The proposal has attractive aspects in **liquidity enhancement** and **treasury yield**, but careful handling of market impact is required. If executed properly, it could become a key turning point for the development of the Cardano DeFi ecosystem; if handled improperly, it may trigger short-term price fluctuations. Ultimately, community governance voting will determine its fate. Short-term market reaction**: If the proposal passes, attention should be paid to the execution of OTC transactions to avoid market panic.

- **Long-term ecological development**: If successful, it may drive the growth of Cardano DeFi TVL and attract more institutional funds.

- **Governance test**: This is the first major financial decision of Cardano's **Voltaire Era**, which will test the maturity of its decentralized governance. Sufficient market depth**: Hoskinson pointed out that ADA's **weekly trading volume reaches billions of dollars**, and a $100 million conversion scale will not significantly impact the market.

- **Long-term ecological benefits**: He believes that the increase in stablecoin liquidity will stimulate DeFi growth, ultimately increasing ADA demand.

- **Governance mechanism guarantee**: Cardano has implemented **CIP-1694 on-chain governance**, allowing the community to vote on whether to execute the proposal.