{
  "@context": {
    "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#",
    "hashAlgorithm": "CIP100:hashAlgorithm",
    "body": {
      "@id": "CIP100:body",
      "@context": {
        "references": {
          "@id": "CIP100:references",
          "@container": "@set",
          "@context": {
            "GovernanceMetadata": "CIP100:GovernanceMetadataReference",
            "Other": "CIP100:OtherReference",
            "label": "CIP100:reference-label",
            "uri": "CIP100:reference-uri",
            "referenceHash": {
              "@id": "CIP100:referenceHash",
              "@context": {
                "hashDigest": "CIP100:hashDigest",
                "hashAlgorithm": "CIP100:hashAlgorithm"
              }
            }
          }
        },
        "comment": "CIP100:comment",
        "externalUpdates": {
          "@id": "CIP100:externalUpdates",
          "@context": {
            "title": "CIP100:update-title",
            "uri": "CIP100:uri"
          }
        }
      }
    },
    "authors": {
      "@id": "CIP100:authors",
      "@container": "@set",
      "@context": {
        "name": "http://xmlns.com/foaf/0.1/name",
        "witness": {
          "@id": "CIP100:witness",
          "@context": {
            "witnessAlgorithm": "CIP100:witnessAlgorithm",
            "publicKey": "CIP100:publicKey",
            "signature": "CIP100:signature"
          }
        }
      }
    }
  },
  "authors": [],
  "body": {
    "comment": "While addressing a real issue in the Cardano ecosystem—market making and listing for Cardano Native Tokens—the proposal falls short in demonstrating broad ecosystem impact, scalability, and cost effectiveness. The scope is narrow, focusing mostly on select projects, with limited quantified KPIs or measurable returns to the wider community.\n\nThe substantial ₳3.126 million budget is not sufficiently justified given the indirect nature of ecosystem benefits and lack of clear, transparent milestone-based performance metrics. Community involvement and governance mechanisms appear limited in this funding approach, raising concerns about inclusivity and longer-term sustainability.\n\nDespite vendor experience and a solid governance framework for treasury management, the strategic value of the service at this scale is questionable, prompting caution before treasury funds are allocated.\n\nAccordingly, I have submitted a NO vote pending a more detailed, community-aligned strategic justification and clear measurable outcomes."
  },
  "hashAlgorithm": "blake2b-256"
}