Net Change Limit of 300 Million ADA for Epochs 613–713
On-chain changes
Informational action. No on-chain effect; the vote signals opinion only.
Abstract
This governance action proposes a Net Change Limit of 300,000,000,000,000 lovelace (300 million ADA) for the period from the start of Epoch 613 (13 February 2026) to the end of Epoch 713 (3 July 2027). Upon approval in accordance with the Constitution, this NCL shall apply to Epochs 613–713 and supersede any previously agreed NCL for the same period.
Motivation & rationale
This governance action is required to establish a Net Change Limit for a defined period in accordance with the Constitution.
Why Epochs 613–713
This Net Change Limit (NCL) period is proposed to align the NCL cycle with the mid-year budget season and ensure that a complete prior year of treasury inflow data is available when setting the subsequent NCL.Why 300 Million ADA
For the purpose of maintaining fiscal discipline, the proposed NCL is set with reference to the previous year’s total treasury inflows. Total treasury inflows for 2025 are defined as the sum of inflows from Epoch 532 through Epoch 604. These inflows totaled 306,940,195 ADA.
2026 to 2027 Net Change Limit
Epochs 613 to 713Rationale highlights
Why some of the largest DReps voted for and against, in their own words.
Summary Yoroi DRep votes NO on the proposed 300M ADA Net Change Limit for Epochs 613–713. While we understand the intention to reinforce fiscal discipline due to market situation, we believe reducing the ceiling at this stage may be premature given the...
Summary
Yoroi DRep votes NO on the proposed 300M ADA Net Change Limit for Epochs 613–713. While we understand the intention to reinforce fiscal discipline due to market situation, we believe reducing the ceiling at this stage may be premature given the timeframe and current ecosystem dynamics.
Rationale
• Measurable accountability through 2030 KPIs
With the 2030 Cardano KPIs now in place, treasury allocations can be assessed against clearer long-term targets. Yoroi believes spending discipline should be reinforced through KPI alignment, proposal-level scrutiny, and milestone-based controls rather than by tightening the structural ceiling itself.
• Timeframe concern and market variability
The 17-month window increases uncertainty. In a lower ADA price environment, fiat-denominated costs require more ADA, and a tighter cap could unintentionally constrain legitimate initiatives that arise during this period.
• Structural flexibility for ecosystem priorities
The Net Change Limit defines a maximum boundary, not a spending target. Maintaining sufficient flexibility at the structural level allows governance to respond to critical infrastructure and ecosystem needs while continuing to apply strict oversight at the proposal level.
Conclusion
Yoroi supports responsible treasury management and clear accountability standards. However, given the duration of the period and current conditions, Yoroi considers a reduction to 300M to be premature and therefore votes No.
I am voting YES for a 300M ADA NCL. I agree with the logic of limiting spending to below 300M ADA, the previous year's inflow. Additionally, a 350M ADA NCL was proposed on January 10, 2026, but the price has fallen by nearly 30% since the proposal was...
I am voting YES for a 300M ADA NCL.
I agree with the logic of limiting spending to below 300M ADA, the previous year's inflow.
Additionally, a 350M ADA NCL was proposed on January 10, 2026, but the price has fallen by nearly 30% since the proposal was submitted, temporarily falling to the level of January 2021, before Shelley d=0. Under these circumstances, I believe it is necessary to more strictly reconsider Budget priorities and protect ADA holders from excessive inflation.
私は300M ADA NCLにYESを投票します。
私は前年度の流入額300 M ADA 以下に支出額を抑えるというロジックに納得しています。
また、2026/1/10 2:22:09に、350M ADAのNCLが提案されていましたが、この提案の提出時点から、現時点までに３割近く価格が下落しており、一時Shelley d=0より前の2021年1月の水準まで下落しました。このような状況下においては、Budgetの優先順位をより厳しく見直して過度なインフレーションからADAホルダーを保護する必要があると考えています。
Summary EMURGO as a DRep votes NO on the proposal to set the Net Change Limit at 300M ADA for Epochs 613–713, with rationale outlined below. Rationale EMURGO supports the principle of fiscal discipline and acknowledges the reasoning that aligning the NCL...
Summary
EMURGO as a DRep votes NO on the proposal to set the Net Change Limit at 300M ADA for Epochs 613–713, with rationale outlined below.
Rationale
EMURGO supports the principle of fiscal discipline and acknowledges the reasoning that aligning the NCL below prior year inflows signals prudence. However, the Net Change Limit is a ceiling, not a spending mandate. Tightening the ceiling does not in itself improve spending quality or accountability, which should instead be driven by rigorous evaluation standards, milestone based releases, and alignment with the 2030 Cardano KPIs.
The proposed 300M cap covers a 17 month period, which introduces meaningful uncertainty. Most ecosystem delivery costs are effectively fiat based, and in a lower ADA price environment the same real world work requires more ADA. Reducing the ADA ceiling during a period of reduced purchasing power may unintentionally constrain legitimate strategic initiatives, even under disciplined governance.
In addition, broader ecosystem signals, including direction at the Pentad level and discussions around Critical Integrations, emphasize strengthening infrastructure and longer term readiness. Governance parameters should not unintentionally limit execution capacity for these priorities without a forward looking treasury needs assessment.
For these reasons, EMURGO believes that maintaining the 350M ceiling provides necessary flexibility while still allowing strict scrutiny at the proposal level, and therefore votes NO.
The Cardano Foundation votes YES. The proposed 300M ada limit falls within our margin of acceptance, as it roughly matches 2025 treasury inflows. A PDF version of this rationale is also made available. Our support for this NCL is driven by the following key...
The Cardano Foundation votes YES. The proposed 300M ada limit falls within our margin of acceptance, as it roughly matches 2025 treasury inflows.
A PDF version of this rationale is also made available.
Our support for this NCL is driven by the following key factors:
Fiscal Conservatism & Alignment with Inflows: The 300M ada figure closely matches the actual treasury inflows observed in 2025 (~306.9M ada). Given that the ecosystem ran a deficit in the 2025 NCL cycle, a tighter constraint for 2026 is acceptable. Furthermore, many of the treasury withdrawals approved in 2025 have not yet fully resolved core base-layer bottlenecks (such as TPS, finality, and throughput). We believe a more conservative spending ceiling ensures that future funding is prioritized effectively.
Strategic Realignment of the Budget Cycle: This proposal successfully retains the ~16.5-month timeline (Epoch 613–713). This permanently shifts the budgeting cycle away from the end-of-year holiday season to a mid-year schedule, which is expected to improve governance participation.
Constitutional Clarity: We maintain that the current 350M ada NCL (Epochs 613–713) is constitutionally valid per the language and requirements of the Constitution, however if the CC votes in the affirmative for this NCL, it will help reduce uncertainty as to whether there is a valid NCL. We urge CC members to clarify whether a CC vote is necessary for an NCL, in their opinion, or not.
The Cardano Foundation votes YES. Our support is based on maintaining the stability of the treasury. We encourage the community and future proposers to view this NCL as a hard ceiling, not a spending goal, and to keep demanding thorough reporting on the effectiveness of all treasury withdrawals.
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.