A message from our CEO It is my pleasure to welcome you to the Cardano Foundation’s 2025 Activity and Financial Insights Report and to have the opportunity to speak about the achievements, developments, and challenges of this incredible blockchain ecosystem. Cardano’s New Era Driven by a Long-Term Vision. It cannot be overstated how important 2025 was for the Cardano ecosystem. It was a year in which we made historic progress, marked by the delivery of long-term initiatives and the demonstration of the maturity required to steward a global, decentralized blockchain network. The Cardano Foundation has long spoken about the importance of predictable, secure, and transparent public infrastructure. In 2025, that vision became a reality. This progress comes at a moment when industries, governments, and markets are grappling with the same foundational problem: how to establish trust at a global scale. Regulators, governments, enterprises, and innovators all want to know how we can authenticate data, preserve integrity, coordinate action, and build digital systems that can be relied upon far into the future. These once theoretical challenges are now all too real. The Foundation’s work in 2025 has reinforced for me how much Cardano has to offer as public infrastructure as we continue to address these challenges together. Beyond Potential 5 Cardano Foundation Activity Report 2025