Cardano Defi Liquidity Budget - Withdrawal 1

{
  "_meta": {
    "schema_version": "1.2.0",
    "ingested_at": "2026-06-02",
    "source": "Koios TreasuryWithdrawal",
    "proposal_id": "gov_action1uhzd06a26qavzflvrx3gvcz6rzxkl6su2ns8t3seef5e8dl6nlgsqcgtufg",
    "title": "Cardano Defi Liquidity Budget - Withdrawal 1",
    "proposer": "Unknown",
    "requested_budget_ada": 800000,
    "summary": "## Executive Summary\n\nFor the last year, we have engaged the Cardano community to discuss deployment of treasury funds into the DeFi ecosystem to boost liquidity. Under the old constitution, we received broad support (more than 67%) for a budget info action to deploy 50,000,000 ADA into the ecosystem. While we acknowledge a budget info action is not required under the current constitution, we feel encouraged to submit this withdrawal action to setup the legal and on chain components needed to carry out the liquidity deployment. For a detailed overview of what we are aiming to accomplish more broadly, we invite people to read the budget info action (gov_action1u4jrcvlkppjzuv5j9z5ksacwtvv77h6glu0knpcjut8gvjjfu0cqqt3alsy).\n\nIn this Withdrawal Action, we propose withdrawing 800,000 ADA to setup a legal entity and audit the smart contract that will be built free of charge courtesy of Lucas and Kasey from UTxO Company. The user interface will be contributed by Hinson from Sidan Labs.\n"
  },
  "id": "onchain-cardano-defi-liquidity-budget-withdrawal-1",
  "identity": {
    "title": "Cardano Defi Liquidity Budget - Withdrawal 1",
    "proposer_name": "Unknown"
  },
  "source": {
    "channels": [
      "onchain"
    ],
    "hydra_id": "gov_action1uhzd06a26qavzflvrx3gvcz6rzxkl6su2ns8t3seef5e8dl6nlgsqcgtufg",
    "onchain_action_id": "gov_action1uhzd06a26qavzflvrx3gvcz6rzxkl6su2ns8t3seef5e8dl6nlgsqcgtufg",
    "onchain_tx_hash": "e5c4d7ebaad03ac127ec19a286605a188d6fea1c54e075c619ca6993b7fa9fd1"
  },
  "classification": {
    "official_pillar_primary": [],
    "official_pillar_secondary": [],
    "working_category_suggestion": null,
    "tags": []
  },
  "ask": {
    "ada_amount": 800000,
    "currency_basis": "ada_flat",
    "raw_ask_text": "800,000 ADA TreasuryWithdrawal on-chain."
  },
  "lifecycle": {
    "pipeline_state": "ratified",
    "proposed_epoch": 617,
    "expiration_epoch": 624,
    "ratified_epoch": 624,
    "enacted_epoch": 625,
    "dropped_epoch": null,
    "expired_epoch": null
  },
  "links": {
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  "content": {
    "abstract": "## Executive Summary\n\nFor the last year, we have engaged the Cardano community to discuss deployment of treasury funds into the DeFi ecosystem to boost liquidity. Under the old constitution, we received broad support (more than 67%) for a budget info action to deploy 50,000,000 ADA into the ecosystem. While we acknowledge a budget info action is not required under the current constitution, we feel encouraged to submit this withdrawal action to setup the legal and on chain components needed to carry out the liquidity deployment. For a detailed overview of what we are aiming to accomplish more broadly, we invite people to read the budget info action (gov_action1u4jrcvlkppjzuv5j9z5ksacwtvv77h6glu0knpcjut8gvjjfu0cqqt3alsy).\n\nIn this Withdrawal Action, we propose withdrawing 800,000 ADA to setup a legal entity and audit the smart contract that will be built free of charge courtesy of Lucas and Kasey from UTxO Company. The user interface will be contributed by Hinson from Sidan Labs.\n",
    "rationale": "## 4\\. Amaru Contract Setup\n\n### 4.1 Service Provider\n\n**Sundae Labs**  \n**Website:** [https://sundae.fi](https://sundae.fi)  \n**Supporting Role:**\n\n- Additional technical support and consultation  \n- Cardano smart contract expertise  \n- Community integration support\n\n### 4.2 Purpose\n\nAn Amaru contract will be established to receive the 800,000 ADA from this withdrawal and manage disbursements to service providers. This provides:\n\n- Secure multi-signature control by the 9-person Interim Committee  \n- Transparent on-chain tracking of all payments  \n- Protection against single point of failure  \n- Constitutional compliance with fund management requirements\n\n### 4.3 Cost & Timeline\n\n| Service | Provider | Cost | Timeline |\n| :---- | :---- | :---- | :---- |\n| Amaru contract setup & support | Sundae Labs | 25,000 ADA | 1-2 weeks |\n\n---\n\n## Prior Treasury Receipt Disclosure\n\nIn accordance with Article I, Section 7(2) of the Cardano Constitution, the prospective recipient of this withdrawal is the Stablecoin DeFi Liquidity Interim Committee, acting through an Amaru multisig contract requiring 5-of-9 signatures. The Stablecoin DeFi Liquidity Interim Committee has not received ada from the Cardano Treasury within the last 24 months.\n\n---\n\n## 5\\. Constitutional Compliance Summary\n\nThis withdrawal action complies with all applicable sections of the Cardano Constitution (ratified 2025).\n\n### Article I, Section 6 \\- Governance Action Standards\n\nThis action follows the standardized format required by Article I, Section 6:\n\n- **Title, abstract, justification, and supporting materials** — provided in this document\n- **URL and document hash** — to be added prior to on-chain submission\n- **On-chain content identical to final off-chain version** — this document is the off-chain specification; the on-chain metadata will match exactly\n\nAll smart contract code will be published to a public GitHub repository, enabling full community verification of deliverables.\n\n### Article I, Section 7 \\- \"Treasury Withdrawals\" Action Standards\n\n**Section 7(1) — Terms of withdrawal**\n\nThe Terms of Withdrawal section above specifies: the purpose of the withdrawal, the period for delivery of all proposed activities (6 months), the relevant costs and expenses for each component, and the circumstances under which funds will be refunded to the Cardano Treasury.\n\n**Section 7(2) — Prior treasury receipt disclosure**\n\nAddressed in the Prior Treasury Receipt Disclosure section above. The Stablecoin DeFi Liquidity Interim Committee has not received ada from the Cardano Treasury within the last 24 months.\n\n**Section 7(3) — Net Change Limit**\n\nThis withdrawal does not exceed the Net Change Limit. As of submission, the NCL is approximately 350 million ADA; this withdrawal represents approximately 0.23% of the NCL. (800,000 ADA / 350,000,000 ADA NCL)\n\n**Section 7(4) — Audit allocation and oversight metrics**\n\n- 111,000 ADA is allocated for an independent security audit of the smart contract by Invariant0 LLC, covering design review, code audit, fix re-auditing, and public and internal final reports\n- Periodic independent audits of fund usage are addressed in the approved Governance Protocol and will be funded from Withdrawal 2 operational budget or fund revenue\n- The following oversight metrics will be implemented and published monthly on the Cardano governance forum:\n  - Total funds held in the Amaru contract and disbursed to each service provider\n  - Milestone completion status for each service provider\n  - Cost variance between budgeted and actual expenditures\n  - Timeline adherence and any delays with explanations\n  - All on-chain transactions publicly verifiable via the Amaru contract address\n\n**Section 7(5) — Designated administrators**\n\nThe nine-person Interim Committee serves as the designated administrators for this withdrawal, responsible for monitoring fund use and ensuring deliverables are achieved:\n\n- Review and approve all service provider invoices against agreed milestones before releasing payment\n- Verify that deliverables meet specifications (legal entity properly incorporated; smart contract code open-sourced and audited; audit reports published)\n- Track progress against the delivery timeline in the Terms of Withdrawal\n- Report monthly to the Cardano Community on all expenditures and progress\n- Execute any required refunds to the treasury via 5-of-9 multisig\n\nThe 5-of-9 multisig requirement distributes oversight across all nine committee members; no single member can authorize a disbursement. The tDAO retains on-chain oversight through its ability to impeach committee members and disable contract actions at any time.\n\nCommittee members (as identified in the approved Info Action):\nLinda Roland, Darren Camas, Nick Schaub Ph.D., Giorgio Zinetti, Massimo Morini Ph.D., Darlington Wleh, Murasaki, Raphael Christian-Roy, Ryan Davis.\n\n**Section 7(6) — Fund management**\n\n- All withdrawn ada is held in the Amaru multisig contract, a separate auditable account publicly verifiable on the Cardano blockchain\n- Funds are not delegated to any SPO\n- Funds are delegated to the predefined abstain voting option per Article I, Section 7(6)\n\n### Treasury Guardrails (Appendix I, Section 3\\)\n\n**TREASURY-01a** — A Net Change Limit has been agreed by DReps via on-chain governance action  \n**TREASURY-02a** — This withdrawal does not exceed the Net Change Limit  \n**TREASURY-03a** — This withdrawal is denominated in ada  \n"
  },
  "metadata": {
    "open_source": "unknown",
    "has_prior_delivery": null,
    "duplicate_of_existing_solution": "unknown"
  },
  "treasury_return": {
    "has_return_clause": false,
    "mechanisms": [],
    "treasury_favourability": "unknown",
    "treasury_favourability_confidence": "low",
    "treasury_favourability_set_by": "ai"
  },
  "ecosystem_demand": {
    "evidence_level": "unknown",
    "evidence_level_confidence": "low",
    "evidence_level_set_by": "ai"
  },
  "incumbents": {
    "has_existing_solution": "unknown",
    "has_existing_solution_confidence": "low",
    "has_existing_solution_set_by": "ai"
  },
  "relationships": {
    "bundle_with": [],
    "supersedes": null,
    "competes_with": [],
    "depends_on": [],
    "notes": ""
  }
}