{
  "@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"
          }
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      }
    }
  },
  "authors": [],
  "body": {
    "comment": "Summary\nEMURGO, as a DRep, votes YES on the Treasury Withdrawal titled “Cardano DeFi Liquidity Budget – Withdrawal 1,” with the rationale outlined below.\nRationale\nThis withdrawal funds the foundational infrastructure required to responsibly manage treasury funds for the proposed DeFi liquidity initiative, including legal setup, smart contract audit, and Amaru multisig deployment.\nWe view the staged approach as a prudent step, allowing legal and technical guardrails to be established before any larger allocation.\nThe proposal includes governance and security safeguards, including a 5-of-9 multisignature Amaru contract and an independent audit by Invariant0 LLC. Smart contract development is contributed at no cost, reducing treasury exposure.\nThis withdrawal is consistent with EMURGO’s prior support for this initiative and represents an operational step toward implementation. As this is an initial setup phase, we expect subsequent withdrawals to provide clearer detail on deployment approach, transparency mechanisms, and governance processes.\nGiven the defined scope and oversight mechanisms, we view this as a reasonable setup step prior to any future liquidity deployment. For these reasons, EMURGO votes YES."
  },
  "hashAlgorithm": "blake2b-256"
}