₳120M leaves the treasury as two governance votes reach their deadline

₳120M leaves the treasury

The withdrawal for Cardano PRIME was paid at the boundary to epoch 650. At ₳120M it is the largest single withdrawal in this record, ahead of the ₳96.8M paid in epoch 575, and every withdrawal enacted up to the end of this window comes to ₳804.4M together. The vote on it is in the previous edition.

The balance moved with it, from ₳1,453.7M at the start of epoch 649 to ₳1,337.4M at the start of epoch 650, the lowest reading in this record. The balance then recovered to ₳1,341.1M and ₳1,344.9M, with no further withdrawal enacted inside the window.

Two votes reach the same deadline, with different pool support

Two actions were at their deadline as of the close of epoch 652, and they are not the same kind of proposal. One updates the Constitutional Committee, the committee update. The other lowers minPoolCost and raises the Plutus memory limits, the parameter change.

As of that close both were above the DRep bar and only one was above the pool bar.

As of the close of epoch 652 the committee update stood at 72.0% of counted DRep power, on 166 yes, 8 no and 10 abstain, and the parameter change at 68.6%, on 149 yes, 34 no and 10 abstain. On the pool side, counted by stake with pools that did not vote counted as no by default and abstaining stake left out, the committee update stood at 56.2% and the parameter change at 34.5%.

These percentages reflect voting power, not head counts. DReps carry different weights, eligible power that did not vote stays in the denominator, and abstaining power is left out of it, which is why the shares read far below what the yes and no counts suggest.

The committee votes on the parameter change as well, and as of the same close five members had voted yes and none against, above its two thirds bar. It does not vote on a committee update, so there the DReps and the pools are the whole of it.

The pools voted late. Across the three epochs stake pool operators cast 566 ballots on everything in front of them and DReps 418, superseded votes included, and 305 of those pool ballots fell in epoch 652 alone, the last epoch in which either of these two actions could be voted on.

As of that same close, the committee update is the one with a clock on it. Seven members were active at the end of epoch 652, and four of them hold terms that run through epoch 653. The vote on both actions ends at the start of epoch 653, on 1 September, and those four terms end five days after that, at the boundary to epoch 654 on 6 September. What became of either action is settled outside this window.

The DReps behind those votes

The power delegated to DReps fell across the window, from ₳5.26B at epoch 650 to ₳5.13B at epoch 652, a drop of ₳122.9M. That figure leaves out the always abstain and always no confidence options, which are delegation targets rather than voters, and the always abstain option alone holds ₳9.78B, more than everything delegated to DReps.

The count of active voters moved both ways. The number of DReps that cast at least one vote in the last 12 epochs was 292 at the end of epoch 652, against 302 at epoch 649 and 342 at epoch 643, so the window sits below where the series stood before it. In the window itself it read 286 in epoch 650, 286 again in epoch 651 and 292 in epoch 652.