In a November 7 AMA, Cardano founder Charles Hoskinson said he does not act as CEO of the ecosystem, prompting a closer look at how treasury spending and project delivery are overseen.
During a live AMA on November 7, Cardano’s founder Charles Hoskinson emphasized that he does not function as a chief executive for the broader Cardano ecosystem. He explained that his authority is limited to his role at Input Output Global (IOG), and that treasury decisions, consensus changes, and negotiations with ADA holders are handled through a set of decentralized governance mechanisms. The clarification has refocused attention on the layers of accountability built into Cardano’s constitutional framework.
Cardano’s treasury is managed through a combination of delegated representatives (DReps) and a Constitutional Committee. DReps evaluate and vote on funding proposals, while the Committee ensures each proposal complies with the Constitution’s rules. According to CryptoSlate, any withdrawal must also stay within the Net Change Limit, which caps the amount of ADA that can leave the treasury in a given period. Once approved, the proposal must detail its purpose, timeline, costs, and audit provisions, and it must disclose whether the recipient has received treasury funds in the previous 24 months.
The Constitution mandates that funded projects allocate a portion of their ADA to independent audits and to ongoing oversight metrics. Recipients must publish milestone reports, disclose spending, and return any unspent funds. While the requirement for an audit is explicit, CryptoSlate notes that the existence of a completed audit is not automatically verified in the public record; it depends on the recipient’s compliance with the agreed‑upon terms.
A November 6 update from the Cardano explorer AdaStat illustrated how the accountability process works in practice. AdaStat’s October maintenance milestone, signed off on November 2, reported improvements in security, error handling, recovery, and usability. Parallel engineering updates from the consensus team linked the work to Treasury Funding Initiative 4 and Initiative 17, providing a transparent mapping between code changes and funded scope. The report also clarified that the latest Leios changes remain in development rather than a mainnet release, underscoring the distinction between funded development work and production‑ready updates.
Cardano’s governance model will continue to evolve as new entities take on operational responsibilities. Input Output Group announced that consensus engineering will move to Serokell and developer experience to AlwaysTrue, with migrations slated through early 2027. Observers should monitor how these transitions affect proposal approvals, audit compliance, and the speed at which funded deliverables become usable services for the ADA community.
Proposals must receive approval from delegated representatives (DReps) and the Constitutional Committee, and they must stay within the Net Change Limit.
Funded projects must set aside ADA for independent audits, publish milestone reports, and return any unused funds as required by the Constitution.
IOG plans to transition consensus engineering to Serokell and developer experience to AlwaysTrue through early 2027, with coordination overseen by Intersect.
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