Cardano DeFi Liquidity Budget Cleared — $10M Institutional Framework Goes Live

At Epoch 624, Cardano's DeFi Liquidity Budget Withdrawal 1 (800,000 ADA) was ratified. The number looks small, but the substance is the institutional infrastructure cost for operating a 50,000,000 ADA ($10M+) DeFi liquidity deployment: a Cayman Islands Foundation, a 9-person Interim Committee multi-sig, and an Amaru smart contract. A framework that had secured over 67% approval under the old constitution has now passed through the new constitution's governance process and reached implementation stage. In parallel, Intersect MBO submitted 39 treasury withdrawal proposals for 2026 (NCL 350M ADA) to DRep voting, and Cardano Foundation crossed the 63% threshold as the preferred Managing Entity for Project Catalyst. Cardano governance has entered the implementation phase of structural reform.