2025 Net Change Limit Extension
220 DReps voted · 65 with a rationale
Open a row to read the rationale.
- Yes 1.8M ₳ No rationale
- Yes 1.7M ₳ No rationale
- Yes 1.7M ₳ No rationale
- Yes 1.7M ₳ No rationale
- Yes 1.7M ₳ No rationale
- Yes 1.6M ₳ Rationale
Five founding entities. 70 million ADA budget. Record-breaking approval. Zero calendar awareness. Ok, YES
- Yes 1.6M ₳ No rationale
- Yes 1.5M ₳ No rationale
- Yes 1.4M ₳ No rationale
- Yes 1.4M ₳ No rationale
- Yes 1.4M ₳ No rationale
- Yes 1.4M ₳ No rationale
- Yes 1.2M ₳ Rationale
I vote YES on the "2025 Net Change Limit Extension" because it keeps Cardano's treasury operations running smoothly without raising the 350M ADA spending cap. It avoids a governance freeze after Epoch 604, allowing key proposals like the 70M ADA Cardano Critical Integrations Budget (for upgrades in scalability and security) to execute on time, benefiting users who rely on these features. Other DReps highlight this continuity as a main reason for yes, and the official explanation at https://github.com/Tingvard-cc/public-records/tree/main/ncl-clarity confirms it adds no new spending but extends the term to Epoch 612 to sidestep constitutional issues.
- Yes 1.2M ₳ No rationale
- Yes 1.2M ₳ No rationale
- Yes 1.1M ₳ No rationale
- Yes 1.1M ₳ No rationale
- Yes 1M ₳ Rationale
Let me be unequivocally clear: while this proposal is operationally necessary, its very existence is an indictment of a profound lack of strategic foresight within our ecosystem's budget management bodies. **We are being asked to sanction an eight-epoch extension—a mere 40 days—to prevent the Cardano Treasury from becoming constitutionally paralyzed. This is not governance; this is crisis management.
**
The rationale is sound on its face. Article IV of our Constitution and the associated Guardrails are unambiguous: no withdrawals from the Treasury are permitted without a valid NCL in place. With the current NCL expiring at the end of Epoch 604 (January 4, 2026), **failure to act would indeed freeze all Treasury operations, jeopardizing every single funded project and the operational continuity of our ecosystem. **However, a mere eight-epoch extension is a tactical patch, not a visionary plan. It kicks the can down the road, creating a recurring cycle of uncertainty. Managing a treasury of this magnitude requires long-term, predictable, and stable financial frameworks! Presenting the community with a last-minute stopgap measure, with just weeks to spare, demonstrates a reactive posture that is fundamentally at odds with the prudent and forward-thinking stewardship this ecosystem demands.
I vote to prevent catastrophe, not to endorse this manner of governance. This action is a necessary evil, a bandage applied to a wound that should never have been inflicted.
- Yes 1M ₳ No rationale
- Yes 1M ₳ Rationale
We see the extension of the Net Change Limit as sensible proposal.
- Yes 955.2K ₳ No rationale
- Yes 947.9K ₳ Rationale
Voted Yes. With the massive support of the Cardano Critical Integrations Budget GA, this necessitates the need for a small extension in the NCL timeframe to allow for the CCIB to have enough time to pass and get approved for its TW. Both are mutually exclusive.
- Yes 941.2K ₳ No rationale
- Yes 935.4K ₳ No rationale
- Yes 922.9K ₳ No rationale
- Yes 887.6K ₳ No rationale
- Yes 881.3K ₳ No rationale
- Yes 860.4K ₳ No rationale
- Yes 855.5K ₳ No rationale
- Yes 818K ₳ Rationale
This brief extension eliminates the ambiguity of the end date of the NCL and gives a chance to get a more permanent NCL approved.
- Yes 793K ₳ Rationale
A formality that facilitates execution.
- Yes 791.4K ₳ Rationale
Considering the Budget Info Actions that have been presented, I believe that it is in the best interest of the future Ecosystem Budgets are not burdened with the large impending withdrawals that will soon be up for vote. We have a more immediate need to address the Constitutional Committee resiliency, as no withdrawals are possible without it. The next NCL amounts also need to be considered, and focusing on the core issues that enable functional governance will take some time, and the outcome of this action will provide us a period of time to prepare for this.
- Yes 785.2K ₳ No rationale
- Yes 765.1K ₳ No rationale
- Yes 762.8K ₳ No rationale
- Yes 733.1K ₳ Rationale
I support this Governance Action. It provides a necessary extension of the 2025 Net Change Limit to ensure uninterrupted and constitutionally compliant Treasury operations. The proposal maintains the original spending cap, respects Article IV of the Cardano Constitution, and prevents a governance gap that would block valid Treasury Withdrawal actions after Epoch 604. Extending the NCL through Epoch 612 preserves continuity, safeguards Treasury management, and upholds the guardrails previously agreed upon by the community.
- Yes 717.1K ₳ No rationale
- Yes 670.2K ₳ Rationale
I vote Yes because this does not increase the current Net Change Limit. It simply extends the existing NCL so that Treasury operations can continue smoothly while we work on passing a new one. It also ensures that, if the Tier 1 Listings proposal fails on December 30 (Epoch 604), a revised or resubmitted version would still have time to be voted on and enacted within a valid NCL window. Overall, the extension maintains the same spending limit while preventing unnecessary operational roadblocks.
- Yes 654.5K ₳ Rationale
📜 DRep Vote: Extending the 2025 Net Change Limit until February 8, 2026
🔹 What is this vote about?
This is an Informational Governance Action to extend the current Net Change Limit (NCL) on Treasury withdrawals — set at 350M ADA — by 8 additional epochs, until the end of Epoch 612 (February 8, 2026). This extension ensures that Treasury operations are not disrupted due to a governance delay or legal gap.📌 Without this extension:
— No Treasury Withdrawal Governance Action (TWGA) could be legally executed after Epoch 603 (Dec 30, 2025)
— Any TWGA ratified in Epoch 604 wouldn’t be paid out until Epoch 605 — after the current NCL expires — violating Article IV of the Cardano Constitution📅 Timeline recap:
The original NCL was adopted in April 2025 to span Epochs 532–604. But due to the one-epoch delay in TWGA execution, Epoch 603 is the final epoch where new Treasury withdrawals can be ratified. After that, all actions would be blocked unless this extension is passed.✅ MY VOTE: YES
As a registered DRep, I vote YES to extend the Net Change Limit for 8 more epochs, until February 8, 2026, because:
— It prevents a constitutional freeze in Treasury operations
— It ensures stable funding for the ecosystem
— It maintains alignment with community-agreed limits
— It supports continuity as we approach major governance and financial upgrades in early 2026 (e.g. ISO 20022, CIP-1694 rollout)🖋️ Author: Mike Hornan / HOSKY
🔗 Cardano Constitution
🔗 Original 2025 NCL
🔗 Extension Metadata
I’ve registered as a DRep and am committed to shaping the future of the Cardano ecosystem.
— Fully focused on building the world’s largest decentralized digital community.
🖤 My DRep ID: ➡️ drep1y269ehxj30k4vfzfc2z84v0xykd3amuy2xn0kv9zf8rhcec2fg2jr
More info: https://t.me/PROCENT666/338 - Yes 624.8K ₳ Rationale
I am voting in favor of extending the active 2025 NCL (Net Change Limit). The current NCL still has funds available for dispersement and there is no new NCL for 2026 approved. Continuity is a primary governance concern and therefrom funding must be extended until the 2025 NCL has been exhausted or a new 2026 NCL has been approved.
- Yes 601.8K ₳ No rationale
- Yes 596.3K ₳ No rationale
- Yes 589.2K ₳ Rationale
Yes - seems to be the right decision. I would also vote to increase the NCL if I could!
- Yes 587.1K ₳ Rationale
I vote YES on the Cardano Critical Integrations Budget (70M ADA) because this governance action represents a crucial, strategic investment that immediately addresses the highest priority missing infrastructure required for Cardano to achieve mass adoption, institutional relevance, and exponential DeFi growth.
Enabling Tier-One Stablecoin Adoption: The lack of a robust, high-trust stablecoin is a major impediment to large-scale DeFi and institutional capital flow. This budget specifically targets the foundational infrastructure—reliable oracles, institutional custody, and scalable analytics—needed to successfully onboard these tier-one stablecoins. Approving this budget is essentially voting to unlock predictable liquidity and provide the base currency required for a vibrant financial ecosystem.
Institutional & Technical Maturity: The planned integrations—especially institutional digital asset custody and professional wallet infrastructure—are non-negotiable requirements for onboarding institutional capital and catering to enterprise use cases (e.g., RWA). This moves Cardano beyond early adoption and into the competitive sphere of mature L1s. As a Software Architect, I recognize that these infrastructure components are dependencies for future high-value applications.
Unified Ecosystem Alignment: This proposal is unique due to the explicit collaboration between IOG, the Cardano Foundation, EMURGO, Midnight Foundation, and Intersect. This unified approach signals strategic maturity and a commitment to efficient execution, leveraging the combined expertise of all core entities to attract and manage world-class integration partners.
Risk Mitigation through Financial Structure: The use of a milestone-based funding structure, where budget drawdowns are administered by Intersect only upon submission of signed agreements and agreed-upon scope of work, provides a strong layer of fiscal responsibility and risk mitigation, ensuring funds are used effectively and tied directly to tangible progress.
Conclusion: Delaying this critical infrastructure implementation would severely hinder Cardano's immediate growth potential and compromise its competitiveness. The 70M ADA is a strategic expenditure on the core foundations necessary to capture a significant portion of the rising institutional and DeFi market share.
2. ترجمه فارسی (توجیه رأی «بله») توجیه: یک سرمایهگذاری ضروری و استراتژیک برای فاز بعدی رشد کاردانو من به بودجه ادغامهای حیاتی کاردانو (۷۰ میلیون اِیدیاِی) رأی «بله» میدهم، زیرا این اقدام حاکمیتی نشاندهنده یک سرمایهگذاری حیاتی و استراتژیک است که مستقیماً به زیرساختهای مفقود با بالاترین اولویت میپردازد؛ زیرساختهایی که برای رسیدن کاردانو به پذیرش انبوه، ارتباط نهادی و رشد نمایی در امور مالی غیرمتمرکز (DeFi) ضروری هستند. ۱. فعالسازی پذیرش استیبلکوینهای تراز اول: نبود یک استیبلکوین قوی و قابل اعتماد، یک مانع جدی برای جریان سرمایه سازمانی و دیفای در مقیاس بزرگ است. این بودجه به طور خاص، زیرساختهای بنیادین مورد نیاز (اوراکلهای قابل اعتماد، نگهداری سازمانی دارایی، و ابزارهای تحلیلی مقیاسپذیر) را برای پذیرش موفق این استیبلکوینهای تراز اول هدف قرار میدهد. تأیید این بودجه اساساً به معنای رأی دادن برای آزادسازی نقدینگی قابل پیشبینی و تأمین ارز پایه مورد نیاز برای یک اکوسیستم مالی پویا است. ۲. بلوغ فنی و نهادی: ادغامهای برنامهریزیشده – به ویژه نگهداری سازمانی داراییهای دیجیتال (Institutional Custody) و زیرساختهای حرفهای کیف پول – الزامات غیرقابل مذاکره برای جذب سرمایه نهادی و پذیرش موارد استفاده سازمانی (مانند RWA) هستند. این اقدام، کاردانو را فراتر از مراحل اولیه پذیرش، به قلمرو رقابتی شبکههای لایه اول (L1) بالغ هدایت میکند. به عنوان یک معمار نرمافزار، تصدیق میکنم که این اجزای زیرساختی، پیشنیازهای (Dependencies) برنامههای کاربردی با ارزش آتی هستند. ۳. همسویی یکپارچه اکوسیستم: این پیشنهاد به دلیل همکاری صریح بین IOG، بنیاد کاردانو (Cardano Foundation)، اِمورگو (EMURGO)، بنیاد میدنایت (Midnight Foundation) و اینترسکت (Intersect) منحصر به فرد است. این رویکرد یکپارچه، بلوغ استراتژیک و تعهد به اجرای کارآمد را نشان میدهد و از تخصص ترکیبی تمامی نهادهای اصلی برای جذب و مدیریت شرکای ادغام در سطح جهانی استفاده میکند. ۴. کاهش ریسک از طریق ساختار مالی: استفاده از ساختار تأمین مالی مبتنی بر نقاط عطف (Milestone-based Funding)، که در آن برداشت از بودجه توسط Intersect تنها پس از ارائه توافقنامههای امضا شده و دامنه کار مورد توافق انجام میشود، یک لایه قوی از مسئولیتپذیری مالی و کاهش ریسک فراهم میکند و تضمین میدهد که بودجه به طور مؤثر و مستقیماً در جهت پیشرفت ملموس هزینه میشود. نتیجهگیری: به تأخیر انداختن اجرای این زیرساخت حیاتی، به طور جدی پتانسیل رشد فوری کاردانو را مختل کرده و توان رقابتی آن را تضعیف میکند. ۷۰ میلیون اِیدیاِی یک هزینه استراتژیک برای بنیانهای اصلی است که برای به دست آوردن سهم قابل توجهی از بازار رو به رشد دیفای و نهادی ضروری است. - Yes 501.9K ₳ No rationale
- Yes 481.5K ₳ Rationale
- Yes 477K ₳ No rationale
- Yes 445.1K ₳ No rationale
- Yes 443.5K ₳ No rationale
- Yes 438.7K ₳ No rationale