{
  "@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": "Vote: YES\n\nThis is a Treasury Withdrawal, \"Bifrost: Unlocking Bitcoin DeFi on Cardano — Road to Mainnet (Phase 1 of 2)\" (gov_action1mlvplrdk2t7eyclqeca77ppmfq3sghkr5hdppjqhdqdd573r7q6qqms7jwt), submitted July 3, 2026 with voting closing August 2, 2026. FluidTokens and Lantr Engineering request ₳12,332,031 (approximately $1.97M at the $0.16/ADA reference rate) over nine months, July 2026 through March 2027, to harden Bifrost — a permissionless Bitcoin-Cardano bridge that brings BTC onto Cardano as a native asset (fBTC) with custody distributed across 400+ SPOs using FROST threshold signatures — through external audits, formal verification, penetration testing, and private mainnet deployment. Public launch and operations are deferred to a separate Phase 2 proposal. No ADA burning is involved.\n\nThe accountability structure is the strongest Dracula DAO has seen in the 2026 cycle. Funds are held in a SundaeSwap treasury-contracts escrow previously audited by TxPipe and MLabs; every disbursement requires co-signature from a three-person independent oversight board drawn from Blink Labs, the Cardano Foundation, and IOG; No.Witness Labs provides quarterly technical review and an independent financial auditor reviews fund use post-delivery; unused funds return automatically to the treasury on contract expiration, and the 10% contingency (₳1.12M) is explicitly refundable. The three milestones are concrete and verifiable — M1 an audit-ready hardened release candidate, M2 completed external audits and formal verification with both custody modes tested, M3 private mainnet with real BTC. The project is not vapor: the bridge is live on Bitcoin Testnet4 and Cardano Preprod with peg-ins occurring, five SPOs participating, and seven dApps expressing integration interest. There is no bridge token, no founder allocation, and no extractive tokenomics; the code is Apache 2.0. Lantr has disclosed prior treasury funding of ₳657,692 fully received and delivered on the Scalus platform. Distributing bridge custody across the SPO set rather than a small signer committee is the right architectural instinct, and it creates a revenue stream for stake pool operators beyond block production.\n\nThe concerns are real. ₳12.33M is priced as a team operating budget — $210K per FTE-year across 52.5 FTE-months — rather than as a grant against completed features, and there was no competitive bidding for the work. Phase 1 produces no public deliverable: at its end there is a privately deployed, audited bridge and a further Phase 2 request for public launch and 24 months of operations, so a YES here is the first half of a commitment whose full cost is not yet on the table. Cross-chain bridges are the single most exploited category of infrastructure in this industry, and stake-weighted SPO threshold custody is unproven at scale — the residual risk is bounded by the private-mainnet rollout and an early TVL cap, but it is not eliminated. The withdrawal also lands with ADA near multi-year lows, so the treasury pays in its weakest currency. DRep support is currently narrow, at approximately ₳939M yes against ₳909M no.\n\nDracula DAO votes YES. Treasury funds should be awarded as grants paid on completion of well-defined features, and this proposal does not fully meet that standard — it is a budget, and Dracula DAO names that gap plainly. But the gap is narrower here than in anything else this cycle: money moves only when an independent board with no financial stake in the outcome signs off against a defined milestone, undelivered funds go back to the treasury automatically, and what is being bought in Phase 1 is precisely the thing Dracula DAO has demanded of every bridge proposal — audits, formal verification, and adversarial testing completed before a single retail user is exposed. Paying for security before launch rather than after an exploit is the ultra long-term posture this DREP exists to defend. Dracula DAO's NO on Pogun in May 2026 was structural, not technical: Bitcoin DeFi infrastructure on Cardano is worth building, and the objection was to pre-funding a team roadmap with no delivery gating. Bifrost answers that objection directly.\n\nDracula DAO will judge Phase 2 entirely on delivery. If M1 through M3 are not completed and independently verified on the stated schedule, or if the audits surface material findings in the custody model, the Phase 2 request for public launch and operations will be opposed. This vote funds proof, not permission."
  },
  "hashAlgorithm": "blake2b-256"
}