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    Cardano

    Cardano-native · September 2026

    Atlas X Cardano

    Atlas X Cardano Treasury Proposal - September 2026: £2,000,000 requested as ₳ 11,764,706 at 1 ADA = £0.17. Registered DRep AtlasFD. Public grant transparency wallet. Every rail below is in the codebase, and every status on this page is what the database can evidence, nothing more.

    • Proposal
    • On chain
    • Pulse
    • Governance
    • Evidence
    • Verify
    • Register
    • Team
    • Risks
    • FAQ
    • Artefacts

    For the ecosystem

    Why this matters to Cardano

    Real-world adoption

    GBP front-end, ADA back-end. Prices are quoted and displayed in pounds; ADA is the settlement rail underneath at a rate locked at quote time, with creator tips and reward payouts made in ADA directly. Cardano is in the architecture, not bolted on.

    Hospitality vertical

    UK independent venues lose ~£3.2bn/year to commission platforms. Atlas offers 0% commission, native ticketing, and Cardano settlement.

    Verifiable records

    Venue agreements, check-ins and loyalty events are hashed and enqueued into one hourly Merkle-root transaction under metadata label 1904, giving immutable proof of compliance and execution, with no personal data on chain and flat cost as volume grows.

    Atlas Food & Drink · Built on Cardano · atlasfoodanddrink.com

    Governance action · Treasury Withdrawal

    The proposal at a glance

    Submitted September 2026 by Atlas Group Technologies Ltd (UK company no. 13937385). Every figure below is taken verbatim from the governance action document, so download it and check.

    Read the full proposal (PDF)
    Requested
    ₳ 11,764,706

    £2,000,000 at £0.17/ADA

    Tranches
    6

    four × £400k, then two × £200k

    Treasury return
    £6,000,000

    10% from M19, then 3%

    Window
    18 months

    public beta from Month 6

    Requested amount₳ 11,764,706 (£2,000,000 at 1 ADA = £0.17)
    Duration18 months · 6 milestone-gated tranches
    Legal entityAtlas Group Technologies Ltd · UK company no. 13937385 · CEO Connor Hart
    StructureRevenue share, not equity. 10% of gross platform revenue from Month 19 until the Treasury has received £6,000,000, then 3% until the platform ceases or 25 years from grant date. On a sale or change of control, the unpaid balance of the £6,000,000 accelerates and is paid in cash, together with 3% of the net profit on the sale. The obligation is then discharged and does not pass to the purchaser. No equity, no token.
    Custody & oversightIntersect has been asked to administer milestone release and is not confirmed. Until it is, funds sit in a segregated, abstain-delegated Atlas grant wallet under 2-of-3 control. Later draws require Oversight Committee sign-off of the gate report.

    Where the ADA goes

    • 50%£1,000,000

      Hiring & staffing

      19 roles across engineering, sales, marketing, support and compliance.

      ₳ 5,882,353

    • 35%£700,000

      Marketing & acquisition

      UK campaigns, city activations, PR, creators, ambassadors and competition prize pool.

      ₳ 4,117,647

    • 15%£300,000

      Operations, compliance, audits & legal

      ICO, FCA S21 + MLR 2017, ISO 27001, SOC 2, audits, infrastructure and ~£56,950 sponsored NFT min-UTxO.

      ₳ 1,764,706

    Six milestone-gated tranches

    Tranche 1 releases on approval. Every later tranche follows the gate rule below. Tap a tranche to read its deliverables and gate in full.

    1. Key deliverables in this window

      • ·Public beta live by M6
      • ·Universal Anchor live on mainnet
      • ·Wallet + NFT pipeline proven
      • ·≥500 external beta/waitlist sign-ups
      • ·WAU ≥500
      • ·≥30 venue LOIs and ≥100 qualified venue conversations
      • ·≥30 Vault articles and ≥2 podcasts
      • ·Independent pre-launch security test remediated
      • ·Regulatory filings started
      • ·Core hiring complete

      Release condition · Foundation Gate (end M6) → unlocks Tranche 2

      • Product feature-complete and live in public beta on web
      • iOS and Android store submissions made
      • Head of Sales and 3 to 4 sales representatives in post by Month 3
      • ≥30 signed venue LOIs and ≥100 qualified venue conversations
      • ≥500 external beta/waitlist sign-ups and WAU ≥500
      • Universal Anchor running on mainnet
      • First real user wallets and Atlas NFTs minted on mainnet
      • Independent pre-launch security test completed and remediated
      • ICO registration live, FCA Section 21 approver engaged, MLR 2017 application in progress
      • First public quarterly report published

    Tranche 5 covers Months 16 to 17 and has no release attached; Tranche 6 is withheld until the Month 18 close-out gate is delivered. Cumulative Cardano transaction counts are ledger submissions only; the Universal Cardano Anchor contributes one transaction per hour and is a proof layer, not the main volume driver. Each release is published with transaction hashes and supporting evidence.

    What Cardano gets for it

    The on-chain outcomes the tranches are gated against. These are the numbers to hold us to.

    Cardano outcome targets by month
    OutcomeM6M9M12M15M18
    Net new Cardano walletsProven6,00016,00028,00040,000
    Cumulative NFT mintsFirst live8,00035,00090,000180,000
    Unique Atlas NFT holdersn/a3,00010,00020,00030–36,000
    Cumulative Cardano txsFirst live~13,000~48,000~110,000205–230,000
    Venues with ≥1 ADA txn/a2575150200–250
    ADA-settled commercen/aGrowingReportableOn track£150k, £250k
    Competition ADA volumen/a~£500~£3,000~£8,500~£19,500
    Monthly ADA payment volumen/a£2k£8k£18k£28k, £38k
    Marketplace GMV (cum.)£2,000£10,000£40,000£80,000£125,000

    Gate and release rule

    • Gates are two kinds.
    • Binary Hard Gates are pass or fail. Every Binary Hard Gate listed for that period must pass. There is no partial credit. No numeric result can clear a missed Binary Hard Gate.
    • Numeric Hard Gates are assessed one by one. Each Numeric Hard Gate must reach at least 80% of its own target. Results cannot be averaged, netted or offset across gates.
    • If any Hard Gate is missed, the tranche pauses. Two consecutive paused periods return the remaining unreleased ADA. Funds already released against a passed gate are not clawed back.
    • No tranche after T1 is released without a published gate report.

    Accountability

    Who is building this

    A named UK company with a Companies House record, a named accountable officer, and an on-chain DRep identity that ties the two together. Nothing here is anonymous.

    Legal entity

    Atlas Group Technologies Ltd

    Company no. 13937385 · England & Wales

    Verify on Companies House
    Accountable officer

    Connor Hart

    Founder & CEO, covering product, hospitality operations and Cardano integration

    hello@atlasfoodanddrink.com
    On-chain identity

    Registered DRep AtlasFD, with CIP-119 metadata served from the Atlas domain so the company and the DRep are provably the same party.

    Shipped before asking for a single ADA

    • Consumer app + venue SaaS liveDiscovery, bookings, ticketing, menus, loyalty and CRM in production on web and wrapped for iOS / Android.
    • Registered DRep on mainnetCIP-1694 DRep AtlasFD with CIP-119 metadata published, and CIP-100 rationale publishing built and ready for the first vote.
    • Universal Cardano Anchor runningHourly Merkle-root transactions under metadata label 1904; 46 confirmed mainnet batches submitted in July 2026, with the hourly cadence paused pre-launch and resuming at public beta. Hashes only, no personal data on chain. Batches are near-empty pre-scale; cost stays flat as volume arrives.
    • ADA and Bitcoin rails built and reconciledGBP-denominated checkout settleable over ADA with CIP-20 receipt references, Bitcoin via Spark L2 with per-payment derived addresses, and daily reconciliation against chain. No settled volume yet; the rails exist ahead of the users.
    • Cardano wallet inside the appUTXOS-powered Atlas Wallet plus CIP-30 support for Lace, Eternl, Vespr, Yoroi and Typhon. Atlas never holds a user key.
    • NFT pipeline proven end to endTen CIP-25 milestone mints confirmed on mainnet, and all 1,000 numbered Founding Voter editions pre-rendered and verified so metadata and artwork can never disagree. No Founding Voter edition has been claimed yet.
    • Public transparency surfacesThis page, the grant wallet ledger, the artefacts table and the touchpoint register, all reading live data.

    Risk register

    What could go wrong, and what happens then

    Stated plainly rather than buried. Each risk is paired with the control that already exists in the funding structure, not a promise to think about it later.

    • ADA price volatility against a GBP-denominated budget

      The ask is modelled at 1 ADA = £0.17 and released in six tranches, not up front. Tranches convert only as needed for the quarter ahead. If ADA appreciates so a tranche exceeds operational need, the surplus ADA is returned to the Treasury rather than the scope expanded.

    • Venue adoption slower than modelled

      Venue targets sit inside the quarterly exit gates, so slow adoption pauses funding rather than quietly burning it. Bronze is free and QR-led, which lowers the cost of a venue saying yes, and the 0% commission position is the wedge against OpenTable, SevenRooms and ResDiary.

    • Key-person dependency on the founder

      50% of the budget is hiring: 19 roles across engineering, sales, marketing, support and compliance, with senior engineering and commercial hires inside the first two tranches. Infrastructure, keys and deployment are documented rather than held in one head.

    • Custody of grant funds

      Intersect has been asked to administer milestone release and is not confirmed. Until it is, funds sit in a segregated, abstain-delegated Atlas grant wallet under 2-of-3 control, and later draws require Oversight Committee sign-off of the gate report.

    • UK regulatory timing (ICO, FCA Section 21, MLR 2017)

      Filings are gated milestones, not afterthoughts, and £300,000 is ring-fenced for compliance, audits and legal. Crypto features are structured as rewards and settlement rather than investment products, and no token is issued.

    • On-chain volume forecasts not met

      Forecasts are stated as ranges and reported monthly against live counts, which anyone can re-derive from Blockfrost. The hourly anchor is a proof layer contributing one transaction per hour; it is deliberately not counted as the volume driver.

    • GDPR exposure from putting data on a public ledger

      Atlas anchors proof, not data. Fingerprints go on chain, personal information stays in the database and stays deletable on request. Anchors carry salted hashes inside a Merkle tree, receipts carry opaque references, and erasure is honoured off-chain because the on-chain leaf is not personal data.

    • Project fails or is wound down

      Two consecutive missed gates return the remaining tranches to the Treasury. Reporting missed for two consecutive monthly cycles triggers mandatory review. Unspent ADA is returned, not retained.

    Pause, remediation and wind-down commitments

    • ·Gates are two kinds.
    • ·Binary Hard Gates are pass or fail. Every Binary Hard Gate listed for that period must pass. There is no partial credit. No numeric result can clear a missed Binary Hard Gate.
    • ·Numeric Hard Gates are assessed one by one. Each Numeric Hard Gate must reach at least 80% of its own target. Results cannot be averaged, netted or offset across gates.
    • ·If any Hard Gate is missed, the tranche pauses. Two consecutive paused periods return the remaining unreleased ADA. Funds already released against a passed gate are not clawed back.
    • ·No tranche after T1 is released without a published gate report.

    Before you vote

    dRep questions, answered

    The questions we expect, answered here rather than in a comment thread. If yours is not here, ask directly and the answer gets added to this page.

    • Because the Treasury should not need a liquidity event to be repaid. From Month 19 Atlas pays 10% of gross platform revenue until the Treasury has received £6,000,000, then 3% until the platform ceases or 25 years from the grant date. There is no Atlas token, no equity issued to the Treasury and nothing for anyone to speculate on.

    Still unanswered? hello@atlasfoodanddrink.com and we are happy to join an AMA or a live call before the vote closes.

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