2025 highlights As blockchain and related technologies continue to mature, the Cardano Foundation’s work to support the community, adoption, education, and ecosystem development has expanded accordingly. Key milestones and achievements in 2025 include: Technology Launch of Veridian for decentralized identity and credential verification. Release of an open-source CIP-68 token metadata registry, combined with a standard CIP-26 registry. Increased partnership with key integrations and organizations, including supporting the implementation of Pyth Network, a low-latency oracle to boost Cardano’s DeFi ecosystem, and on-chain data platform Dune, improving how data is accessed and understood on Cardano, as well as partnership with Brale to bring regulated custom stablecoin-issuance to the Cardano ecosystem. Upgrades and development of key Cardano technologies, including Amaru node client , Charli3, Orcfax, and Cardano Ignite to streamline testnet deployment, alongside a major update to the Developer Portal to improve accessibility and onboarding. Upgrades and advancements of and key contributions to 10+ releases of smart contract language Aiken. Open sourcing of the proof of origin framework, OriginateNavio. Maintenance and further development of other critical Cardano services and libraries, including Aiken’s stdlib, Merkle Patricia Tries , Kupo, Ogmios, Yaci Store, cardano-addresses, and Rosetta. Development of an Antithesis service integration allowing anyone in the Cardano ecosystem to deeply test their infrastructure end-to-end through simulation testing and fault injections, as well as development of cardano-ignite. Synthesis of the developer ecosystem through both the Tool Compass and the yearly developer ecosystem survey . Increased investment in RWA development, including driving the completion of CIP-0113 – essential to grow RWA further as it brings interoperable, programmable tokens to Cardano; it also included working with the Masumi team to adopt the latest payments framework x402 on Cardano, which is particularly applicable to agent-to-agent payments challenges. Governance Continued support of the community for governance, including the release of the open-source Cardano Voting Tool for secure governance participation. Creation of assistive governance tools and resources, including The Proposal Examiner (beta), Governance Action Flow Charts , and expanded Developer Portal governance documentation. Extensive participation in Intersect committees throughout 2025, contributing to governance readiness, constitutional development, budget processes, technical steering, open- source strategy, and ecosystem coordination. Execution of DRep responsibilities with a 100% voting record and reasoned public rationales. Launch and expansion of the Cardano Foundation DRep Delegation Program, allocating a total of 360 million ada to community ecosystem builders with an initial 140 million ada worth of delegations to seven builder DReps . Completion of the Foundation’s tenure on the Interim Constitutional Committee (ICC) and continued contributions to constitutional development, governance education, community support initiatives, and decentralized decision-making. Adoption Continued development, expansion, and promotion of enterprise- ready blockchain solutions, including OriginateNavio , Reeve , and Veridian. Major expansion of the Cardano Academy , including new courses, global distribution partnerships, and multilingual platform deployment. Completion of the Venture Hub pilot and launch of Venture Hub 2.0 with two programs, namely the Accelerator and Enterprise Enablement Programs, to scale enterprise and innovation pathways. Strategic Project Catalyst F13 participation, enabling partnerships with tier-1 accelerators Draper University, Techstars, CV Labs, and UNDP, collectively supporting 70+ startups building on Cardano. Strategic collaboration and partnerships with leading corporations, institutions, and NGOs to develop and deploy Cardano blockchain and education solutions. This included UNDP , PUC-Rio , Petrobras through TapDano (including a Proof of Attendance Pilot through NFCs and blockchain timestamps), SERPRO , and Tokenance for the digital product passport (DPP) launch of a Cardano watch. Industry-first Cardano Impact for UNHCR ETP launched on SIX Swiss Exchange, winning the Reimagining Fundraising Beacon Award and inclusion in the Swiss Confederation’s Global Refugee Forum pledge. Extensive regulatory engagements, including with the SEC, FCA, European Data Protection Board, European Parliament, and US Congress. Hosted the Cardano Summit 2025 in Berlin, bringing together 1,400+ industry and ecosystem leaders, developers, and blockchain enthusiasts from across 74 countries. 4 Cardano Foundation Activity Report 2025