{
  "@context": {
    "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#",
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          "@context": {
            "GovernanceMetadata": "CIP100:GovernanceMetadataReference",
            "Other": "CIP100:OtherReference",
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                "hashAlgorithm": "CIP100:hashAlgorithm"
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        "comment": "CIP100:comment",
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          "@context": {
            "title": "CIP100:update-title",
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  "body": {
    "comment": "Summary\nEMURGO as DRep votes YES on the governance action to fund the Complete Web3 developer stack to make Cardano the smart contract layer for Bitcoin based on the rationale provided below.\n\nRationale\nThis proposal addresses one of the most urgent strategic needs for Cardano: unlocking Bitcoin liquidity through seamless developer tooling and infrastructure. As Bitcoin remains the largest asset in crypto, its integration into Cardano via Maestro’s stack has the potential to catalyze a new era of DeFi growth, TVL increase, and adoption.\n\nWe believe that Maestro’s solution is technically feasible, backed by a team with a proven track record in supporting Cardano projects like wallets, DeFi protocols, and L2s. Their experience building robust indexers and infrastructure tools makes them a credible executor for this ambitious vision.\n\nBeyond its technical depth, this proposal offers immense ecosystem value. It lowers the barrier for developers to create powerful cross-chain applications, from DEXes and lending platforms to NFT marketplaces and wallets, all using Cardano smart contracts backed by Bitcoin assets. This may unlock real economic potential and reinforces Cardano’s role as a scalable, modular, and innovation-driven platform.\n\nConclusion\n\nBy open-sourcing the indexer framework, the proposal also aligns with Cardano’s decentralization ethos and ensures that long-term ecosystem ownership is preserved. EMURGO is confident that this proposal delivers on both strategic and technical fronts, and therefore casts a YES vote."
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