Cardano’s current PMF problem goes beyond treasury spending. Let me explain: People buy $ADA with money they worked for. Founding entities received large $ADA allocations at launch. Those holdings can generate staking rewards, which can be sold to pay salaries and fund operations. Where does the cash come from? The people buying $ADA. These organizations can sell their rewards without reducing their original $ADA holdings. That gives them an ongoing source of funding without asking holders to approve their spending. Buying $ADA does not mean endorsing an organization’s salaries, priorities, or results. But buyers’ cash can fund those things anyway. This is why accountability matters beyond treasury votes. Organizations can keep funding themselves while ordinary holders lose money, even without direct treasury funding. Are these organizations bringing in enough new users, capital, and commercial activity to justify their costs? That is the question ADA holders should be asking. If not, spending needs to shift toward teams and initiatives that can bring users and capital to Cardano. This is what dReps should prioritize. Infrastructure spending needs to serve demonstrated commercial demand. In 2027, attracting users, capital, and revenue should take priority over building more infrastructure without a clear path to adoption. Large founding-entity holdings can already generate staking rewards that can be sold to fund operations. Those sales add selling pressure. ADA holders deserve transparency about how much is sold, what it funds, and what results it delivers. Treasury spending should prioritize initiatives that grow demand for $ADA, attract users, and build successful businesses. Founding entities should not receive more funding simply because they have the relationships to secure it. Founding-entity employees should not control treasury decisions that could benefit their own organizations. Conflicts should be disclosed, and those employees should recuse themselves from those decisions. The treasury belongs to $ADA holders and should be used for their benefit. Its purpose should be to improve their future, not guarantee anyone’s payroll. @IntersectMBO
