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    "comment": "As a DRep, I have decided to vote YES on the governance action regarding the setting of the Net Change Limit (NCL).\n\nThe Governance Action (GA) proposes an NCL of 300M ADA for 2025 and 250M ADA for 2026.\n\nIt is crucial that the NCL does not exceed the expected revenues of the Treasury. A prudent economist aims to ensure expenses remain below revenues while also building reserves for the future.\n\nPersonally, I would prefer an NCL of 280M ADA for 2025 and 230M ADA for 2026. That said, I recognize that during a bull market, we can afford to allocate more funds—potentially even using Treasury resources to buy stablecoins.\n\nFor Cardano to thrive, it must remain in the top 10 blockchain platforms in the coming years and stay competitive. Achieving this requires consistent investment, particularly in scalability.\n\nFrom a long-term perspective, Cardano must also prepare for resistance against quantum computers. This will demand significant investment over the next decade, which needs to be factored into current planning.\n\nThe Intersect budget is estimated at 260M ADA—lower than the proposed NCL. I believe this budget can be reduced; however, even if it isn't, it will remain within the limits set by this GA. Therefore, the NCL will not hinder ecosystem funding.\n\nI propose utilizing the Treasury to mint stablecoins within the Cardano ecosystem, which could generate yield and serve as an additional revenue stream. At present, ADA fee revenue does not meet expectations, and diversifying income sources is critical.\n\nYield generation could also be redistributed as staking rewards. If ADA could capture the success of the Cardano ecosystem, it could have a positive impact on the market capitalization.\n\nThese are the reasons I advocate for setting the NCL above the Intersect budget.\n\nHowever, I do acknowledge the risks. If a new NCL is not approved for 2027, the last approved NCL—250M ADA—will remain in effect. This could result in spending exceeding Treasury income that year. Nevertheless, I am confident the community will successfully ratify a new NCL when the time comes.\n\nIn my opinion, the NCL should be calculated as a percentage of Treasury income from the previous year. For instance, if Treasury income totaled 300M ADA during the last 73 epochs and the NCL was set at 90%, the spending limit would be 270M ADA.\n\nImportant monetary parameters are currently defined as percentages, and it would be wise to maintain this convention. Additionally, such a mechanism could provide stability and predictability over multiple years without requiring frequent adjustments.\n\nAs the GA indicates, the method of setting the NCL can always be revised. I do not intend to promote my own perspective by rejecting other Governance Actions.\n\nI appreciate that this GA originates from the community rather than from founding entities. It is encouraging to see the community assuming greater responsibility.\n\nThe proposed NCLs for the next two years are reasonable and align with long-term sustainability. It is crucial not to delay investments in ecosystem development. The sooner we approve the NCL, the better.\n\nDisclaimer: If an alternative GA proposing a different NCL emerges and aligns more closely with my views, I may reconsider my vote. It makes sense to support only one proposal."
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