Intersect

A refreshed framework for the Cardano 2026 budget cycle has been submitted! Cardano's Treasury is one of the ecosystem's greatest strategic resources. Based on lessons from 2025 and progress made on ecosystem strategy, a revamped 2026 budgeting framework has been proposed to better align funding with Vision 2030 priorities, measurable outcomes, and ecosystem growth. Read more ➡️ bit.ly/2026-Budget-Pr… DReps can vote to endorse the framework now ➡️

I had a great time at the DC Blockchain Summit hearing from policy leaders and networking with industry professionals. It was especially great to connect with my Cardano colleagues, Rand McHenry from @IntersectMBO and Mary Beth Buchanan from the @Cardano_CF Board of Directors!

@Josi_sndnc @STORM_Partners @LegalSwiss78623 Thanks for the question, Josi 🙂 It’s one hour per member in total. The Storm Partners sessions are for Enterprise Members, while Sentinel covers both Individual and Enterprise members, first come first served.

@IntersectMBO @STORM_Partners @LegalSwiss78623 Good one. Does this count for one hour or several sessions?

Legal support just got easier for Intersect members ⚖️ In collaboration with @STORM_Partners & @LegalSwiss78623, both individual and enterprise members now have access to expert guidance on compliance, structuring, and more. Explore these benefits (and more) in your members area members.intersectmbo.org

🗳️ Vote Reminder The Cardano Budget Process Framework (facilitated by Intersect) Info Action is ongoing. Please consider voting and, if possible, provide any feedback in a rationale. 🙏 🔗 Proposal: buff.ly/J36L4fW Budget FAQ: buff.ly/fQXl99R

The Pythathon started with a vision from @IOHK_Charles, but it turned into something special thanks to the dedication and hard work of @Ryun1_ and @JBriggsLondon from @IntersectMBO 🚀💪 HUGE thanks, guys . This is the kind of teamwork that makes Cardano stronger! 🙌 LATAM builders: come build with Pyth oracles on Cardano in Buenos Aires this March 21-22! Workshops, prizes, meals, and vibes included. Secure your spot: luma.com/4ss810sd Who's in? 👀👀👀👀 #Pythathon #Cardano

@LayerZero_Core ✊

All of crypto, connected to Cardano

Thank you to everyone who joined today’s Town Square in the Intersect members area. We hope it gave a useful glimpse of how the Virtual Hub can be a place to meet, chat, learn, share ideas, and get to know fellow members, as well as have a bit of fun along the way! More to come 👇

The Cardano Foundation, supported by @IOGroup, is requesting community approval to become the new managing entity of Project Catalyst. This will ensure continuity of operations and minimize delays on milestone reviews and payouts. Explore the GA: adastat.net/governances/b5…

Cardano’s treasury is one of the ecosystem’s most powerful strategic resources. Vision 2030, backed by over 67% of DReps, provides a shared framework for where the ecosystem wants to go. The proposed 2026 budgeting framework aims to align treasury funding with that long-term direction. Read more ➡️ bit.ly/orienting-the-… Vote now on the Budget Process ➡️ bit.ly/Budget-Process…

ℹ️ New to the intersect Virtual Hub? Here's a step-by-step 👣 🖥️ On desktop 1 - Log in to the Intersect Members Area 2 - Find the "Access the Virtual Hub" panel in your Member Area and click "Access now" 3 - Follow the on screen instructions 4 - Have fun!

📣 Calling Intersect members Join us in the Intersect Virtual Hub tomorrow for the March Town Square 🏛️ Topics: • Committee elections • Budget proposals • Committee priorities • Open Q&A with members 🗓️ Mar 17 🕛️ 12 UTC How to join 👇 luma.com/bar8uqoy

@jonahkoch @JaromirTesar budgetcommittee.docs.intersectmbo.org/cardano-budget…

@JaromirTesar Thank you 🙏🏻 for making this post!!!!! I have also been asking @IntersectMBO directly about this. I am actually stunned that this wasn’t either addressed already or at least rationalized to the community.

EMURGO + Yoroi have significant voting power in on-chain governance. Their voting power may become dominant in the Intersect budget process if participation in Ekklesia voting is low. The framework states that proposals advance only if: “... meet the requirement of a yes vote of equal or greater than 67% of participating stake in the Ekklesia poll.” The document does not define: ▪️What exactly counts as participating stake ▪️Whether abstentions count ▪️Whether non-voting DReps count (probably not) Voting in Ekklesia may give a structural advantage to very large DReps. Participation in Ekklesia will likely be significantly lower than participation in on-chain governance. This is to be expected given the large number of proposals that DReps will have to process in a limited time and their voting fatigue. Let’s look at the numbers: On-chain active voting stake is ₳5.78B. EMURGO + Yoroi have a combined voting power of ₳1.02B ADA, which is 17.6%. If only half of the on-chain voting power (₳2.89B) participates in the Ekklesia vote, EMURGO + Yoroi will have about 35%. In such a scenario, they could become a strong veto actor, because proposals require 67% support to pass. They may choose a strategy of voting YES for all proposals (including their own). If only a third of the on-chain voting stake (₳1.92B) participates in the Ekklesia vote, EMURGO + Yoroi will have about 53%. How will this affect the vote? Based on standard governance practice, participating stake will likely be the total stake of DReps who cast a vote per proposal: participating stake = YES stake + NO stake Abstain votes will likely not be counted in the result, as will on-chain stake delegated to DReps who do not participate. No proposal would likely pass in Ekklesia if on-chain voting stake were used to count votes and DReps did not participate. The participating stake will most likely be counted separately for each proposal, which means every proposal can have a different participating stake. If a large number of proposals are submitted (last time it was around 200) and DReps are time-limited, the participating stake for some proposals may be very low. A YES vote from EMURGO + Yoroi and a few more YES votes from 5–10 DReps could get a proposal into Treasury Withdrawal if many DReps simply do not have time to vote NO. Proposals from Ekklesia may then be "consolidated" into Treasury Withdrawals. The framework states: "Items will be consolidated into the Treasury Withdrawal phase..." This may mean that proposals from IOG can be bundled with other proposals of potentially lower quality. In on-chain governance, DReps will decide on the entire bundle, not individual proposals. If they don't like one proposal in the bundle, they will be forced to vote NO on all other proposals. However, DReps may want to approve the budget for IOG, so they may vote YES despite one or more proposals that they would otherwise vote NO on if submitted separately. Bundling proposals together with the voting system in Ekklesia may create a mechanism in which a low-quality project with relatively low support from DReps can still be funded. A DRep does not have to participate in the vote in Ekklesia, but will later decide on the Treasury Withdrawal, in which the budget for IOG may be included alongside the lower-quality project. DReps may face a dilemma of what is better for Cardano. The framework may therefore create incentives for projects to lobby large DReps to approve their proposal in Ekklesia, because the possibility of including a proposal in a bundle with a proposal from IOG (or other important proposals) could be attractive. In my opinion, the framework is vaguely and insufficiently defined in the active proposal. Important details are missing. It is possible that I misunderstood something. Feel free to correct me. I dare say that it is irresponsible to give large DReps such a potential advantage in Ekklesia voting without additional safeguards. The use of "participating stake" would be more reasonable in combination with other measures, such as a hard-cap of large DReps, or another system in which smaller DReps would have a stronger position. The marginal influence of small DReps in Ekklesia may reduce incentives for them to participate, potentially lowering the participating stake per proposal and increasing the relative influence of large DReps.

@JaromirTesar Hey @JaromirTesar And @jonahkoch please see this FAQs document for information on your questions: budgetcommittee.docs.intersectmbo.org/cardano-budget…

Reminder: Join us today to talk Partner Chains 👇 What are they? Why build one? How can they reward validators and their delegators? Open community Space - everyone welcome 🗓 Mon 16 ⏰ 5pm UTC Bring your questions x.com/i/spaces/1XGyg…

These days... I tell you, Cardano is sometimes sour and bitter, but most of the time its sweet. 🤤 Hard fork is never an easy thing, no matter how good it looks on the outside. Cause on the inside, its countless hours of work, teams working around the clock to get the node ready, comms going out consistently, wallets, exchanges, SPOs upgrading and adopting, number of hard decisions being made along the way. And its impossible to happen if everybody in the ecosystem dont do their part. This time, the update is tasty and really digestible, trust me. 😁 So props to the people helping to get these bulletins out every week @Ryun1_ @LallyMcClay @loctitekid Larisa , all my colleagues at @IntersectMBO , to @iogroup for doing their best to have the node ready as quickly as possible and at the end, the whole ecosystem for making Cardano sweet, colorful and tasteful. Looking forward to the future with diverse nodes and Cardano bigger than it ever was. Piece of cake, isnt it? 🍰😁

Intersect Update #102 is live! Members receive the weekly summary directly by email, with the full update available on the Intersect News page. → buff.ly/FRiAdvj This week: 📊 Budget process FAQs 🗳️ Governance actions currently live on-chain 🛠️ Node 10.7.0 upgrade work progressing 🏛️ Town Square in the Virtual Hub next week

Come chat with us and partner chain developers about how partner chains can be used to borrow security from Cardano L1 and reward validators and their delegators!!!