卡尔达诺上涨 11%：ADA 持有者在 10 月 11 日财政部投票前应检查什么

Cardano rose 10.8 percent on September 18, 2026 and was trading at $0.2245 at 23:50 UTC. Several market reports explain the jump with an ongoing vote on the Cardano treasury. Anyone looking into the blockchain, however, finds the opposite of a signal of approval there: on the evening of September 18, the proposal in question stands at 2.14 percent approval among the elected representatives. What is required is 67 percent. For you as an ADA holder, two practical questions hang on this. The vote runs until October 11, 2026, and your ADA vote along during that time whether you attend to it or not. And the proposal contains a clause that would act directly on the market: the greater part of the requested sum is to be converted into a US dollar stablecoin upon signature of the contract. You will find the running price history and its assessment in our Cardano price prediction. Cardano Jumps 11 Percent: What Happened in the Market on September 18 The figures come from our own call to the CoinGecko interface on September 18, 2026 at 23:50 UTC. ADA cost $0.2245, a gain of 10.8 percent within 24 hours. Over seven days the gain stands at 10.6 percent, over 30 days at 19.0 percent. The trading range of the past 24 hours ran from $0.2015 to $0.2268. With a market capitalization of $8.42 billion, Cardano sits at rank 18. Trading volume over the past 24 hours came to $707.34 million, or 8.4 percent of market capitalization. For a day with a double-digit gain that is an unremarkable figure, one that points more to a broad market move than to an ADA-specific rush. In circulation are 37.52 billion out of a maximum of 45 billion ADA, that is 83.4 percent. The price is 92.7 percent away from the all-time high of $3.09 set on September 1, 2021. The most important part of the assessment is the look next door. In the same call Bitcoin stood at $80,874 and 5.9 percent up, Ethereum at $2,610.94 and 6.7 percent up. The entire market turned on that day. Cardano rose about twice as strongly as Bitcoin, which is an above-average move but not an isolated one. Anyone attributing the ADA rise to a governance vote alone is leaving out the larger part of the explanation. The OpenZeppelin Proposal for 11,787,063 ADA: What Is to Flow Out of the Cardano Treasury Cardano has a treasury fed by a share of transaction fees and block rewards. Money only flows out of it when a so-called treasury withdrawal proposal is submitted on chain and accepted by those entitled to vote. No authority and no board decides on it. The proposal dealt with here carries the title "Withdraw 11,787,063 ada for the OpenZeppelin Stack administered by Intersect" and was submitted on September 8, 2026 at 16:27 UTC in epoch 654. The amount requested is 11,787,063 ADA, around $2.65 million at the September 18 price. Measured against the circulating supply, that is 0.031 percent. A deposit of 100,000 ADA was lodged for the submission, around $22,445 at the current price. It flows back to the deposited address once the proposal has been decided. What the Money Is to Be Used For According to the proposal description stored on chain, OpenZeppelin, a provider of audited smart contract libraries in business since 2015, is to build a development kit for Cardano over twelve months. Three workstreams are named: ready-made reference implementations for a liquid staking protocol, for self-repaying loans and for a tokenized money market fund, plus an audited contract library for Cardano's eUTXO model and accompanying security work. The undertaking would be administered by Intersect, the membership organization that already administers several budgets in the Cardano ecosystem. How the Payout Would Be Staggered This part is the most interesting one for investors, and it too is set out in the proposal description. Of the total sum, 11,443,750 ADA fall to the delivery portion. That sum is to be exchanged into a US dollar denominated stablecoin upon signature of the contract, via Intersect's conversion service. After that, 20 percent of the delivery budget is released as an initial payment, the remaining 80 percent in four equal milestone payments disbursed in stablecoin over four quarters. In practice that means the switch from ADA into stablecoin would take place once and in full at the start, not spread over the term. The difference between the total sum requested and the delivery portion amounts to 343,313 ADA. What exactly this remainder is intended for does not emerge unambiguously from the proposal text at this point, and it is therefore not interpreted here. 67 Percent Approval: How a Cardano Treasury Vote Works Arithmetically A treasury proposal needs two majorities on Cardano. First that of the delegated representatives, DReps for short. A DRep is an elected voting representative to whom other holders transfer their voting weight; that weight corresponds to the amount of ADA delegated to them. Second that of the constitutional committee, a small body that examines whether a proposal is compatible with the Cardano constitution. Block producers do not vote on treasury proposals. The required threshold sits in the blockchain as a protocol parameter. Our own call of the epoch parameters for epoch 656 returned the value 0.67 for the treasury withdrawal parameter. So 67 percent approval is needed on the DRep side. The lifetime of a proposal is six epochs; an epoch on Cardano lasts five days. The Counting Rule That Surprises Many What is decisive is how the denominator is formed. Only those who expressly abstain or have set their vote permanently to abstain drop out of the calculation. All other delegated voting weight that does not cast a yes counts against the proposal. Anyone who has transferred their ADA to a DRep who then does not vote has the same effect as a no. Silence is not a neutral stance in this system. Voting weight in the running ballot is currently distributed very unevenly between yes and no. Counted On Chain: Why the Proposal Stands at 2.14 Percent Approval cryptoticker.io collected this analysis itself on September 18, 2026. Method: a call of the proposal's voting overview and of the epoch parameters via a public Cardano interface on September 18, 2026 at around 23:50 UTC, each returning HTTP status 200. Sixty most recently submitted governance proposals were examined, from which the one dealt with here was identified, along with its complete voting overview in epoch 656. The state of play at that moment: seven DReps have voted yes, bringing 111.15 million ADA of voting weight with them. Twenty-nine DReps have voted no, with 930.77 million ADA actively cast. One DRep has expressly abstained with 40.21 million ADA. Under the counting rule described above, the counted no weight adds up to 5.09 billion ADA, because delegated weight that was not cast counts along. That yields an approval of 2.14 percent. To reach the threshold of 67 percent, around 3.37 billion ADA of additional voting weight would have to switch to the yes side. The picture in the constitutional committee is similar: one yes vote has been cast there, which corresponds to 14.29 percent of the seven-member body. Important for the assessment: nothing is decided by this. The proposal runs until the end of epoch 660, and the vote closes on October 11, 2026 at 21:44 UTC. Votes can be changed until then, and with earlier Cardano budget proposals the picture has shifted more than once in the final days before the deadline. Only the state of play at the time of the call is documented. It could not be checked how the 29 opposing representatives justify their decision, because those justifications sit outside the blockchain in forums and community calls; their motives are therefore not assessed here.

Permanent Abstention: Why 10.3 Billion ADA Do Not Vote at All The largest single position in the voting overview is neither a yes nor a no vote. 10.30 billion ADA sit on the "abstain permanently" option. That is 27.46 percent of the entire circulating supply. Anyone choosing this option takes their weight out of every ballot entirely until they change the setting. A further 139.04 million ADA sit on the "permanent no confidence" option, which works like a no. This figure explains why treasury proposals have a hard time passing on Cardano. More than a quarter of all ADA is taken out of play, and the rest has to muster the 67 percent on its own. For you as a holder it is an indication of the actual distribution of power: anyone who has delegated their ADA and never looks again leaves the decision to a comparatively small, active group. That holds in both directions and regardless of whether you think this particular proposal is a good one. Treasury Proposal Rejected: What Then Happens to the 11.8 Million ADA A rejected or expired treasury proposal has no mechanical effect on the ADA price. Simply no money flows out, the treasury remains unchanged, and the deposit goes back to the submitter. Anyone speculating on a price reaction is speculating on the market's interpretation, not on a flow of capital. The reverse direction is more interesting. If the proposal were to pass, 11.44 million ADA would be exchanged into stablecoin upon signature of the contract. Measured against the September 18 daily volume of $707 million, that would correspond to around 0.4 percent of one trading day, spread across the conversion service. That is not an order of magnitude that moves a price, and it is a good example of how quickly a governance figure sounds larger than it is in market terms. For judging the proposal, the substantive question of what is delivered in return is therefore the more relevant one. Buying ADA Under MiCA: Which Route Is Compliant in Germany Since the European regulation on markets in crypto assets applies in full, providers addressing retail clients in the EU need an authorization as a crypto asset service provider. For you this is not a formality but the difference between a provider under European supervision and one where you are on your own in a dispute. This can be checked in a few minutes. An authorized provider names the competent supervisory authority and the domicile of the supervised company in its legal information. If a company outside the European Economic Area appears there while the interface advertises in your own language, that is a warning sign. An overview of the venues that meet these requirements is in our comparison of the best regulated crypto exchanges. When buying, watch the spread as well rather than only the stated fee. With an asset like ADA priced around 22 cents, a wide spread weighs more heavily in percentage terms than with a high-priced coin, because the difference is spread across a great many units. Anyone transferring their ADA to a voting representative is also passing on the decision about the treasury. Checking Your DRep Delegation: How to See What Your ADA Are Currently Voting For This is the part you can deal with today regardless of the price. Your ADA carry a voting weight, and that weight is either transferred to a DRep, set to one of the two permanent options, or not assigned at all. In every common Cardano wallet you will find this setting in the governance area, usually next to the choice of stake pool. Three things are worth a look there. First, whether a delegation is set at all. Second, whether the chosen representative has actually voted in recent months; their voting record is publicly viewable and can be traced through the ecosystem's governance interface. Third, whether your ADA sit on an exchange. In that case you generally hold a claim against the exchange, and the voting weight of the underlying coins is managed by the provider, not by you. You can view the running proposal and its current vote count directly on Cardano's governance interface. If you change the setting, it takes effect from the following epoch, so after five days at the latest. There is still time for that before the deadline on October 11.