Alchemy by Sundial x Charms: Cardano-Native Bitcoin Treasury Protocol
Treasury withdrawal: Pays ADA out of the Cardano treasury.
- Status
- Expired: Voting closed without the action reaching the support it needed.
- Proposed
- 24 Jun 2026, in epoch 639
- Amount
- ₳10,000,000
- Action ID
- gov_action1pa6a6yd7pdaxed9nqkshtvtu7jmqe5c8cpf0ej4lnatjj588qkpsq2x2sz2
Votes
- DReps: 5.3% yes, 67% needed, threshold not reached, 19 Yes · 86 No · 32 Abstain.
- Stake pools: do not vote on this action.
- Constitutional Committee: 14.3% yes.
Abstract
Alchemy is a Cardano-native Bitcoin treasury protocol and BTCfi infrastructure layer proposed by a collaboration between Sundial Protocol and Charms. It gives Cardano reusable infrastructure for transparent, on-chain Bitcoin-backed structured exposure: reserve architecture, composable FIRE (BTC+) and ICE (BTC-) assets, public dashboards, integration adapters, monthly reporting, and staged launch liquidity.
The proposal requests 10,000,000 ada, using a reference value of approximately USD 0.20 per ada for a total planning budget of approximately USD 2.0 million. The request is split into two separated pools. Pool 1, approximately USD 1.0 million, supports protocol infrastructure and staged launch liquidity. This pool is treasury-supported, kept separate from operating spend, deployed in tranches, and designed so that profits, yield, and returns generated by the launch liquidity position are returned to the Cardano Treasury quarterly. Pool 2, approximately USD 1.0 million, funds delivery, audit, integrations, dashboards, governance reporting, legal/compliance work, and go-to-market execution.
The withdrawal is self-contained, denominated in ada, independent of any Budget Information Action, and designed to comply with the current Cardano Constitution and the prevailing Net Change Limit. Intersect is proposed as interim fund administrator, subject to confirmation and final agreement. Any administrator-held ada will be kept in auditable accounts and delegated to auto-abstain, not to a Stake Pool Operator. Sundial and Charms also commit to a rollover clause: if external investment funds Alchemy development, the development portion of this treasury request rolls into additional treasury-supported launch liquidity instead. The Treasury funds additional Cardano BTCfi depth, not duplicate compensation.