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Net Change Limit of 300 Million ADA for Epochs 613–713

System7mo ago1 post
DReps 167SPOs 53CC 7

6 of 7 committee members voted

  • Ace Alliance71aa5b3a…8f04
    YesActive · term ends epoch 726Rationale

    Ace Alliance finds the proposed “Net Change Limit of 300 Million ADA for Epochs 613–713” Governance Action Constitutional. Rationales are archived at https://github.com/ace-alliance/ace-voting/

    A PDF version of this rationale is also made available.

    This Info Governance Action proposes establishing a Net Change Limit ("NCL") for the Cardano Treasury of 300 million ada between the beginning of Epoch 613 (13 February 2026) and the end of Epoch 713 (3 July 2027). Its purpose is to seek DRep consensus on this limit, which serves as a constitutionally mandated prerequisite (per Article II.7.3 and Guardrails TREASURY-01a/02a) for subsequent treasury withdrawal actions.

    The proposal's definition of the NCL as a cap on total withdrawals aligns with Defined Term 7 of the Constitution, which explicitly defines the "Net Change Limit" as "The maximum allowed amount or percentage of lovelace that may be removed from the Cardano Treasury in a given period". The proposal establishes this exact parameter ("300 million ada") for a specific period ("Epoch 613 to Epoch 713"), fulfilling the constitutional definition.

    Constitutional Alignment

    We find the proposal aligns with the constitutional framework:

    • Article II.6.1-2: The proposal meets procedural standards. It provides comprehensive metadata linked via an immutable IPFS address (ipfs://bafkreid7tr5uotr4bp2jp54q7lbm5p5eldncuahprj53msy6kqgjscyrdu) with a verified hash, maintaining best practices in governance transparency and verifiability.
    • Article II.7.3 and Appendix I.TREASURY-01a/02a: This proposal directly addresses the constitutional requirement to set a Net Change Limit. Article II.7.3 confirms that Treasury Withdrawals "must not exceed the Net Change Limit for that period," making this action a necessary governance step before future Treasury Withdrawals can occur.
    • Article III.1.4: This proposal appropriately uses the Info Action mechanism. This section clarifies that the Constitutional Committee is limited to voting on the constitutionality of governance actions, "including any proposed or contemplated actions contained within 'Info' actions". Our 'Yes' vote reflects a positive opinion on the constitutionality of establishing this specific NCL for the stated period.

    Due to its adherence to constitutional provisions, this Info Action is Constitutional.

  • Cardano Curia84feba94…6bd5
    YesActive · term ends epoch 799Rationale

    Cardano Curia voted YES on this Info governance action as a signaling vote and show of governance participation. We consider an NCL of 350M ADA a valid target for the referenced period; this vote is not intended to enact an NCL.

    This governance action is an Info action and is used here as a signaling mechanism.

    Our position:

    • We consider a Net Change Limit (NCL) of 350,000,000 ADA (350,000,000,000,000 lovelace) to be a valid target for the intended period.
    • We understand that CC votes are not needed for the purpose of this signaling vote on an Info action, and we are voting primarily as a show of governance activity/participation and to record a clear preference signal.

    Clarity note:

    • The proposal text referenced alongside this action mentions 300M ADA, while our preference signal is 350M ADA. To avoid ambiguity, the canonical text for any implementing governance action should match the intended NCL value, or a separate follow-up action should explicitly propose 350M ADA for the same period.

    We vote YES as a signaling vote: 350M ADA is a valid NCL target in our view, and this vote is intended to demonstrate participation and record our preference, not to enact an NCL.

  • Cardano Japan Council725d4d44…7b31
    YesExpired · term ends epoch 653Rationale

    We consider this governance action to be constitutional.

    This proposal is an Info Action concerning the Net Change Limit required under Article 2, Section 7 of the Cardano Constitution, and no clear violation is observed. Therefore, this proposal is deemed constitutional.

    For the reasons stated above, we determine that it is constitutional.

  • Eastern Cardano Council2ea7a78e…10ec
    YesActive · term ends epoch 726Rationale

    We have determined that this Info governance action is constitutional.

    Article III, Section 1.2 of the Cardano Constitution states "The CC shall be limited to voting on the constitutionality of governance actions, including any proposed or contemplated actions contained within "Info" actions."

    The governance action with ID "gov_action1wwj...tft9tp" and title "Net Change Limit of 300 Million ADA for Epochs 613–713", as an Info governance action, does not breach any of the tenets or guardrails in the Cardano Constitution, so is deemed constitutional.

    We therefore find this governance action Constitutional.

    This governance action does not breach any of the tenets or guardrails in the Cardano Constitution, so is deemed constitutional.

  • KtorZ64f97568…3a49
    YesExpired · term ends epoch 653Rationale

    I acknowledge this proposal to represent a "Net Change-Limit" as per the constitution. Its approval shall be subject to DReps votes.

    This proposal, if approved by DReps with a voting stake greater than 50%, shall supersede the previously established NCL from gov_action1m3x...4jsr7q.

    Note that constitutional assessment is not necessary for info actions, so this vote is mostly informational and meant to acknowledge that the current proposal does indeed represent an NCL proposal.

  • Tingvard646d1b3a…be43
    YesActive · term ends epoch 726Rationale

    Tingvard judges this governance action constitutional.

    This governance action establishes a new Net Change Limit (NCL) for the Cardano Treasury covering the period from the start of Epoch 613 (13 February 2026) through the conclusion of Epoch 713 (3 July 2027). Under Appendix I, TREASURY-01a and TREASURY-02a of the Cardano Constitution, a Net Change Limit must be agreed by DReps via an on-chain governance action with a threshold of greater than 50% of the active voting stake, and treasury withdrawals must not exceed the applicable Net Change Limit for the defined period. A valid NCL must therefore be in effect for any treasury withdrawal governance action to be constitutionally enacted during that timeframe.
    The proposal clearly defines both the numerical limit and the period of time to which it applies. The specified limit of 300,000,000,000,000 lovelace (300 million ADA) is lower than the previously adopted 350 million ADA ceiling and therefore represents a tightening rather than an expansion of treasury outflow capacity. The defined epoch range satisfies the constitutional requirement that a Net Change Limit apply to a specific period of time. The Constitution imposes no restriction on the length of such a period, requiring only that the limit exist and be respected.
    The rationale for the chosen timeframe is consistent with sound governance practice. By aligning the NCL cycle with the mid-year budget season and ensuring that a complete prior year of treasury inflow data is available before setting a subsequent NCL, the proposal strengthens fiscal modeling and supports informed decision-making. This approach is aligned with Tenet 8, which requires that the Cardano Blockchain shall not unreasonably spend resources, and Tenet 9, which requires fair and sustainable treatment of all users consistent with long-term viability.
    The proposal’s calculation methodology is transparent and grounded in historical treasury inflows. It references total inflows from Epoch 532 through Epoch 604, amounting to 306,940,195 ADA, and sets the NCL at a slightly conservative level relative to realized income. This supports fiscal discipline while preserving sufficient operational flexibility within constitutional guardrails.
    The governance action also satisfies Article II, § 6, which requires a standardized and legible format including a title, abstract, justification, and relevant supporting materials. The metadata clearly specifies purpose, scope, methodology, and effect, and states that upon approval the NCL shall supersede any previously agreed NCL for the same period, thereby avoiding ambiguity.

    Tingvard judges this governance action constitutional. It satisfies the requirements set forth in Appendix I, TREASURY-01a and TREASURY-02a, complies with Article II, § 6, and establishes a clearly defined, enforceable Net Change Limit for the specified period. The structure, methodology, and purpose of the proposal are aligned with the constitutional framework governing treasury operations and promote disciplined, transparent fiscal governance.

  • Phil_uplc68bb0b42…8746
    Not votedActive · term ends epoch 799No rationale