🧵👇 The current Cardano Budget process is, in a word, chaos. Since unveiling in Aug. '24 the process has been subject to frequent changes and pivots, bureaucratic and technical delays, and an overall lack of clarity that has materially harmed confidence in the process. (1/19) This culminated, most recently, in The Great Pivot of Feb. '25 when the process again changed, without consultation of Intersect membership. Nothing more poignantly reflects the confusion and uncertainty of the moment than proposals from both TSC and IOG for "Core Dev". (2/19)

How we got to "minPoolFee": The ITN was a completely free-market economy where minPoolFee and operatorMargin could both be set to 0. During this time, the game theory worked correctly, delegator stake moved en masse to the pools charging the lowest possible fees... During HTN the concern was raised r.e. the Sybil Attack Vector that a well-funded actor who had outside income sources could afford to run (multiple) pools at "Zero" cost to delegators to attract all their stake. Since entrenched delegators tend to stick around...

Damn you @tophinity... here we go... 🧵(1/5)
[Verse 1]
You say that we've got nothing in common
No common ground to start from
And we're falling apart
You'll say the market's come between us
Our bags have come between us
Still I know you just don't hold (2/5) [Chorus]
And I said "What about, exit liquidity?"
She said, "I think I remember those flips
And as I recall, I think, we both kinda profited"
And I said, "Well, that's one thing we've got"

🧵 (1/n) It's important to point out today that the #Cardano #Testnet is **catastrophically** broken due to a bug in Cardano Node v 1.35.2. This was the version that we had previously been told was "Tested and Ready" for the Vasil Hardfork. This bug was only discovered... (2/n) because operators rushed to upgrade on #Mainnet and it was creating incompatible forks and causing a decrease to chain density. #Kudos to @ATADA_Stakepool and @PooltoolI for doing the research of on-chain data to identify 1.35.2 v. 1.34.1 as the culprit...

There seems to be some misunderstanding of what happened to the #Cardano network yesterday so I'd like to provide some clarity if possible. The @YummiUniverse drop happened and went off slowly but without incident (even for the person who sent us 25k WMT). We opted for the "Wallet Drop" method knowing that demand would be high and the queuing solutions of other drops is most often what causes the "server crash". We were right...