OnchainIntegrationsonchain
Pogun: Capital Without Compromise
Pogun
Bitcoin liquidity and credit engine to position Cardano as the home of Bitcoin DeFi. Three integrated components: (1) Credit Market — non-margin peer-to-peer lending where collateral only at risk on definitive default, not price swings; (2) Yield — deposit-and-earn routing to private credit, RWAs, and fixed-income; (3) Bridge — BitVM-powered trust-minimized 1-of-N bridge for institutional-grade BTC custody. Returns 20% of EBITDA to treasury until $2.95M repaid, then 5% perpetual.
⚑ Red flags (1)
- Competes with other proposals in this batch: hydra-wormhole-cross-chain-infra.
Ask (ADA)
12,290,000
Ask (USD)
$2,950,000
Peg
$0.24
Eff. ADA @ spot
11,148,904
Peg vs market
✓ conservative
Scorecard
13 of 19 criteria answered
Amber · 74%
How this score works
Each criterion is worth between 1 and 4 points. The score is the points earned out of the points on criteria that have been answered — shown as a percentage. Green is 75% or higher, Amber is 50–74%, and Red is below 50%.
Some criteria are checked automatically against the proposal data (open source, doxxed team, treasury return clauses, etc.). Others are human-judgment calls — value for money, public good, whether the deliverables are realistic. Those stay blank until a DRep ticks them.
Criteria can also be marked Not applicablewhen they don't fit the proposal — for example, "open source" doesn't apply to a DAO governance proposal with no software output. Those are excluded from the score entirely, neither helping nor hurting.
Green requires 80% coverage. If less than 80% of the applicable criteria (by points) have been answered, the verdict stays at Amber — "pending review" — even when every answered criterion passes. This proposal's coverage is currently 68% (13 of 19 applicable criteria answered).
Vote intent
Export & audit
↓ Download scorecard.mdRaw payload · Treasury (true) / Admin (intersect)
{
"schema_version": "1.2.0",
"id": "onchain-pogun-bitcoin-defi",
"ingestion": {
"ingested_at": "2026-05-11T15:40:00Z",
"ingested_by": "claude-opus-4.7",
"source_documents": [
"https://www.cardanocube.com/governance/gov_actions/gov_action1w0shrfxqwv95kk0v4cn34wylz25a2cmqkq5jpc0e2yrahhqava3qsuae57l",
"https://ipnso-com.ipns.dweb.link/?cid=bafybeibbrhuis55rl52hsp5rboooobjg4rvq7q5ly2mern7s7f3xcbjzwi"
],
"extraction_notes": "On-chain, submitted Apr 22 2026, expires May 24 2026. Same tx batch as IO proposals (73e171a4...#8). FAILING LIVE: Yes 331.74M vs No 5.46B ADA. First proposal in corpus with structured revenue_share return (20% EBITDA until repaid, then 5% perpetual) — captured under mechanisms[]. Note: the prior funding disclosure table references IO treasury receipts but section 7 states 'No funds from any prior Treasury allocation have been directed toward Pogun development' — the IO table appears to be a boilerplate inclusion from the Intersect template. Pogun is NOT an IO proposal. Product Committee is pro-bono (Pi Lanningham/SundaeSwap, Philip DiSarro/Anastasia Labs, Lucas Rosa/Aiken, Santiago Carmuega/TxPipe). Milestones have full ADA amounts disclosed per phase — captured as amounts_only (no specific dates within quarter)."
},
"source": {
"channels": [
"onchain"
],
"hydra_id": null,
"onchain_tx_hash": "73e171a4c0730b4b59ecae271ab89f12a9d56360b02920e1f95107dbdc1d6762",
"onchain_action_id": "gov_action1w0shrfxqwv95kk0v4cn34wylz25a2cmqkq5jpc0e2yrahhqava3qsuae57l"
},
"identity": {
"title": "Pogun: Capital Without Compromise",
"proposer_name": "Pogun",
"proposer_id": "pogun",
"proposer_type": "organisation",
"proposer_url": null,
"doxxed": false,
"primary_contact": null,
"team_size_disclosed": null,
"team_size_disclosed_note": "Team not named in proposal. Product Committee named (pro-bono): Pi Lanningham (SundaeSwap CTO), Philip DiSarro (Anastasia Labs CEO), Lucas Rosa (Aiken creator), Santiago Carmuega (TxPipe CEO). Advisory Board: Russell Shapiro (Fallen Icarus), Robin Linus (BitVM creator), Bo Zhang (ex-Function COO). Core Pogun team identities not disclosed — flagged as doxxed: false."
},
"classification": {
"official_pillar_primary": [
"Adoption & Utility"
],
"official_pillar_secondary": [
"Infrastructure & Research Excellence",
"Ecosystem Sustainability & Resilience"
],
"official_pillar_confidence": "stated",
"working_category_suggestion": "Integrations",
"working_category_confidence": "high",
"tags": [
"bitcoin-defi",
"btcfi",
"credit-market",
"non-margin-lending",
"bitvm",
"bridge",
"yield",
"rwa",
"mithril",
"groth16",
"aiken",
"institutional",
"fixed-income",
"bond-tokens",
"flash-loans"
]
},
"ask": {
"ada_amount": 12290000,
"ada_amount_note": "Total ₳12.29M. Budget: Engineering & R&D ₳6,267,900 (51%), Growth ₳2,335,100 (19%), Security Audits ₳1,597,700 (13%), Legal & Compliance ₳1,229,000 (10%), Ops & Infrastructure ₳860,300 (7%). Phase-gated disbursement: P1 ₳4,055,700, P2 ₳3,072,500, P3 ₳3,072,500, P4 ₳2,089,300.",
"usd_amount": 2950000,
"usd_peg_price": 0.24,
"pegged": true,
"currency_basis": "usd_pegged",
"usd_peg_vs_market": "conservative",
"implied_buffer_pct": -8,
"duration_months": 12,
"milestone_count": 4,
"milestone_payments_disclosed": true,
"milestone_schedule_disclosed": "amounts_only",
"raw_ask_text": "Total Funding Request: ₳12.29M ($2.95M USD at $0.24/ADA). Phase 1 Q2 2026: ₳4,055,700 ($973,500). Phase 2 Q3 2026: ₳3,072,500 ($737,500). Phase 3 Q4 2026: ₳3,072,500 ($737,500). Phase 4 Q1 2027: ₳2,089,300 ($501,500)."
},
"treasury_return": {
"has_return_clause": true,
"mechanisms": [
{
"type": "revenue_share",
"trigger": "Quarterly EBITDA turns positive",
"deadline": "Until USD $2.95M equivalent repaid (Phase 2 return)",
"excluded_costs": [],
"estimated_return_pct": 20,
"estimated_return_pct_note": "20% of quarterly EBITDA until full $2.95M USD equivalent repaid at prevailing ADA rate"
},
{
"type": "revenue_share",
"trigger": "After full $2.95M repaid — perpetual",
"deadline": "Perpetual / indefinite",
"excluded_costs": [],
"estimated_return_pct": 5,
"estimated_return_pct_note": "5% of quarterly EBITDA from Cardano-related products in perpetuity"
},
{
"type": "unspent_funds",
"trigger": "Milestone failure (90-day grace) OR team dissolution OR technical infeasibility OR voluntary termination OR partial delivery",
"deadline": "Within 30 days of trigger event",
"excluded_costs": [
"Disbursed and spent funds for delivered phases"
],
"estimated_return_pct": null,
"estimated_return_pct_note": "Only undisbursed funds returned; delivered phases are not refundable"
}
],
"treasury_favourability": "strong",
"treasury_favourability_confidence": "medium",
"treasury_favourability_note": "Best structured return in the entire corpus: 20% EBITDA repayment + 5% perpetual after repaid. Revenue is on-chain verifiable. Three return mechanisms covering both success (revenue share) and failure (unspent refund) scenarios. Confidence medium not high because: (1) no prior delivery track record for Pogun; (2) BitVM bridge is novel and technically ambitious — the 'fundamental technical infeasibility' refund trigger may be invoked; (3) the 20% EBITDA mechanism only activates when profitable, timeline unknown.",
"treasury_favourability_set_by": "ai",
"raw_return_text": "Once Pogun achieves positive quarterly EBITDA, 20% of quarterly EBITDA is paid to the Cardano Treasury. Payments continue until the USD-equivalent value of $2.95M has been returned. ADA amounts per payment are calculated at the prevailing market rate at the time of each quarterly payment. After the full funding amount has been repaid, Pogun pays 5% of quarterly EBITDA to the Cardano Treasury in perpetuity."
},
"lifecycle": {
"pipeline_state": "onchain_live",
"hydra_submitted_at": null,
"hydra_close_at": null,
"hydra_support_pct": null,
"onchain_submitted_at": "2026-04-22T00:00:00Z",
"onchain_vote_close_at": "2026-05-24T00:00:00Z",
"onchain_result": null,
"status_last_checked_at": "2026-05-11T15:40:00Z"
},
"links": {
"hydra_url": null,
"adastat_url": null,
"ipfs_cid": "bafybeibbrhuis55rl52hsp5rboooobjg4rvq7q5ly2mern7s7f3xcbjzwi",
"ipfs_gateway_url": "https://ipnso-com.ipns.dweb.link/?cid=bafybeibbrhuis55rl52hsp5rboooobjg4rvq7q5ly2mern7s7f3xcbjzwi",
"github_url": null,
"website_url": null,
"forum_thread_url": null,
"other": [
{
"label": "Cardano Cube governance page",
"url": "https://www.cardanocube.com/governance/gov_actions/gov_action1w0shrfxqwv95kk0v4cn34wylz25a2cmqkq5jpc0e2yrahhqava3qsuae57l"
},
{
"label": "Robin Linus / BitVM — advisory",
"url": null
},
{
"label": "Cardinal (predecessor bridge project)",
"url": null
}
]
},
"content": {
"abstract": "Bitcoin liquidity and credit engine to position Cardano as the home of Bitcoin DeFi. Three integrated components: (1) Credit Market — non-margin peer-to-peer lending where collateral only at risk on definitive default, not price swings; (2) Yield — deposit-and-earn routing to private credit, RWAs, and fixed-income; (3) Bridge — BitVM-powered trust-minimized 1-of-N bridge for institutional-grade BTC custody. Returns 20% of EBITDA to treasury until $2.95M repaid, then 5% perpetual.",
"problem_statement": "Crypto lending hit $73.6B in Q3 2025, up from $49% to 67% on-chain share since 2021, yet only 1% of Bitcoin's $1.5T market cap participates in DeFi. Pool-based margin protocols liquidate on price volatility — a dealbreaker for institutional capital. 192+ public companies hold BTC with no productive deployment path. BitVM has matured to practical implementation (~$38 on-chain cost via BitVM3). The window is closing: VC capital is flooding into BTC-backed lending across Ethereum, Solana, Starknet, SUI, and Bitcoin L2s.",
"proposed_solution": "Three-layer product stack built Q2–Q1 2027. Credit Market: bilateral fixed-rate loans with term softening, transferable bond tokens, flash-loan self-liquidation, no oracles. Yield App: automated routing of passive capital into credit market positions. BitVM Bridge: BABE witness encryption + Groth16 + Mithril recursive SNARKs — 1,868x storage reduction vs BitVM3 (22.2 MiB vs 40.5 GiB off-chain), 2,022x setup time improvement. Complete cycle: BTC → bridge → Bond Token → borrow stables → yield → repay → recover exact UTxO.",
"deliverables": [
"Non-margin peer-to-peer credit market (mainnet Q2 2026) — TxPipe audit in progress",
"Transferable Bond Token standard on Cardano",
"Flash-loan self-liquidation mechanism",
"Yield DApp with strategy selection (Q3 2026)",
"BitVM bridge alpha on testnet (Q3 2026)",
"Production BitVM bridge with 1-of-N security model (Q4 2026)",
"Groth16/Mithril ZK proof generation system for Cardano state attestation on Bitcoin",
"Bridge observability and operator monitoring systems (Q1 2027)",
"Full technical documentation + open-source references",
"Quarterly treasury return reports (on-chain verifiable)"
],
"milestones": [
{
"name": "Phase 1 — Foundations & Credit Market",
"deliverable": "Smart contracts audited + backend + frontend + preprod + mainnet launch",
"ada_release": 4055700,
"deadline": "2026-06-30"
},
{
"name": "Phase 2 — Yield Layer & Bridge Alpha",
"deliverable": "Yield DApp launched + bridge testnet alpha + atomic swaps",
"ada_release": 3072500,
"deadline": "2026-09-30"
},
{
"name": "Phase 3 — Bridge Mainnet & Yield Expansion",
"deliverable": "ZK proof engine + 1-of-N security + full audits + bridge mainnet",
"ada_release": 3072500,
"deadline": "2026-12-31"
},
{
"name": "Phase 4 — Observability & Revenue Maturity",
"deliverable": "Monitoring systems + full docs + first treasury return or financial report",
"ada_release": 2089300,
"deadline": "2027-03-31"
}
],
"team": [
{
"name": "Pi Lanningham",
"role": "Product Committee (pro-bono)",
"background": "CTO, SundaeSwap / Sundae Labs"
},
{
"name": "Philip DiSarro",
"role": "Product Committee (pro-bono)",
"background": "CEO, Anastasia Labs"
},
{
"name": "Lucas Rosa",
"role": "Product Committee (pro-bono)",
"background": "Creator of Aiken"
},
{
"name": "Santiago Carmuega",
"role": "Product Committee (pro-bono)",
"background": "CEO, TxPipe"
},
{
"name": "Russell Shapiro (Fallen Icarus)",
"role": "Advisory Board — credit market design",
"background": "Original concept for non-margin on-chain lending on Cardano"
},
{
"name": "Robin Linus",
"role": "Advisory Board — bridge architecture",
"background": "Creator of BitVM"
},
{
"name": "Bo Zhang",
"role": "Advisory Board — institutional partnerships",
"background": "Former COO, Function"
}
],
"risks_disclosed": []
},
"metadata": {
"open_source": "partial",
"open_source_url": null,
"has_prior_funding": false,
"prior_funding_sources": [],
"has_prior_delivery": true,
"prior_delivery_evidence": "Cardinal — predecessor Bitcoin bridge project demonstrated live on Bitcoin mainnet at Bitcoin 2025 conference. Smart contracts for credit market currently under TxPipe audit (completion expected May 27 2026). No prior treasury funding for Pogun specifically.",
"admin_model": "intersect",
"administrator_name": "Intersect",
"oversight_committee": [
"Sundae Labs",
"Cardano Foundation",
"DQuadrant",
"Xerberus",
"NMKR"
],
"administration_fee_pct": 3,
"duplicate_of_existing_solution": {
"value": "partial",
"confidence": "high",
"set_by": "ai"
},
"duplicate_notes": "Bridge component partially overlaps with Wormhole (in this corpus), LayerZero (announced Feb 2026), Wanchain, and the ZK Bridge treasury proposal. Pogun differentiates on BitVM/BABE 1-of-N trust model (no wrapped tokens, UTxO identity preserved, taxable disposal avoided). Credit market is genuinely novel on Cardano — no non-margin fixed-rate P2P lending protocol exists. Yield app is partially overlapping with existing Cardano DeFi (Minswap, SundaeSwap yield strategies)."
},
"relationships": {
"bundle_with": [],
"supersedes": [],
"competes_with": [
"hydra-wormhole-cross-chain-infra"
],
"depends_on": [],
"notes": "CV26 scoped OUT 'bridge development (ZK Bridge + Pogun proposals)' — confirming there is also a separate ZK Bridge proposal not yet in this corpus. Pogun's bridge is explicitly named as part of the Critical Integrations Budget mandate. Credit market is cited as being referenced/compatible with the Wormhole proposal (both targeting Bitcoin liquidity to Cardano). Fallen Icarus / Rusty Shapiro credited as originator of the non-margin lending concept."
},
"community_signals": {
"comment_count": 0,
"notable_objections": [],
"notable_endorsements": [],
"forum_thread_urls": [],
"live_voting_state": {
"as_of": "2026-05-11",
"drep_yes_ada": 331740000,
"drep_no_ada": 5460000000,
"drep_explicit_no_ada": 133120000,
"drep_no_confidence_ada": 201000000,
"drep_not_voted_ada": 5120000000,
"drep_total_active_stake_ada": 14940000000,
"cc_yes": 1,
"cc_no": 0,
"cc_not_voted": 6,
"interpretation": "FAILING. Notable: Explicit No (133M) is substantially higher than the Maintenance Initiative (34.5M) but lower than the DevEx Initiative (428M). The higher Explicit No vs maintenance suggests DReps have specific concerns — likely the undisclosed team (doxxed: false) and the technically ambitious/unproven BitVM bridge component."
}
},
"ecosystem_demand": {
"evidence_level": "moderate",
"evidence_level_confidence": "medium",
"evidence_level_set_by": "ai",
"active_users_known": false,
"active_users_examples": [],
"developer_demand_signals": [
"Crypto-collateralized lending hit $73.6B Q3 2025, 67% on-chain (Galaxy Research data cited)",
"192+ public companies hold BTC on balance sheets seeking productive yield",
"BitVM has matured from academic to implementable (BitVM3 ~$38 on-chain cost)",
"Cardinal bridge demo live at Bitcoin 2025 shows team can ship",
"Credit market smart contracts under TxPipe audit — real progress signal",
"Pro-bono product committee (Sundae Labs, Anastasia Labs, Aiken, TxPipe) indicates ecosystem credibility"
],
"adoption_risk_notes": "Market demand for Bitcoin DeFi credit infrastructure is real and growing. The specific Cardano implementation carries high technical risk (BitVM/BABE is novel) and zero track record for this team under the Pogun name. The undisclosed core team is a significant concern for institutional adoption claims."
},
"incumbents": {
"has_existing_solution": "partial",
"has_existing_solution_confidence": "high",
"has_existing_solution_set_by": "ai",
"existing_solutions": [
{
"name": "Wormhole (in corpus)",
"url": null,
"status": "in_progress",
"overlap": "partial",
"notes": "Bitcoin bridge via NTT/Token Bridge. Different security model (19 Guardian validators vs 1-of-N BitVM)."
},
{
"name": "LayerZero Cardano integration",
"url": null,
"status": "in_progress",
"overlap": "partial",
"notes": "Announced Feb 2026. General messaging layer, different from BitVM's Bitcoin-native trust model."
},
{
"name": "Wanchain",
"url": null,
"status": "shipped",
"overlap": "partial",
"notes": "Multi-chain bridge including BTC, in production on Cardano."
},
{
"name": "Liqwid Finance",
"url": null,
"status": "shipped",
"overlap": "partial",
"notes": "Cardano DeFi lending protocol. Pool-based margin model — exactly the model Pogun differentiates against."
},
{
"name": "LENFI (Aada Finance)",
"url": null,
"status": "shipped",
"overlap": "partial",
"notes": "Cardano P2P lending. Similar concept but margin-based; Pogun's non-margin model is genuinely differentiated."
}
],
"differentiation_claim": "Non-margin fixed-rate bilateral credit with term softening and transferable bond tokens is genuinely novel on Cardano. BitVM 1-of-N bridge with BABE witness encryption + UTxO identity preservation + Mithril attestation is technically differentiated from all existing Cardano bridges. Revenue share return model (20% EBITDA → 5% perpetual) is unique in this corpus.",
"differentiation_credibility": "high"
},
"risk_flags": {
"aggressive_peg": false,
"self_administered_no_oversight": false,
"incumbent_already_delivering": false,
"no_evidence_of_demand": false,
"competes_with_in_batch": true,
"concentration_risk": false,
"failing_live_vote": true,
"undisclosed_team": true
},
"risk_flags_note": "undisclosed_team: core Pogun team identities not named anywhere in the proposal. competes_with_in_batch: bridge component competes with Wormhole proposal. failing_live_vote: Yes 331M vs No 5.46B ADA, expires May 24. The undisclosed team + novel BitVM technology + no prior track record under the Pogun name are the primary risk factors.",
"_meta": {
"title": "Pogun: Capital Without Compromise",
"proposer": "Pogun"
}
}