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    "comment": "I voted NO on the HAUS proposal to \"Withdraw ₳3,000,000 for High-yield RWA Asset for Cardano: Tokenized Real Estate\" in the Ekklesia voting tool. It is admittedly an interesting proposal and with Emurgo's renewed focus on RWAs under the leadership of new CEO P. Pon - I though I should pay more attention to the RWAs side of blockchain. So, I reread this proposal carefully. \nThe vendor wants to build an open-source Tokenized Home Equity Liquidity Protocol... and adds that they prototyped and deployed this model on a private Ethereum blockchain (not sure which one - maybe they should have mentioned which one and how it works now exactly - with some more flesh on the bones). \nOne problem I have with the proposal is that the case for moving from Ethereum to Cardano is not well explained. The failure or lack of success or maybe success (?) on Ethereum is also glossed over. We have an attached document on \"Why Cardano is the Ideal Blockchain for Haus\" - however the document is pretty shallow in my view. Also, if it is entitled \"Why Cardano is the Ideal Blockchain\" ... I would presume that the vendor would not even require Treasury funds for the move - \"Ideal\" is a pretty strong word for a business to use. \nI would have loved to read about when Haus chose Ethereum and why did it not play out. Who made the decision to launch on Ethereum and why was that a mistake (if it was?). What was the main bottleneck - was it the L1 blockchain? Or was that a side issue. I just needed to read something that pinpoints that this marriage to Cardano is THE missing piece for HAUS (and by proxy for Cardano). \nThere also seems to have been an add on LinkedIn earlier this year about Haus Coin hiring a dev for a migration to Solana. The team responded that \"1️ Solana was part of early exploration 2️ Today, Haus is focused on Cardano\" [ https://x.com/haus/status/1949573434406789289 ], they also added \"Thank you, great question. We think Solana is an incredible ecosystem: the developer energy, user growth, and innovation in DeFi and payments are undeniable. We’ve had great conversations with teams there. For Haus, the decision to focus on Cardano for this next phase isn’t about rejecting Solana, but about aligning with the specific things we need right now, namely, a deeply research-driven approach to security, a robust identity framework, and a governance model designed for real-world asset tokenization.\" [ https://x.com/haus/status/1949574817105248714 ] . \nHowever, fortunately for HAUS, I found the \"The Haus Protocol: A Technical Blueprint for Onboarding $34.5T of Real-World Home Equity to Cardanoblog post on Essential Cardano [ https://www.essentialcardano.io/article/the-haus-protocol-a-technical-blueprint-for-onboarding-dollar345t-of-real-world-home-equity-to-cardano ] - I did not see it linked on the ADA Stat governance page - nor on Gov Tools. Actually, this document - the technical blueprint - is probably the strongest supporting material they could have produced - shame they didn't link it to the governance action. \nThe Technical Blueprint seems an impressive piece of work and analysis: it proves the team understands Cardano’s primitives (eUTXO, CIP‑68 NFTs, Aiken, multi‑oracle patterns) and sketches a credible path to plug $HAUS into the general Cardano scene. \nThe team states that key infrastructure components and design patterns will be open‑sourced and audited by two Cardano‑specialist firms. They also propose to  make sure that treasury grants get “repaid from a percentage of protocol operating profits”.\n$HAUS coin seems to be a security. As such, its issuance and transfer are subject to securities regulations. They do outline how non‑accredited investors could join later, however this remains a plan and that filing has not started.\nThere are some unverified asset and revenue claims, such as the $20 million TVL, the 30,000 strong waitlist and $4.1 B pipeline are still self‑reported; no on‑chain proofs, no auditor letters.\nHaus Coin on LinkedIn defines itself as a \"A Cryptocurrency Revolution in Real Estate\", but has 67 followers and 2-10 employees. I don't see the traction there, although I might be wrong. \nThe open source commitment isprospective, not evidence of an OSS repo for the ETH version today. The offered budget is a bit of a black box, lacking granularity for the ₳ 3 M ask.\t\nGenerally, I am not keen on blockchain migration proposals - when they are dependent on financing from the next blockchain that a project migrates to. Yes, it does make sense on paper - but it leaves open questions of whether these projects will always migrate to the newest platform / L1 that offers financing for migration. \nWhat I am keen about is reading about the problems and failures and mistakes on the original L1 platform. Yet, this is usually glossed over. I mean I want details. Real nitty gritty details. I didn't see that here. I want to be convinced that this migration to Cardano is the only possible solution - or bust. That would convince me that the business model is not the problem nor the leadership - but the platform. \nAnyhow, too big of an ask and risk at this moment for my appetite - I think its not a good fit for Treasury funding. Thank to the team for submitting the proposal, but I think we can spend the 3M ADA better with teams that have already deployed and committed to Cardano - by investing their own resources into Cardano - as a first step. Maybe try to build on Cardano if you believe in it so much - and then try to ask for additional Treasury funding to expand your project. Your first ask is too big for the associated risk of having the Treasury invest in your migration. \n"
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