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    "comment": "Summary\nEMURGO as a DRep votes ABSTAIN on the treasury withdrawal titled \"Pogun: Capital Without Compromise\", with rationale outlined below.\nRationale\nPogun presents a technically considered vision for Bitcoin DeFi on Cardano, and the bilateral lending model addresses real shortcomings in conventional credit infrastructure. The treasury repayment structure, committing a share of EBITDA until the full amount is returned followed by a perpetual contribution, reflects a more mature approach to public funding than is typical for proposals of this kind.\n\n\nThe difficulty lies in the relationship between the current stage of the project and the scale of the request. At 12.29M ADA, this is a substantial commitment for a team that has not yet established a mainnet delivery track record on Cardano at this level of complexity. The three components, a credit market, a yield layer, and a BitVM bridge, each carry meaningful execution risk independently, and the bridge relies on cryptographic infrastructure that has not yet been demonstrated in a Cardano production context.\n\n\nA more incremental structure, one that funds the credit market to mainnet first and gates subsequent tranches on demonstrated performance, would give the community a stronger basis for committing at this scale. EMURGO would welcome a resubmission along those lines and remains genuinely interested in the direction this project is pursuing.\n"
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