provides an alternative perspective and solution for both stake pool operators and developers, prioritizing a modular approach, a seamless user experience, and low hardware requirements. Additionally, the project is primarily implemented in Rust, which is well-suited for high assurance, thereby attracting new contributors to the core maintenance of the ecosystem.

For more details, please refer to the [budget proposal](https://ipfs.io/ipfs/bafybeicyqwjcg4x52l4ml5ocjlqnproqdjgfbguxdge4saxxvu2hidzvpq) which already covers in great length the project, its goals, its deliverables and its methodology

## Why request funds from Cardano's treasury

### Decentralized core infrastructure

Block-producing nodes (a.k.a. stake pools) and relays are at the heart of Cardano's infrastructure. Together, they constitute and support the Cardano network. [Amaru](https://github.com/pragma-org/amaru) aims at offering an alternative piece to this core infrastructure, thus becoming part of this core infrastructure. We firmly believe that decentralizing the core infrastructure—without disrupting its operational resilience—is a necessary step toward a more robust and secure network.

Additionally, supporting the blockchain base layer should be a shared responsibility. Stakepool operators already share the burden of operating the network, and it is time to share the responsibility for its development and technical evolution. [Amaru](https://github.com/pragma-org/amaru) makes a significant leap in sharing this responsibility, not only by incrementally delivering a capable block-producing node for the network but also by paving the way for those who come after through documentation, conformance tests and engineering specifications.

By its very nature, [Amaru](https://github.com/pragma-org/amaru) is a project that aligns with Cardano's vision. As a core infrastructure component, it is also challenging and undesirable to articulate a business model around the project without compromising its essence. We believe that because of these reasons, [Amaru](https://github.com/pragma-org/amaru) qualifies for treasury withdrawals.

### Open source & neutrality

The project is, of course, open source. We have linked [the code repository](https://github.com/pragma-org/amaru) throughout this document and referred to it also in the original budget proposal. As outlined in the budget proposal, not only is the code public, but the project's progress, evolutions, and decisions are also publicly available. The team strives to remain accessible through public forums and regular touchpoints open to all.

The core team comprises individuals from various entities and backgrounds. And, while not obvious, this is a situation very dear to us. To preserve Amaru's neutrality and openness, we must ensure that core contributors are not tied to a single actor. Cardano's treasury offers a perfect solution to this problem as it virtually represents a source of funding that is _"everyone and no one at the same time"_.

Receiving funding from the Cardano treasury makes the [Amaru](https://github.com/pragma-org/amaru) team accountable towards the Cardano community. It turns the Cardano community into our ultimate stakeholder, which is both good and desirable for a project of this nature.

## Administration of the budget

The [Amaru](https://github.com/pragma-org/amaru) maintainer committee ensures **direct administration** of its budget, assisted by an **on-chain smart contract**. Off-chain, the fund management, responsibilities and remuneration of contributors follow [PRAGMA's Maintainer Committee Framework](https://ipfs.io/ipfs/bafkreiabxyva5lfm6zztg7tnktxvvbbucljrce7hlrp4p6hropqzfaip3y). Additionally, the smart contract's role is to ensure that funds are expended under the scope of work defined in this budget and authorized by the relevant scope owners.

Our [final solution](https://github.com/pragma-org/amaru-treasury) is built as an extension of the treasury management contract [presented by Sundae Labs](https://www.youtube.com/watch?v=VDSoc4sNxbM) in the context of a mission for Intersect. Our additions enable, most importantly, the dynamic definition of scope owners and their adjustment if necessary (e.g., key loss, departure, death) upon approval by the PRAGMA general assembly (requiring 5 signatures out of 5 members).

While already [extensively](https://github.com/pragma-org/amaru-treasury/blob/main/validators/permissions.test.ak) [tested](https://github.com/pragma-org/amaru-treasury/blob/main/validators/traps.test.ak), our final solution is still being audited at the moment of writing this proposal. We do not wish to rush the auditors or take any risk regarding treasury management.

However, due to time constraints stemming from the need to continue paying contributors whose payroll expires in the upcoming weeks, we have decided to proceed with a simplified setup and migrate to our final setup once it is ready.

The simplified setup relies entirely on the [initial solution designed and developed by Sundae Labs](https://github.com/SundaeSwap-finance/treasury-contracts/), which has been extensively tested and fully audited by two independent parties (attached as external references to this proposal). We have also audited, tested and experimented with this solution on our own.

### Initial setup


We define 5 Amaru treasuries: one for each scope of work and one for the contingency budget.

The same smart contract governs each treasury, although it is configured differently in each case. It ensures funds coming from either UTxOs or reward accounts move according to specific operations with a precise semantic:

- **reorganize**: allows for the collection and combination of multiple sources (e.g., multiple UTxOs) into another distribution with at least as many assets. This action is typically used to consolidate multiple UTxOs into a single one for easier treasury management.

- **sweep**: after an agreed-upon expiration date, allows sending all ada leftovers (unconsumed budgets) back to the Cardano's treasury. Any native asset (e.g. USDM) is kept within the contract. The action can also be triggered at an earlier stage through a specific authorization.

- **disburse**: allow payment of funds (ada or native assets) into an arbitrary address, up until the budget's expiration date. Only native assets can be disbursed beyond the expiration date to allow converting them back to ada.

- **fund**: disburse funds into another set of on-chain validators ('vendors') pre-configured with a payment schedule. **We will not make use of this operation. It is fully disabled in our setup**. Disbursement will only happen through the _disburse_ action.

In addition to rules specified as part of the smart contract, each operation also defines a set of permissions. Permissions can take the form of a multisig or another script.

In the initial setup, we configure **each treasury** with permissions as follows:

- The **reorganize** operation can be fully authorized by the respective scope owner alone. In the case of the _contingency_ budget, any scope owner is capable of authorizing a 'reorganize' operation.

- The **sweep** operation requires 3 out of 4 authorizations until the end of 2025. It can be performed by *any ada holder* after that date.

- **disburse** operation requires 3 out of 4 authorizations until the end of 2025. Disbursement of ada is forbidden after that date.

- The **fund** operation is entirely disabled using a permission setting that is impossible to satisfy.

### Final setup


In a second phase, once the external audit has been finalized and our confidence in the contract is sufficient, we'll move towards our final vision for the 2025 budget management. This second solution is still smart-contract-based and builds upon the initial solution.

It is motivated by the desire to allow rotating credentials associated with scope owners to cope with two main issues:

1. the loss of key from a scope owner;
2. the departure of a scope owner from the project.

Relying on a rigid setup which statically defines the scope owners is risky and unpractical. So instead, we recognize the following additional capabilities to the final solution:

- **Credential rotation**: In case of loss of credentials or departure of a scope owner, a mechanism allows rotating credentials to new scope owners upon approval by all (5 out of 5) PRAGMA members.

## Financial audit

The _'ad-hoc'_ scope of work makes provision for a financial auditor who will be picked at a later stage.

To facilitate the work of the auditor, we will attach metadata with key `1694` to transactions spending from the smart contracts, in accordance with [CIP-100](https://cips.cardano.org/cip/CIP-0100).

Initial metadata describing each _Initial Setup(s)_ have already been published and are visible on-chain.

| Scope / Budget | Transaction Id |
| --- | --- |
| Ledger | [`cd25ce7b027fea4e28d5075691aa5822baa859bc74cc79db0377043bc9f383c7`](explorer.cardano.org/preview/tx/cd25ce7b027fea4e28d5075691aa5822baa859bc74cc79db0377043bc9f383c7) |
| Consensus | [`e5be93f2530c51e0b1582e5a0e99ccb1235e4395a41c7196d06c4daea3eafe66`](explorer.cardano.org/preview/tx/e5be93f2530c51e0b1582e5a0e99ccb1235e4395a41c7196d06c4daea3eafe66) |
| Mercenaries | [`0729a234e4e12b945f06189ca479681e49ffcc116fb3713720bada72180fe27c`](explorer.cardano.org/preview/tx/0729a234e4e12b945f06189ca479681e49ffcc116fb3713720bada72180fe27c) |
| Marketing | [`5697f433442317f04f539baecdf71fee01b3e8453c658a4d782648bc1e4f4490`](explorer.cardano.org/preview/tx/5697f433442317f04f539baecdf71fee01b3e8453c658a4d782648bc1e4f4490) |
| Contingency | [`44ae2c263b2115023e4b137f718549fcac78c0a59b7983e918d9e79d1a503b3c`](explorer.cardano.org/preview/tx/44ae2c263b2115023e4b137f718549fcac78c0a59b7983e918d9e79d1a503b3c) |

To further ease this process for the least technologically inclined, we will also collect in [a publicly available journal](https://github.com/pragma-org/amaru-treasury/tree/main/journal#journal) an audit log of these transactions and a human-readable version of their metadata.

## Constitutionality self-assessment

Being one of the first proposals of this nature ever submitted, it is easy to get things wrong. To convince ourselves of its constitutionality, we thought it relevant to include a checklist of the points we cover and, for each, our interpretation of the Cardano Constitution.

#### Purpose

- [x] This proposal is for work intended to enhance the security, decentralization and long-term sustainability of Cardano.

#### Article III.5: on-chain governance process

- [x] We have submitted this proposal in a standardized, legible format, which includes a URL and hash of all documented off-chain content. We believe our rationale to be detailed and sufficient. The proposal includes a title, abstract, rationale for the proposal, and relevant supporting materials.

#### Article IV.1: budgets

- [x] This proposal gives effect to the [previously presented and agreed upon budget](https://explorer.cardano.org/tx/9b62b3c632f329016a968ac25211825bb4f84b12461121c7da3aa11df92370f9), as indicated in this provision.

#### Article IV.2: funds administration

- [x] This proposal specifies an administrator in accordance with this provision. It also specifies an internal administration process using smart contracts and an off-chain overseeing committee, meeting the requirements of this clause, which requires a process that may include an administrator.

#### Article IV.3: net-change limit

- [x] Being of ₳1.5M and taking place mid-2025, this withdrawal request does not violate the [currently agreed upon Net-Change Limit](https://explorer.cardano.org/tx/9b62b3c632f329016a968ac25211825bb4f84b12461121c7da3aa11df92370f9).

#### Article IV.4: auditor & contractual obligations

- [x] This proposal makes provisions for a financial auditor (covered by the _'ad-hoc'_ scope). The auditor will be picked at a later stage, and their work will be facilitated through the publication of metadata alongside any movement of funds out of the smart contracts.

- [x] Our off-chain legal framework knwon as [PRAGMA's Maintainer Committee Framework](https://ipfs.io/ipfs/bafkreiabxyva5lfm6zztg7tnktxvvbbucljrce7hlrp4p6hropqzfaip3y) makes provision for a dispute resolution for contractors receiving an allocation in the context of this treasury withdrawal. It explicitly states that _"Any dispute arising out of or in connection with this Agreement shall be subject to the jurisdiction of the ordinary courts of Zurich"_.

#### Article IV.5: vesting rules

- [x] The use of intermediary smart contracts is used prior to any disbursement of funds to beneficiaries. In particular, we intend to attach on-chain metadata to facilitate financial audits.

- [x] Our on-chain smart contract solution simultaneously enforces that:
1. funds (at the contract) cannot be delegated to an SPO; and
2. funds (at the contract) shall be delegated to an auto-abstain DRep.

Note that we cannot prevent others from creating undelegated UTxOs at the contract's address. Yet, the contract stipulates that the outputs of each operation (e.g., reorganize) carry delegation rights in accordance with this provision.

#### Guardrails

- [x] TREASURY-01a - There's is currently an [approved Net-Change limit](https://explorer.cardano.org/tx/9b62b3c632f329016a968ac25211825bb4f84b12461121c7da3aa11df92370f9) of ₳350,000,000 finishing at the conclusion of Epoch 604 in December 2025.

- [x] TREASURY-02a - At the moment of proposing this, there hasn't been any enacted treasury withdrawal for the current period covered by the Net-Change limit. Being of ₳1.5M, this withdrawal is, at the moment of proposing it, within the Net-Change Limit.

- [x] TREASURY-03a - This withdrawal is denominated in ada.

- [x] TREASURY-04a - This withdrawal follows a [budget proposal](https://explorer.cardano.org/tx/bd488931f792651fefa9c6fda185a2c6cec83245b51d994e33090ce36e29cc26) that the DReps have agreed on with a threshold of greater than 50% of the active voting stake.

## Notations & definitions

- We denote 'ADA' as `₳` throughout this proposal. We may use either notation interchangeably.

# Conclusion

The [Amaru](https://github.com/pragma-org/amaru) project represents a major step towards node diversity through the development of a modular, high-performance, and interoperable block-producing node for Cardano. Our approach, rooted in openness, innovation, and operational resilience, aims to deliver significant advancements in blockchain technology without compromising on security.

This withdrawal aims to clearly outline a transparent budget management process, leveraging the capabilities of our chain to enforce this process as reasonably possible in the given timeframe.

Being an ongoing project, [Amaru](https://github.com/pragma-org/amaru) comes with its own set of constraints. Yet, we try our best to pioneer what we think could be one of Cardano's most pivotal moments.