Open Infrastructure for Institutional Credit Markets on Cardano
Aurora is a Cardano Treasury proposal to fund reusable credit-market infrastructure: an open metadata standard, an off-chain verification indexer, developer tooling, and a Treasury-backed pilot with regulated Ethiopian SACCOs. The goal is to help Cardano support institutional credit markets without making the underlying lending protocols permissioned.
| Field | Detail |
|---|---|
| Treasury Request | 2,900,000 ADA |
| Operating Budget | 2,200,000 ADA |
| Pilot Liquidity | 700,000 ADA targeting approximately USD 100,000 equivalent at conversion |
| Recipient | Led by Fairway |
| Partners | Fallen Icarus and Sundial Protocol |
| Delivery Period | 12 months |
| License Commitment | Apache License 2.0 for open-source outputs |
- 日本語版 — Japanese reviewer entry point and complete translated proposal.
- Reviewer Brief — funding request, evaluator signals, and governance safeguards.
- Full Proposal — complete regenerated proposal from the latest source document.
- Milestones — release schedule, deliverables, success criteria, and pilot liquidity gates.
- Governance and Oversight — Treasury custody, development custody, milestone approval, refund conditions, and reporting.
- Treasury Participation Model — pilot liquidity controls, transparency, audit, stablecoin conversion, and capital return model.
| Section | Review Focus |
|---|---|
| 1. Summary | At-a-glance request, safeguards, phases, ecosystem commitment, consortium roles |
| 2. Motivation | Why institutional credit needs verification infrastructure and why SACCOs are the pilot channel |
| 3. Proposed Solution | Metadata standard, off-chain indexer, discovery, proof verification, and repayment reputation |
| 4. Pilot Implementation | Ethiopian SACCO pilot, process flow, scale thesis, and risk containment |
| 5. Treasury Participation Model | ADA allocation, pilot liquidity, audit, capital recycling, and Treasury return mechanics |
| 6. Deliverables | Infrastructure and pilot outputs |
| 7. Budget and Resource Allocation | Operating budget, partner responsibilities, shared resources, and pilot capital |
| 8. Consortium and Relevant Experience | Fairway, Fallen Icarus, Sundial, and prior delivery context |
| 9. Milestones and Success Criteria | M1-M5 deliverables, ADA releases, and pilot liquidity release principles |
| 10. Risks and Mitigation | Implementation, repayment, adoption, exchange-rate, settlement, and infrastructure risks |
| 11. Governance and Oversight | Independent trustees, multisig controls, milestone approval, refunds, and reporting |
| 12. Conclusion | Why the pilot leaves reusable infrastructure and institutional credit histories behind |
| 13. Governance Submission Requirements | Canonical reference, NCL, prior funding disclosure, and conflicts |
| Appendix A | Verification and trust framework |
| Appendix B | Progressive pilot deployment model |
Phase 1: Infrastructure. Aurora creates an optional metadata and trust layer for Cardano-native credit markets. Identity proofs, verification status, compliance references, and repayment signals attach to Loan Request UTxOs through transaction metadata and are verified by an open off-chain indexer.
Phase 2: Real-world validation. The infrastructure is tested through a Treasury-backed pilot with Ethiopian Savings and Credit Cooperative Organizations. Pilot liquidity is converted into an approved Cardano-native USD-denominated stable asset, deployed progressively, recycled as loans are repaid, and returned with Treasury-entitled proceeds at pilot conclusion.
Aurora is structured as open infrastructure, not a private lending platform. The proposal separates development funds from pilot liquidity, places Treasury custody under independent trustees, gates releases by milestone evidence, and makes deployment and repayment activity independently visible through on-chain records, the indexer, public reports, and a dRep monitoring dashboard.
Sundial Protocol · Fairway Oy · Fallen Icarus
Cardano Treasury Proposal · 2026