In October 2024, the Budget committee at Intersect opened a consultation period to gather feedback on what a budget for Cardano should include, how it should be managed, and other topics important to the Cardano ecosystem. 

The consultation period included hosting over 15 open community calls (for members and non-members), where representatives from the Budget committee and other committees at Intersect shared their ideas and recommendations. The Budget committee is consolidating this input into budget proposal/s for the Cardano community to consider on-chain in early 2025. Additionally, weekly calls were held for delegated representatives (DReps) and the broader community to learn more about the current approach and process.

In parallel, the Budget committee launched a survey to gather input on community development priorities for the coming year (and beyond). The survey aimed to collect both quantitative and qualitative data on various budget-related topics, with the goal of understanding priorities for the 2025 budget process facilitated by Intersect and identifying ways to better support member-led decision-making. Over 200 respondents provided valuable perspectives to guide the process.

As we approach the end of the year, we have summarized the findings from both the open calls and the survey, highlighting the core priorities and focus areas that a budget for Cardano should address. While these results are informative, it is important to acknowledge that this consultation reflects only one avenue for budget-related discussions within the broader Cardano ecosystem. The Cardano treasury offers multiple funding pathways, and the priorities outlined here represent just one contribution to ongoing conversations.

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The survey

Who participated?
The survey reached a diverse and experienced group across the ecosystem:

• Geographic reach: Strong representation from Europe, North America, and Asia.
• Time in Cardano: A significant 93% of respondents have been involved for over two years, with 73% identifying as intermediate or advanced users.

While this group brings considerable experience, the results represent a subset of the broader Cardano community. 

Budget priorities: What matters most?
Respondents placed core infrastructure development at the top of their priorities, with scaling solutions, interoperability, and foundational improvements identified as essential for Cardano's progress.

Here is how the priorities ranked:

1. Core infrastructure development: The clear leader, with frequent mentions of scaling solutions like Ouroboros Leios and Bitcoin interoperability.
2. Research and development: Emphasized as critical for ongoing technical innovation.
3. Marketing and ecosystem growth: Opinions were more varied, suggesting a need for targeted approaches.
4. Innovation and grants: Moderate support, with interest in fostering new ideas and projects.
5. Regulatory compliance and governance: Ranked lower overall, though governance tooling remains a focus for some.

These insights offer valuable perspectives on priorities within Intersect’s role in supporting Cardano’s development.

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Reserves: Balancing caution with flexibility
Respondents leaned toward a cautious approach to budget reserves:

• 53% preferred reserves of 5–15% of the total budget.
• 20% supported reserves exceeding 15%.
• 12% advocated for reserves below 5%.

This indicates a preference for financial stability while maintaining flexibility to address unforeseen challenges or opportunities.

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Technology priorities: What’s next?
Respondents identified key areas for technological growth:

• Scaling solutions: High demand for Ouroboros Leios to improve scalability.
• Stablecoin integration: Significant interest in integrating USDC to enhance utility.
• Interoperability: Strong support for Bitcoin integration and cross-chain solutions like BitcoinOS.
• Developer tooling: A recurring need for improved tools, frameworks, and programming language diversity.
• Identity solutions: Interest in decentralized identity for governance, privacy, and user applications.
• Future technologies: Mentions of AI and quantum-resistant cryptography reflect a forward-thinking mindset.

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Engagement and awareness: Room for improvement
The survey revealed an important challenge: 60% of respondents reported limited familiarity with our budget process. While many expressed interest in participating, this lack of familiarity underscores the need for clearer communication and education about how our process fits within the broader Cardano funding landscape.

Preferred participation methods:

• Surveys: 48% preferred this method.
• DRep voting: 45% expressed interest in voting on proposals.
• Workshops and focus groups: 32% highlighted these as valuable.

Most respondents indicated they could commit 1–9 hours per month, showing a willingness to engage, provided the methods remain accessible and clear.

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Immediate takeaways from the survey
The survey results highlight key priorities that will shape a budget proposal for the Cardano ecosystem:

1. Prioritize core infrastructure and research: Focus on scaling solutions, interoperability, and foundational R&D.
2. Maintain a balanced reserve policy: Adopt a conservative but flexible approach to reserves.
3. Improve communication and education: Enhance transparency and understanding of Intersect’s role in the budget process.
4. Diversify participation methods: Ensure feedback, voting, and involvement opportunities remain accessible to all stakeholders.

For those interested in reviewing the raw survey data, see here. 

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Feedback from open calls

The open calls provided opportunities for the community to discuss budget values, processes, funding, and general budget management. This marks the first time the Cardano community is considering a large treasury allocation for development in 2025, naturally sparking debate on how to proceed. If you’ve missed any of these calls, or want a refresher, check out our dedicated YouTube channel and catch-up with the very latest documentation on the Budget committee’s dedicated knowledge base.

Consultation period: Key takeaways 

• Present multiple budgets for community consideration rather than a single, larger budget proposal. Accordingly, each funding track (or "bucket") should have its own budget Info Action to be voted on by the ICC and DReps. Once a funding track (as an Info Action) is ratified by the ICC and DReps, corresponding Treasury Withdrawal Actions can follow.
  • For example, if there are five funding tracks, there will be five Info Actions and at least five Treasury Withdrawal Actions submitted on-chain for community consideration.
• The Net-Change-Limit should not exceed Treasury income for the same period. For instance, in 2025, the Treasury is projected to grow by approximately ₳350 million. A budget proposal submitted on behalf of members and committees at Intersect should not exceed this amount. Furthermore, the Net-Change-Limit should leave ample headroom for other budgets to be submitted on-chain.
• Emphasize radical transparency in accounting and auditing of Treasury funds, including the use of smart contracts and on-chain verifiability wherever beneficial.
• Carefully consider and document how any surplus or unspent ADA can be reutilized, reinvested, or returned to the Treasury.
  • Note: Any solution must comply with the interim and/or delegate-approved Constitution (whichever is in effect as per CIP-1694).

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Conclusion and next steps

The consultation period represents an important opportunity to enhance transparency and inclusivity in our budget facilitation process. While there is alignment on key areas like core infrastructure and research, there is work to be done in improving awareness, education, and documenting measures for transparency and robust budget management.

In the coming weeks, we will move the conversation to the net-change-limit (the maximum amount of ada that can be withdrawn from the Treasury in a given period), and share the current numbers related to the budget process we have been facilitating. From there, the wider community can start to consider what the Treasury can fund, and importantly what the community can expect if budget/s are approved.

It is important to note that Intersect’s process is just one pathway to accessing Cardano’s treasury, and these findings represent Intersect’s members' perspective within the broader landscape.

Learn more and get involved

The process remains open for feedback! If you have questions or ideas, reach out representatives from the Budget committee directly, or via any of our committees who have provided inputs into the process. You can also join the conversation in Discord.

Thank you to everyone who participated—your input strengthens this process and brings us closer to funding ecosystem priorities.