이 제안은 **Cardano 생태계 내에서 Market Making as a Service (MMAAS)**와 **상위 거래소 상장 지원**을 위한 자금을 조달하는 것을 목표로 함.

주요 문제점은 다음과 같음:

- 현재 Cardano 프로젝트 중 Snek과 Iagon을 제외하고는 상위급 마켓 메이커가 없음.

- Cardano Native Token(CNT)이 Binance, Bybit, Okex, Kraken, Coinbase 같은 상위 거래소에 상장되어 있지 않음.

Flowdesk는 이 문제를 해결하기 위해 Cardano Web 3.0 프로젝트에 신뢰할 수 있는 파트너로서 MMAAS와 거래소 상장 지원 서비스를 제공할 계획임.

이 제안은 Intersect가 벤더를 대신해 제출했으며, ₳275.3M 규모의 Cardano 재무부 예산 중 일부를 사용함.

Flowdesk는 이미 Snek의 중앙화 및 탈중앙화 거래소(CEX-DEX) 통합을 위한 마켓 메이커로 활동 중이며, 140개 이상의 거래소에서 400개 이상의 자산을 다루는 전문성을 보유함.

Cardano 토큰의 상위 거래소 상장이 부족해 유동성, 외부 자본 유입, 거래량이 제한되고 있으며, Flowdesk는 이를 개선해 Cardano 프로젝트의 시장 노출과 투자 유치를 돕고자 함.

Flowdesk는 상장 과정에서 직접 ADA를 받지 않고, 상장 신청 성공을 위한 가이드 역할을 수행함.

Flowdesk는 24시간 365일 글로벌 서비스를 제공하며, 엄격한 규제 준수와 투명성을 기반으로 한 거래 인프라와 독자적 알고리즘을 통해 효율적인 시장 조성을 지원함.

---

**주요 용어 주석**

- MMAAS: Market Making as a Service, 시장 조성 서비스를 외부에 제공하는 형태

- CEX: Centralized Exchange, 중앙화 거래소

- DEX: Decentralized Exchange, 탈중앙화 거래소

- CNT: Cardano Native Token, Cardano 네이티브 토큰

이 제안은 다음 두 가지 문제를 해결하는 것을 목표로 함.

- 문제 1: 현재 Cardano 프로젝트 중 Snek과 Iagon을 제외하고는 최상위급 마켓 메이커가 없음.

- 문제 2: 어떤 Cardano Native Token(CNT)도 Binance, Bybit, Okex, Kraken, Coinbase 같은 최상위 거래소에 상장되어 있지 않음.

Flowdesk는 이 문제들을 해결하는 데 전념하고 있음.

이들은 Cardano Web 3.0 프로젝트를 신뢰할 수 있는 파트너로 지원하며, Market Making as-a-Service(MMAAS)와 거래소 상장 지원 같은 필수 서비스를 제공함.

이를 통해 Cardano 프로젝트의 전반적인 유동성과 시장 존재감을 향상시키는 것이 목표임.

현재 Snek은 Flowdesk를 마켓 메이커로 선정해 중앙화 및 탈중앙화 거래소에서 유동성을 제공받고 있으며, 이는 Cardano 최초의 CEX-DEX 통합 사례임[1].

Flowdesk는 140개 이상의 중앙화 및 탈중앙화 거래소에서 400개 이상의 자산을 대상으로 거래 및 유동성 솔루션을 제공하는 혁신적인 마켓 메이킹 및 OTC 거래 회사임[1].

Flowdesk는 156만 3천 달러(3,126,000 에이다)의 예산을 제안해 세 개의 Cardano 프로젝트를 Tier 1 및 Tier 2 거래소에 상장하는 것을 지원할 계획임.

상장 과정에서 Flowdesk는 직접 에이다를 받지 않고, 상장 신청이 성공적으로 이루어지도록 중개자 및 가이드 역할을 수행함[2].

Cardano 네이티브 토큰은 Solana, Ethereum과 달리 주요 중앙화 거래소에 상장되기 어려워 유동성 부족, 외부 자본 유입 제한, 거래량 감소 문제를 겪고 있음.

이로 인해 Cardano 프로젝트들은 더 넓은 블록체인 시장 노출과 외부 투자 유치에 제약을 받고 있음[2].

Flowdesk는 이러한 문제를 해결하고 Cardano 생태계의 DeFi 및 상업화를 촉진하는 데 기여하고 있음[2].

---

**주석**

- Market Making as-a-Service (MMAAS): 마켓 메이킹 서비스를 외부 프로젝트에 제공하는 형태

- CEX: 중앙화 거래소(Centralized Exchange)

- DEX: 탈중앙화 거래소(Decentralized Exchange)

- OTC: 장외거래(Over-The-Counter)

- Tier 1, Tier 2 거래소: 거래소 등급 분류, Tier 1은 최상위 거래소를 의미함

Flowdesk는 CNT(카르다노 네이티브 토큰)의 유동성 공급과 상장 지원을 위한 참조 기관 역할을 수행함.

1. **거래소 상장 수수료 풀**
- 대상 거래소: Kraken, Bybit, Okex, Binance (CNT 기술 통합이 필요한 최상위 거래소)
- 예산: 최대 1,500,000 USD (3M ADA, ADA당 0.5 USD 기준)
- 상장 수수료는 최상위 거래소에서 500,000 USD 이상 요구 가능하며, 1 CNT당 최대 500,000 USD(1M ADA) 할당
- Flowdesk는 상장 예산 검증 역할만 수행하며, Intersect 예산에서 수수료나 커미션을 받지 않음
- 상장 절차: 프로젝트가 거래소와 상장 조건 합의 → Flowdesk가 평가 → 승인 시 Intersect가 거래소에 직접 자금 지급 → CNT 상장 완료

2. **마켓 메이킹 수수료 풀**
- 대상 토큰: 비안정 코인(SNEK, IAG, MIN, HOSKY), 안정 코인(USDM, USDA, iUSD, DJED, KINKA)
- 예산: 63,000 USD (126,000 ADA, ADA당 0.5 USD 기준)
- Intersect가 프로젝트에 자금을 지급하면, 프로젝트가 Flowdesk와 MMAAS(마켓 메이킹 서비스) 계약 체결 후 서비스 개시
- Flowdesk는 Intersect 예산에서 별도의 수수료를 받지 않음

3. **벤더 프로필**
- Cardano 생태계 주요 파트너와 이미 계약 체결 (예: 2024년 11월 SNEK MMAAS, 12월 Iagon MMAAS, DexHunter 파트너십)

4. **계약 관리**
- 벤더와 Cardano Development Holdings(CDH) 간 오프체인 법적 계약 체결, Intersect가 관리
- 프로젝트 일정, 분쟁 해결 포함

5. **프로젝트 진행**
- 마일스톤, 수락 기준, 지급액, 납기일 등 계약서에 명시
- 벤더는 계약에 따라 납품하며, 진행 상황은 Intersect의 검증 기능으로 커뮤니티에 공개
- 제3자 검증자가 각 마일스톤 완료 검토 및 승인, 이 비용은 예산에서 지급

6. **예산 관리 도구**
- Intersect는 Sundae Labs가 개발한 온체인 재무 관리 스마트 계약 프레임워크 사용
- 스마트 계약은 다수의 테스트와 감사 완료
- 단일 Treasury Reserve Smart Contract(TRSC)와 다수의 Project-Specific Smart Contracts(PSSC)를 운영
- Intersect의 관리자 3명과 리더십 2명, 그리고 외부 독립 Oversight Committee(5개 기관)가 권한 분산 및 검증 수행
- 주요 권한 승인 절차는 다중 서명 방식으로 엄격히 관리됨
- 자금은 TRSC의 스테이크 계정으로 입금 후 PSSC로 이체되어 프로젝트에 지급
- 커뮤니티가 대시보드를 통해 자금 사용 내역과 진행 상황을 투명하게 감시 가능

Flowdesk는 2020년 설립된 프랑스 본사의 암호화폐 시장 조성 및 유동성 제공 전문 기업으로, 140개 이상의 중앙화 및 탈중앙화 거래소에서 400개 이상의 자산을 다룸. 2024년 매출 8배 성장, 전 세계 5개 사무소 운영 중임[1][2][4][5].

---

**주석**
- CNT: Cardano Native Token
- MMAAS: Market Making as a Service
- TRSC: Treasury Reserve Smart Contract
- PSSC: Project-Specific Smart Contract
- Intersect: Cardano 생태계 예산 및 프로젝트 관리 조직
- CDH: Cardano Development Holdings

This treasury withdrawal funds **Ecosystem Exchange Listing and Market Making service pool** which will provide MMAAS (Market Making as a Service):

Proposal Overview

This proposal aims to address two core issues within the Cardano ecosystem:

- Problem 1: No Cardano project currently has a top-tier market maker, with the exception of Snek and Iagon.

- Problem 2: No Cardano Native Token (CNT) is listed on top-tier exchanges such as Binance, Bybit, Okex, Kraken and Coinbase.

Objective

We, at Flowdesk, are committed to solving these problems. Our goal is to act as a trustworthy partner in assisting Cardano Web 3.0 projects by providing essential services such as Market Making as-a-Service (MMAAS) and helping with exchange listings. Through these efforts, we aim to enhance the overall liquidity and market presence of Cardano projects.

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:

- Problem 1: No Cardano project currently has a top-tier market maker, with the exception of Snek and Iagon.

- Problem 2: No Cardano Native Token (CNT) is listed on top-tier exchanges such as Binance, Bybit, Okex, Kraken and Coinbase.

Flowdesk are committed to solving these problems. Their goal is to act as a trustworthy partner in assisting Cardano Web 3.0 projects by providing essential services such as Market Making as-a-Service (MMAAS) and helping with exchange listings. Through these efforts, Flowdesk aims to enhance the overall liquidity and market presence of Cardano projects.

### Project Solution

Flowdesk acts as a reference party that helps with engineering liquidity provision and listing of CNTs, assisting in:

1- Exchange Listing Fee Pool:

Eligible exchanges are Kraken, Bybit, Okex and Binance (only top tier exchanges that are requiring new technical integration of CNT)

Budget: Up to 1,500,000 USD (3m ADA at a reference price of 0.5 USD / ADA).

Notes:

- Top-tier exchanges might ask a listing fee > 500,000 USD. An indicative quote from one top-tier exchange would be around 1m USD of token allocation.

- Not more than 500k USD (1m ADA) will be allocated for 1 CNT / Exchange.

- Flowdesk acts as an actor of good faith to validate the budget allocated to a Cardano project for a listing.

- Flowdesk does NOT receive any funds from the Intersect budget during this process (including no transaction fee, commission fee, etc.).

- Flow for a Cardano project to request funds to get listed on an exchange:

=> 1 Cardano project with a CNT

=> Project agrees with the exchange on a listing offer

=> Flowdesk Exchange Listing Criteria Assessment

=> Decision

=> If successful, exchange directly receives funding from Intersect for listing the CNT

=> CNT is listed on the exchange.

2- Market Making Fee Pool:

Eligible tokens are:

-Non stable coins: SNEK, IAG, MIN and HOSKY

-Stable coins: USDM, USDA, iUSD, DJED, KINKA (gold backed)

Budget: 63,000 USD (126,000 ADA at a reference price of 0.5 USD / ADA).

Notes:

- Intersect > Cardano Project > pays Flowdesk monthly retainer for MMAAS business.

- Flowdesk does NOT receive any funds from the Intersect budget during this process (including no transaction fee, commission, etc.).

- Flow for a Cardano project to request funds for MMAAS with Flowdesk:

=> Cardano projects

=> Project agrees with Flowdesk on a MMAAS offering

=> Cardano project receives funding from Intersect

=> Flowdesk launches the MMAAS service.

### Vendor Profile

Partnerships already signed with major partners in the Cardano ecosystem:

- [Nov 14th 2024 Snek MMAAS](https://x.com/CardanoFeed/status/1857081807109243353)

- [Dec 9th 2024 Iagon MMAAS](https://x.com/IagonOfficial/status/1866147717564539258)

- [Dec 14th 2024 DexHunter partnership](https://x.com/DexHunterIO/status/1867923226468233595)

### 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.