Epoch 664: DReps push back on three treasury requests
Epoch 664, 26 Oct to 31 Oct 2026.
Epoch 664 on Cardano: three treasury requests for ₳32.5M far short of the 67% they need, 112 votes, and EMURGO and Yoroi set to leave as DReps.
In short
- No vote closed in epoch 664. Three of the four open actions are treasury requests for ₳32.5M together, and none is near the 67% of DRep voting power it needs: PFMS stands at 21.4% Yes, AURORA at 3.4% and the Copper Reserve at 0.4%.
- 52 DReps voted, 69 of their 111 votes were No, and 65 of all votes came with a published rationale.
- The largest moves in voting power: Phil UPLC more than doubled, gaining ₳96.7M, and EMURGO lost ₳88.5M. Each is larger than the next eight moves combined.
- EMURGO and Yoroi, with about ₳610M of DRep voting power between them, plan to deregister as DReps on 30 November. Citing that, both abstained on the Copper Reserve and AURORA, while voting Yes on PFMS.
- Treasury contracts paid out ₳501K: ₳334K to Input Output, and ₳167K spent by the Amaru team. Six milestones were marked complete.
The network, against epoch 663
- Ada with DReps: ₳5.37B (+₳26.6M, +0.5%).
- Active DReps: 296.
- Set to always abstain: ₳10.6B (+₳33.1M).
- Treasury: ₳1.39B (+₳3.62M during the epoch).
- Votes cast: 112, 65 with a rationale, from 52 DReps and other voters.
Governance actions
Cardano Strategic Copper Reserve | ₳22M RWA Tokenization
Treasury withdrawal, asking for ₳22M. DReps: 0.4% Yes of 67% needed; Constitutional Committee: 0.0% Yes of 66.7% needed.
Asks for ₳22M to buy copper and hold it as a tokenised reserve. Of the DReps who explained a No vote, most pointed to the same few points made in the proposal’s own figures: about two thirds of the amount buys copper and the rest pays for fees, storage, insurance and oversight, so copper would need to rise by roughly 49% for the treasury to get its ada back; the copper would be held in the proposer’s name; and the token is issued on Ethereum and bridged to Cardano. The Cardano Foundation voted No, saying the ada would be under the recipient’s sole control before safeguards are in place. EMURGO and Yoroi abstained, saying spending that outlasts their time as DReps should be left to those who follow.
Sources: The action and every rationale on drep.forum · TokenPost: EMURGO and Yoroi plan to exit Cardano DRep roles Nov. 30 (28 October 2026)
PFMS: Bringing Government Scale Adoption to Cardano by Trivolve Tech
Treasury withdrawal, asking for ₳9.6M. DReps: 21.4% Yes of 67% needed; Constitutional Committee: 14.3% Yes of 66.7% needed.
Asks for ₳9.6M for Trivolve Tech to build a police and forensic records system for the Telangana state government, administered by the Cardano Foundation. It has the most support of the three: Yoroi, EMURGO, the Cardano Foundation and others voted Yes (EMURGO and Yoroi, who now back only spending of “extraordinary, immediate strategic necessity” before they leave, counted this as one), citing a team already running a government system on Cardano and real public-sector use. The No votes, among them YUTA, the largest DRep, mostly asked why the Cardano treasury should pay for a system a state government is commissioning for itself, noted that the agreements with the state are confidential, and questioned whether the projected transactions and revenue back to the treasury would follow.
Sources: The action and every rationale on drep.forum · TokenPost: EMURGO and Yoroi plan to exit Cardano DRep roles Nov. 30 (28 October 2026)
State of the Cardano Developer Ecosystem - 2026 Survey
Info action. DReps: 0.3% Yes; Stake pools: 0.0% Yes; Constitutional Committee: 0.0% Yes.
An Info action, so it changes nothing on chain; it promotes the 2026 developer ecosystem survey and asks voters to abstain. Most did. BKIND voted No, arguing that survey answers recorded on chain under one-off keys cannot show how many people answered.
Sources: The action and every rationale on drep.forum
AURORA: Open infrastructure for bringing real credit markets to Cardano.
Treasury withdrawal, asking for ₳940K. DReps: 3.4% Yes of 67% needed; Constitutional Committee: 0.0% Yes of 66.7% needed.
Asks for ₳940K for open-source infrastructure to list and compare on-chain credit offers. Supporters liked the modest amount, the open licence and the independent multisig holding the funds. Most DReps who voted No said the case for demand is not made yet: no lender, cooperative or protocol has committed to use it, the work ends at a testnet demonstration, and the full amount could be paid before the final review.
Sources: The action and every rationale on drep.forum
DReps
Gained the most voting power: Phil UPLC (+₳96.7M), NEDSCAVE.IO (+₳12.6M), Dori (+₳12.5M), SIPO (+₳10.9M), SASA_nagamaru_ながまる (+₳3.22M).
Lost the most: EMURGO (−₳88.5M), ADA Ocean (−₳11.8M), Sebastien Guillemot セバ (−₳7.13M), Yoroi W₳llet (−₳3.32M), Moonstake (−₳2.4M).
3 registered and 1 retired.
Treasury money paid out
₳501,469 left treasury contracts for vendors. 6 milestones were marked complete.
- Input Output: ₳334,466 (IO: Cardano Developer Experience, IO: Cardano Maintenance & Support)
- PRAGMA (Amaru): ₳167,004 (Amaru core developement treasury, Amaru network compliance treasury, Amaru ops and use cases treasury)
Sources
Figures are read from the chain. The written parts rest on these: