Epoch 665: two treasury requests stall at the Constitutional Committee

Epoch 665, 31 Oct to 5 Nov 2026.

Epoch 665 on Cardano: 90 votes, PFMS up to 24.9% Yes, three committee No votes on two treasury requests, and a plan for the 2027 budget.

In short

Voting closed on no action in epoch 665, and no new action was submitted. 37 DReps cast 86 votes, 51 of them No, and 39 of all 90 votes came with a published rationale.
A third member of the Constitutional Committee voted on all four open actions on 2 November: No on the Copper Reserve and AURORA, Yes on PFMS and the developer survey. With three of the seven members against them, the Copper Reserve and AURORA cannot reach the committee’s two thirds unless votes change.
PFMS rose from 21.4% to 24.9% Yes among DReps, still far from the 67% it needs before voting ends on 20 November. SIPO voted Yes; CryptoCrow and Phil UPLC voted No.
Off chain, Intersect set out a plan for the 2027 budget: the yearly spending limit split into seven areas, six of them with a named steward, and DReps keeping the final say on every withdrawal. A first Info action asking DReps to back the idea is planned for about 10 November.
EMURGO and Yoroi, with about ₳610M of DRep voting power between them, still plan to retire as DReps on 30 November. Intersect’s Civics committee is running a “Check your DRep” campaign through November so delegators can make sure their DRep is still active.
Work on the next hard fork moved on: the Dijkstra test network switched to protocol version 12 on 2 November, running node 11.2. By Intersect’s estimate, the node release with the full Dijkstra feature set is at least two to three weeks away.

The network, against epoch 664

Ada with DReps: ₳5.36B (−₳6.62M, −0.1%).
Set to always abstain: ₳10.4B (−₳178M).
Treasury: ₳1.4B (+₳3.58M during the epoch).
Votes cast: 90, 39 with a rationale, from 37 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. Three of the seven committee members have now voted No. The two who voted in October said parts of it go against the Constitution: the proposal document is hosted on the proposer’s own website, where it could be replaced, and the account receiving the ada is delegated both to a stake pool and to always abstain. Among DReps it stands at 0.4% Yes, and 17 of this epoch’s 18 DRep votes on it were No. Voting ends on 15 November, at the end of epoch 667.

Sources: The action and every rationale on drep.forum · The Crypto Basic: Copper Reserve proposal faces constitutional hurdles (28 October 2026) · Intersect: weekly update #136 (6 November 2026)

PFMS: Bringing Government Scale Adoption to Cardano by Trivolve Tech

Treasury withdrawal, asking for ₳9.6M. DReps: 24.9% Yes of 67% needed; Constitutional Committee: 28.6% 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. It gained ground among DReps, from 21.4% to 24.9% Yes, with SIPO among this epoch’s 9 Yes votes. Against that, CryptoCrow and Phil UPLC, about ₳466M of voting power together, were among its 17 No votes. Two of the seven committee members have voted Yes and none No. Voting ends on 20 November, at the end of epoch 668.

Sources: The action and every rationale on drep.forum · Intersect: weekly update #135 (30 October 2026)

State of the Cardano Developer Ecosystem - 2026 Survey

Info action. DReps: 7.8% Yes; Stake pools: 0.0% Yes; Constitutional Committee: 14.3% Yes.

An Info action, so it changes nothing on chain; it promotes the 2026 developer ecosystem survey and asks voters to abstain. Most did: of this epoch’s DRep votes, 16 were Abstain, 3 Yes and 1 No. Voting ends on 30 November, at the end of epoch 670.

Sources: The action and every rationale on drep.forum · Intersect: weekly update #135 (30 October 2026)

AURORA: Open infrastructure for bringing real credit markets to Cardano.

Treasury withdrawal, asking for ₳940K. DReps: 3.6% 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. 16 of this epoch’s 20 DRep votes were No, the Cardano Foundation’s among them, and it stands at 3.6% Yes. Like the Copper Reserve, it has three committee No votes of seven. Voting ends on 20 November, at the end of epoch 668.

Sources: The action and every rationale on drep.forum · Intersect: weekly update #136 (6 November 2026)

DReps

Gained the most voting power: SIPO (+₳12.1M), Eternl DRep Committee (+₳7.39M), JAZZ (+₳2.47M), Cardano Foundation (+₳2.33M), Everstake (+₳1.19M).

Lost the most: NEDSCAVE.IO (−₳13M), Blockdaemon (−₳9.3M), Yoroi W₳llet (−₳3.09M), Army of Spies (−₳2.76M), SASA_nagamaru_ながまる (−₳2.36M).

1 registered and 1 retired.

Treasury money paid out

₳1,076,301 left treasury contracts for vendors. 2 milestones were marked complete.

Teragone (Mithril): ₳658,718 (Mithril Protocol)
TxPipe: ₳408,750 (Tx3 by TxPipe: Open API Layer for Cardano's dApp Protocols)
AdaStat.net: ₳8,833 (AdaStat.net Cardano blockchain explorer (1 of 2))

Sources

Figures are read from the chain. The written parts rest on these: