🪏Jon Kravetz @CSWAP_Destroy

Yeah i agree...that's what we did. There is not enough economic activity here danny. We are 4th in tx volume and not profitable. We wish that at our stage we didn't need support...but we do. The ecosystem can't continue to push all the risk on to builders and expect a positive outcome.

The explanation is that dReps are not executives and do not understand business or what is required for our L1 to be competitive. We need to put forth a collective best effort to grow the ecosystem and be strategic with spending. I feel like many teams have done the best they can with the resources they have, and its simply not good enough for large ADA holders. We are being scapegoated. Answer me this: Why should we continue to kill ourselves to build here, when large ADA holders refuse to do even the bare minimum to support us? They won't even deploy their capital in our protocols. The liquid staking incentives are partly to blame. There should be a shared risk/shared reward. Right now dReps are putting all the downside risk on to builders' shoulders, and expecting to reap the rewards...this will never work in a decentralized ecosystem. There is no business justification for these decisions. It's incompetence.

@phillip_pon @yutazzz Thanks for acknowledging the need to support ecosystem builders on Cardano. Many of us have sacrificed a lot in terms of opportunity cost to be here during good times and bad. A minimal level of support is required from large ADA holders to demonstrate value and respect.

It's clear governance does not work in its current form. If you went to a VC and told them that Cardano was not going to spend on growth and marketing, they would tell you that Cardano will fail if you don't. VCs want startups to minimize operational costs and spend on growth. What you are doing here...is the opposite. I am frustrated...but I think this is just a role mismatch. You are incredibly bright and hard working, but business growth is not in your wheel house. I try to explain this to you in terms of risk so you understand: If our competitors are spending on ecosystem growth and marketing, and we are not...then it is riskier not to spend on growth and marketing, then to do so imperfectly. We can not afford to lose all of our teams. There will be nobody to replace them, and ADA will continue to decline in price.

@JaromirTesar @dannyribar @kostas_panagias Yep...this is what @adamKDean and I believe as well.

@JaromirTesar @angrycryptoshow @dannyribar @kostas_panagias yeah this is the right way to do it.

I'm sorry Yuta but your analysis here is incredibly sophomoric. A) You can not correlate a decline in tx volume with misspending, when tx volume has been down crypto-wide. What aspect of the decline can be attributed to macro conditions vs catalyst spend? B) You fail to recognize how price impact affects grant awards. We received 500k ada from catalyst, it was worth $1.10 at the time, so the grant award was $550k usd, by the time we were in to the most important work and heaviest payouts, ADA was $.25. We had to build a million dollar piece of software with less than $200K usd. C) These aren't sympathy votes. The reality is other chains continue to provide material support to ecosystem builders and/or there are more opportunities to make money. We aren't being incentivized to stay here. If you think we're all worthless...keep in mind that with no grant system and no ecosystem activity, "superior builders" will not TOUCH Cardano. There is no financial or technical reason for them to build here. I think we're one of the best builders in web3, but we have gotten close to no support or respect on Cardano. Why is that? It's clear...the large ADA holders only care about Charles. This is a cult chain. Not serious business. On other chains, the dapp builders are front and center...here its Charles and IOG tech. We can not win like this. D) Emurgo does not spend money on Cardano. We both know that. So you are depriving individual teams of support to make a statement to Emurgo? We have given up on Emurgo a long time ago. They aren't financially obligated to do anything.

@JaromirTesar ADA holders need adoption. I don't think any of the founding entities care about ADA holders more than we do. We get paid in ADA.

@JaromirTesar That's why we need ecosystem builders in these conversations. They unilaterally cut all of our funding. dReps are not doing anything but funding IOG.

@ItsDave_ADA This was one positive about catalyst...that we were forced to spend some of our budget on growth. It doesn't seem like ada holders can willingly get behind any commercial initiatives.

It is unfair. If we are going to put 100s of hours in to a proposal and broadcast our strategy to the public we at least want to know it has a chance to get through. I feel for every other team that wasted their time on this. It's not right. I don't think every proposal deserves to get funded, but with no budget or spending buckets...non-infra or iog affiliated teams have no chance.

@ItsDave_ADA Thanks Dave. That means a lot. We're launching our bitcoin product this week. We've been in stealth mode on mainnet over the past week...I just want ADA holders to care. This is very hard work in a tough business environment. Our competitor has received 100m USD in funding.

@ItsDave_ADA I genuinely thought this governance round was going to be different. I thought dReps realized we needed to focus on adoption and growth. I think that was honestly the sentiment. These infra/operations costs are too high for ecosystem builders to overcome. We have no support.

@ItsDave_ADA I'm sorry to lump you in with others. I'm extremely frustrated and I feel like we are swimming upstream on a chain that doesn't value commercialization. I have never felt valued or respected here. This is in contrast to everywhere else I've been in my professional career.

@ItsDave_ADA I'll put up our proposal, but I have no faith in dReps any more. Look at what got funded through intersect! I'm sorry for being rude, but large ADA holders clearly only trust charles and his vendors.

@ItsDave_ADA dReps don't care about their delegates. They are burning cash on cost centers with no investment in growth. Being a large ada holder and an active investor through building here, I'm disgusted.

I guess that is what i meant. They don't understand what needs to happen for Cardano to be successful. They seemingly don't understand business fundamentals or what drives positive price action. If they do understand, then they are behaving maliciously. dReps should be doing what is best for $ADA holders. This means attracting new investors.

This confirms why Cardano lags in adoption and commercial growth. Large $ADA holders do not value growth, they value operational spend. Please cancel Cardano governance. If I was the CEO of dReps they would all be fired. @Cardano_CF @IOGroup @emurgo_io

YUTA-Cardano/CPA(DMは全て詐欺) @yutazzz

2 days ago

All 109 Budget 2026 DReps, classified by what they actually voted for 🗂 Largest camp: maintenance-first (37). Adoption-first: just 5. A few voted NO on everything, 3 voted YES on nearly everything, and ~10 mostly abstained. Most belong to no bloc at all — a healthy sign.

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