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A 22 million ADA treasury ask is now up for a vote, one of two new proposals. The 11.8 million ADA treasury ask and a parameter change ran out of time without passing, and a poll closed. It is also time for our six-epoch look at the treasury. Here is how each vote ended, then what is new: its terms, who it touches, and who decides.
The poll “Should stakePoolTargetNum (k) be raised from 500 to 1000? (SPO poll)” has closed. An info action changes nothing on the chain and is never enacted; its answer is the tally itself. DReps: 44 for, 38 against, 50 abstaining — weighted by stake, yes holds 17 percent of the DRep power that voted yes or no. 64.8 percent of all registered DRep voting power voted on it. Stake pools: 26 for, 48 against, 1 abstaining — weighted by pool stake, yes holds 10 percent of the stake that voted yes or no. The Constitutional Committee: 1 yes, 0 no, 1 abstaining.
Next. “Reduce minPoolCost to 75 ada” ran out of time without passing. DReps: 88 for, 37 against, 19 abstaining — weighted by stake, yes holds 75 percent of the DRep power that voted yes or no. 70.3 percent of all registered DRep voting power voted on it. The Constitutional Committee: 5 yes, 0 no. To pass, yes votes had to reach 67 percent of all active DRep voting power, and DReps that did not vote count as no. Counted that way, yes reached about 44 percent, short of the bar.
Next. “Withdraw 11,787,063 ada for the OpenZeppelin Stack administered by Intersect” ran out of time without passing. It asked the treasury for 11.8 million ADA, and none of it will be paid. DReps: 16 for, 95 against, 19 abstaining — weighted by stake, yes holds 7 percent of the DRep power that voted yes or no. 62.7 percent of all registered DRep voting power voted on it. The Constitutional Committee: 5 yes, 0 no. To pass, yes votes had to reach 67 percent of all active DRep voting power, and DReps that did not vote count as no. Counted that way, yes reached about 4 percent, short of the bar.
Now, what is new. On October 15, 2026, a new proposal went up for a vote on Cardano. Its proposers call it “Cardano Strategic Copper Reserve | ₳22M RWA Tokenization”. It is a treasury withdrawal. A treasury withdrawal asks to pay ADA out of Cardano's on-chain treasury to the addresses it names. Voting closes when epoch 668 begins, on November 15.
Here is how the proposers summarise it: “Tokenization of real-world assets (RWAs) offers Cardano an opportunity to connect blockchain infrastructure with the physical economy. The Cardano Strategic Copper Reserve requests a one-time ₳22,000,000 Treasury Withdrawal to Toto Finance Inc., U.S.-based recipient and accountable administrator, to acquire independently verified COMEX Grade 1 copper cathodes in a COMEX-approved U.S. warehouse and tokenize the metal as CuTT.” The document was fetched and its bytes checked against the hash the ledger recorded, so it is the version that was actually submitted.
The money: 22 million ADA, about 4.54 million dollars at today's price. That is 1.59 percent of the 1.39 billion ADA the treasury holds. The treasury takes in about 269.1 million ADA a year, so this would equal 8.2 percent of a year's income.
They write: “The next phase of blockchain adoption is the tokenization of real-world assets (RWAs): making independently verifiable claims on physical and financial assets available to programmable networks. For Cardano, the strategic opportunity is to demonstrate real economic utility through tangible assets, transparent financial reporting and reusable tokenization infrastructure.”
In plain terms, the ADA would buy physical copper, stored in a U.S. warehouse, backing a token called CuTT, one per pound. CuTT would be issued on Ethereum and carried to Cardano over a new bridge the proposal itself would pay for: 2.64 million ADA, 12 percent of the ask, goes to building it. It says 66.93 percent of the money buys copper, which would be held for 18 to 24 months and then sold, with the net proceeds and any unused budget sent back to the treasury by month 36. It also says the treasury could get back less than the 22 million ADA it pays out. For scale: of the 70 treasury withdrawal proposals Cardano has passed, 11 asked for more.
On the ledger, the payout goes to an account controlled by a single key. The proposal says that key is Toto Finance's, so the money would not sit in independent escrow, and the oversight firm it prefers has not been engaged yet. What would show it worked: independent attestations that the warehouse holds the pounds CuTT says it does, CuTT on Cardano matching that, and ADA arriving back in the treasury by month 36.
Who decides? DReps: yes votes must reach 67 percent of active DRep voting power. Abstentions are left out; power that does not vote counts against it. And the Constitutional Committee: 66.7 percent of its members must find it constitutional. Stake pools do not vote on this type of proposal. Voting closes when epoch 668 begins, on November 15.
It is early, and votes can change until it closes. Here is the tally so far. DReps: 3 for, 63 against, 3 abstaining — weighted by stake, yes holds 1 percent of the DRep power that voted yes or no. 29.3 percent of all registered DRep voting power has voted on it. The Constitutional Committee: 0 yes, 2 no. Counted the way Cardano's rules count it, with DRep power that has not voted counting as no, yes holds 0.3 percent of the DRep vote. It needs 67 percent. To get there, about 96 percent of the 3.59 billion ADA of DRep power that has not voted would have to vote yes. The Constitutional Committee has 0 yes of 7 seats; it needs 5. So on today's votes it would not pass if counted now, with 5 epochs left to vote. Votes can change until it closes.
Next, another new proposal. On October 18, 2026, a new proposal went up for a vote on Cardano. Its proposers call it “AURORA: Open infrastructure for bringing real credit markets to Cardano”. It is a treasury withdrawal. Voting closes when epoch 669 begins, on November 20.
Here is how the proposers summarise it: “AURORA will give Cardano builders shared infrastructure for finding, comparing and verifying individual credit opportunities across compatible lending implementations. Today, each application must build much of this infrastructure separately, increasing integration costs and fragmenting market information.” The document was fetched and its bytes checked against the hash the ledger recorded, so it is the version that was actually submitted.
The money: 940 thousand ADA, about 194.1 thousand dollars at today's price. That is 0.07 percent of the 1.39 billion ADA the treasury holds. The treasury takes in about 269.1 million ADA a year, so this would equal 0.3 percent of a year's income.
They write: “Cardano’s eUTxO architecture is well suited to credit markets built around individual financial agreements. Rather than requiring lending activity to begin in shared liquidity pools, individual credit opportunities can exist as distinct Loan Request UTxOs, each with its own terms, state and lifecycle.” A liquidity pool is a pot of two tokens that traders swap against; the people who fill it earn the trading fees.
In plain terms, the proposal says a team called Fairway would build open-source standards and software that let apps find and compare individual loan requests across different Cardano lending protocols. It does not lend anything itself; lending stays with those protocols. It says delivery takes about five months, in four milestones. Who it touches, it says: lending apps, wallets and lenders that choose to adopt its format. No protocol has to. For scale: of the 70 treasury withdrawal proposals Cardano has passed, 42 asked for more.
On the ledger, the payout goes to a script that needs 3 of 5 signatures to spend it. The proposal says the people building it hold none of those keys, that payments to Fairway are released milestone by milestone, and that independent audits follow the second and fourth milestones. What would show it worked: the code published under its open licence, the end-to-end demonstration on testnet it promises, and then lending apps on mainnet actually publishing loan requests in its format.
To pass, DReps need 67 percent of active voting power and the committee must find it constitutional. Voting closes when epoch 669 begins, on November 20.
So far, DReps: 10 for, 28 against, 7 abstaining. The Constitutional Committee: 0 yes, 2 no. Counted by the rules, yes holds 1.6 percent of the DRep vote. It needs 67 percent. So on today's votes it would not pass if counted now, with 6 epochs left to vote.
A request for 9.6 million ADA, which its proposers call “PFMS: Bringing Government Scale Adoption to Cardano by Trivolve Tech”, with 6 epochs left to vote. DReps: 16 for, 8 against, 3 abstaining — weighted by stake, yes holds 70 percent of the DRep power that voted yes or no. 6.6 percent of all registered DRep voting power has voted on it. The Constitutional Committee: 1 yes, 0 no. Counted the way Cardano's rules count it, with DRep power that has not voted counting as no, yes holds 4.6 percent of the DRep vote. It needs 67 percent. To get there, about 69 percent of the 4.80 billion ADA of DRep power that has not voted would have to vote yes. The Constitutional Committee has 1 yes of 7 seats; it needs 5. So on today's votes it would not pass if counted now, with 6 epochs left to vote. Votes can change until it closes.
Taken together, three treasury withdrawals are open for a vote right now, asking for 32.5 million ADA in all. That is 2.35 percent of the treasury, and 12.1 percent of what it takes in over a year, if every one of them passed.
Now the treasury over the last six epochs, about 30 days. It holds 1.39 billion ADA, about 286.11 million dollars. That is 22 million ADA more than six epochs ago. Nothing was paid out in that time; the balance moved only with the treasury's share of each epoch's new supply.
These are the most recent days the treasury paid out, and how much. The largest was July 9, when 120 million ADA was paid out across 1 withdrawal. Payouts arrive in lumps, when a vote is enacted, not as a steady drip.
Over the last ninety days 7 actions reached an outcome: 1 enacted, 6 expired without passing; the table shows the latest 6 of them. Each row gives DRep votes for, against and abstaining, by count and by voting power, and the yes share of the power that voted yes or no, with abstains left out of it. A high yes share can still expire: to pass, the yes vote has to reach a set share of all active DRep voting power, abstentions aside, so a DRep that does not vote counts against it, and where stake pools or the committee also vote, each has its own threshold to clear. The last column gives the stake pools' yes share by stake, then the committee's votes for and against, where either body voted. One of the expired was an info action, which records a vote but can never be enacted.
Now the longer view. The treasury takes in 3.7 million ADA every epoch — 269.1 million a year — as its cut of each epoch's rewards: the new ADA released from the reserve, plus transaction fees. Over the last 195 days governance enacted 29 withdrawal payouts totalling 447.3 million ADA. That is 3.1 times what came in over the same window, and the balance fell 231.7 million ADA. That outflow is lumpy rather than steady: the single largest epoch was 29 percent of it.
Held against that observed rate, the current balance covers 233 more epochs of spending — 1165 days at the pace of the last 195. That is arithmetic on what has already happened, not a schedule. If the treasury's income keeps shrinking along with the reserve, that falls to 213 epochs — an assumption, not a measurement. Inflow, outflow and the balance reconcile to within 5.2 percent of the balance. Why it matters: these votes decide how Cardano is run and how its shared treasury is spent, and every one of them is recorded on the chain.
No new claim today: a special reports one event as measured, and calls are made and scored in the Monday, Wednesday and Friday episodes. This channel reports the votes and takes no side on any proposal. How a vote would end on today's votes is arithmetic, not a forecast. This episode comes back when votes close or new ones go up. That is the news as it happened, measured on the chain. The full treasury and voting data is free on our site, linked below.