{
  "@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"
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          }
        },
        "comment": "CIP100:comment",
        "externalUpdates": {
          "@id": "CIP100:externalUpdates",
          "@context": {
            "title": "CIP100:update-title",
            "uri": "CIP100:uri"
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    "authors": {
      "@id": "CIP100:authors",
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      "@context": {
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        "witness": {
          "@id": "CIP100:witness",
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  "authors": [],
  "body": {
    "comment": "Summary\nEMURGO, as a DRep, votes YES on the treasury withdrawal titled “Cardano x Draper Dragon: Orion Fund,” with the rationale outlined below.\n\nRationale\nThis proposal introduces a tranche-based ecosystem fund intended to support Cardano-native and Cardano-integrated companies while creating a pathway for value to return to the Treasury over time. EMURGO recognizes that this structure is more complex than a typical treasury withdrawal, but also notes the potential for a professionally managed ecosystem fund to support builder growth, ecosystem infrastructure, and broader commercial activity on Cardano.\n\nAt the same time, this vote only approves the first tranche, while any future withdrawals would require separate governance approval. This staged approach allows the community to evaluate deployment discipline, reporting transparency, and ecosystem impact before additional capital is committed.\nEMURGO also notes Draper Dragon’s established venture investment experience and broader Draper network track record in supporting technology startups and blockchain ecosystems. While investment outcomes are inherently uncertain, this experience provides some confidence in the team’s ability to source and support ecosystem projects.\n\nOn balance, EMURGO believes approving the first tranche is a reasonable way to test this model while preserving future governance oversight. EMURGO therefore votes YES."
  },
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}