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    "comment": "I am voting NO on the Cardano Blockchain Ecosystem Budget of 275M ADA, administered by Intersect.\n\nRationale:\n\nI strongly oppose bundling all proposals into a single package for DReps to approve.\n\nCritical proposals are grouped with less important or unnecessary ones, many of which belong to Catalyst.\n\nBudget responsibility requires making decisions on individual proposals or smaller bundles, not one large one.\n\nProposal Breakdown:\n\n• In Ekklesia, I voted YES for 35 proposals totaling 213.3M ADA—which is 62M ADA lower than the collective DRep-approved budget in Ekklesia.\n\n• A separate GA exists for six of the proposals I supported—these are top-tier projects that most DReps agree will positively impact the ecosystem.\n\n• Intersect’s GA includes 19 projects, totaling 204.2M ADA, including four IOG projects with a combined budget of 194M ADA.\n\n• At the same time, 14 projects totaling 65.5M ADA were proposals I did not support in Ekklesia.\n\n\nAssuming that IOG is able to submit its own GA for their proposals, I am talking about supporting 15 projects with a total budget of 10M ADA that I want to support. \n\nAgainst this are 14 projects with a budget of 65.5M that I do not want to support.\n\nAs a DRep, I cannot accept it.\n\nIn my case, this imbalance makes the bundled approach unacceptable. I believe that many DReps will struggle with this as well.\n\nPreferred Alternative:\n\nI urge teams to submit their own GAs or ask Intersect to structure proposals by category or threshold.\n\n• On-chain voting for individual proposals would be ideal, though the 100K ADA deposit for GA submissions is a challenge for many projects.\n\n• Smaller, more focused GA bundles would allow better decision-making.\n\nNet Change Limit (NCL) Concerns:\n\nThe current NCL is unclear, making a 275M ADA budget approval premature. There are two active GAs regarding NCL:\n\n1. 200M ADA NCL that expires May 29, 2025.\n2. 300M ADA NCL that expires June 8, 2025.\n\nThe existing NCL received strong support, but many DReps may have backed it simply to keep the budget process moving—not because they favored a high limit.\n\nUntil DReps align on the NCL, approving such a large budget makes little sense.\n\nThis GA expires June 13, 2025. If both active NCL GAs fail, confirming the current NCL, I will still have one epoch to reconsider my vote.\n\nNext Steps & My Position:\n\nI urge DReps to vote on the NCL GAs as soon as possible.\n\nI continue to believe that budgetary responsibility is best maintained by voting on individual proposals rather than relying on an NCL. Let’s handle this on-chain.\n\nMy NO vote is a signal to Intersect that I support a process change. I do not want to approve one large bundle worth 275M ADA—I prefer individual votes or smaller proposal bundles.\n\nHowever, my support for the projects I voted YES for in Ekklesia remains firm. I will vote YES if they submit their own GA.\n\nI am also open to reconsidering all proposals, as long as they come through proper GA submissions.\n\nUltimately, I believe the ideal NCL should be around 250M ADA, with 10M ADA kept as a reserve for emergencies.\n\nBalancing monetary policy protection and ecosystem investment is a challenge—we must minimize selling pressure while funding growth.\n\nThe solution is ensuring that only projects with a positive long-term impact receive ADA from the Treasury.\n\nIn my view, some proposals in the current bundle are unnecessary."
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