DRep Resources

Governance

A strategic investment in Cardano's Bitcoin position. Here you will find the case for a Yes vote, the full funding structure, milestone schedule, and how to participate.

Why This Benefits Cardano

Early BTCfi Wedge

Most Bitcoin DeFi infrastructure is being built outside Cardano. Alchemy gives Cardano a first-mover position in on-chain structured BTC exposure before the BTCfi category matures.

Reusable DeFi Primitive

FIRE and ICE are composable Cardano-native assets. Once live, wallets, DEXs, dashboards, and future BTC-facing Cardano applications can build on top of them - extending the ecosystem beyond just this protocol.

Transparent Reserve Infrastructure

Reserve ratio, asset supply, fee flows, liquidity health, integrations, and milestone status are reported publicly through always-on dashboards and monthly governance updates.

Matching Capital Catalysis

$1.0M in treasury-supported launch liquidity catalyzes a larger BTCfi liquidity base with matching outside capital - amplifying the treasury's impact beyond the direct deployment.

Proven Demand Signal

STRC, Pendle, Djed, and Ethena have all validated market demand for BTC-backed structured products and reserve-ratio systems. Alchemy brings that proven product logic to Cardano natively.

Diversify the Treasury

The $1.0M liquidity position puts idle ADA to work in a BTC-backed reserve, generating yield that returns to the Treasury quarterly — adding a new productive asset class to Cardano's balance sheet.

Funding Structure

Pool A

$1.0M

Launch Liquidity

Deployed in three staged tranches with mandatory audit gates, operational reviews, and dashboard performance conditions. Tracked separately from Pool B at all times.

Pool B

$1.0M

Delivery Budget

Covers engineering, design, security audits, economic review, legal setup, and operational costs. Released in six milestones over the project duration.

Milestone Schedule

Milestone	Share	Amount	Deliverables
M1	10%	~$200K	Design, economic modeling, audit scope, and Charms integration scope finalized.
M2	25%	~$500K	Testnet live; FIRE and ICE functional on testnet; dashboards and reporting operational.
M3	15%	~$300K	Security audit passed; economic model reviewed; reserve thresholds confirmed.
M4	12.5%	~$250K	Mainnet launch; DEX integrations live; governance reporting operational.
M5	12.5%	~$250K	30-day public report published; all internal benchmarks and test requirements passed.
M6	25%	~$500K	Final milestone - details to be confirmed at proposal submission.

Staged Liquidity Deployment

Pool A ($1.0M) is released in three tranches, each requiring specific conditions to be met before deployment.

Month 1$250K

After independent audit passed and launch-readiness review complete.

Month 2$250K

After public reporting, operational review, and 30-day performance grace period.

Month 3$500K

After mint/redeem threshold confirmation, reserve ratio tracking, growth monitoring, and dashboard performance review.

DRep Resources

The following materials are available to DReps, stake pool operators, and ADA holders evaluating this proposal.

Full Proposal

PDF · 16 pages

FAQ

Common governance questions

Governance Portal

The on-chain governance action link will be published here when the proposal is submitted to the Cardano governance process. Monthly reporting updates will also be posted here.