Net Change Limit: Cardano Treasury (Epochs 613-713)
23 DReps voted · 8 with a rationale
Open a row to read the rationale.
- No 173.3M ₳ No rationale
- No 68M ₳ Rationale
I vote No on this proposal.
The Net Change Limit (NCL) is not intended to maximize Treasury spending. Its purpose is to provide fiscal discipline by ensuring that limited Treasury resources are allocated only to the highest-priority proposals. It is one of the key guardrails that helps Cardano's governance operate responsibly.
This proposal argues that the remaining capacity under the current 350 million ADA limit is becoming constrained. However, it does not provide sufficient objective evidence explaining why the existing limit is no longer adequate, which critical proposals cannot proceed under the current NCL, or why 500 million ADA is the appropriate new threshold.
Cardano's challenge today is not expanding the spending limit. The real challenge is making disciplined capital allocation decisions and ensuring Treasury funds are directed toward proposals that create the greatest long-term value. The NCL exists precisely to force those difficult prioritization decisions.
This proposal focuses on increasing the available spending capacity without sufficiently demonstrating why the existing fiscal guardrail should be relaxed. In my view, raising the NCL without a compelling and evidence-based justification weakens the purpose of the guardrail itself.
If, in the future, objective evidence demonstrates that the current 350 million ADA limit has become a genuine bottleneck due to an increase in high-quality proposals, I would support revisiting the NCL. At this time, however, I do not believe that case has been sufficiently established.
For these reasons, I vote No.
私は本提案に反対します。
Net Change Limit（NCL）は、Treasuryからより多くの資金を支出するための仕組みではありません。限られたTreasury資金を、本当に優先順位の高い提案へ配分するための財政規律であり、Cardanoガバナンスを健全に機能させるための重要なガードレールです。
しかし本提案では、「350M ADAでは余裕が少なくなってきた」という説明はあるものの、なぜ現在の上限では不足するのか、どのような重要提案が現行NCLによって実現できなくなるのか、そしてなぜ500M ADAという水準が適切なのかについて、十分な客観的根拠が示されていません。
現在のCardanoに必要なのは、支出枠を広げることではなく、限られたTreasury資金をどの提案へ優先的に配分するかを慎重に判断することです。NCLが存在するからこそ、DRepは難しい優先順位付けを行い、より高い価値を生み出す提案を選択する責任を果たすことができます。
本提案は、「より多く支出できるようにする」ことに重点が置かれている一方で、「なぜガードレールを緩和すべきなのか」という説明が十分ではありません。私は、このような段階でNCLを引き上げることは、Cardano Treasuryの財政規律を弱めるメッセージになりかねないと考えています。
将来的に、高品質な提案が増え、現行の350M ADAでは明確に不足することが客観的なデータによって示されれば、NCLの見直しには賛成できます。しかし現時点では、その必要性は十分に立証されていないと判断し、本提案には反対します。
- No 51.4M ₳ Rationale
I vote NO on setting a new Net Change Limit of 500M ADA for Epochs 613 to 713. First, it hollows out the NCL itself. A limit for this same period was already agreed at 350M, and raising it mid-period because the room is becoming constrained inverts the purpose of a cap. If 350M can become 500M, then 500M can become 650M, and the NCL becomes a formality amended whenever it is reached. Second, the premise reveals over-spending, not an inadequate cap. About 414.9M ADA was already withdrawn in the ten months to April 2026, exceeding the 350M limit. The right response to hitting a cap is to slow spending, not raise the cap. Third, 500M is nearly twice the Treasury's annual income of about 252M, and in my published DRep Voting Framework I argue an appropriate NCL is about 15 percent of prior-year staking rewards, roughly 82M ADA. Against that, 500M is about six times the sound level. The 2025 pace already accelerated ADA's effective inflation by roughly 51 percent while ADA/BTC fell about 48.7 percent, the measurable footprint of Treasury dilution. Raising the cap licenses more of the dilution already visible in the price. Instead, I would respect the existing 350M limit and review 2025 to 2026 spending outcomes before discussing any new limit. Framework: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem/ [Japanese version follows] ]Epoch 613から713の新NCLを500M ADAとする提案に反対します。第一に、NCLという制度そのものを形骸化させます。この同じ期間の上限はすでに350Mで合意されており、枠が窮屈だからと途中で引き上げることは上限の目的を転倒させます。350Mを500Mにできるなら500Mも650Mにでき、NCLは上限に達するたびに修正される形式的手続きに堕します。第二に、前提が示すのは過剰支出であって上限の不足ではありません。2026年4月までの10ヶ月で約414.9M ADAがすでに引き出され、350Mを超過しています。上限に達したときの正しい対応は支出の減速であり、上限の引き上げではありません。第三に、500MはTreasuryの年間収入約252Mのほぼ2倍です。私のDRep投票フレームワークでは、適正NCLを前年ステーキング報酬の約15%、およそ82M ADAとしており、500Mはその約6倍にあたります。2025年の引き出しペースはADAの実効インフレを約51%加速させ、同期間にADA/BTCは約48.7%下落しました。これはTreasury希薄化の測定可能な足跡であり、上限引き上げはすでに価格に表れた希薄化をさらに許容することを意味します。代わりに、既存の350M上限を尊重し、新たな上限の議論の前に2025年から2026年の支出成果を検証することを支持します。フレームワーク全文はhttps://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem/にて公開しています。
- Yes 40M ₳ Rationale
Fund Growth.
- No 34.4M ₳ Rationale
あらかじめ決めていた予算の上限が足りなくなりそうだからといって、期間の途中でいきなり引き出し枠を増やすという内容は、一般的な金銭感覚からすると無責任
- No 30.9M ₳ No rationale
- Yes 26.4M ₳ Rationale
Due to the drop in value of ada, which directly impacts everyone who depends on treasury either to keep the things we have currently being maintained or new things we are building. This needs to pass or we potentially see some leave the space completely and some suffer so badly that they may never be the same. We have supported a large percentage of builders (currently approved) and there are others who deserve our support, this isnt the time to drop the ball.
- Yes 21.9M ₳ No rationale
- No 17M ₳ No rationale
- No 6.9M ₳ Rationale
Voting NO. Not urgent.
I vote No. Governance has sucked out a lot of air from the Cardano space. Its July 2026. Lets focus on using the platforms and products we have now - for a few months.
I don't even have time to use Cardano with all these governance actions dropping. Many users are just reading and debating the latest governance proposals.
- Yes 2.4M ₳ No rationale
- Yes 2.3M ₳ Rationale
send it
- Yes 1.4M ₳ Rationale
I support maintaining the ability to fund projects.
- Yes 1.1M ₳ No rationale
- No 1M ₳ No rationale
- No 792.9K ₳ No rationale
- No 746.2K ₳ No rationale
- No 652.4K ₳ No rationale
- No 292.9K ₳ No rationale
- Yes 235.8K ₳ No rationale
- Yes 114.1K ₳ No rationale
- No 55.8K ₳ No rationale
- Yes 31.7K ₳ No rationale