{
  "@context": {
    "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#",
    "hashAlgorithm": "CIP100:hashAlgorithm",
    "body": {
      "@id": "CIP100:body",
      "@context": {
        "references": {
          "@id": "CIP100:references",
          "@container": "@set",
          "@context": {
            "GovernanceMetadata": "CIP100:GovernanceMetadataReference",
            "Other": "CIP100:OtherReference",
            "label": "CIP100:reference-label",
            "uri": "CIP100:reference-uri",
            "referenceHash": {
              "@id": "CIP100:referenceHash",
              "@context": {
                "hashDigest": "CIP100:hashDigest",
                "hashAlgorithm": "CIP100:hashAlgorithm"
              }
            }
          }
        },
        "comment": "CIP100:comment",
        "externalUpdates": {
          "@id": "CIP100:externalUpdates",
          "@context": {
            "title": "CIP100:update-title",
            "uri": "CIP100:uri"
          }
        }
      }
    },
    "authors": {
      "@id": "CIP100:authors",
      "@container": "@set",
      "@context": {
        "name": "http://xmlns.com/foaf/0.1/name",
        "witness": {
          "@id": "CIP100:witness",
          "@context": {
            "witnessAlgorithm": "CIP100:witnessAlgorithm",
            "publicKey": "CIP100:publicKey",
            "signature": "CIP100:signature"
          }
        }
      }
    }
  },
  "authors": [],
  "body": {
    "comment": "Summary\n\nEMURGO, as a DRep, votes No on this Info Action regarding the 2025 Cardano NCL (7d9fc9fe4cee64fb34e57783378ac869a85c78d6fbcd4078ed131ab6fa3c7db600).\n\nRationale\n\nEMURGO maintains its voting stance on the 2025 Net Change Limit (9b62b3c632f329016a968ac25211825bb4f84b12461121c7da3aa11df92370f900).\n\nRepeated attempts to redefine the cap may lead to delays in governance processes, which in turn pose a risk that critical funding will not reach the projects that need it. This could ultimately slow down the development of the Cardano ecosystem.\nIn conclusion, the 350M ADA proposed under the 2025 Net Change Limit, and approved by a majority of DReps, represents the maximum amount that can be withdrawn from the Cardano Treasury, but not a fixed amount that must be fully utilized. Therefore, we believe it is sufficient as an initial annual cap.\n"
  },
  "hashAlgorithm": "blake2b-256"
}