It's clear to me that CSWAP is the DEX where community needs to LP. Why? $CSWAP is not a throw away emissions token, it's a yield bearing asset that scales linearly with usage. Participation on CSWAP is rewarded with long term alignment. This is meaningful differentiation.

This confirms why Cardano lags in adoption and commercial growth. Large $ADA holders do not value growth, they value operational spend. Please cancel Cardano governance. If I was the CEO of dReps they would all be fired. @Cardano_CF @IOGroup @emurgo_io

If you're a dRep and you are "playing it safe", then you are not acting in the best interests of your delegates or $ADA holders, you are acting in the best interest of yourself. $ADA price does not benefit from infrastructure or operational spend.

If you're a dRep and unsure how to support marketing and growth on Cardano via Intersect voting, the bare minimum is to support the CB Dao and the Content creators. I wish there was a broader growth strategy with the blessings of the FEs...but we don't have that type of cohesion right now. The FE employees are worried about their jobs before anything else. It is too risky to defund the entire ecosystem and leave content creators to get poached by other chains or just quit. These initiatives are the bare minimum as far as I'm concerned. Funding one or two individual teams doesn't seem like a great alternative. The ecosystem is interdependent. What do I know though? I've just been building on this chain for 4 years. It would be great if dReps would listen to reason. Cardano's problem is a lack of adoption and growth NOT infrastructure. Put your CEO hats on and make the right decisions. @yutazzz @jasonappleton @Cryptofly777 @Lo_Ponch @JaromirTesar

My goal is to attract institutional capital to BTC Karma...in the hundreds of millions. This is what is best for $KARMA holders and $CSWAP holders. (And $ADA holders.)

To @yutazzz: I really think it would be best for you to reconsider your vote and change it to YES for @builder__dao through the Intersect process. With Catalyst cancelled, there are currently no meaningful economic incentives for ecosystem builders. Cardano still does not have enough ecosystem activity for most teams to sustain themselves through revenue alone. We have also struggled to attract VC funding. While the Draper fund is a positive development, much of that capital will likely go to new teams. We need to retain the talent, experience, and momentum already present in the Cardano ecosystem so things do not deteriorate further. We are competing against teams on other chains that have access to far greater resources. One of the other Bitcoin staking teams we compete with raised $100M. We were able to launch ours thanks in part to a small grant from CB DAO. Without support, we cannot reasonably expect builders to continue building on Cardano. Cardano’s weakness is not infrastructure. It is lack of ecosystem activity. Cutting off all ecosystem funding right now would be a serious mistake. Given how much is being spent on infrastructure and operations, this small grant system is a tiny but important lifeline for builders. Voting no creates a major risk, especially with Catalyst cancelled and no clear alternative in place. For the benefit of $ADA holders and the broader ecosystem, please reconsider your vote. 🙏

If you were an investor in a product or business, would you want random people making business decisions about your investment because its "decentralized"? No. You would want unbiased experts making decisions.

Whoever thought that publicly talking about taking a bunch of $ADA and selling it would be good for business should be fired.

Hot take: Cardano governance is a bug not a feature. I've had two ecosystem teams on Cardano reach out to me to sell us their business within the past few months. This is a sign that ecosystem builders are not happy with where things are at. I blame governance. Asking people with random backgrounds to make financial decisions that affect $ADA holders and the builders who work here is a very strange business decision that will never make sense to me. Aside from that, it's insular and creates the wrong incentive model. We want our teams building, not spending months canvasing the community for grants. The entire community has become obssessed, thinking their input and debate matters...when the spending pattern is the same as its always been. A complete waste of time, attention, and resources. Nobody is going to come to Cardano for governance, they are going to come for financial opportunties. What are we spending on to generate financial opportunities for new participants? NOTHING. It's just more tooling. Some of the things being funded are an absolute waste of money without incentives to bring new builders in to Cardano. The only thing that will bring builders in to Cardano is financial opportunities. With no grant system and hawkish, anti-business, dReps....this ecosystem is putting too much on our shoulders, and not providing the resources or support. This has always been the case. But now....its worse than ever. For god's sake, somebody cancel Cardano governance. I don't care who gets the money at this point. Just make it stop, before it buries anymore of our potential.

Executive function on Cardano can not work without ecosystem builders. I see a lot about the Pentad. We need to be included moving forward. This is why Ethereum foundation hires dapp builders. We don't need to be listened to. We need to be involved if Cardano wants to win.

If you're tired of just holding $ADA you can always get involved in the ecosystem. Some of the ecosystem tokens have interesting utility....and can act as "$ADA multipliers"...of course, you have to choose the right ones.

In terms of the "Wave of defi builders" that are on death's door, CSWAP is not one of them. Despite receiving far less support thsn competitors, we have runway, and multiple products launching soon...entering in to trillion dollar markets. Our future has never been brighter.💚

Is @btc_karma ready to launch? Yes. Are we waiting until the current Cardano news cycle passes. Yes. We want good $KARMA for the launch of Bitcoin DeFi on Cardano.

Cardano needs good $KARMA more than ever. It might be time to elevate your portfolio....

There is way too much cynicism towards ecosystem builders on Cardano. L1 tokens are correlated more than ever with adoption and ecosystem KPI. If we continue to dunk on builders while we throw money at infrastructure and operations, then $ADA will continue to suffer. This is business 101. Right now, dReps are their own worst enemy. The best chance $ADA has of recovering is through sustainable ecosystem growth. Stop scapegoating ecosystem builders and demand a growth strategy from the founding entities.

For years I've been heavily focused on the price of $ADA. As a Cardano-native project, $ADA has been our bread and butter. But as we stand on the cusp of launching @btc_karma, I'm starting to see a much broader future for our team, community, and ecosystem. A future that includes: $BTC $ADA $CSWAP $KARMA And soon, real-world assets. What excites me most isn't any single token. It's the realization that we're building an ecosystem where value can be created and captured across multiple products, communities, and asset classes all while leveraging the security and infrastructure of Cardano. @btc_karma brings Bitcoin into the picture. Our upcoming RWA platform will pair appreciating assets with Cardano stable coins and create opportunities for Bitcoin holders to participate in yield generating real world assets through the BTC Karma ecosystem. Each of these assets has a place in our vision: • $CSWAP • $BTC • $ADA • $KARMA • $NIGHT • RWAs • $USDM • $USDA • $USDCx And with nearly 1M ADA in protocol-owned liquidity supporting projects across Cardano, we're continuing to invest in the growth of the ecosystem while expanding beyond a single narrative. These days, I find myself thinking less about the price of ADA and what the founding entities are doing, and more about the products we're building. Less about reacting to market forces. More in control of our own future. That's what I'm most excited about. 💚

I'm excited for 2027 Cardano governance. This 2026 version is the biggest waste of resources I've ever seen in my life. I have faith that the founding entities will make the required adjustments, because this governance nonsense is destroying the community and making the business environment horrible. Even worse, its producing pretty much the same result, as founding entities are getting all the funds. Absolutely no business value whatsoever. What an absolute drain. We will still submit a proposal, but dReps have fatigue and are just saying no to everything at this point. I feel sorry for everyone that we even have to deal with this. Imagine if we could've taken all the funds wasted on governance and spent it on ecosystem growth initiatives? If we don't see major adjustments to Cardano governance in 2027, then we are cooked. This has to stop.

Let's not forget that Cardano would be nothing without the community. The community deserves good $KARMA. We'll be spreading good $KARMA next week with incoming Bitcoin TVL and then later...a massive airdrop program for Cardano ecosystem participants. We see you fam. 💚

Has Bitcoin DeFi ever seen UI this clean?🫧 Putting your $BTC to work on @btc_karma is fast and easy. Launch is imminent. There will be a two week bootstrapping period, before reward distribution. You can get a head start by grabbing some $KARMA on cswap.trade.

While I understand why dReps didn't approve the Cardano Summit proposal, I do want to acknowledge that there are many talented people at the @Cardano_CF, and I genuinely believe the organization has the potential to move the needle for Cardano in a major way. What I'd love to see is a stronger focus on driving global economic growth for the ecosystem. Throughout the four years my team and I have been building on Cardano, we've never been able to justify the cost of maintaining a significant presence at the Summit. It has never felt like the highest-impact use of resources from a builder's perspective. And while we understand the importance of MiCA compliance and recognize that it may be a niche Cardano can successfully capture, I would encourage the Foundation to think much more broadly about how it can accelerate adoption and demand for the chain worldwide. With a few breakout products and the right strategic support, Cardano can be where it belongs back among the industry's leaders. One practical opportunity might be a stronger Foundation presence at @RareEvo this summer in Las Vegas. I'm sure the Rare Evo team would welcome the collaboration, and it would provide another avenue to engage directly with builders and users. Please support the Rare team. They have been awesome to us and all the other ecosystem builders. I've been critical of the Foundation at times over the years, but that criticism comes from recognizing the potential and quality of the team and wanting to see it fully realized. We need the Cardano Foundation to think bigger, move faster, support ecosystem builders more aggressively, and be willing to take calculated risks when the opportunity warrants it. The ecosystem needs a global leader that is actively creating opportunities, driving adoption, and making $ADA a more compelling asset for both users and investors. I know the Foundation is already doing important work, but from the outside it often feels like it's operating on a different timeline than the rest of the ecosystem. As competition across the industry accelerates, I believe that timeline needs to change. Cardano's potential remains enormous. Please help us realize it. 🙏 @F_Gregaard @AndreasPletsch1

The pentad needs to become the hexad. The ecosystem builder collective needs direct representation in executive discussions. Cardano is nothing without on-chain usage. $ADA holders will benefit from our inclusion in these discussions.