hash algorithm: blake2b-256
body:
  summary: We have determined that this treasury withdrawal governance action is constitutional.
  rationale statement: The governance action with ID "gov_action1w0shrfxqwv95kk0v4cn34wylz25a2cmqkq5jpc0e2yrahhqava3qsuae57l" and title "Pogun: Capital Without Compromise" is a Treasury Withdrawal, and is therefore subject to the following sections and guardrails in the Cardano Constitution. ARTICLE II, Section 6 of the Cardano Constitution states that governance actions must follow a standardized and legible format, including a URL hosting an immutable document and a corresponding hash, and must provide sufficient rationale including a title, abstract, justification, and supporting materials. This governance action includes a valid URL and hash, which matches the hash of the off-chain documentation referenced. The rationale also meets the minimum content specified in this section. ARTICLE II, Section 7 specifies that Treasury Withdrawal governance actions must include the following: 1\. Purpose, Delivery Period, Costs, and Refund Conditions This governance action specifies: - The purpose of the withdrawal as "Pogun delivers three integrated components: Credit Market... Yield... Bridge... To execute this roadmap, this treasury withdrawal requests ₳12.29M (equivalent to $2.95M USD at a reference rate of $.24/₳)." - Under the heading "Deliverables, Milestones & Disbursement Gates" the period for delivery of the proposed activities is between Q2 2026 and Q1 2027 - The relevant costs and expenses under the heading "Budget Allocation" - The circumstances under which funds may be refunded to the Cardano Treasury as "If the project fails, if the team dissolves, or if the bridge proves infeasible, undisbursed funds are returned" These elements fulfil the requirements of Article II, Section 7(1). 2\. Prior Treasury Funding Disclosure ARTICLE II, Section 7(2) requires disclosure of whether the prospective recipient has received ada from the Cardano Treasury within the last 24 months. This governance action states that "No funds from any prior Treasury allocation have been directed toward Pogun deve…
  precedent discussion: None
  counterargument discussion: None
  conclusion: This governance action sufficiently fulfils the criteria specified for treasury withdrawals in the Cardano Constitution, so is deemed constitutional.
  internal vote:
    constitutional: 5
    unconstitutional: 0
    abstain: 2
    did not vote: 0
authors:
  name: Eastern Cardano Council
  witness:
    witness algorithm: ed25519