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    "comment": "EMURGO as DRep votes NO on Budget Info Action titled “DeltaDeFi: Hydra Trading Infrastructure Budget (₳1,500,000)”, with the rationale outlined below.\n\n\nRationale\n\nWe value the DeltaDeFi team’s continued dedication to the Cardano ecosystem and their technical contributions, including their work on Hydra-based designs. Their efforts meaningfully support the evolution of Hydra technology and are well recognised.\n\nThat said, in our view, projects funded by the Treasury should demonstrate clear and durable ecosystem-wide benefits, particularly when they are framed as infrastructure rather than commercial applications. While DeltaDeFi positions itself as core trading infrastructure, the proposal remains structured as a privately operated product and does not clearly articulate how value would flow back to the Treasury or ADA holders if the project succeeds, whether through repayment terms, revenue sharing, or other mechanisms.\n\nIn addition, the proposal does not clearly explain how the requested ₳1.5 million budget over six months was benchmarked or justified. Although the proposal includes detailed KPIs and reporting commitments, these do not sufficiently address concerns around proportionality, long-term sustainability, or the balance between public funding and private benefit. The framing also raises broader governance considerations, including the risk of setting a precedent where private ventures seek Treasury funding by positioning themselves as infrastructure without meeting consistent standards for public accountability.\n\nFor these reasons, EMURGO does not support this Budget Info Action at this time. We remain open to continued dialogue and would welcome a revised proposal that more clearly explains how the use of Treasury funds would sustainably benefit the ecosystem and the Treasury itself."
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