Cardano Sentinel

The Cardano ecosystem deserves a watchdog. So we built one.

[Cardano Sentinel @CardanoSentinel]

https://t.co/rkX89jbtRn

[Dave @ItsDave_ADA]

Hilarious, and extremely immature.

I miss the old Charles, the person I looked up too, the person that made me excited about equality.

[Dave @ItsDave_ADA]

Whale said it. I’ll say it too, and others that genuinely care about Cardano will continue to say the same thing.

We need to be extremely fiscally responsible.

As ADA holders, DReps, builders and long term participants in this ecosystem, every treasury withdrawal matters. Especially for those of us with significant exposure to ADA who are not asking for budget allocations ourselves.

The treasury is not free capital. Every continued spend carries an opportunity cost to ADA holders and impacts long term sustainability.

If Cardano wants to remain competitive and continue holding a position among the leading blockchains, spending needs to stay focused on essentials that create measurable value, strengthen infrastructure, improve adoption, or materially advance the ecosystem.

Strong governance is not about approving the most proposals. It is about allocating capital carefully, understanding trade offs, and protecting the long term health of the network.

That discipline matters.

When is enough, enough?

[Cardano Sentinel @CardanoSentinel]

@rc_1137 @phil_uplc @CryptoSA99 @midgardprotocol Of course funds are not being used for development. 90% of these withdrawal amounts will go directly to funding Phil's lifestyle.

Look at the midgard repository. The bulk of the real meaty work is being done by a single underpaid developer while Phil spends his time in spaces.

[Cardano Sentinel @CardanoSentinel]

@rc_1137 @phil_uplc @CryptoSA99 @midgardprotocol Of course funds are not being used for development. 90% of these withdrawal amounts will go directly to funding Phil's lifestyle.

Look at the midgard repository. The bulk of the real meaty work is being done by a single underpaid developer while Phil spends his time in spaces.

[Cardano Sentinel @CardanoSentinel]

dReps, please don't fall for this framing of the proposal.

This venture does not contribute revenue back to the treasury. It promises profits (EBITDA) which even in the case of the venture being highly successful could tend toward zero.

This is just more misleading marketing.

[Cardano Sentinel @CardanoSentinel]

The lies don't stop.

Show us one entity who can validate this? Show us a single independent audit.

All the major hacks that happened recently are currently just as easy or even EASIER on strike because there's a single set of admin keys for everything.

More smoke and mirrors.

[Cardano Sentinel @CardanoSentinel]

@blockjock2017 @dogw__d What do you mean James? Surely as connected as you are with projects, you've already got a whiff of what these guys are doing to Cardano?

Lost count. Is it 7 token sales now?

When strike gets hacked, Shan will be comfy in China and out of reach while Cardano gets the bad rap.

[Cardano Sentinel @CardanoSentinel]

The lies don't stop.

Show us one entity who can validate this? Show us a single independent audit.

All the major hacks that happened recently are currently just as easy or even EASIER on strike because there's a single set of admin keys for everything.

More smoke and mirrors.

[Shan Zhang @sz8ng]

This is a huge step into both security and decentralization. All the major hacks that happened in crypto the last month would had been mitgated with these in place.

[Cardano Sentinel @CardanoSentinel]

@blockjock2017 It makes sense where you're coming from but the point we've been trying to push to dReps is that voting no on this doesn't mean it won't happen.

In all likelihood it means they will come back cheaper and with more transparency. Perfect example of this was the CF's proposal.

[Cardano Sentinel @CardanoSentinel]

@shivam140307

[Cardano Sentinel @CardanoSentinel]

@ItsDave_ADA @pogun_io @UtxoSaint @txpipe_tools @__fallen_icarus Here it is @ItsDave_ADA

https://t.co/jUBpGSy9wo

[Cardano Sentinel @CardanoSentinel]

@ItsDave_ADA @pogun_io @UtxoSaint @txpipe_tools It's either a full copy or based off of the open source catalyst funded contracts by @__fallen_icarus

So if you look at the code you'll see how simple it is and doesn't justify anywhere near the proposal portion for dev + audits.

[Cardano Sentinel @CardanoSentinel]

@pogun_io @txpipe_tools Great! So it's all developed and paid for already. No need for a treasury withdrawal.

[Cardano Sentinel @CardanoSentinel]

@ThroneOfCrypto How does it protect the treasury? It's taking money from it to start a side business for IOG and only by a slim chance that it's successful does the treasury get back 20% of PROFITS.

Anyone that has run a business knows how disingenuous this is. The community doesn't seem to.

[Cardano Sentinel @CardanoSentinel]

@CryptoXDaPlug @triangleforces Couldn't have said it better.

This is how many in the community feel.

FEs need to step up and deliver on their mandates and minimize treasury spending as much as possible.

IOG struggling to sustain itself should not be a treasury burden but their own responsibility to manage.

[Cardano Sentinel @CardanoSentinel]

dReps, please don't fall for this framing of the proposal.

This venture does not contribute revenue back to the treasury. It promises profits (EBITDA) which even in the case of the venture being highly successful could tend toward zero.

This is just more misleading marketing.

[Input Output Group @IOGroup]

Not just building on Cardano, but feeding back into it.

@pogun_io is designed to generate revenue that contributes revenue back to the Cardano treasury, supporting ongoing ecosystem development.

This is how Cardano becomes economically sustainable.
https://t.co/84CZFIALig

[Cardano Sentinel @CardanoSentinel]

@Boris_Plekhanov @OzDefi @FluidTokens There isn't for good reason. It's an unproven DeFi model and even if is a worthwhile experiment, it's not the purpose of the treasury to allow IOG to derisk and profit off it while competing with many capable dApp teams who could test this for much less than millions of ADA.

[Cardano Sentinel @CardanoSentinel]

@Boris_Plekhanov @OzDefi @FluidTokens All marketing.

BTC bridge - completely separate. Multiple existing alternatives even if trust model is different.

"open infrastructure, not standalone app" - no such thing in DeFi. IOG will run it for years.

IOG is using treasury to derisk a for-profit venture. Very easy no.

[Cardano Sentinel @CardanoSentinel]

@jrv97_velazquez That's fair game though. Nothing stops these whales from voting directly as their own drep.

Feels like this is only a problem for dreps trying to gain voting power to direct funds to themselves like the Phil's of Cardano. Ideally dreps should care more about their own values.

[Cardano Sentinel @CardanoSentinel]

@CryptoXDaPlug @triangleforces True but even so, there should first be the question of which of these problems is the treasury meant to help fix.

Some of these problems are the literal mandates of founding entities and the reason for their genesis allocations.

FEs should be last on the list for withdrawals.