{
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        "comment": "CIP100:comment",
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          "@context": {
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  "body": {
    "comment": "Summary\n\nEMURGO 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.\n\nRationale\n\nEMURGO 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.\n\nThe 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.\n\nIn 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.\n\nFor 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."
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