{"@context":{"@language":"en-us","CIP100":"https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#","CIP129":"https://github.com/cardano-foundation/CIPs/blob/master/CIP-0129/README.md#","CIP136":"https://github.com/cardano-foundation/CIPs/blob/master/CIP-0136/README.md#","hashAlgorithm":"CIP100:hashAlgorithm","body":{"@id":"CIP136:body","@context":{"govActionId":"CIP129:governance-action-identifiers","references":{"@id":"CIP100:references","@container":"@set","@context":{"GovernanceMetadata":"CIP100:GovernanceMetadataReference","Other":"CIP100:OtherReference","label":"CIP100:reference-label","uri":"CIP100:reference-uri","RelevantArticles":"CIP136:RelevantArticles"}},"summary":"CIP136:summary","rationaleStatement":"CIP136:rationaleStatement","precedentDiscussion":"CIP136:precedentDiscussion","counterargumentDiscussion":"CIP136:counterargumentDiscussion","conclusion":"CIP136:conclusion","internalVote":{"@id":"CIP136:internalVote","@container":"@set","@context":{"constitutional":"CIP136:constitutional","unconstitutional":"CIP136:unconstitutional","abstain":"CIP136:abstain","didNotVote":"CIP136:didNotVote","againstVote":"CIP136:againstVote"}}}},"authors":{"@id":"CIP100:authors","@container":"@set","@context":{"did":"@id","name":"http://xmlns.com/foaf/0.1/name","witness":{"@id":"CIP100:witness","@context":{"witnessAlgorithm":"CIP100:witnessAlgorithm","publicKey":"CIP100:publicKey","signature":"CIP100:signature"}}}}},"hashAlgorithm":"blake2b-256","body":{"govActionId":"gov_action1cp0w6zwgwpj98jtu3r2q838lgwmhs6j49l58zx4q05lx220lmzaqqztnljz","summary":"I voted YES on CCI V1, and I'm voting YES here, but with lower conviction and a direct flag to Intersect and the Steering Committee about what needs to improve in the eventuality of V3.","rationaleStatement":"A [PDF version][pdf-link] of this rationale is also made available.\n\n[pdf-link]: https://ipfs.io/ipfs/QmNNvLEe5dzpevAsXgEv7t84Yc9ZbTm7BgV4U83gdhr6aE\n\nI voted YES on CCI V1, and I'm voting YES here, but with lower conviction and a direct flag to Intersect and the Steering Committee about what needs to improve in the eventuality of V3.\nThe core case for this proposal is simple and I accept it: infrastructure doesn't run for free. Circle USDCx requires attestor operations. LayerZero requires DVN and endpoint operations. Pyth requires oracle feed continuity. Dune requires schema maintenance. These are the operating costs of live integrations that Cardano dApps and users are already depending on. Letting them lapse to prove a fiscal point would be a significantly more expensive decision than the maintenance cost. The ₳70M invested in V1 doesn't become worthless on its own; it becomes worthless if the ecosystem stops paying to keep it running.\nThe Fireblocks addition is legitimately compelling. Institutional custody is one of the real structural barriers to regulated entities, exchanges, and large tokenization projects building on Cardano. Fireblocks runs custody and operations infrastructure for over 1,800 financial institutions globally. Native Cardano support including the technical foundations for ADA staking and governance delegation isn't just about institutional ADA holdings; it's about making it operationally practical for banks, fintechs, and tokenization projects to interact with Cardano's full feature set. This comes later than it should have, but that's another argument for voting yes now, not for waiting longer.\nThat said, two concerns go on the record explicitly. First, the 90% budget opacity is a structural problem at this scale. I understand that commercial contracts with Circle, LayerZero, Pyth, Fireblocks, and Dune contain confidentiality provisions and this is standard in enterprise software, but the community is being asked to approve ₳20.7M on the basis of a percentage allocation and a trust relationship with the Steering Committee. Intersect and the Pentad should work to negotiate maximum disclosure rights into V3 commercial agreements from the start, not retroactively. Second, the KPI framework needs to mature significantly. \"Continuation of SLAs\" is not a milestone; it's a definition. By the V2 bi-annual report, I expect to see specific uptime targets, transaction volume data, adoption metrics for each integration, and a concrete Fireblocks completion milestone. V3, when it comes, should be built on that evidentiary foundation. I'm voting yes on the infrastructure and the track record of the administrative structure. I'm putting Intersect on notice that the accountability framework needs to catch up to the ask.","references":[{"@type":"Other","label":"Rationale PDF","uri":"ipfs://QmNNvLEe5dzpevAsXgEv7t84Yc9ZbTm7BgV4U83gdhr6aE"}]}}