Untitled Governance Proposal

Proposal KPI Achievement Metrics

Formula proposal success: PS = v1*IF + v2*IS + v3*ISpeed (berbobot). Nilai yang ditampilkan sudah dinormalisasi 0-100%.

Scraped KPI & Milestone Evidence

KPI Items: 12 | Milestones: 1 | Completed Milestones: 0

• The long term plan for the Orion Fund is to target a total fund size of at least $80M, of which $75M will, if approved by DReps in subsequent withdrawals, come from the Treasury.
• 3M |\n| Arouet Holdings Administration Expenses | Ownerless legal entity based in the Cayman Islands facing the Orion Fund as LP with the specific objective of increasing the Treasury.
• \n Circumstances under which proceeds should be paid to Arouet Holdings (with the objective of increasing the Treasury): Per Section 4.
• As a result and to the extent that Arouet Holdings has not received all capital deployed for Ecosystem Support & Investments in the aggregate (as outlined in Section 4.
• 4), Arouet Holdings will receive net proceeds to fully repay such capital, and then, if Arouet Holdings is the sole LP, 80% to Arouet Holdings (with the objective of increasing the Treasury).
• The target for the second and third tranches will be $30M each.
• Thus, the total Orion Fund target size is at least $80M.
• 1\tExecutive Summary\n\nThe Orion Fund aims to withdraw three tranches of funding from the Treasury, for a total target capital of $75M total over six years, subject to explicit caps and governance approvals.

• Multi Year Strategy Overview\n\nCardano is positioned to lead the next phase of blockchain adoption, focused on real world utility, sustainable revenue generation, and enterprise grade infrastructure.

Proposal Title & Body

Title: Untitled Governance Proposal

{ "@context": { "@context": { "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#", "CIP108": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0108/README.md#", "CIP116": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0116/README.md#", "CIP169": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0169/README.md#", "hashAlgorithm": "CIP100:hashAlgorithm", "body": { "@id": "CIP108:body", "@context": { "references": { "@id": "CIP108:references", "@container": "@set", "@context": { "GovernanceMetadata": "CIP100:GovernanceMetadataReference", "Other": "CIP100:OtherReference", "label": "CIP100:reference-label", "uri": "CIP100:reference-uri", "referenceHash": { "@id": "CIP108:referenceHash", "@context": { "hashDigest": "CIP108:hashDigest", "hashAlgorithm": "CIP100:hashAlgorithm" } } } }, "title": "CIP108:title", "abstract": "CIP108:abstract", "motivation": "CIP108:motivation", "rationale": "CIP108:rationale", "onChain": { "@id": "CIP169:onChain", "@context": { "deposit": { "@id": "CIP116:deposit", "@type": "CIP116:UInt64" }, "reward_account": { "@id": "CIP116:reward_account", "@type": "CIP116:RewardAddress" }, "gov_action": { "@id": "CIP116:GovAction", "@context": { "tag": "CIP116:treasury_withdrawals_action", "rewards": { "@id": "CIP116:rewards", "@container": "@set" }, "key": { "@id": "CIP116:rewardAddress", "@type": "CIP116:RewardAddress" }, "value": { "@id": "CIP116:amount", "@type": "CIP116:UInt64" } } } } } } }, "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" } } } } } }, "authors": [ { "name": "Arouet Holdings, Director N.M.", "witness": { "witnessAlgorithm": "CIP-0008", "publicKey": "5f61c32354e4c235cee3f9bd47d2082779474d293e069e6ba36aa784b8df858f", "signature": "845846a2012767616464726573735839012c3f2a01a92ecd1fd7afe2c65f978d62adfaeacf6a152db00db6131299cd3275a553cf19022bee0dd0202eac7bc33c7b6fe0033e42ee26aaa166686173686564f45820e778b823d9e6f5d3aec3553146099e2a8ab680f3d9a9504a64c173f02f8882ae584025c80d7d5e656278013c75f1c9c90a1e12a079696fa5a0aee927772f19ffc10b9918c96f034a23325576d970c33035882d6062c0bf7c1f6cdfa8a4006fd1820c" } }, { "name": "Arouet Holdings, Director D.M.", "witness": { "witnessAlgorithm": "CIP-0008", "publicKey": "aae6b34c1a7e6fa2cf3ee335cc5b5d2fe791fac04cea0aebf76731929ec9f359", "signature": "845846a2012767616464726573735839010373f076faed95340f29fd58082c44da3dfca2035c8320b1917095c5e067aa73a0e7b12ffffe8eef119828a573cc91ff1cfd5056f968b681a166686173686564f45820e778b823d9e6f5d3aec3553146099e2a8ab680f3d9a9504a64c173f02f8882ae584042c0125b9159a4c9535f76bc13ad258014b5f671df83289182010d68151d8bef3e75eb49457ed4c67a9c2179eec35a717235533bf61d914adc2256a001d22f04" } } ], "hashAlgorithm": "blake2b-256", "body": { "title": "Cardano x Draper Dragon: Orion Fund", "abstract": "The Draper Dragon Orion Fund, L.P. (“Orion Fund”), managed by Draper Dragon Orion GP, LLC (“General Partner” or “GP”), is proposed as a multi-year, tranche-based ecosystem investment fund designed to support Cardano-native and Cardano-integrated companies, grow on-chain usage, and return capital to the Cardano Treasury (“Treasury”) over time. Importantly, the Orion Fund is structured so that Treasury exposure is incremental, capped, and fully governed.\n\nThis proposal (“Proposal”) asks the Cardano community (“Community”) to vote only on the first Treasury withdrawal tranche of **ADA 50M,** which is approximately **$15M USD** (“Tranche One”), calculated using an assumed ADA price of $0.30, to launch the Orion Fund. Net proceeds from the direct investments made with a majority of the Treasury withdrawal contribution to the Orion Fund will be returned to the Treasury in accordance with the repayment schedule detailed in this Proposal.", "motivation": "Cardano's technically sophisticated eUTXO architecture, leading staking mechanism, and on-chain governance system provide the foundation for institutional DeFi and Real-World Assets. Yet a dedicated, professional ecosystem fund is needed to exponentially accelerate developer talent, onboard enterprises, and establish the network as the global compliance-first standard.\n\nThe purpose of the Orion Fund is to generate measurable returns to the Treasury and to the eLPs while establishing Cardano as the leading institutionally adopted blockchain. Draper Dragon, Draper University, and the Cardano Foundation aim to achieve this purpose by increasing on-chain activity, growing the TVL, expanding developer participation, and improving other core ecosystem metrics.", "rationale": "### 1. The Proposal: Summary\n\n \n\n#### 1.1\tWhat Is Being Voted On Now: Tranche One ($15M USD / 50M ADA)\n\nThis Proposal asks the Community to vote on Tranche One, calculated using an assumed ADA price of $0.30, to launch the Orion Fund. The long-term plan for the Orion Fund is to target a total fund size of at least $80M, of which $75M will, if approved by DReps in subsequent withdrawals, come from the Treasury. **This vote does not approve the full $75M of proposed Treasury withdrawals.** Each future Treasury withdrawal will be requested via separate governance actions and Community approval in later years. This Proposal is part of a multi-year strategy to return value to the Cardano ecosystem over a 6-8 year term.\n\nTranche One is deliberately sized as the minimum capital required to commence operations, deploy into Cardano-native and Cardano-Integrated opportunities, and establish public reporting and transparency frameworks, with the objective of delivering observable ecosystem impact from the outset. The Community will be able to assess deployment discipline, disclosed metrics, and overall progress before any future Treasury withdrawals are approved. The inclusion of two potential future tranches in this Proposal is for transparency, long-term visibility only, and are not approved by this vote.\n\n#### **1.2\tIntended Use of Capital for Tranche One**\n\n**Ecosystem Support & Investments:** Capital allocated towards the categories below are intended to directly engage with and support the Cardano ecosystem (collectively, “Ecosystem Support & Investments”).\n\n| Category | Description | Allocation |\n| :---- | :---- | :---- |\n| Direct Investments | Equity and/or token investments into Cardano-native and Cardano-integrated startups that drive measurable ecosystem KPIs and long-term Treasury value. | \\~$10.75M |\n| Growth Capital | In-house venture studio, exchange listings, integrations, post-investment portfolio support, governance, and Community tooling. | \\~$1.9M |\n| Startup Acceleration & Talent Pipeline | Equity-based accelerator programs, founder residency, and new generation of developers pipeline. | \\~$1M |\n\nThese funds are deployed into Cardano companies, builders, and ecosystem infrastructure to strengthen the Cardano pipeline, accelerate adoption, support builders, and scale Cardano-native and Cardano-integrated companies. **They are not intended to be Orion Fund overhead or paid to the GP as compensation for managing the Orion Fund, but to fund programs to support the Cardano ecosystem.**\n\n**Direct Fund Operational Expenses:** Capital allocated towards the categories below are required to operate a professional, regulated venture fund and a special purpose vehicle, Arouet Holdings (“Arouet Holdings”), as the limited partner (“LP”), including compliance, audit, and legal (collectively, “Direct Fund Operational Expenses”).\n\n| Category | Description | Allocation |\n| :---- | :---- | :---- |\n| Management Fee | Fund operations (discounted from average market rate for similar setups from 2% to \\~1.3%). | $1M |\n| Customary Fund Expenses | Audit, legal, tax, and compliance. | $0.3M |\n| Arouet Holdings Administration Expenses | Ownerless legal entity based in the Cayman Islands facing the Orion Fund as LP with the specific objective of increasing the Treasury. Arouet Holdings will have a Community-appointed director as set out in Section 9 below. | $0.05M |\n\n*Allocations shown are targets, assuming successful approval of future Treasury withdrawal governance actions; final deployed amounts may vary due to ADA price movements, future governance outcomes, or other contingencies described in this Proposal, while remaining within approved caps and described constraints.* \n \n***Any excess unused capital from Direct Fund Operational Expenses, Growth Capital, Startup Acceleration & Talent Pipeline will be rolled into Direct Investments.*** \n\nImportantly, under the agreement with Arouet Holdings and the Orion Fund, the Treasury is first fully repaid all capital allocated towards Ecosystem Support & Investments before any profit participation by the General Partner occurs. This is further detailed in the distribution waterfall in Section 4.4.\n\nThe remainder of this Proposal provides a comprehensive overview of the intended six-year Orion Fund framework, including the rationale, proposed structure, repayment mechanics, illustrative outcomes, management approach, expense framework, and legal disclosures.\n\n#### 1.3 \tSimplified Structure and Flowchart\n\n![][image1] \n\n#### 1.4 \tConstitutionality Disclosures\n\nIn accordance with Section 7 of the Cardano Constitution, the following disclosures are made.\n\nThe terms of this withdrawal are included in Sections 1-12 of this Proposal:\n\n* The purpose of the withdrawal: A withdrawal for investment into the Orion Fund as described. \n* The period for delivery of proposed activities which the withdrawal shall be used for: This withdrawal is for Tranche One in the first year of the overall plan, commencing on the date that contributions from the withdrawal is received by the Orion Fund. The withdrawal will be invested and used for cost coverage as described above, with a long-term goal extending into future withdrawals and aiming to deliver value back to Cardano. \n* The relevant costs and expenses of the proposed activities: As set forth above. \n* Circumstances under which proceeds should be paid to Arouet Holdings (with the objective of increasing the Treasury): Per Section 4.4 below, the Orion Fund will repay all capital and profits due to Arouet Holdings according to the disclosed repayment structure. See Section 11.4 for information on the wind-down procedure, in which the GP will distribute the amount of any net proceeds (*i.e.*, after payments to any creditors and to satisfy any liabilities) generated from the liquidated assets of the Orion Fund to the LPs in accordance with a standard liquidating distributions schedule. As a result and to the extent that Arouet Holdings has not received all capital deployed for Ecosystem Support & Investments in the aggregate (as outlined in Section 4.4), Arouet Holdings will receive net proceeds to fully repay such capital, and then, if Arouet Holdings is the sole LP, 80% to Arouet Holdings (with the objective of increasing the Treasury). \n* Circumstances under which the withdrawal might be refunded to Arouet Holdings (to be repaid to the Treasury): If for whatever reason, the Orion Fund does not commence operations after the withdrawal has been enacted. \n* Whether the proposer has received funds from the Treasury within the past 2 years: Neither Arouet Holdings as proposer nor the Orion Fund has received funds from the Treasury within the past 2 years.\n\n### 2. Multi-Year Strategy Overview\n\nCardano is positioned to lead the next phase of blockchain adoption, focused on real-world utility, sustainable revenue generation, and enterprise-grade infrastructure. To accelerate this growth, Draper Dragon and Draper University, in collaboration with the Cardano Foundation, propose the Orion Fund. The Orion Fund is structured as a multi-year, tranche-based Treasury program, rather than an upfront capital deployment, with a maximum potential Treasury commitment of up to $75M over six years. Only the first tranche is contemplated in this Proposal, with any subsequent tranches subject to separate Treasury Withdrawal governance actions and Community approval. In addition, the Orion Fund may seek at least $5M in external capital from qualified external limited partners (“eLPs”) to complement execution, without increasing Treasury exposure.\n\nThe goals of the Orion Fund are straightforward and ambitious: Deliver a return multiple back to the Treasury; make Cardano self-sustaining while increasing the ecosystem’s total value locked (“TVL”), on-chain activity, and developer participation; and transform the Treasury from a passive reserve into an active growth engine that compounds Cardano ecosystem value.\n\nDraper Dragon will manage and administer the Orion Fund, as described in more detail below. Arouet Holdings’ purpose is to return value to the Treasury and further the Cardano ecosystem. The Cardano Foundation will play a supporting role throughout the life of the Orion Fund. The Cardano Foundation has orchestrated the setup of Arouet Holdings and will act as administrator for purposes of the Cardano constitution. The Cardano Foundation will also support both Draper Dragon and Draper University with ecosystem and technical know-how, as required.\n\nAssuming the Orion Fund is successful, the Orion Fund will pay the invested capital and the applicable returns back to the Treasury. The detailed mechanics are set out below. The Cardano Foundation will not profit economically from this arrangement, as its mission lies in the development of Cardano and the adoption of the Cardano blockchain.\n\nThe Orion Fund intends to request a total withdrawal from the Treasury of $75M over a period of 6 years or 438 epochs, broken down into three tranches, each contingent on separate governance approval. Tranche One will amount to a fixed $15M. The target for the second and third tranches will be $30M each. Withdrawals can be adjusted based on market conditions. In any event, the total amount of ADA to be withdrawn is capped at ADA 175M over a period of 6 years or 438 epochs (with two possible one-year extensions of the base 6 year term). An initial allocation targeted at $5M is intended to be raised from qualified eLPs, providing early third-party validation of Cardano investment demand and complementing Treasury capital. Thus, the total Orion Fund target size is at least $80M. \n\nThis Proposal contains a detailed rationale below, including information on the proposed fund structure, repayment model, example returns, fund management, fund expenses, fund manager profiles, and legal disclaimers.\n\n### 3. Motivation\n\nCardano's technically sophisticated eUTXO arch

Voting Composition Chart

Vote Trend Chart

Tidak ada timestamp vote yang cukup untuk dibuat trend chart. Vote tanpa timestamp: 167.