해당 Treasury Withdrawal은 **Beyond Minimum Viable Governance: Iteratively Improving on Cardano Voltaire** 프로젝트에 자금을 지원함.

이 프로젝트는 Cardano의 거버넌스 시스템을 평가하고 개선하기 위한 견고한 프레임워크를 구축함.

주요 활동으로는 거버넌스의 건강 상태, 성과, 영향력을 평가할 핵심 지표(KPI)를 선정하고 벤치마킹하여 'State of Governance' 보고서를 작성함.

이 보고서는 참여도, 주요 KPI 추적, 거버넌스 생태계 변화 지도 작성, 개선이 필요한 구체적 영역을 도출함.

실제 경험에 기반한 결과를 위해 Cardano 커뮤니티와 가상 워크숍, 설문조사, 심층 인터뷰 등 다양한 채널로 소통함.

커뮤니티 인사이트를 종합해 현재 거버넌스 상태를 포괄적으로 이해하고, 실행 가능한 권고안을 마련함.

이 권고안은 필요 시 Cardano Problem Statements(CPSs)나 Cardano Improvement Proposals(CIPs) 초안으로 발전시켜 커뮤니티의 비전을 반영함.

이 Treasury Withdrawal은 Intersect가 벤더를 대신해 제출했으며, ₳275,269,340 규모의 예산 중 하나임.

Cardano Voltaire 시대는 네트워크의 완전한 자율 운영과 분산 거버넌스를 목표로 하며, ADA 보유자가 직접 의사결정에 참여할 수 있는 투표 및 재무 시스템을 도입함[1][2][3][4][5].

---

**주석**
- Treasury Withdrawal: Cardano 재무부에서 제안된 자금 인출 요청
- Minimum Viable Governance (MVG): 최소 기능 거버넌스 체계
- Cardano Problem Statements (CPSs): 문제 정의 문서
- Cardano Improvement Proposals (CIPs): 개선 제안 문서
- KPI: 핵심 성과 지표
- Intersect: Cardano 거버넌스 예산 관리 조직
- Voltaire: Cardano 로드맵의 마지막 단계로, 분산 거버넌스 구현 단계
- ADA: Cardano 네트워크의 기본 토큰, 여기서는 ₳로 표기

이 제안은 **카르다노 거버넌스의 효과성을 투명하고 데이터 기반으로 평가할 수 있는 체계 부재 문제를 해결하는 것**을 목표로 함.

현재 카르다노는 탈중앙화 거버넌스 혁신을 선도하고 있으나, 거버넌스의 성과를 체계적으로 분석하고 장애 요인을 파악하며 개선을 추진할 수 있는 명확한 데이터 기반 프레임워크가 부족함.

이로 인해 거버넌스 논의가 반응적이고 단편적으로 진행될 위험이 있으며, 중요한 리스크가 간과되고 의사결정자들이 거버넌스 개선에 필요한 핵심 인사이트를 얻기 어려움.

카르다노는 최소 기능 거버넌스(MVG)를 넘어 네트워크의 잠재력을 완전히 발휘하기 위해, **지속적 개선을 위한 견고하고 데이터 중심의 거버넌스 평가 및 개선 체계를 구축해야 함**.

카르다노의 거버넌스는 세 가지 주요 기관인 **Delegated Representatives (DReps), Stake Pool Operators (SPOs), Constitutional Committee**가 투명하고 공정한 의사결정을 위해 협력하는 구조임.

이들은 온체인 투표와 예산 배분, 프로토콜 파라미터 변경 등 다양한 거버넌스 활동을 승인하며, 거버넌스의 투명성과 분산화를 강화함.

2025년 현재 카르다노는 CIP-1694 개선안과 프로젝트 Catalyst, Intersect 등 주요 이니셔티브를 통해 거버넌스의 투명성, 분산성, 커뮤니티 참여를 확대하며 지속 가능한 거버넌스 모델을 구축 중임.

따라서, 제안된 데이터 기반 평가 프레임워크는 이러한 거버넌스 구조를 보완하여, 의사결정 과정의 효과성을 정량적으로 측정하고 개선점을 체계적으로 도출하는 데 필수적임[1][2][3][4][5].

---

**주석**
- CIP-1694: Cardano Improvement Proposal 1694, 카르다노 온체인 거버넌스의 핵심 제안서
- Delegated Representatives (DReps): 커뮤니티 대표자
- Stake Pool Operators (SPOs): 스테이크 풀 운영자
- Constitutional Committee: 헌법 위원회
- Minimum Viable Governance (MVG): 최소 기능 거버넌스

이 프로젝트는 **Cardano 거버넌스의 지속적 진화**를 목표로 함.

기존의 Minimum Viable Governance(MVG)를 넘어, 데이터와 커뮤니티 인사이트에 기반한 **동적이고 적응 가능한 거버넌스 시스템**을 구축할 계획임.

이를 위해 실제 거버넌스 참여자들이 직면한 문제를 명확하고 비용 효율적으로 파악하는 프로세스를 설계하고 실행함.

프로세스 결과는 투명하게 공개되며, 전문가 분석과 함께 커뮤니티 합의를 반영한 구체적 제안서(CIP 또는 CPS)로 발전시킴.

이 활동은 거버넌스 최적화의 시작점이 되어, 커뮤니티가 주요 리스크를 적극적으로 모니터링하고 대응할 수 있도록 함.

프로젝트 산출물은 다음과 같음:

- 거버넌스 현황 보고서(측정 방법 및 워크숍 데이터 포함) 공개

- 프로세스 반복을 위한 플레이북 및 교훈 공유

- CPS 및 CIP 작성(팀 주도, 협력자 참여 가능)

- CPS를 CIP로 전환하거나 CIP를 구현하려면 추가 자금 필요

- 커뮤니티가 연간 자금 지원 가치를 인정하면 반복 가능

프로젝트는 Input Output의 Voltaire 팀이 핵심 리더십을 맡음.

이 팀은 Cardano 거버넌스 프레임워크 설계자이며, Cardano 헌법, DRep 액체 민주주의 모델, 온체인·오프체인 도구 구현 경험 보유함.

주요 기여 사례:

- CIP-1694 워크숍 설계 및 실행

- 글로벌 헌법 초안 작성 워크숍 주도, 85% 온체인 승인 달성

- CIP-119, CIP-120 저자 및 공동저자 참여

Input Output 외에도 폭넓은 연합 구성:

- 헌법 대표 위원회 멤버(워크숍 호스트 역할)

- 파트너 조직(WADA, Intersect Constitution 팀)

- Cardano 커뮤니티 전문가 참여

계약 관리는 헌법에 따라 Cardano Development Holdings(CDH)와 벤더 간 오프체인 법적 계약으로 체결되며, Intersect가 관리함.

프로젝트 산출물, 마일스톤, 지급 조건 등은 벤더와 Intersect 간 합의 후 진행됨.

Intersect는 Sundae Labs가 개발한 재무 관리 스마트 계약 프레임워크를 활용해 온체인 자금 관리를 수행함.

Intersect는 단일 Treasury Reserve Smart Contract(TRSC)와 다수의 Project-Specific Smart Contracts(PSSC)를 운영하며, 3명의 관리자와 2명의 리더십, 그리고 5개 외부 독립 기관으로 구성된 Oversight Committee가 관리 투명성과 안전성을 보장함.

Oversight Committee는 Sundae Labs, Cardano Foundation, Dquadrant, Xerberus, NMKR로 구성되어 주요 행위를 독립적으로 검증함.

자금 출금, 수정, 배포 등 주요 권한은 관리자, 리더십, 신뢰 기관의 다중 서명으로 승인됨.

프로젝트 자금은 TRSC의 스테이크 계정으로 입금되며, 자동 기권 DRep에 위임됨.

법적 계약 준비 및 벤더 준비 완료 시 PSSC로 자금 이체 후 마일스톤별 작업 진행함.

커뮤니티는 대시보드를 통해 자금 사용 내역과 지표를 온체인에서 투명하게 검증 가능함.

이 모든 과정은 Cardano 헌법 제4조 4, 5항의 요건을 충족함.

---

**주석**

- MVG: Minimum Viable Governance, 최소 기능 거버넌스

- CIP: Cardano Improvement Proposal, 개선 제안서

- CPS: Cardano Proposal System, 제안 시스템

- DRep: Delegated Representative, 위임 대표

- SPO: Stake Pool Operator, 스테이크 풀 운영자

- TRSC: Treasury Reserve Smart Contract, 재무 예비 스마트 계약

- PSSC: Project-Specific Smart Contract, 프로젝트별 스마트 계약

This treasury withdrawal funds **Beyond Minimum Viable Governance: Iteratively Improving on Cardano Voltaire** which will provide the following services:

This initiative will establish a robust framework for evaluating and enhancing Cardano's governance system. We will identify and benchmark key governance metrics to assess the health, performance, and overall impact of our decentralized decision-making processes. The resulting 'State of Governance' report will provide a structured evaluation of participation, track vital Key Performance Indicators (KPIs), map the evolving governance ecosystem, and pinpoint specific areas for improvement.

To ensure our findings are grounded in real-world experience, we will engage the Cardano community through various channels. These include virtual workshops, targeted surveys, and in-depth user interviews. By actively gathering and synthesizing community insights, we will gain a comprehensive understanding of the current state of governance. This will allow us to formulate actionable recommendations and pave the way for post-MVG (Minimum Viable Governance) evolution. Where appropriate, these recommendations will be developed into initial drafts of Cardano Problem Statements (CPSs) or Cardano Improvement Proposals (CIPs), directly reflecting the community's vision for a more robust and effective governance future.

This Treasury Withdrawal is submitted by Intersect on behalf of the vendor. The following sections; Abstract, Motivation, Rationale and Vendor Profile have been sourced from the approved proposal submitted by the Vendor as part of the Intersect budget process.

This treasury withdrawal funds one of 39 proposals to give effect to the approved budget info action for ₳275,269,340, administered by Intersect via gov_action1u9x73kwufaxa70lfy59g4ynwyrcsaxdcd0gxzzmh67s9fxq4j8hqqk2phgh. The information provided herein is intended to fulfill the spirit of the constitutional requirement for a treasury withdrawal info action by also providing the details of the proposed solution, alignment to the budget, and amount to be withdrawn from the Cardano Treasury.

This proposal aims to solve the following problem:

Cardano stands at the forefront of decentralized governance innovation. Yet, we face a critical challenge: the absence of transparent, data-backed frameworks to evaluate our governance's effectiveness, pinpoint obstacles, and drive impactful improvements. Without these structured processes, our governance discourse risks becoming reactive and fragmented. Potential risks may slip through the cracks, and decision-makers could lack the vital insights needed to refine our governance mechanisms. To truly evolve beyond Minimum Viable Governance (MVG) and unlock Cardano's full potential, we must establish a robust, data-driven foundation for continuous improvement.

### Project Solution

Imagine a Cardano where governance evolves continuously, driven by data and community insights. We will forge that future by moving beyond Minimum Viable Governance (MVG) to craft a dynamic, adaptable system with a clear, cost-effective process to pinpoint the real challenges faced by those who participate in governance. By putting this process into action, we will deliver transparent, insightful findings and expert analysis. Where needed, these insights will be translated into concrete proposals (CIPs or CPSs) reflecting community consensus. This initiative will kickstart ongoing governance optimization, empowering the community to actively monitor and address critical risks, ensuring Cardano remains a leader in decentralized decision-making.

* The process outputs will be published including a state of governance report with measurement methods and workshop data with analysis

* A playbook will be published with details about how to repeat the process and include lessons learned

* Any CPS and CIPs will be authored by this team as a milestone of this funding, but the team will be open for other interested co-authors and collaborators

* Further funding would be required to move a CPS to a CIP, or to implement a CIP

* This could become a repeated process if the community finds value in funding these activities annually

### Vendor Profile

This project will be driven by a robust coalition of experienced stakeholders dedicated to the advancement of Cardano's governance. Input Output's Voltaire team will provide core leadership, leveraging their unique role as the architects of Cardano's governance framework. As the team responsible for implementing key governance mechanisms---including the Cardano Constitution, the DRep liquid democracy model, and various on-chain and off-chain tools---we possess strong insight into their performance and optimization potential.

**Key Contributions from Input Output's Voltaire Team:**

* **CIP-1694 Workshops:** Designed and executed community workshops that were crucial in refining CIP-1694, which is now implemented on Cardano.

* **Constitution Drafting:** Led the design and execution of the global constitution drafting workshops, which led to the 85% on-chain approval of the constitution. Michael Madoff served as the founding Chair of the Cardano Civics Committee, Danielle Stanko was the Secretary and led the Constitution Ratification Working Group, and Thomas Upfield managed the delivery of global workshop and convention polling tools during this process.

* **CIP Authoring:** Demonstrated experience in creating and contributing to Cardano Improvement Proposals: Thomas Upfield is the author of CIP-119, and Danielle Stanko is the co-author of CIP-120.

**Broader Coalition and Community Involvement:**

This project will not solely rely on Input Output. We are building a broad coalition with active participation from:

* **Constitutional Delegate Committee Members:** Ken-Erik Ølmheim, Max van Rossem, and Tevo Saks, all experienced Cardano contributors, have committed to supporting this project, bringing valuable expertise as Workshop Hosts.

* **Partner Organizations:** We have secured commitments from key partner organizations, including WADA and the Intersect Constitution team, to contribute to the project's delivery.

* **Active Cardano Community Members:** We will actively engage with and draw upon the diverse expertise within the broader Cardano community, ensuring a truly collaborative and inclusive approach.

**This collaborative model ensures a wide range of perspectives and expertise, enhancing the project's depth and impact on Cardano's governance evolution.**

### Contract Management

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

### Project Delivery

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

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

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

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

### Budget Management Tooling

To administrate treasury funds on-chain, Intersect will utilize the treasury management smart contract framework developed by Sundae Labs. The smart contracts have been [extensively tested](https://github.com/SundaeSwap-finance/treasury-contracts/tree/main/offchain/tests) including audits from TxPipe and MLabs. Examples of the usage of these contracts can be seen across mainnet described across Intersect authored [Blog 1](https://www.intersectmbo.org/news/smart-contract-mainnet-demo-a-step-toward-on-chain-treasury-withdrawals), [Blog 2](https://www.intersectmbo.org/news/smart-contract-mainnet-demo-day-two-update) and [Blog 3](https://www.intersectmbo.org/news/smart-contract-mainnet-demo-day-three-update).

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

With the confirmed treasury reserve contract address being: stake17xzc8pt7fgf0lc0x7eq6z7z6puhsxmzktna7dluahrj6g6ghh5qjr

#### Specifics

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

The Oversight Committee consists of Sundae Labs, Cardano Foundation, Dquadrant, Xerberus and NMKR. Their role is to independently verify key administrative actions using on-chain logic, ensuring accuracy and consistency without exercising discretion over governance decisions.

For all details on Intersect's configuration please see the **[Smart Contract Guide](https://docs.intersectmbo.org/cardano-facilitation-services/cardano-budget/intersect-administration-services/smart-contracts-as-part-of-our-administration)** on the knowledgebase.

The high level permissions are as follows:

- TRSC Fund and PSSC Modify

- Two of the three Intersect admins, two of the five trusted entities and one of the two Intersect leadership sign-off must authorize

- TRSC Disperse

- Two of three Intersect admins, three of five trusted entities and two of two Intersect leadership sign-off must authorize

- TRSC Pause and Resume

- Two of three Intersect admins, and one of two Intersect leadership sign-off must authorize

- TRSC Sweep

- One of three Intersect admins, and one of two Intersect leadership sign-off must authorize

- TRSC Reorganize

- Two of three Intersect admins and three of five trusted entities must authorize

#### Processes

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

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

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

The subsections; Contract Management, Project Delivery, and Budget Management Tooling described above cover the constitutional requirements specified in Article IV section 4 and 5.