LALKUL

Lalkul is voting YES on this budget proposal to ensure continuity of key ecosystem activities such as Project Catalyst, Cardano Summits, and other essential initiatives. While there is room to improve the budget planning process, rejecting this proposal at this stage would cause unnecessary disruption and delay.
Rather than halting momentum, we support moving forward with this budget while committing to work collaboratively on process improvements for future cycles.

Lalkul is voting YES on this proposal to set the Net Change Limit (NCL) at 300 million ADA for Epochs 563-635. This adjustment reflects a moderate and measured reduction from the 2025 limit of 350 million ADA, which aligns with the emerging community sentiment in favor of fiscal restraint, without compromising ongoing or planned initiatives that are already being developed within the current budget framework.
Setting a one-year NCL at this level provides flexibility for future governance decisions while establishing a steady and transparent trajectory for treasury management.

Lalkul is voting NO on this proposal due to its failure to follow the required submission format. Adhering to correct formatting is essential to ensure transparency, clarity, and on-chain verifiability.
Allowing exceptions undermines trust in the governance process and opens the door to potential loopholes. To uphold the integrity of the system, we will categorically vote no on proposals that do not meet the established standards.

Lalkul is voting NO on this proposal to reduce the Net Change Limit (NCL) to 200 million ADA. A limit of 350 million ADA has already been approved for 2025, and introducing repeated changes to this parameter without clear urgency creates unnecessary churn in the governance process.
As active DReps, we have already begun evaluating and approving a number of budget items within the context of the previously established 350 million ADA limit. Reducing the NCL by such a significant margin midway through this process creates additional complexity and undermines the consistency needed for informed decision-making. It is both operationally cumbersome and procedurally disruptive.
While we are not opposed to a future reduction in the NCL, a more structured and gradual approach would better serve the goals of stability and effective treasury management.

Reducing the treasury tax from 20% to 10% threatens the long-term sustainability of the Cardano ecosystem. The current tax ensures stability by funding future growth and development. Cutting it primarily benefits large stake pools while limiting the treasury’s ability to support innovation and resilience in an uncertain future.
The treasury is a key mechanism for decentralization and sustainability, fueled by transaction-based contributions that reflect active ecosystem engagement. Weakening its replenishment risks concentrating governance power in a few wallets, reducing meaningful circulation and long-term viability.