Pogun: Capital Without Compromise
*Proposal as pdf: https://ipnso-com.ipns.dweb.link/?cid=bafybeibbrhuis55rl52hsp5rboooobjg4rvq7q5ly2mern7s7f3xcbjzwi* Bitcoin is a \$1.5T asset with virtually no native DeFi infrastructure. The race to become the dominant credit and liquidity layer for BTC is the largest open market opportunity in crypto. Pogun is an end-to-end Bitcoin liquidity and credit engine built to position Cardano as the definitive home of Bitcoin DeFi. Demonstrating our commitment to the proper use of public funds, Pogun will return 20% of EBITDA to the Cardano Treasury until the initial funding is repaid. This will be followed by an ongoing 5% perpetual return. Pogun delivers three integrated components: * **Credit Market (Q2 2026)** - A non-margin peer-to-peer credit market. A fully on-chain, oracle-free lending protocol where collateral is only at risk upon default, not price fluctuations. * **Yield (Q3 2026)** - A deposit-and-earn layer that routes user capital into yield-generating strategies across private credit, RWAs, and structured fixed-income products. * **Bridge (Q4 2026)** - BitVM-powered trust-minimized bridge providing 1-of-N security for institutional-grade Bitcoin custody: bridge BTC to Cardano, borrow against it, and earn without surrendering custody of the underlying asset. To execute this roadmap, this treasury withdrawal requests ₳12.29M (equivalent to \$2.95M USD at a reference rate of \$.24/₳).