Cardano (ADA)

We've casted votes on all 69 proposals under the Intersect's Cardano budget process 2026. 🗳️

69 proposals is too many to share individually, so this time we're linking directly to a detailed spreadsheet with proposal name / ask / our vote / rationale.

Link to our votes: https://t.co/RdWa6d6UVs

Note: We aren't voting only on whether a proposal is useful in isolation, but whether it is the right use of this NCL, in the right funding process, with enough accountability, expert review, Treasury protection, and clear public-good value.

There was almost no proposal where the decision felt like a definite YES or definite NO. Most proposals sit somewhere on the edge: useful idea, but with concerns around budget detail, KPIs, overlap, FTE rates, milestone acceptance, Treasury-return logic, ADA appreciation handling, or suitability for this funding process.

Some NO votes are therefore not a rejection of the idea or the team, but a rejection of the current scope, process, overlap, or accountability model. Some YES votes are also not unconditional. If approved, we would still expect stronger TWGA execution, clearer milestones, and better reporting.

If any proposer believes we judged their proposal based on incomplete or outdated information, feel free to reach out. We are happy to ask a few more questions, review the answers, and see whether our position still holds.

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Cardanians stake pools: https://t.co/DHIRaOJAK9

DRep ID: drep1yt4lyf0fwlrz8k6j5evd3rxw0sqp67qkh36su98a97q3qsc0h03y4
https://t.co/SS2XxsF5jB

If the worst-case scenario happens for Cardano ADA, these are the levels we are watching.

ADA has a high level of speculation inside its community, but the market is cruel and usually does not reward moments when retail is too optimistic.

ADA is going through a strong capitulation phase, and panicking now is not the right move.

When a capitulation or depression phase is underway, I personally do not focus much on derivatives data or traditional technical analysis. I move directly to on-chain analysis.

There are two key levels I am watching in case this correction extends further:

Thermo Price: $0.1097
This level is more stable.

Delta Price: $0.03478
This level changes daily.

To give more context:
Thermo Price is calculated as the network’s historical cumulative revenue in USD divided by the current circulating supply.

In practice, it represents a “price per coin” based on the accumulated historical cost or revenue generated from issuance and fees paid to validators or miners throughout the life of the network.

It is not the market price. It is an on-chain valuation metric, similar to a historical cost of production or network security diluted by circulating supply.

Delta Price represents the numerical difference between the Realized Price and the Thermo Price, effectively bridging investor cost basis and miner or validator production cost.

This metric highlights zones where the market price deviates meaningfully from both economic anchors, making it especially useful for identifying deep cycle bottoms and long-duration accumulation regions.

So far, ADA has reached the Delta Price only twice in its history, while the Thermo Price has never been reached.

I am not saying the price will necessarily visit these levels, but these are regions that need to be monitored closely, since the values change frequently, especially the Delta Price.

The current $0.03478 level will already be different tomorrow, and probably higher.

For an aggressive capitulation scenario, if ADA reaches the $0.05 to $0.10 range, that would probably become a very interesting accumulation region for Cardano.

If ADA does not reach that region, we can simply wait a few months and potentially buy a retest at higher prices, but with much greater confidence.

Instead of complaining or blindly believing every FUD narrative, we are already preparing for targets with strong potential upside across multiple assets.

So, we will continue following the Alpha.