2025 Net Change Limit Extension
220 DReps voted · 65 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ Rationale
Summary
Yoroi DRep votes YES on the 2025 Net Change Limit Extension Info Action. We support this as a necessary measure to ensure that ongoing Treasury processes remain uninterrupted and constitutionally compliant.
Rationale
Critical Integrations Budget timing
The Net Change Limit (NCL) sets a withdrawal limit for the Cardano treasury over a defined period, and the current NCL expires at the conclusion of Epoch 604. Extending it by eight epochs will help keep the current limit active long enough for the Critical Integrations Budget to be enacted within the budget that the community has approved, rather than being pushed into the next NCL period.
Maintaining the treasury safeguard
The extension does not raise or reset the ₳350M limit. It only extends the timeframe, with prior spending still counted inside the same ceiling. This keeps treasury discipline exactly as the community approved it.
A healthy governance collaboration
Yoroi gives credit to the proposers for moving quickly on this on-chain safeguard. It reflects a strong alignment between the founding entities and the community, showing that we support each other when governance requires a timely bridge.
Conclusion
Yoroi DRep supports this extension because it upholds the Critical Integrations Budget timeline, maintains the current NCL cap, and demonstrates healthy governance collaboration. Therefore, we vote YES. - Yes 428.5M ₳ Rationale
I am voting YES for the "2025 Net Change Limit Extension" for two reasons:
Given the overwhelming approval rate for the current "Cardano Critical Integrations Budget," extending the NCL a little will help the ecosystem. It may also have the effect of easing some of the time pressure on DRep and CC decisions.
This does not change the already approved NCL amount, but merely extends its period, so I do not believe it will lead to a relaxation of financial discipline.
次の二点の理由により、「2025 Net Change Limit Extension」にYESを投票します。
- 現在の「Cardano Critical Integrations Budget」への圧倒的賛成率を考慮すると、NCLを少し延長することはエコシステムを助けることになるでしょう。DRepやCCの判断へのタイムプレッシャーを多少緩和する効果もあるかもしれません。
- これは、すでに承認済みのNCL金額の変更はなく、その期間の延長ですので、財務規律が緩むと思いません。
- Yes 328.3M ₳ No rationale
- Yes 297.4M ₳ Rationale
Summary
EMURGO, as a DRep, votes YES on the Info Action titled “2025 Net Change Limit Extension.” Our rationale is provided below.
Rationale
This Info Action keeps the ₳350M Net Change Limit (NCL) unchanged and extends its duration by eight epochs. Since the current NCL expires at the conclusion of Epoch 604 and treasury withdrawals enact one epoch after ratification, this extension gives the Cardano Critical Integrations Budget a clear and constitutional runway to complete within the existing NCL. It is a straightforward timeline fix that upholds continuity without changing the cap that the community agreed on or weakening financial discipline.
We appreciate HOSKY and other Constitutional Committee members for submitting this in such a timely and constructive way. We see this as a strong sign of trust and collaboration between the founding entities and the Cardano community, showing that when governance needs support, we step in for each other and keep the process moving forward together.
Since the next NCL has not yet been proposed, this short extension provides a responsible bridge, allowing governance to transition into the next NCL period without unnecessary friction. For these reasons, EMURGO votes YES.
- Yes 240.8M ₳ No rationale
- Yes 221.8M ₳ Rationale
TL;DR: EDC voted YES on gov_action169kllwhfmp488je5x5rwvufd08p8sztdcf0ghf5sp6ey2gnjdwaqql47xry;
This proposal is a prerequisite for the "Cardano Critical Integrations Budget" (gov_action13a2dqgwxum7d6kjfprcs57cf9733ek2dkt5qnuhqd4ll5ntcwu7sqluwkxd), which we votes YES on.
- Yes 174.4M ₳ No rationale
- Yes 160.5M ₳ No rationale
- Yes 135.1M ₳ Rationale
The Cardano Foundation votes YES on the 2025 Net Change Limit Extension. This "bridge solution" will ensure operational continuity for the Cardano Treasury and resolve a technical timing conflict that may otherwise prevent currently active Budget Info Actions from executing.
A PDF version of this rationale is also made available.
Our support for this extension is driven by the need for administrative stability and constitutional clarity.
Resolving the Enactment Deadlock: Due to the enactment delay, a Treasury Withdrawal ratified in the final epoch of the current NCL (Epoch 604) would effectively disburse funds in Epoch 606, after the current NCL has expired. This creates a constitutional paradox where the Constitutional Committee might be forced to reject an otherwise constitutionally valid withdrawal simply because there is no "applicable NCL" at the moment of disbursement. While we recognise that the wording in the Constitution on this issue is far from clear, extending the NCL by 8 epochs removes any ambiguity, ensuring that the Cardano Critical Integrations Budget can be assessed and enacted constitutionally.
A Bridge to the 2026 Framework: We recognize this proposal as a temporary bridge, not a permanent baseline. The 8-epoch extension provides a good buffer, ensuring treasury operations do not grind to a halt in January. Community Leadership: We want to extend our gratitude to Mike Hornan, HOSKY, Tingvard, and the Ace Alliance for identifying this edge case and proposing a solution. This action demonstrates the strength of Cardano’s decentralized governance model: expert community members stepping up to collaborate to ensure the system functions smoothly.
The Cardano Foundation votes YES. This is a responsible administrative update that ensures business continuity. By approving this extension, we hope to assist the Constitutional Committee in resolving procedural dilemmas and ensure that the ecosystem's strategic funding priorities can be executed without technical interruption.
NOTE on 'Internal Voting':
The fields constitutional and unconstitutional below reflect the CF governance teams' individual opinions whether they are for or against the proposal. Reason for this inconsistency is, that CIP-136 is at the moment only applicable to CC rationales, but we want to record the internal opinions of our DRep assessment transparently as well. - Yes 93.3M ₳ Rationale
As a DRep, I voted YES for the 2025 Net Change Limit Extension proposal.
In the context of recent events, namely, the retired CC member Cardano Atlantic Council, the ongoing SNAP election, and the submitted Cardano Critical Integrations Budget proposal, it makes sense to extend the Net Change Limit (NCL) by 8 epochs (40 days).
This will allow all withdrawals that started in this NCL period to be completed (both the info action and the withdrawal).
Approving the 70M ADA proposal within the current NCL is smarter than mentally transferring info action and/or balance to the next NCL period.
Furthermore, the NCL for next year has not been approved. It would be wise to have the NCL approved before the start of the new period. For this, we need a functioning CC, i.e., electing and approving a new CC member.
This is another reason to extend the current NCL period. I hope that at least an off-chain debate about the new NCL will begin.
Thank you for submitting this proposal. It was smart.
- Yes 92.1M ₳ No rationale
- Yes 89.8M ₳ Rationale
Proposal: 2025 Net Change Limit Extension
SIPO DRep will vote YES on this proposal.
I am supporting this extension because it is essential to keep Cardano’s treasury operations functioning smoothly and safely during a critical transition period at the end of 2025 and the beginning of 2026. This proposal does not increase the Net Change Limit (NCL) and does not authorize any additional spending beyond what the community has already agreed on. It simply extends the validity period of the existing NCL so that Cardano’s treasury withdrawals can continue without interruption.
The current NCL is scheduled to expire at the end of Epoch 604. If it expires without an extension, Cardano will not be able to execute any Treasury Withdrawal Governance Actions (TWGAs) after that point until a new NCL is approved. This would create an unintended “governance freeze” for about a month, causing strategic ecosystem initiatives to stall at a time when Cardano is preparing major infrastructure upgrades and integrations.
This is particularly relevant because several important treasury-related governance actions—including the ₳70,000,000 Cardano Critical Integrations Budget—rely on the current NCL’s validity to execute correctly. Those actions are operating on a tight schedule that intersects with the transition to the new Constitutional Committee. Any delay or unforeseen issue during this transition could prevent these proposals from being enacted, even if the DReps approve them, simply because the NCL expires before execution.
By extending the NCL for an additional eight epochs (until Epoch 612), we ensure that:
• Cardano’s treasury operations do not stop due to a technical timing issue.
• Legitimate proposals already progressing through governance can be executed safely.
• The ecosystem retains financial continuity during an important governance transition.
• The community’s previously agreed spending limit (350M ADA) remains fully respected.This proposal is a practical and responsible measure to protect the network from an avoidable disruption. It does not loosen fiscal discipline, it does not raise spending caps, and it does not grant new powers. It simply preserves operational continuity and maintains constitutional compliance.
As a DRep, I believe it is our responsibility to prevent gaps or failures in the governance system, especially during periods of transition. Based on these reasons, I am casting a YES vote on this proposal.
SIPO DRep
⸻
提案名：2025 Net Change Limit Extension
SIPO DRep は、この提案に 「Yes」 を投じます。
今回の延長提案を支持する理由は、2025年末から2026年初頭にかけての重要な移行時期において、カルダノの財務（トレジャリー）運営を安全かつ途切れなく継続させるために欠かせない措置だからです。この提案は NCL（年間支出上限）を増やすものではありません。コミュニティがすでに合意した支出枠をそのまま維持したうえで、その有効期間だけを延長するという、非常に限定的かつ技術的な措置です。
現行のNCLは Epoch 604 で期限切れになります。もし期限切れのまま放置されると、新しいNCLが成立するまで一切のトレジャリー出金が不可能となり、カードとしての財務ガバナンスが約1ヶ月程度「完全停止」してしまう可能性があります。
これは単なる技術的問題に見えて、実際にはかなり重大で、特に：
• カルダノの基盤整備を担う大型提案（例：₳70,000,000 Critical Integrations Budget）
• Voltaire移行期の予算実行
• Midnight・インフラ統合系の共同計画など、多くの戦略的プロジェクトがこの期間に実行タイミングを迎えています。
これらは現行のNCLが有効であることを前提に設計されているため、NCLが期切れになると、DRepが承認しても、憲法上「執行できなくなる」リスクがあります。
この延長提案を通すことで：
• トレジャリー運営が止まらずに継続できる
• 現在進行中の重要な予算提案が安全に実行できる
• 憲法の要件を満たし続けたまま、移行期の混乱を回避できる
• コミュニティが決めた「年間350M ADA上限」をそのまま尊重できるというメリットがあります。
この提案は支出規律を緩めるものではなく、財務上限を広げるものでもありません。ガバナンスの技術的な隙間によって起こり得る運用停止を、防ぐための安全装置にすぎません。
DRepとして私は、カルダノのガバナンスが空白期間によって機能不全に陥ることを避けることが責務であると考えています。その観点から、今回の提案に 「Yes」 を投じる判断が最も適切であり、カルダノ全体の利益につながると確信しています。
SIPO DRep
- Yes 89.3M ₳ Rationale
See Army of Spies Youtube video of same date as vote.
- Yes 89.2M ₳ Rationale
I support this NCL extension for the advancement of Cardano.
- Yes 76.1M ₳ Rationale
This is a necessary proposal for the progression of governance on Cardano.
A PDF version of this rationale is also made available.
This is a necessary proposal for the progression of governance on Cardano.
- Yes 74.7M ₳ No rationale
- Yes 71.3M ₳ Rationale
I'm voting YES to prevent operational disruption. However, I must note that based on treasury projection analytics, the 350M ADA limit is too high. I support this procedural time extension to avoid gridlock, but future NCLs must have lower, data-backed caps to ensure long-term sustainability.
A PDF version of this rationale is also made available.
I am voting YES to ensure treasury continuity and avoid technical gridlock into 2026. This extension is necessary for operations.
However, I must register my concern regarding the underlying limit. Factoring in treasury projection analytics, the 350M ADA cap is too high for long-term sustainability. I approve this time extension, but I expect significantly stricter limits in the next NCL cycle that align with actual revenue data.
- Yes 70.8M ₳ No rationale
- Yes 68M ₳ Rationale
This proposal does not alter the existing framework of the Net Change Limit; rather, it introduces an appropriate buffer to prevent a fiscal gap caused by the expiration of the current NCL.
Since the current NCL ends at Epoch 604, the available time for reviewing, approving, and enacting TWGAs and Budget GAs is extremely limited. Without an extension, the decision-making processes of DReps, the Constitutional Committee, and the Budget Committee would be unnecessarily compressed, potentially impacting the broader community’s governance operations.The additional eight epochs do not relax the established upper limit. Instead, they provide the healthy operational margin needed for proper review and enactment. This buffer benefits not only governance bodies but also the community as a whole, aligning with the constitutional principles of fiscal soundness, transparency, and predictability.
For these reasons, I consider this proposal reasonable and will support it.
本提案は、既存の Net Change Limit の枠組みを変えるものではなく、期限切れによる財政空白期間を避けるために、適切なバッファを設ける措置です。 現行の NCL はエポック 604 で終了するため、TWGA や Budget GA の審査・承認・発動に必要な猶予が極めて限られています。延長がなければ DRep・CC・予算委員会の判断プロセスが不必要に圧迫され、コミュニティ全体の運営にも影響が出る可能性があります。 追加の 8 エポックの延長は、上限値を緩める性質のものではなく、単に作業と審査に必要な“健全な余裕”を持たせるためのものです。このバッファはガバナンス機関だけでなく、コミュニティ全体にとっても望ましいものであり、憲法の趣旨（財政健全性・透明性・予測可能性）とも一致しています。 以上の理由から、私はこの提案を妥当と判断し、支持します。
- Yes 62.7M ₳ No rationale
- Yes 53.8M ₳ No rationale
- Yes 51.1M ₳ Rationale
Same rationale as the "Cardano Critical Integrations Budget" proposal.
- Yes 50.5M ₳ No rationale
- Yes 49.8M ₳ Rationale
I support the Critical Integrations Budget and believe it should move forward as soon as possible. Since its implementation would be delayed without this step, I'm voting Yes.
- Yes 49.7M ₳ No rationale
- Yes 42.9M ₳ No rationale
- Yes 42.4M ₳ No rationale
- Yes 40M ₳ Rationale
It's required for the critical 70 million withdrawal.
- Yes 38.1M ₳ No rationale
- Yes 36.8M ₳ No rationale
- Yes 34.4M ₳ No rationale
- Yes 34.3M ₳ Rationale
We vote yes, because the eight-epoch extension is reasonable and it is necessary to maintain the governance process uninterrupted.
- Yes 32.3M ₳ Rationale
As the 4th Unofficial Founding Entity (apparently the only one who reads dates), I’m voting YES on this NCL extension because it is the only constitutionally compliant path that ensures the Critical Infrastructure action can be enacted.
A PDF version of this rationale is also made available.
Rationale:
As the 4th Unofficial Founding Entity and apparently the only one checking expiration dates, I am voting YES on this Net Change Limit extension because it is the only constitutionally valid way to prevent the Cardano Treasury from becoming unusable at the epoch boundary.The situation is clear.
The existing 2025 Net Change Limit ends at the conclusion of Epoch 604.
Any Treasury Withdrawal Governance Action that is ratified in Epoch 604 would not enact until the Epoch 605 boundary, which occurs after the current Net Change Limit expires.
Under Article IV, Section 3 of the Cardano Constitution and the Treasury Guardrails, withdrawals cannot be enacted without a valid Net Change Limit in effect at the moment of execution.
Without an extension, no Treasury Withdrawal enacted after Epoch 604 would be constitutional, which would cause an immediate disruption in Treasury management.This Governance Action extends the previously adopted 2025 Net Change Limit for eight additional epochs, moving the end of the term to the close of Epoch 612 in early February 2026.
All previously accounted spending continues under the same framework so that constitutional continuity is maintained and community expectations remain intact.Most importantly, this ensures the Critical Infrastructure action that the entire community supports can actually happen.
Without this extension, that action simply cannot be enacted.For constitutional integrity and for uninterrupted Treasury operations:
I vote YES.
You are welcome.
- Yes 30.5M ₳ No rationale
- Yes 28.2M ₳ Rationale
This 8-epoch extension will help simplify the transition between the current NCL and the next one. I am in favor.
- Yes 27.9M ₳ No rationale
- Yes 27.4M ₳ No rationale
- Yes 26.1M ₳ Rationale
w/o this extension the Critical infrastructure proposal will not get ratified in time, it does not ask for a increase in cap but only a extension of time. The one issue that needs to be resolved is the CC vote, if a new CC member is not in place by a specific time the critical infra along with this extension will be moot till next year
- Yes 25.9M ₳ No rationale
- Yes 25.2M ₳ Rationale
I am voting YES to extending the NCL a couple epochs - the show must go on.
- Yes 22.7M ₳ No rationale
- Yes 22M ₳ No rationale
- Yes 22M ₳ Rationale
I am voting YES on this proposal, as it is a necessary administrative action to ensure the operational continuity of the Cardano Treasury. A failure to pass this extension would result in a complete halt of all treasury disbursements, an outcome that would be profoundly disruptive and irresponsible to the entire ecosystem.
However, it must be stated that this extension is clearly a short-term, stop-gap measure. The necessity of such a last-minute extension suggests a delay in the planning and proposal process for the full 2026 Net Change Limit.
My affirmative vote is therefore cast with the explicit expectation that the Cardano Budget Committee is working diligently to present a comprehensive NCL proposal for 2026 to the community in the very near future. This will ensure dReps have adequate time for review and deliberation, avoiding the need for further emergency extensions.
This vote is about maintaining function, not debating policy, and on that basis, it has my full support. - Yes 21.3M ₳ Rationale
As a DRep, I vote YES on this governance action.
This temporary “bridge solution” is necessary to maintain operational continuity of the Cardano Treasury, resolving a technical timing conflict that could otherwise block the execution of currently active Budget Info Actions.
- Yes 21.2M ₳ Rationale
The Net Change Limit (NCL) was established as more of a social contract rather than a limit hard coded into the ledger. There needs to be an agreed upon NCL active at the time of a treasury withdrawal in order for it to be deemed constitutional. With the current rush to pass the Critical Integrations Budget before the end of the agreed NCL for 2025, the date of the actual withdrawal was overlooked and would ultimately fall short by one epoch (at the earliest possibility) due to the associated budget info action running for its full six epoch govActionLifetime.
This is the first year of on-chain governance for Cardano and the first time a Net Change Limit has been agreed upon and run for its agreed upon term. Concerns over setting a precedent by simply extending it whenever we see fit instead of it being enforced as originally agreed upon are valid. It risks undermining the significance of having an NCL in the first place. Again, if this was proposed in order to facilitate a treasury withdrawal by anyone else other than the founding entities then I imagine it would have been met with much more scepticism than it has.
While I would have preferred to have voted ABSTAIN following these considerations, I also have to reconcile the fact that I have voted YES to Critical Integrations Budget, which cannot proceed without this proposed extension of the NCL. As a result, the current four governance actions on the table for voting are all now intertwined to the point where just one missing piece and this does not happen. It is a situation I am uneasy with but acknowledge that there is an overwhelming community consent for this to happen. I only hope that future NCL proposals are structured better so that we do not find ourselves, as an ecosystem, in a similar situation once again. Otherwise, we truly do risk undermining our own processes in the future.
This is a combined DRep/SPO rationale, while SPO votes are not socially considered with regards to net change limits, the ledger nonetheless allows SPOs to vote on all info actions. An SPO vote is submitted here to maintain the on-chain record, in the past this would reference the DRep vote transaction hash, but this is not possible when submitted in the same transaction.
- Yes 21.1M ₳ No rationale
- Yes 21.1M ₳ No rationale
- Yes 20.3M ₳ No rationale
- Yes 19.9M ₳ Rationale
We will in my understanding need this to pass the "Cardano Critical Integrations Budget". Nothing should be in the way of this, especially not an expiring Net Change Limit, so let's extend it.
- Yes 17.1M ₳ Rationale
2025 Net Change Limit Extension