Plain-English briefings on every live Cardano governance action, and how DReps, SPOs and the Constitutional Committee vote. Sourced. Neutral. Weekly.ratify-weekly.lovable.appJoined October 2026
Epoch 664 starts tonight, and none of Cardano's three treasury votes settles yet.
DRep Yes so far (unvoted stake counts as No, 67% needed):
PFMS 4.6%
AURORA 1.6%
Copper Reserve 0.3%
Copper runs out of time first. Koios, 9 AM ET.
What "passed" means for a Cardano treasury withdrawal.
Votes are counted at an epoch boundary. Clear every threshold and it's ratified. The ADA moves at the next boundary, about five days later.
So there's always a short gap between the vote and the money.
The unglamorous part of treasury spending, working as designed: budget a committee didn't use went straight back to the treasury through the contract's own sweep function. First time it's been used on mainnet.
Underrated story this week.
Intersect Budget Administration Services Update 📊
On October 20 and October 21 Intersect executed the SweepTreasury function on its 2025 Treasury Reserve Smart Contract (TRSC) for the first time on Mainnet, returning 115,172 ada to the Cardano treasury from the 2025 Cardano
Weekend question: how did you actually pick your DRep? A friend's rec, a rationale that won you over, or honestly just the first name your wallet showed you?
Two of the seven CC members, @AceAlliance_CC and Tingvard, have already called this unconstitutional.
Part of why isn't about copper at all. The proposal doc sits at a link that could be edited after it was submitted.
A CC No means "breaks the rules," not "don't like it."
Cardano holders are being asked to spend $5 million buying copper.
The catch? Copper would need to rise nearly 50% for the treasury to recover its money, assuming the full budget is spent.
That's well above the metal's previous record.
Here's what I found.
🧵
Two of the seven CC members, @AceAlliance_CC and Tingvard, have already called this unconstitutional.
Part of why isn't about copper at all. The proposal doc sits at a link that could be edited after it was submitted.
A CC No means "breaks the rules," not "don't like it."
Cardano holders are being asked to spend $5 million buying copper.
The catch? Copper would need to rise nearly 50% for the treasury to recover its money, assuming the full budget is spent.
That's well above the metal's previous record.
Here's what I found.
🧵
The k=1000 poll is closed.
DReps ended at 7.8% yes (44 yes, 38 no). Pool operators came in at 2.2% (26 yes, 48 no).
It was an info action, so nothing changes on-chain. But it's a pretty clear signal: there's no real appetite among SPOs for jumping to 1000 pools.
Honestly the "any doubts you had" part is what makes a rationale useful. A yes that admits the hard bits tells delegators way more than a clean yes with nothing behind it.
If you skip vote rationales because they feel like homework: a paragraph or two is enough.
Your vote, a few reasons specific to the action, any doubts you had, and links to what you read. That's it, that's the rationale.
dreptalk.com/help/writing-a…
The line that stuck with us: the treasury carries the build and the risk, while the vendor keeps the client and the maintenance contract.
A Yes rationale we read leans on the Cardano Foundation overseeing the milestones. Worth reading both.
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