Pinned Tweet
For nearly four years, my team and I have built and launched ambitious DeFi products.
Today, the @CswapDigital portfolio spans:
• @CswapDEX: DEX and liquidity infrastructure
• @btc_karma: native Bitcoin DeFi Staking & Yield
• @ebecca_rwa: a unified marketplace for RWAs
• cswap.market: Innovative NFT amm (beta)
We have proven that our team can design and ship in web3s most important product categories. Now we are expanding beyond Cardano, beginning with Ebecca’s launch on Solana.
We are raising strategic capital for CSWAP Digital to scale this portfolio across larger markets.
If you are an accredited or institutional investor looking to back an experienced team building across DeFi, Bitcoin, and RWAs, contact me by DM or LinkedIn.
Today, the @CswapDigital portfolio spans:
• @CswapDEX: DEX and liquidity infrastructure
• @btc_karma: native Bitcoin DeFi Staking & Yield
• @ebecca_rwa: a unified marketplace for RWAs
• cswap.market: Innovative NFT amm (beta)
We have proven that our team can design and ship in web3s most important product categories. Now we are expanding beyond Cardano, beginning with Ebecca’s launch on Solana.
We are raising strategic capital for CSWAP Digital to scale this portfolio across larger markets.
If you are an accredited or institutional investor looking to back an experienced team building across DeFi, Bitcoin, and RWAs, contact me by DM or LinkedIn.
Our newest addition to the cswap.digital portfolio will be launching on @solana.
This is an absolute game changer.
Think @HyperliquidX + @amazon for RWAs.
Stay tuned for platform reveal....
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Cardano’s three founding entities received approximately 5.185 billion ADA at genesis:
@IOGroup: 2.463B ADA
@emurgo_io: 2.074B ADA
@Cardano_CF: 648M ADA
Retained ADA can earn staking rewards, which can be sold without selling the underlying stake.
For scale, 5B ADA earning 2% annually would generate approximately 8.33M ADA per month. That is an illustration, not a claim about their current combined holdings or rewards.
Spending that income does not require a fresh treasury proposal or dRep approval. When rewards are sold, the cash comes from market buyers.
ADA holders deserve to ask what they are getting in return.
Staking income is not evidence of commercial success. Selling rewards can fund salaries, programs, and institutional ambitions without demonstrating that those expenditures create enough demand to sustain the ecosystem....or benefit $ADA holders.
If that spending fails to produce adoption and economic activity, $ADA holders are effectively financing money being set on fire.
Meanwhile, independent builders who could help create that activity spend months pursuing funding, preparing proposals, and navigating uncertain decisions. Our team has experienced this firsthand.
We've spent an entire year taking part in programs that were either cancelled, or not really what they've seemed when dReps approved them.
Expecting undercapitalized teams like CSWAP to offset the massive spending by founding entities with close to zero support is a recipe for failure.
The founding entities have resources that could support ecosystem builders. The treasury has resources that can support ecosystem builders. If resources are not getting to the right places, then its tough to argue that Cardano is decentralized.
A truly decentralized ecosystem would not see so much centralized power and misspending.
Most of the credit for keeping the ecosystem alive goes to independent builders....yet we have almost no access to funding. We have to claw and scrape to get any support, while the founding entities just print money whenever they feel like it.
Now they are complaining...and going after the treasury themselves...not because they are fighting for $ADA holders, but because they are fighting for themselves.
If you hold ADA, you have every reason to demand results. They are spending your cash... and this is before a single treasury dollar is rewarded, or a single dRep even votes.
We refuse to play games, join a cabal, or pretend otherwise. This ecosystem needs to start putting its token holders first.
Support ecosystem builders. We are the only ones that can help dig Cardano out of this hole.
@yutazzz
@jasonappleton
@JaromirTesar
@IOGroup: 2.463B ADA
@emurgo_io: 2.074B ADA
@Cardano_CF: 648M ADA
Retained ADA can earn staking rewards, which can be sold without selling the underlying stake.
For scale, 5B ADA earning 2% annually would generate approximately 8.33M ADA per month. That is an illustration, not a claim about their current combined holdings or rewards.
Spending that income does not require a fresh treasury proposal or dRep approval. When rewards are sold, the cash comes from market buyers.
ADA holders deserve to ask what they are getting in return.
Staking income is not evidence of commercial success. Selling rewards can fund salaries, programs, and institutional ambitions without demonstrating that those expenditures create enough demand to sustain the ecosystem....or benefit $ADA holders.
If that spending fails to produce adoption and economic activity, $ADA holders are effectively financing money being set on fire.
Meanwhile, independent builders who could help create that activity spend months pursuing funding, preparing proposals, and navigating uncertain decisions. Our team has experienced this firsthand.
We've spent an entire year taking part in programs that were either cancelled, or not really what they've seemed when dReps approved them.
Expecting undercapitalized teams like CSWAP to offset the massive spending by founding entities with close to zero support is a recipe for failure.
The founding entities have resources that could support ecosystem builders. The treasury has resources that can support ecosystem builders. If resources are not getting to the right places, then its tough to argue that Cardano is decentralized.
A truly decentralized ecosystem would not see so much centralized power and misspending.
Most of the credit for keeping the ecosystem alive goes to independent builders....yet we have almost no access to funding. We have to claw and scrape to get any support, while the founding entities just print money whenever they feel like it.
Now they are complaining...and going after the treasury themselves...not because they are fighting for $ADA holders, but because they are fighting for themselves.
If you hold ADA, you have every reason to demand results. They are spending your cash... and this is before a single treasury dollar is rewarded, or a single dRep even votes.
We refuse to play games, join a cabal, or pretend otherwise. This ecosystem needs to start putting its token holders first.
Support ecosystem builders. We are the only ones that can help dig Cardano out of this hole.
@yutazzz
@jasonappleton
@JaromirTesar
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@ItsDave_ADA
@InputEndorsers
@Cerkoryn
I don’t see much changing here, gents. The saddest part is watching wonderful, smart, hardworking people pour so much time and energy into governance while the commercial funding problem remains unresolved.
The next wave of investors needs a reason to believe successful businesses can be built on Cardano. We're not going to continue to try to subsidize Cardano's growth while 500m ADA gets paid out to infrastructure providers and third parties.
Honestly, I don’t see many strong commercial proposals coming forward for treasury withdrawals. But I also don’t have confidence that a strong independent proposal would get funded. Dreps are too jaded and risk off at this point.
There are no VCs that will write serious checks to Cardano-Native builders either. We can't attract strong commercial builders or institutional capital like this. We can "fake it", but we need real homegrown success stories.
Cutting funding to ecosystem builders like CSWAP and giving all the funds to infrastructure teams like we did last time is a recipe for failure. IN the meantime..CF pays 170 employees with our cash....but we can't get anything here to bring Bitcoin to Cardano. It makes no sense. 😢
Draper Dragon's IC seemingly won't or can't write big checks to Cardano native teams because of the Cardano ecosystem risk. Involving external LPs was a huge mistake. They will invest in projects outside of Cardano instead.
AlphaGrowth is our only hope at this point, and we can tell they were pressured to work with cFund teams. At the end of our rope....
I really don't know why I even waste my breath on this anymore. I guess it all just makes me very sick.
@InputEndorsers
@Cerkoryn
I don’t see much changing here, gents. The saddest part is watching wonderful, smart, hardworking people pour so much time and energy into governance while the commercial funding problem remains unresolved.
The next wave of investors needs a reason to believe successful businesses can be built on Cardano. We're not going to continue to try to subsidize Cardano's growth while 500m ADA gets paid out to infrastructure providers and third parties.
Honestly, I don’t see many strong commercial proposals coming forward for treasury withdrawals. But I also don’t have confidence that a strong independent proposal would get funded. Dreps are too jaded and risk off at this point.
There are no VCs that will write serious checks to Cardano-Native builders either. We can't attract strong commercial builders or institutional capital like this. We can "fake it", but we need real homegrown success stories.
Cutting funding to ecosystem builders like CSWAP and giving all the funds to infrastructure teams like we did last time is a recipe for failure. IN the meantime..CF pays 170 employees with our cash....but we can't get anything here to bring Bitcoin to Cardano. It makes no sense. 😢
Draper Dragon's IC seemingly won't or can't write big checks to Cardano native teams because of the Cardano ecosystem risk. Involving external LPs was a huge mistake. They will invest in projects outside of Cardano instead.
AlphaGrowth is our only hope at this point, and we can tell they were pressured to work with cFund teams. At the end of our rope....
I really don't know why I even waste my breath on this anymore. I guess it all just makes me very sick.
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Hey @discord can you please do something about bots and scammers? Leaving your customers to deal with this on their own is getting really old.
Your security is horrible.
Your security is horrible.
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Jon Kravetz retweeted
When you told me my boys at @CswapDEX @CSWAP_Destroy are partnering up with @TheSuitedApes I thought I was dreaming! LFG #SuitUp All-In!!!
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If you are a Cardano dRep, consider this:
You do not need to be paid for the role to benefit from it. If you hold ADA, helping the ecosystem succeed gives you upside alongside everyone else.
I oppose dRep compensation because it risks attracting people who see governance as an income opportunity. We need representatives focused on creating lasting value for ADA holders.
I think @yutazzz understands this principle.
Governance should align our interests. Quid pro quos, conflicts of interest, and incentives that reward political influence undermine that goal.
I’m tagging several larger independent dReps because they have the influence to lead. Your time is appreciated, but political influence should not become something builders have to pay to access.
Cardano cannot afford a system where securing individual compensation takes priority over growing the ecosystem. Whatever someone earns as a gatekeeper could be outweighed by losses on their ADA holdings if the broader ecosystem suffers.
Either Cardano succeeds together, or it continues to weaken while individual organizations and politically favored projects protect their own budgets.
Cardano is a blockchain ecosystem whose investors expect adoption, utility, and a credible opportunity for returns. If you hold substantial ADA, putting ADA holders first aligns with your own long-term interests. Putting your own income ahead of the ecosystem can undermine your larger investment.
That applies to infrastructure providers and founding entities too. An organization can sustain its payroll by selling ADA while holders supporting that market lose money. Organizational sustainability does not demonstrate ecosystem success.
Does that spending create enough adoption, demand, outside capital, and commercial activity to justify its cost? In my view, the results do not justify the current priorities.
We need well-funded commercial builders creating useful products and attracting customers. The size of an institution’s payroll should reflect a clear need and demonstrated results.
Large ADA holdings and liquid staking rewards provide spending power. They do not establish community support for every initiative those holdings fund.
ADA holders deserve a strategy that gives capable commercial teams a realistic opportunity to grow. If expensive institutional structures consume resources while promising businesses struggle to access capital, the entire ecosystem bears the consequences.
dReps, please use your influence to change these priorities. You have a responsibility to represent your delegates’ interests.
As a former enterprise software consultant, I understand the value of quality infrastructure. I also understand that infrastructure needs customers. Technical delivery must connect to commercial adoption and measurable demand.
Continuing to prioritize infrastructure spending while neglecting commercial growth is a recipe for failure.
@Cardano_CF: You appear willing to commit substantial resources to your own staffing while taking a far more restrictive approach to funding independent commercial builders....slashing @Catalyst_onX and refusing to collaborate with builders outside of your narrow thesis around enterprise, compliance, and traceability. I believe your priorities are completely backwards. Please reduce overhead and direct more capital toward businesses capable of attracting users, investment, and demand for ADA.
Where is the evidence that your enterprise infrastructure strategy can actually attract users and capital at the scale Cardano needs, within a commercially meaningful timeframe? I have not seen a convincing case.
The public messaging I’ve seen from CF leadership emphasizes enterprise and public infrastructure while downplaying the financial applications of blockchain. I disagree with that direction.
Enterprise applications can be valuable. But CF needs to explain how they translate into demand for ADA, attract investment, and create meaningful economic activity on Cardano. Endless PR announcements and integrations alone do not answer those questions.
CF has had plenty of time and runway to execute their strategies, and they have not worked. It's time for fresh perspectives and new leadership....outside of the founding entities.
The founding entities need to stop depriving new leaders of ecosystem resources.
Cardano is not decentralized when founding entities use liquid staking reward system to dump on innocent cash investors to fund their bloat and inefficiency. Enough is enough.
ADA holders are exposed to the commercial consequences of this strategy. Funding from existing ADA holdings and staking rewards should come with a clear explanation of costs, expected outcomes, and timelines.
A dependable source of organizational funding does not justify an indefinite timeline for ecosystem growth. Excessive caution also has a cost when commercial teams and investment opportunities move elsewhere. Cardano is falling behind, and the founding entities bear responsibility. Stop blaming undercapitalized, independent commercial builders and the community for being upset about it.
Please change course. Give commercial adoption, financial applications, and outside capital the priority and funding they need. If you refuse to collaborate with the talent, then give us the resources and get out of our way. You are failing ADA holders.e
ADA holders should not have to accept indefinite spending with an unclear connection to the ecosystem’s success.
R&D belongs in the budget. But so does a serious commercial growth strategy, with sufficient capital behind it. The 2026 spending was appalling.
@IntersectMBO and @Cardano_CF can NOT be in charge of shaping funding. Period. These are paid employees or professional Cardano bureaucrats who aim to be paid whether ADA succeeds or fails. They can not be trusted with your capital. They are paying themselves with YOUR 🫵 money.
They can keep funding payroll even while ADA holders lose money and independent builders run out of runway. That shields their operations from consequences that other participants face immediately. This is why they don't care if number go up. They get paid either way. They don't have to sell their genesis ADA. They have an endless supply of Cardano investor cash to spend.
dReps have an opportunity to lead that change. Please direct funding toward adoption and hold major funding recipients accountable for results. As far as your anger towards indepdent commercial builders who fumbled the bag...please apply that same scrutiny to founding entities with bloated payrolls who continually dump their "free" liquid staking rewards on innocent cash investors with zero skin in the game.
DReps. You need to stand up to this and put an end to it if you want Cardano to survive. If you quid pro quo with the FEs or try to profit off of Cardano's governance inefficience, then you will make far less money in the long run.
The only thing worse than centralization, is centralization under the guise of decentralization.
Independent Builders like are not the enemy. Good faith independent commercial builders are aligned with ADA holders, not the founding entities. Watch where your money goes.
We are not the problem. We are the solution. The sooner you recognize this, the better.
@IntersectMBO @jasonappleton @JaromirTesar @yutazzz @adamKDean
You do not need to be paid for the role to benefit from it. If you hold ADA, helping the ecosystem succeed gives you upside alongside everyone else.
I oppose dRep compensation because it risks attracting people who see governance as an income opportunity. We need representatives focused on creating lasting value for ADA holders.
I think @yutazzz understands this principle.
Governance should align our interests. Quid pro quos, conflicts of interest, and incentives that reward political influence undermine that goal.
I’m tagging several larger independent dReps because they have the influence to lead. Your time is appreciated, but political influence should not become something builders have to pay to access.
Cardano cannot afford a system where securing individual compensation takes priority over growing the ecosystem. Whatever someone earns as a gatekeeper could be outweighed by losses on their ADA holdings if the broader ecosystem suffers.
Either Cardano succeeds together, or it continues to weaken while individual organizations and politically favored projects protect their own budgets.
Cardano is a blockchain ecosystem whose investors expect adoption, utility, and a credible opportunity for returns. If you hold substantial ADA, putting ADA holders first aligns with your own long-term interests. Putting your own income ahead of the ecosystem can undermine your larger investment.
That applies to infrastructure providers and founding entities too. An organization can sustain its payroll by selling ADA while holders supporting that market lose money. Organizational sustainability does not demonstrate ecosystem success.
Does that spending create enough adoption, demand, outside capital, and commercial activity to justify its cost? In my view, the results do not justify the current priorities.
We need well-funded commercial builders creating useful products and attracting customers. The size of an institution’s payroll should reflect a clear need and demonstrated results.
Large ADA holdings and liquid staking rewards provide spending power. They do not establish community support for every initiative those holdings fund.
ADA holders deserve a strategy that gives capable commercial teams a realistic opportunity to grow. If expensive institutional structures consume resources while promising businesses struggle to access capital, the entire ecosystem bears the consequences.
dReps, please use your influence to change these priorities. You have a responsibility to represent your delegates’ interests.
As a former enterprise software consultant, I understand the value of quality infrastructure. I also understand that infrastructure needs customers. Technical delivery must connect to commercial adoption and measurable demand.
Continuing to prioritize infrastructure spending while neglecting commercial growth is a recipe for failure.
@Cardano_CF: You appear willing to commit substantial resources to your own staffing while taking a far more restrictive approach to funding independent commercial builders....slashing @Catalyst_onX and refusing to collaborate with builders outside of your narrow thesis around enterprise, compliance, and traceability. I believe your priorities are completely backwards. Please reduce overhead and direct more capital toward businesses capable of attracting users, investment, and demand for ADA.
Where is the evidence that your enterprise infrastructure strategy can actually attract users and capital at the scale Cardano needs, within a commercially meaningful timeframe? I have not seen a convincing case.
The public messaging I’ve seen from CF leadership emphasizes enterprise and public infrastructure while downplaying the financial applications of blockchain. I disagree with that direction.
Enterprise applications can be valuable. But CF needs to explain how they translate into demand for ADA, attract investment, and create meaningful economic activity on Cardano. Endless PR announcements and integrations alone do not answer those questions.
CF has had plenty of time and runway to execute their strategies, and they have not worked. It's time for fresh perspectives and new leadership....outside of the founding entities.
The founding entities need to stop depriving new leaders of ecosystem resources.
Cardano is not decentralized when founding entities use liquid staking reward system to dump on innocent cash investors to fund their bloat and inefficiency. Enough is enough.
ADA holders are exposed to the commercial consequences of this strategy. Funding from existing ADA holdings and staking rewards should come with a clear explanation of costs, expected outcomes, and timelines.
A dependable source of organizational funding does not justify an indefinite timeline for ecosystem growth. Excessive caution also has a cost when commercial teams and investment opportunities move elsewhere. Cardano is falling behind, and the founding entities bear responsibility. Stop blaming undercapitalized, independent commercial builders and the community for being upset about it.
Please change course. Give commercial adoption, financial applications, and outside capital the priority and funding they need. If you refuse to collaborate with the talent, then give us the resources and get out of our way. You are failing ADA holders.e
ADA holders should not have to accept indefinite spending with an unclear connection to the ecosystem’s success.
R&D belongs in the budget. But so does a serious commercial growth strategy, with sufficient capital behind it. The 2026 spending was appalling.
@IntersectMBO and @Cardano_CF can NOT be in charge of shaping funding. Period. These are paid employees or professional Cardano bureaucrats who aim to be paid whether ADA succeeds or fails. They can not be trusted with your capital. They are paying themselves with YOUR 🫵 money.
They can keep funding payroll even while ADA holders lose money and independent builders run out of runway. That shields their operations from consequences that other participants face immediately. This is why they don't care if number go up. They get paid either way. They don't have to sell their genesis ADA. They have an endless supply of Cardano investor cash to spend.
dReps have an opportunity to lead that change. Please direct funding toward adoption and hold major funding recipients accountable for results. As far as your anger towards indepdent commercial builders who fumbled the bag...please apply that same scrutiny to founding entities with bloated payrolls who continually dump their "free" liquid staking rewards on innocent cash investors with zero skin in the game.
DReps. You need to stand up to this and put an end to it if you want Cardano to survive. If you quid pro quo with the FEs or try to profit off of Cardano's governance inefficience, then you will make far less money in the long run.
The only thing worse than centralization, is centralization under the guise of decentralization.
Independent Builders like are not the enemy. Good faith independent commercial builders are aligned with ADA holders, not the founding entities. Watch where your money goes.
We are not the problem. We are the solution. The sooner you recognize this, the better.
@IntersectMBO @jasonappleton @JaromirTesar @yutazzz @adamKDean
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It was good to see @jasonappleton engaging with my post on his YouTube stream. Since I couldn’t respond live, here’s my response:
youtube.com/live/w60hJYAa7…
Jason, we agree on a lot. I understand your frustration with projects that promise compelling visions and then fail to execute or launch with poor tokenomics. Accountability matters.
Where we disagree is how to create it, who should face it, and what will attract capable builders to Cardano.
- Accountability
The same scrutiny applied to small teams seeking funding should apply to the founding entities and major infrastructure providers.
Staking rewards from large ADA holders can support ongoing operations outside treasury votes. ADA holders deserve clear reporting on spending, priorities, and results across those funding sources.
How much new adoption, outside capital, and commercial activity is that spending producing?
- Builder treatment
Independent founders already carry substantial commercial risk. Funding conditions should help them build successful businesses.
If accessing capital requires navigating endless political relationships and bureaucracy, capable teams will build where they can move faster and find better support. Cardano competes for those teams.
- The role of dReps
Delegated voting power does not automatically confer expertise in venture investing or operating a business.
Good investors contribute capital, connections, commercial judgment, and relevant experience. Due diligence and reporting are reasonable. Giving dReps broad authority to direct independent businesses or seize underperforming projects would make the ecosystem less attractive to founders and outside investors.
- Why venture funding is difficult
Decentralization alone does not explain the difficulty Cardano projects face raising capital. Investors also evaluate the addressable market, users, liquidity, distribution, and potential returns.
A product confined to a small market has a harder path to venture-scale success. Products that can reach customers and capital across ecosystems have a broader opportunity.
- Funding structures matter
Early-stage companies need capital to develop products, acquire customers, and grow. Revenue-sharing obligations can consume that capital before a business has reached scale.
Any proposed structure needs to account for that. Funding terms should make promising companies more investable and give them room to succeed.
- BTC Karma
We built @btc_karma to bring Bitcoin capital to Cardano, and we have already demonstrated Phase 1 execution on mainnet.
Our next phase requires institutional capital and partnerships. We are competing with substantially better-funded companies, so access to capital directly affects our ability to execute.
I want that success to benefit Cardano. But we cannot make the business dependent on an indefinite political funding process. If the capital and partnerships are available on Ethereum or elsewhere, we will pursue them.
That is a commercial decision founders have to make.
Cardano needs successful businesses that attract users, capital, and revenue. Its funding approach should give capable teams a compelling reason to build and stay.
youtube.com/live/w60hJYAa7…
Jason, we agree on a lot. I understand your frustration with projects that promise compelling visions and then fail to execute or launch with poor tokenomics. Accountability matters.
Where we disagree is how to create it, who should face it, and what will attract capable builders to Cardano.
- Accountability
The same scrutiny applied to small teams seeking funding should apply to the founding entities and major infrastructure providers.
Staking rewards from large ADA holders can support ongoing operations outside treasury votes. ADA holders deserve clear reporting on spending, priorities, and results across those funding sources.
How much new adoption, outside capital, and commercial activity is that spending producing?
- Builder treatment
Independent founders already carry substantial commercial risk. Funding conditions should help them build successful businesses.
If accessing capital requires navigating endless political relationships and bureaucracy, capable teams will build where they can move faster and find better support. Cardano competes for those teams.
- The role of dReps
Delegated voting power does not automatically confer expertise in venture investing or operating a business.
Good investors contribute capital, connections, commercial judgment, and relevant experience. Due diligence and reporting are reasonable. Giving dReps broad authority to direct independent businesses or seize underperforming projects would make the ecosystem less attractive to founders and outside investors.
- Why venture funding is difficult
Decentralization alone does not explain the difficulty Cardano projects face raising capital. Investors also evaluate the addressable market, users, liquidity, distribution, and potential returns.
A product confined to a small market has a harder path to venture-scale success. Products that can reach customers and capital across ecosystems have a broader opportunity.
- Funding structures matter
Early-stage companies need capital to develop products, acquire customers, and grow. Revenue-sharing obligations can consume that capital before a business has reached scale.
Any proposed structure needs to account for that. Funding terms should make promising companies more investable and give them room to succeed.
- BTC Karma
We built @btc_karma to bring Bitcoin capital to Cardano, and we have already demonstrated Phase 1 execution on mainnet.
Our next phase requires institutional capital and partnerships. We are competing with substantially better-funded companies, so access to capital directly affects our ability to execute.
I want that success to benefit Cardano. But we cannot make the business dependent on an indefinite political funding process. If the capital and partnerships are available on Ethereum or elsewhere, we will pursue them.
That is a commercial decision founders have to make.
Cardano needs successful businesses that attract users, capital, and revenue. Its funding approach should give capable teams a compelling reason to build and stay.
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Cardano’s current spending problem goes beyond the $1B+ TREASURY. Let me explain:
People buy $ADA with money they worked for.
Founding entities received large $ADA allocations at launch. Those holdings can generate staking rewards, which can be sold to pay salaries and fund operations.
Where does the cash come from? The people buying $ADA.
These organizations can sell their rewards without reducing their original $ADA holdings. That gives them an ongoing source of funding without asking holders to approve their spending.
Buying $ADA does not mean endorsing an organization’s salaries, priorities, or results. But buyers’ cash can fund those things anyway.
This is why accountability matters beyond treasury votes. Organizations can keep funding themselves while ordinary holders lose money, even without direct treasury funding.
Are these organizations bringing in enough new users, capital, and commercial activity to justify their costs? That is the question ADA holders should be asking.
If not, spending needs to shift toward teams and initiatives that can bring users and capital to Cardano. This is what dReps should prioritize.
Infrastructure spending needs to serve demonstrated commercial demand. In 2027, attracting users, capital, and revenue should take priority over building more infrastructure without a clear path to adoption.
Large founding-entity holdings can already generate staking rewards that can be sold to fund operations. Those sales add selling pressure. ADA holders deserve transparency about how much is sold, what it funds, and what results it delivers.
Treasury spending should prioritize initiatives that grow demand for $ADA, attract users, and build successful businesses. Founding entities should not receive more funding simply because they have the relationships to secure it.
Founding-entity employees should not control treasury decisions that could benefit their own organizations. Conflicts should be disclosed, and those employees should recuse themselves from those decisions.
The treasury belongs to $ADA holders and should be used for their benefit. Its purpose should be to improve their future, not guarantee anyone’s payroll.
@IntersectMBO
People buy $ADA with money they worked for.
Founding entities received large $ADA allocations at launch. Those holdings can generate staking rewards, which can be sold to pay salaries and fund operations.
Where does the cash come from? The people buying $ADA.
These organizations can sell their rewards without reducing their original $ADA holdings. That gives them an ongoing source of funding without asking holders to approve their spending.
Buying $ADA does not mean endorsing an organization’s salaries, priorities, or results. But buyers’ cash can fund those things anyway.
This is why accountability matters beyond treasury votes. Organizations can keep funding themselves while ordinary holders lose money, even without direct treasury funding.
Are these organizations bringing in enough new users, capital, and commercial activity to justify their costs? That is the question ADA holders should be asking.
If not, spending needs to shift toward teams and initiatives that can bring users and capital to Cardano. This is what dReps should prioritize.
Infrastructure spending needs to serve demonstrated commercial demand. In 2027, attracting users, capital, and revenue should take priority over building more infrastructure without a clear path to adoption.
Large founding-entity holdings can already generate staking rewards that can be sold to fund operations. Those sales add selling pressure. ADA holders deserve transparency about how much is sold, what it funds, and what results it delivers.
Treasury spending should prioritize initiatives that grow demand for $ADA, attract users, and build successful businesses. Founding entities should not receive more funding simply because they have the relationships to secure it.
Founding-entity employees should not control treasury decisions that could benefit their own organizations. Conflicts should be disclosed, and those employees should recuse themselves from those decisions.
The treasury belongs to $ADA holders and should be used for their benefit. Its purpose should be to improve their future, not guarantee anyone’s payroll.
@IntersectMBO
One of the core issues is that setting a budget and spending priorities is an executive function.
Virtually everyone agreed that Cardano needed to cut infrastructure spending and instead spend on adoption and commercial growth. This is what is best for ADA holders. I thought dReps were supposed to vote for what was best for ADA holders, but this is not how they voted.
When the founding entities put proposals together, they put their own wants and needs ahead of ADA holders...their proposals are very thorough, because collectively they have 100s of employees that ADA holders already pay for. They are completely focused on their own initiatives, and receiving funding from the treasury. There is no representation for the business needs of ADA holders and for-profit builders. There are no incentives for the founding entities to produce value for ADA holders...they get paid either way.
Builders like CSWAP do not have employees that are paid for by the treasury to work on proposals. All of our efforts have gone in to trying to help users, community members, and ADA holders. We spent 100s of hours on processes that were unilaterally cancelled by the founding entities without DREP involvement.
Catalyst was cut. DeFi Liquidity was cut. Spending in these areas had already been approved by DReps.
We now have Draper and Alpha Growth, and I have high hopes for both initiatives. I believe both entities can add value to Cardano, but my concern has more to do with the politics around these vendors....making their jobs more difficult, by feeling like they have to please everyone.
Adding third party vendors with large budgets also comes with overhead. I'm not necessarily talking about cost, I'm talking about additional political friction, and process that costs everyone. Teams like mine have to absorb these costs, even though we have no direct treasury funding.
As a builder, I can tell you that this past year has been really bad. Not only could we not access or compete for resources that we can immediately put to use to benefit ADA holders; governance in general has consumed the time, energy, and focus of many of Cardano's most important KOLs. This was a double whammy.
IN other ecosystems important KOLs are engaged with the ecosystem and innovative builders that can help grow commercial metrics.
All of our capital is tied up in this bureaucratic process. Our competitors...their capital is being put to work with innovative builders that improve the L1 base currency's economics. This has got to change.
Cardano needs to leverage the governance infrastructure to get funds to the right places in an expedient manner, or Cardano will continue to lose ground.
The founding entities are focused on their own initiatives and philosophies, and not what is best for ADA holders or Cardano's for-profit users and builders. This is a serious problem.
I'm not arguing that the things the founding entities prioritize have no merit, but I don't believe they are aligned with what ADA holders actually want. When dReps act contrary to what ADA holders actually want (to make money), this hurts Cardano.
Even looking at the spending buckets, the priorities are again completely out of whack. This can not continue like this.....
It's hard for many to believe that I'm being objective with these criticisms....because I'm a commercial builder. This is why we need business-minded third parties to come in and help Cardano prioritize spending.
If Cardano continues down this path, it's hard to see how it succeeds. The chain needs new business-minded leadership...the status quo is not working. The spending has been completely irrational from the most basic common-sense business perspective.
dReps can not allow this to continue. If it does, its hard to justify building anything on Cardano. I'm very serious.
Founding entity employees can be valued and respected, without being trusted to guide spending moving forward. This can not continue on like this.
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Bringing Bitcoin TVL to Cardano is a major opportunity to attract new capital and grow the ecosystem. @btc_karma is building toward that opportunity.
The next step is making Bitcoin productive in DeFi. Our goal is to give BTC holders access to strategies that generate returns Our planned Phase 2 model uses BTC as collateral to borrow stablecoins on Cardano, while the Bitcoin remains on the Bitcoin network. We’re exploring USDCx interoperability and @Circle’s CCTP infrastructure to access yield strategies across supported chains, with financing and repayment managed on Cardano.
$KARMA connects both phases: rewarding users for committing Bitcoin to the ecosystem today and unlocking access to higher-yield opportunities planned for Phase 2.
We’re in late-stage discussions with potential institutional partners about funding, liquidity, and integrations. Our next development milestone is a controlled pilot demonstrating the full journey from BTC collateral through yield generation and repayment.
You can support that work by trying Phase 1 today:
staking.btckarma.io
Stake native BTC, earn $KARMA, and help grow Cardano’s Bitcoin ecosystem.
BTC Karma charges no staking fees. You only pay Bitcoin network transaction fees. There’s no bridging or wrapping: your BTC stays on Bitcoin and is temporarily locked through a Bitcoin script. You can unlock at any time. This functionality is battle tested and has been live for months.
Due to the abrupt cancellation of Catalyst fund 15, we funded the initial build ourselves. Phase 1 has not yet undergone an independent audit, and we’re seeking partner backing to support the next stage, including independent security review. Please understand the locking conditions before participating. Starting with a small amount is reasonable. docs.btckarma.io
We’ve built a smooth staking experience and would welcome your feedback and participation. We’re also exploring a future community airdrop, but we'd really like to see broader community support first.
We currently have 40 people staking, but we would like to see more.
If you believe Bitcoin inflows can help grow Cardano, we’d appreciate you trying BTC Karma and sharing it with others. Thanks.🙏
The next step is making Bitcoin productive in DeFi. Our goal is to give BTC holders access to strategies that generate returns Our planned Phase 2 model uses BTC as collateral to borrow stablecoins on Cardano, while the Bitcoin remains on the Bitcoin network. We’re exploring USDCx interoperability and @Circle’s CCTP infrastructure to access yield strategies across supported chains, with financing and repayment managed on Cardano.
$KARMA connects both phases: rewarding users for committing Bitcoin to the ecosystem today and unlocking access to higher-yield opportunities planned for Phase 2.
We’re in late-stage discussions with potential institutional partners about funding, liquidity, and integrations. Our next development milestone is a controlled pilot demonstrating the full journey from BTC collateral through yield generation and repayment.
You can support that work by trying Phase 1 today:
staking.btckarma.io
Stake native BTC, earn $KARMA, and help grow Cardano’s Bitcoin ecosystem.
BTC Karma charges no staking fees. You only pay Bitcoin network transaction fees. There’s no bridging or wrapping: your BTC stays on Bitcoin and is temporarily locked through a Bitcoin script. You can unlock at any time. This functionality is battle tested and has been live for months.
Due to the abrupt cancellation of Catalyst fund 15, we funded the initial build ourselves. Phase 1 has not yet undergone an independent audit, and we’re seeking partner backing to support the next stage, including independent security review. Please understand the locking conditions before participating. Starting with a small amount is reasonable. docs.btckarma.io
We’ve built a smooth staking experience and would welcome your feedback and participation. We’re also exploring a future community airdrop, but we'd really like to see broader community support first.
We currently have 40 people staking, but we would like to see more.
If you believe Bitcoin inflows can help grow Cardano, we’d appreciate you trying BTC Karma and sharing it with others. Thanks.🙏
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DReps, as a VB with Cardano products, we strongly prefer independent professionals designing future budgets.
@BCG @Deloitte, let’s bring in experienced consultants with disclosed conflicts, measurable targets, and accountability to $ADA holders. Spending with positive ROI only.
@BCG @Deloitte, let’s bring in experienced consultants with disclosed conflicts, measurable targets, and accountability to $ADA holders. Spending with positive ROI only.
Cardano’s next budget cycle: how can we improve coordination and help DReps assess funding proposals?
We’re sharing a proposed Cardano Ecosystem Budget Process for 2027 and inviting your feedback.
Read the proposal: intersectmbo.org/news/a-more-st…
Join the discussion: dreptalk.com/t/a-more-strat…
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Our upcoming rwa protocol is game changing.
Not only will it allow for institutions to tokenize new RWAs but it will allow for integrations with existing RWAs.
This will create the most unified RWA marketplace in crypto....and its AMM/P2P hybrid.
Follow @ebecca_rwa.
Not only will it allow for institutions to tokenize new RWAs but it will allow for integrations with existing RWAs.
This will create the most unified RWA marketplace in crypto....and its AMM/P2P hybrid.
Follow @ebecca_rwa.
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Super excited about @btc_karma phase 2.
Right now you can earn $KARMA by staking Bitcoin natively and connecting a Cardano wallet.
In phase 2 you will be able to earn $BTC or $USDC on your bitcoin through various yield strategies.
Same interface, real world yield.
Right now you can earn $KARMA by staking Bitcoin natively and connecting a Cardano wallet.
In phase 2 you will be able to earn $BTC or $USDC on your bitcoin through various yield strategies.
Same interface, real world yield.
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Haven't used php for years...but I did enjoy LAMP stack architecture back in the day.
If you have a site that leverages PHP...be sure to patch it immediately for user security.
If you have a site that leverages PHP...be sure to patch it immediately for user security.
The internet is going into a LOCKDOWN.
Hundreds of millions of websites are potentially at risk from cyberattacks.
Governments, banks and major platforms have already taken their websites OFFLINE.
Many are already calling it “Black October.”
At the centre of the shutdowns is ve never heard of, but use every day.
PHP, the software behind roughly 7 in 10 websites, has two critical flaws that can let hackers break in without a password.
Dubbed PHP2Shell, both are rated 9.2 out of 10 for severity.
Details began circulating on Oct 20. Emergency fixes arrived the next day, but attackers were already moving.
Cloudflare’s CEO says hacking attempts then jumped from thousands to MILLIONS within hours.
Cybersecurity agencies across several countries are telling PHP site owners the same thing: Patch it now, or take it offline.
Websites have gone dark worldwide, from government portals and hospitals to banks.
CrowdStrike warns these attacks leave almost no trace, so some sites may not know if they’ve been hit.
Around 2.6 MILLION internet-facing servers run PHP, potentially hosting hundreds of sites each.
Over 1.1 million use older versions no longer receiving official PHP updates.
Older installations may need an upgrade to a supported PHP version or a fix from their software provider.
And patching does not remove a backdoor an attacker may already have planted.
Cloudflare also says hackers are now tweaking their attacks to try to slip past its protections.
But PHP isn’t the only security story unfolding.
-Japan’s Onamae suspended ALL Desktop Cloud plans after malware was found on customer servers.
-India’s eMudhra had 8 website-certificate keys so weak, one was literally the number “4”.
-State Bank of India confirmed 3,897 customer records on the dark web.
-Criminals used AI agents to break into 400+ Latin American banks.
-Capcom confirmed a breach exposing 11.7 million email addresses.
-GitLab disclosed a 10/10 severity flaw in versions going back to 2014.
-LiteLLM removed a malware-containing release. Railway reported possible exposure of customer secrets.
None of these has a confirmed link to PHP2Shell.
We’re seeing separate breaches unfold together.
The true number of incidents could take months to come out.
The world is still on alert. Attacks are still coming.
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So you put dollars in a bank account and you earn a couple pennies every year....
Perhaps you are smarter. You earn higher yields in DeFi...on stables.
What if you could earn yield bearing real world assets instead?
Would you move your funds? I would....
That's why
ecca_rwa
Don't underestimate our master plan.
@CswapDigital
Perhaps you are smarter. You earn higher yields in DeFi...on stables.
What if you could earn yield bearing real world assets instead?
Would you move your funds? I would....
That's why
ecca_rwa
Don't underestimate our master plan.
@CswapDigital
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Respect this, it's back to basics
I come through in an A-6
You come through in Asics; not the real ones, the fake shits
I didn't know they made 'em - 7L & Esoteric
I come through in an A-6
You come through in Asics; not the real ones, the fake shits
I didn't know they made 'em - 7L & Esoteric
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Jon Kravetz retweeted
This is a great read.
TBH, I'm getting tired of seeing the same recycled RWA concepts. Gacha machines, tokenized stocks, collectibles. Same shit, different packaging.
Everyone's focused on tokenizing assets, but almost nobody's focused on making them accessible.
Where's the unified marketplace? One platform, every asset class, every product, all under one roof, with a user experience that actually makes sense.
The next breakthrough in RWAs isn't just tokenization. It's making the entire market accessible to everyone.
TBH, I'm getting tired of seeing the same recycled RWA concepts. Gacha machines, tokenized stocks, collectibles. Same shit, different packaging.
Everyone's focused on tokenizing assets, but almost nobody's focused on making them accessible.
Where's the unified marketplace? One platform, every asset class, every product, all under one roof, with a user experience that actually makes sense.
The next breakthrough in RWAs isn't just tokenization. It's making the entire market accessible to everyone.
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