Piece of advice: if you are a parent, watch out what the Finns are doing and copy them. It's one of the few countries that pays closer attention to their youth. They observe, study, and adjust all the time!
For example, they are now gradually reversing their decade-long, tech-heavy education model to combat declining cognitive performance and severe classroom distractions. Schools are scaling back on devices in favor of printed textbooks, handwriting instruction, and pen-and-paper assignments.
🗳️SIPO DRep Vote Record
"Cardano Summit 2026 and TOKEN2049 Singapore"
Vote: NO
Amount: ₳14,076,539 (USD $3.66M)
Proposers: Cardano Foundation + EMURGO
Dates: October 5-8, 2026 Singapore
SIPO is not opposed to the events or to either organization. We are opposed to the structure of this treasury withdrawal. Below are four structural concerns rooted in our fiduciary duty as a DRep.
[1] Self-funding capacity
The 2025 Financial Insights and Activity Report referenced in this proposal documents a CF financial position sufficient to cover Summit costs without a treasury withdrawal. CF self-funded the Summits from 2022 through 2024. The 2026 Singapore venue is already secured using 2025 Summit revenue.
For a well-capitalized entity, treasury should be the funding source of last resort, not first.
[2] Three-way conflict-of-interest structure
Cardano Foundation (DRep with ~₳133m delegated) and EMURGO (DRep with ~₳297m delegated) are simultaneously (a) proposers, (b) direct beneficiaries, and (c) active DReps voting on the outcome.
Not illegal under CIP-1694, but in structural tension with the spirit of Article II of the Constitution. Mitigations were available: pre-committed Abstain from both DReps, or routing through a neutral third-party sponsor. The proposal adopts neither.
[3] Public goods vs. brand marketing
The Sundae Labs treasury-contracts framework was designed to fund public goods, infrastructure, and direct builder support.
Within the USD 3.66M requested:
- TOKEN2049 Title Sponsorship fee: $699,900
- TOKEN2049 total budget: $1.16M
- Hackathon / prizes / builder incentives: $54,830 (1.95% of Summit subtotal)
Title Sponsorship deliverables (mainstage keynote, priority booth, social channel mentions) are classic brand marketing outputs, not public goods. $1.16M on brand exposure vs. $54,830 on direct builder support inverts the priorities a community treasury should express.
[4] IOG absence and the "unified Cardano" framing
The proposal positions Summit + TOKEN2049 as a flagship unified Cardano event, yet one of the three founding entities — Input Output (IOG/IOHK) — is not a signatory. No explanation is given for IOG's non-participation, nor any indication of whether IOG was invited to co-sign.
For a treasury withdrawal of this size carrying "unified Cardano" branding, clarity on the relationship among the three founding entities should be a minimum disclosure.
Consistency with SIPO's prior votes
SIPO has consistently voted YES on treasury withdrawals for:
- Protocol / node diversity (Amaru, Dingo, HLabs Pebble + Gerolamo)
- Capital formation infrastructure (DeFi Liquidity Budget, Orion Fund with conditions)
- Governance institutions (Constitutional Committee compensation, NCL, Budget Process Framework)
- Critical integrations
All fit within "public goods, infrastructure, or ecosystem growth capital." This proposal does not fit any of those categories. A NO here does not contradict our prior YES pattern; it clarifies the line we draw.
Constructive alternatives
1. CF self-funds the Summit (consistent with 2022–2024 practice and 2025 Summit revenue already ring-fenced)
2. EMURGO pursues TOKEN2049 Title Sponsorship via commercial partnership funding, accepts a scaled-down non-title booth, or resubmits through the Intersect budget process for the 2027 cycle
3. Future treasury-funded event proposals should include: explicit public-goods justification, disclosure of all three founding entities' positions, pre-committed Abstain from proposer DReps, and a higher builder-direct allocation ratio
We hold deep respect for the execution record of Cardano Foundation and EMURGO over the past four years. We will continue to actively support future proposals structured as public goods investments.
Full analysis (bilingual):
https://t.co/BOWFN4Bwzi
If you are interested in SIPO's DRep activity, please consider delegating to us.
DRep ID:
drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
For Daedalus:
drep120m237kstm7pzywv5nwtjm8gj8dl55j9nupwlkapz77mgv7zu7l
Both IDs are valid. ADA holders can use either when delegating governance rights to SIPO.
Delegate to SIPO here:
🔽
https://t.co/iOsUAAfXFe
#CardanoDRep #Cardano #CardanoSummit #TOKEN2049
To those who don't understand Charles here:
A) He's invested tremendous amounts of blood, sweat, tears, and money in to Midnight. He wants folks who have been involved with Cardano to benefit. If you can't see that, you are blind.
B) The relationship between Cardano and Midnight is symbiotic. Midnight will extend Cardano's footprint, and Cardano will leverage existing infrastructure for block validation.
C) Anybody who has benefitted from Cardano, has benefitted from CH's work. Charles has been loyal to early community members, almost to a fault from my perspective, where's the reciprocity here? I view Charles as a friend to the community. He is rooting for you. Why lash out at him like this?
D) To me, Charles is a person of integrity that values first principles. When you have known him for many years, and make these insinuations about his character or intentions....it has to feel like a betrayal. Questioning his integrity warrants an apology in my opinion. It's a low blow.
You can all think I'm a Charles asslicker, but I'm not. He's not perfect. But to insinuate that he's trying to hurt Cardano is simply just wrong. The design of Midnight is complementary to Cardano, and the man is clearly trying his best to do right by $ADA holders.
We need to see things through a longer term lens. Having a CNT like $NIGHT on Cardano is a very good thing. Having a new project with great narratives and potential attached to Cardano is a very good thing. If there is more short term interest in Midnight, because it's new and interesting, that's to be expected!
Clearly Charles and the people around him are doing the best that they can. You act like short term liquidity flowing from Cardano to Midnight is the worst thing in the world, but Cardano needs MASSIVE amounts of capital inflows...and this whining and crying does remind me of Whale.
We do not need this pussy attitude. We need to be bold and adventurous. This is what investors want to see, and what will produce the best results.
2025 was a paradox. One of the most productive, yet easily the most challenging. Between health scares, financial hurdles, heavy obligations, and the deep ache of losing a family member. It's been a lot, but honestly so thankful for the good parts.