{
  "@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"
              }
            }
          }
        },
        "comment": "CIP100:comment",
        "externalUpdates": {
          "@id": "CIP100:externalUpdates",
          "@context": {
            "title": "CIP100:update-title",
            "uri": "CIP100:uri"
          }
        }
      }
    },
    "authors": {
      "@id": "CIP100:authors",
      "@container": "@set",
      "@context": {
        "name": "http://xmlns.com/foaf/0.1/name",
        "witness": {
          "@id": "CIP100:witness",
          "@context": {
            "witnessAlgorithm": "CIP100:witnessAlgorithm",
            "publicKey": "CIP100:publicKey",
            "signature": "CIP100:signature"
          }
        }
      }
    }
  },
  "authors": [],
  "body": {
    "comment": "I vote ABSTAIN on the Treasury Withdrawal action titled “Cardano Defi Liquidity Budget - Withdrawal 1” (e5c4d7ebaad03ac127ec19a286605a188d6fea1c54e075c619ca6993b7fa9fd1#0).\n\nI previously voted abstain on the original budget info action submitted for this project in 2025 under the previous NCL. I opted to abstain that time because although the intention behind it means well and sounds good, I was unconvinced that it would ultimately have the impact that it desired to have. This coupled with the fact that there are far more educated people on the topic than myself I did not feel comfortable voting no outright from a position that may not fully understand all the intricacies of the DeFi market.\n\nI still can’t help but be reminded of the Cardano Summit 2024 panel “Does Liquidity Bring Users Or Do Users Bring Liquidity” where one of the members of the panel said that in order to bring attention to Cardano, it was “not a marketing issue but a perception issue”. (https://youtu.be/z1nw7munfXY) My concern remains that we could end up deploying Treasury funds to boost stable coin liquidity on Cardano “from within” but if the overall perception of Cardano across the wider crypto space remains, those users still are not going to come.\n\nCardano Whale was right, it is far stronger to fight from a position in the top 10-15 on Coinmarketcap than it is from 20-25+ and if we keep travelling on this trajectory, we could have all the liquidity in the world and it would still be irrelevant without the users. I chose to put my money on Cardano for its’ robustness and security, built on formal methods research. I remain here because I still believe that it has the best foundations. I have not lost funds to extortionate fees, I appreciate the determinism of transactions, I have not lost funds countless hacks. It’s a system open enough that someone like me, 5 years ago, with no Linux knowledge was able to build a stake pool on a testnet and grow along with this ecosystem. I have learned skills I never thought possible of myself since 2018, I couldn’t imagine achieving this in another ecosystem. It is frustrating to continue to see these positives not taken seriously from the outside, or frankly even marketed that much from the inside these days. It’s good to see the Cardano 2030 Vision finally highlight “Cardano is the most secure, reliable and censorship-resistant blockchain for mission critical applications to power economies and societies of the future”. This is the perception we need and I fear simply increasing liquidity at the detriment to our own Treasury will still be viewed as an attempt at “faking the numbers” by those from outside the ecosystem, not bring the desired users and leave us worse off than had we deployed that capital into other ventures.\n\nIn conclusion, I choose to continue to vote ABSTAIN because as much as I would like this project have the impact that it wants to have, I ultimately don’t believe it will, and so am unable to commit to a yes or a no vote at this time."
  },
  "hashAlgorithm": "blake2b-256"
}