Introduction
Waffle Capital recently hosted an evening of discourse on November 6th, dedicated to exploring governance in blockchain. With Hong Kong’s thriving financial landscape and its strategic position bridging Eastern and Western markets, the city offers the perfect environment for educating institutions and bringing them up to speed on blockchain innovations, specifically as it relates to Cardano. This event was a part of Waffle Capital’s ongoing mission to drive impactful education and foster a deeper understanding of Cardano’s potential as a leading player in the cryptocurrency industry.
Panel venue and attendance.
Event Recap
The event commenced with a panel discussion that brought together esteemed leaders from Cardano and Polkadot. The panel focused on governance models and decentralized decision-making within these blockchains.
The discussion was introduced by our moderator and DeFi analyst, Roshan Golani, who welcomed attendees and set the stage for the evening. Roshan introduced the panelists: Sheldon Hunt, Head of the Cardano Ecosystem at Emurgo; Max Rebol, CEO of Harbour Industrial Capital and Web3 Foundation Ambassador for Polkaport East; and, of course, Youry Brauner, Waffle Capital’s CEO, who shared his perspective as both the CEO of a hedge fund and one of the first Delegated Representatives (DRep) on Cardano.
To highlight key moments from the discussion, Sheldon Hunt addressed a pivotal question on how Cardano’s governance structure prevents centralization of power, given that founding entities hold a significant portion of ADA. He emphasized that Cardano’s founding entities have chosen to exercise restraint in using their voting power to influence outcomes, citing the Cardano Foundation’s introduction of 20 million ADA into Catalyst. This contribution, while sufficient to cast a vote, represents only a small fraction of their holdings, setting a precedent of responsible participation in governance. In a landscape where “one ADA, one vote” prevails rather than “one person, one vote,” this approach is a crucial step toward mitigating power imbalances while the industry continues exploring methods for authenticating individual voters.
Further, Max Rebol shared valuable insights into Polkadot’s governance evolution, drawing comparisons with Cardano’s current governance model. He described how Polkadot transitioned from a treasury structure influenced heavily by a technical committee to a more open, inclusive framework. Initially, the technical committee had greater control over treasury access, but over time, the governance model evolved to allow broader community involvement. Max’s reflections prompted the audience to consider parallels between Polkadot’s journey and Cardano’s approach, particularly regarding Intersect budgets and delegated representatives (dReps). His insights raised thought-provoking questions on how Cardano might carve its own unique path, inspiring deep reflection on the challenges and possibilities inherent in decentralized governance.
Waffle Capital CEO Youry Brauner, speaking about the importance of blockchain governance.
Audience Engagement
The audience's curiosity was evident as they asked highly specific questions. Attendees were particularly intrigued by the broader implications of governance models, considering how they could extend beyond cryptocurrency to impact societal structures at large. As one participant remarked, “This discussion opened up a lot of doors to concepts that I haven’t explored” - highlighting the applications and their potential in reshaping traditional institutions.
Networking after the panel.
Looking Ahead
The evening concluded with a networking session, allowing institutional attendees to continue discussions with panelists. It was very encouraging to see so many members stay back after the panel discussion and continue talking about governance and the talking points from the discussion.
For Waffle Capital, this event was a step toward fostering a strong Hong Kong community of well-informed institutions. We extend our gratitude to Catalyst and to those who voted for us; their support is essential to bringing Cardano to the eyes of the masses and continuing to host events under our Fund 12 initiative.
Waffle Capital remains dedicated to initiatives that spread knowledge, cultivate insights, and strengthen the global Cardano ecosystem. We look forward to the journey ahead and to hosting more events that ignite conversations, foster collaboration, and inspire progress within and beyond blockchain.
Join the Conversation
Catch the full panel discussion below and stay connected with Waffle Capital as we continue our commitment to empowering the community through education and engagement.