Cardano SPO & DRep · CRICH 🇰🇷 0% margin · NightForce Corporate Strategy Lead · Global Banking BBA · MA, Political Science
Korea
Joined October 2022
- Tweets347
- Following374
- Followers236
- Likes4.7K
CRICH on Cardanoscan: cardanoscan.io/pool/pool1ezm…
Rewards for this block reach delegators on Nov 11.
100만 ADA를 미드나잇 참여 풀에 위임하면 1년에 NIGHT가 6만 개쯤 나옵니다. ADA 보상은 ADA 보상대로 그대로 받구요.
1만 ADA면 640개, 보수적으로 잡아도 500개 내외로 예상해봅니다.
다들 "ADA랑 NIGHT 둘 다 받는다"고만 하지 몇 개인지 계산해서 내놓은 데는 없길래, 미드나잇 백서(v1.81) 공식에 직접 넣어봤습니다.
1. 재원 : NIGHT 240억 개 중 25%인 60억 개가 블록 보상 리저브. 매년 남은 리저브에서 일정 비율씩 풀리는데, 그 비율이 Ra = π(1−B−T)/B = 2.8π 입니다. (π = 초기 인플레이션율)
2. π : 백서엔 "이더리움·카르다노 초기보다 낮고 경제학자들이 건전하다고 보는 수준"이라고만 써있습니당. 근데 초기 보조율을 95%까지 올려둔 걸 보면 일단 블록 생산자부터 끌어오겠다는 설계라 4%로 잡았구요. (요즘 채권 금리 보면 4~5%가 뉴노멀 같기도 하고..?) 그럼 첫해 6.7억 개가 풀리고 생산자 몫이 약 6.4억 개로 볼 수 있슴다.
3. 분모 : 결국 엔빵이라 SPO들이 얼마나 '덜 참여하느냐'가 관건입니다. 현재 스테이킹된 ADA 215억 개 중 은퇴 풀에 묶인 게 1.3억, 거래소·커스터디 풀이 약 38억(업비트만 5.1억), 100만 개 미만 소형 풀이 3~4억. 이거 빼면 172억인데, 미드나잇 노드는 서버가 하나 더 드는 일이라 첫해엔 100억 정도만 들어온다고 봤습니다. (cexplorer 그룹 집계 기준, 11.4일)
4. 결과 : 6.4억 ÷ 100억 = ADA 1개당 연 0.064 NIGHT. 1만 ADA면 640개, 100만이면 6.4만 개. 극단적 보수시나리오를 가정(거래소까지 다 들어오는 경우)해서 200억개가 돼도 1만 ADA당 NIGHT 320개 정도는 됩니다.
돈으로 치면 지금 시세(0.042달러)로는 ADA 보상에 1.3%p 얹히는 정도인데, NIGHT가 0.065달러만 가도 기존 스테이킹 수익이 딱 2배가 됩니다. (물론 NIGHT가 잘 된다는 가정 하에 말이죠)
음 여기서 검토해야 할게 하나 있습니다.
NIGHT는 풀 크기 상관없이 ADA당 똑같이 나와서, 위임자 입장에서 풀 선택 기준은 마진율이 유일해지는데요, 그럼 풀 선택할 때 "미드나잇 블록생성 참여 + 마진 0% 설정" 풀인건데, 이게 또 마진이 0%면 SPO(운영자) NIGHT 몫도 0이라 서버비를 자기 돈으로 메워야 합니다. 저는 괜찮은데(이와중에 어필;;) 이러면 참여하는 SPO가 많이 나올 수가 없는 구조라 지속가능경영으로 보여지진 않거든요. 노드를 소유한 자본력있는 풀들만 참여하고, 그쪽으로만 위임이 쏠리면 결국 위임자도, 생태계도 모두가 안 좋기 때문이죠.
카르다노가 minPoolCost로 소형 풀 운영자를 지켜준 것처럼, 미드나잇도 이런 장치가 없으면 검증자가 거래소·대형 풀로 쏠릴 거라 봅니다. (MIP 쪽에 제안해볼 생각입니다.)
PS : CRICH 풀은 미드나잇 앰배서더(NightForce)로서 SPO 등록 열리는 날 바로 들어가고, 마진 0%라 NIGHT도 100% 위임자 몫입니당. 소식은 위임자분들께 제일 먼저 전하겠습니다.
π랑 참여 물량 둘 다 아직 확정 전이라, 숫자 나오면 같은 공식에 갈아끼워서 다시 올리겠습니다. :)👋🫵
@MidnightNtwrk @midnightfdn @IOHK_Charles @IOGroup (100만 ADA 거래소에 묵혀두신 분들.. 그거 NIGHT 나와도 거래소 몫인디...)
Right now, you can't send more than ₩1M of ADA from Upbit to your own Cardano wallet. From February 2027, you can't send a single won.
Upbit's personal-wallet list: MetaMask, Kaia, Phantom, Polkadot, Keplr. Cardano wallets aren't supported.
So everyone gets forced into signing up at an overseas exchange tied into Upbit's account-holder check (Binance, OKX, Gate.io, etc.) just to pass through, or swapping to USDC, bridging, and swapping back to ADA.
The FATF standard is "once it's confirmed as your own wallet, deposits and withdrawals are allowed." "Only these wallet apps" is just a list the exchanges made.
That's where the opportunity is.
1. Users: stake to a pool and take part in governance (DRep delegation and more) from their own wallet, no overseas exchange account needed.
2. Exchanges: the more wallets they list, the more word gets around: "personal-wallet withdrawals just work here!" That's a real edge.
3. Eternl / Lace: a golden chance to officially co-build Travel Rule support with Korean exchanges and take Korea's market share. (And Yoroi just closed its doors.)
4. Tax authorities: you can't stop money leaving with a positive list of apps. Whitelisting personal wallets makes asset flows transparent and the tax base easier to pin down. The US only joins crypto tax info sharing in 2029, so a verified domestic wallet beats a coin on an offshore exchange a hundred times over. Whenever crypto tax arrives (another delay is being debated right now), this is tax infrastructure worth laying down first.
The opportunity is obvious from every side, so why is nobody doing it? One: they don't know. Two: laziness. Anyone who cared about market growth, legitimacy and users would have pushed this long ago, no matter who went first.
So today, as a DRep, I sent a proposal to Eternl and Lace. I'll take the Korean side: research, translation, exchange meetings.
To the Cardano community: if this resonates, a quote or a share would mean a lot. The stronger the public voice, the more weight this carries.
@eternlwallet @lace_io @Official_Upbit @BithumbOfficial @IOHK_Charles @IOGroup @CoinoneOfficial
ALT Upbit customer center: the official list of personal wallets allowed for withdrawals. MetaMask (EVM), Kaia, Phantom (Solana), Polkadot (AssetHub), Keplr (Cosmos Hub). No Cardano wallet.
현재 업비트에서 내 카르다노 지갑으로 에이다(ADA) 100만 원 이상은 못 보냅니다. 2027년 2월부터는 1원도 못 보내구요.
업비트 개인지갑 목록 : 메타마스크, 카이아, 팬텀, 폴카닷, 케플러.
카르다노 지갑은 지원하지 않습니다.
그래서 다들 계정주 확인 시스템이 연계된 해외 거래소(바이낸스, OKX Gate io 등)를 억지로 가입해서 거쳐 가거나, USDC로 바꿔 브리지 타고 다시 ADA로 스왑하는 실정입니다.
FATF 권고 규정은 '본인 소유지갑임이 확인되면 입출금 가능'인데, '이 지갑앱만 된다'는 거래소가 정한 목록일 뿐입니당.
여기에 기회가 있습니다.
1. 유저 : 해외 거래소 가입 없이 내 지갑에서 스테이킹 풀 위임, 거버넌스(DRep 위임 등) 활동 가능.
2. 거래소 : 지갑 리스팅을 늘릴수록 "여기는 개인지갑 입출금 자유롭게 된대 !" 입소문나는 차별화 포인트를 얻게되고,
3. 이터널·레이스 : 한국 거래소와 트래블룰 대응을 공식으로 같이 개발하면서 한국 점유율 가져갈 절호의 기회라는 점. (요로이도 마침 문 닫았고요)
4. 과세 당국 : 해외 반출은 이런 방식(positive식 선별)으로 막는다고 막아지지 않는 법. 오히려 개인지갑을 화이트리스팅하면 자산 흐름이 투명해져서 과세 표준 잡기가 쉬워집니다. 미국은 2029년에야 코인 과세 정보 교환에 참여한다는데, 해외 거래소로 나간 코인보다 국내에서 확인된 지갑이 백번 낫겠죠? 코인 과세가 언제 시행되든(지금 또 유예 논의 중) 이런 사업이 미리 깔아 둘 '과세체계 및 인프라'라고 사료됩니다. @anyangmin
모든 주체 입장에서 기회가 눈에 보이는데 아무도 안 하는 이유? 첫 번째 몰라서. 두 번째 나태해서임. 시장성장과 양성화, 이용자를 생각한다면 진작 누가 먼저랄 것도 없이 추진했을 것임.
그래서 오늘 DRep으로서 이터널·레이스에 제안서 보냈습니다. 한국 쪽 일(조사·번역·거래소 미팅)은 제가 맡습니다.
@eternlwallet @lace_io @Official_Upbit @BithumbOfficial @CoinoneOfficia @IOHK_Charles @IOGroup @lace_io (내가 볼 땐 코인원은 물불가릴 때가 아니라 이런거부터 개발해야되는디...)
As a new DRep, I voted No on PFMS today.
Not because the team can't build it. Because nobody has shown who will use it once it's built.
A treasury request is a business case. A DRep's job is to test it independently: not from the proposer's own deck, and not from a sponsor's endorsement. These are the three checks I ran.
1. Is there already a government solution?
Yes. e-Sakshya, India's official evidence app, launched by the Home Ministry in August 2024 for the new criminal laws. As of February 2026 it was in use at 15,899 police stations across 35 states and territories. Telangana's own police chief named it in October as a tool to raise the state's score. The 54-page proposal never mentions it.
2. Will courts actually rely on a hash on Cardano?
The law requires a hash value certificate for electronic evidence. It doesn't require a blockchain. I couldn't find a single Indian court ruling that accepts a public-blockchain hash as that proof. The revenue plan is optional paid verification, and the proposal has no volume forecast. The founder's forecast, posted on X after voting opened, assumes 290,000 cases a year with 20% paying. Telangana registered 228,695 cases in all of 2025.
3. Has the government publicly committed?
The team says Telangana has agreed to multi-year use, under NDA. I couldn't find a public statement from the state government. And at the AMA, the Foundation said that without treasury funding this round, the money isn't there.
Without answers to these three, this business case wouldn't get through a routine investment review at most companies.
What PFMS taught me
Charles Hoskinson's Voltaire vision gave Cardano a real separation of powers: proposers, DReps, a Constitutional Committee. On paper it's one of the best governance designs in crypto.
But a design is only as strong as the homework each branch does. PFMS is the first time I've seen that gap this clearly.
Where it stands (AdaStat, Nov 1): Yes 21.4%. It needs 67% by Nov 20, 21:45 UTC.
DReps, what's your bar for a treasury business case?
Updated since this article: Yes is 17.9%, and about two-thirds of it comes from EMURGO and Yoroi, both de-registering on Nov 30.
Update on PFMS, the 9.6M ADA treasury request.
DRep Yes is now 17.9% of active stake. It needs 67%.
About two-thirds of that Yes is EMURGO and Yoroi (₳612M), and both de-register on Nov 30, ten days after the final count. Without them, Yes would be about 6%.
The 76.5% that hasn't voted counts as No.
Source: AdaStat, Oct 29, 09:26 UTC. My full case for voting No is in the quoted post.
The 9.6M ADA PFMS proposal (a police evidence system in India, built on Cardano) looks like a tech question. It's really a sales question. Here's my reasoning, and why I'd want my DRep to vote No.
What the law requires
• Police in India keep case evidence as files. Under India's new criminal laws, in force since July 2024, electronic evidence submitted to court must come with a certificate that includes its hash value: a digital fingerprint showing the file is the original.
• That's the opening PFMS is built for. It stamps those fingerprints on Cardano.
But a blockchain isn't the only answer
• I can't find a single Indian court ruling that accepts a hash on a public blockchain as that proof.
• The government already has its own tool. e-Sakshya is the official evidence app that India's Home Minister launched in August 2024 for the new criminal laws. Police record evidence in it, and it's kept on a government evidence server that courts can access.
• The 54-page proposal doesn't mention e-Sakshya once.
Spending 9.6M ADA on this? Fine. Paying for it from the treasury? For the sake of argument, fine too.
The problem is how the money is supposed to come back.
How the money comes back
• The only revenue is paid verification. A lawyer or a prosecutor pays to check a record, from $1.89 per request, and 70% goes to the treasury.
Now run the numbers
• Say 100,000 police case files get stamped on Cardano.
• Say 10,000 of them end up contested in court, through victims' challenges and other disputes.
• Say 1,000 of those turn on whether the evidence is genuine, so a lawyer or a prosecutor wants it checked.
• Most of those 1,000 will use the government's own system, e-Sakshya.
How many will treat the hash on Cardano as the only way to settle it?
For that number to be large, three things have to be true
1. Trust in the existing government system is close to zero across the country.
2. No working habits or vested interests keep police, lawyers and courts on that system.
3. Courts accept the hash on Cardano as verified proof.
So the real question isn't whether Trivolve Tech can build it. It's whether Trivolve can sell it to India's legal world: courts, prosecutors and defence lawyers.
The proposal has no plan for that, and I don't see that capability.
Build it, by all means. Just not on the Cardano treasury's budget.
Your ADA doesn't vote on this. Your DRep does. Voting closes Nov 20.
이말이 갖는 의미가 이미 판세가 넘어왔다고 봅니다. ㅎㅎ
이런 말까지 했는데, "의견 들어봤더니 내가 맞아"라고 하기 더 어려워진거죠. 둘러 표현한겁니당.
톡방에서 누차 말씀드려왔습니다. 우리는 행정기관 관료의 입장을 생각해야하고 휘둘리지말자고. 장담할 순없지만 느낌상 그렇습니다.
Found my favorite spot in Midnight City: Bison Valley.
A quiet ranch corner inspired by Charles’ Bison Ranch — peaceful on the surface, but still connected to the deeper Cardano story.
@sabrinaliuuuu @MidnightNtwrk
#MidnightCity #Nightforce
