{
  "type": "FuegoIQDRepVoteRationale",
  "version": 1,
  "drepId": "drep1ytuufvd6maykgfcp20fxgpx7g6a9z2suchqehfejwdsx8cgpx80yg",
  "governanceAction": {
    "id": "gov_action15atytcy8ru7mkcs8m7r8mx7k5x36t0h6grtgmak6v5wmf4nq07lsqhakceq",
    "title": "Net Change Limit: Cardano Treasury (Epochs 613-713)",
    "type": "InfoAction",
    "lifecycle": "Live",
    "expiryEpoch": 647,
    "url": "ipfs://QmXFz2SrMXustcHZzmg6kz3vXRThebgyZ4pChF9grxqqMD"
  },
  "vote": {
    "choice": "No"
  },
  "body": {
    "rationale": "I am voting NO on the proposal to raise the Net Change Limit by 150M ADA.\n\nThis is not a vote against treasury spending, ecosystem growth, DeFi, marketing, infrastructure, or ambition. I have supported multiple treasury withdrawals where I believe the case is strong, particularly for wallet security, self-custody, developer tooling, open-source infrastructure and essential public goods.\n\nHowever, I do not believe the NCL should be increased at this time.\n\nThe Net Change Limit is a constitutional treasury guardrail. It is intended to cap treasury withdrawals over a defined period and force prioritisation. If the limit is raised whenever live demand exceeds available capacity, the NCL risks becoming a formality rather than a meaningful discipline mechanism.\n\nMy concern is also structural. The current NCL window is too long, and we are already under significant pressure early in the cycle. I believe Cardano should move toward shorter NCL windows, perhaps 3–6 months, with appropriately sized limits. Shorter windows would allow DReps to reassess priorities, market conditions, treasury needs and proposal quality more frequently.\n\nBefore increasing the NCL, I believe DReps should first debate and agree a better treasury framework, including category-level budget buckets for areas such as core infrastructure, wallets and security, developer tooling, governance operations, growth and adoption, marketing, DeFi or treasury investment, contingency and reserves.\n\nI also believe Cardano should develop a more market-aware treasury strategy. In stronger ADA markets, the community should consider converting a defined, governance-approved portion of treasury ADA into stable reserves and possibly other approved non-ADA assets. Those reserves could help fund essential operations, public goods and strategic opportunities during weak ADA markets, reducing the need to spend ADA when its long-term opportunity cost is higher.\n\nI am not opposed to the Treasury eventually acting as a more sophisticated sovereign reserve or VC-style ecosystem investment function. But that should happen within agreed buckets, risk limits, stablecoin policies, concentration limits, conflict controls, due diligence standards, public reporting and clear accountability for returns and losses.\n\nI have set out my broader thinking on NCL reform here:\nhttps://x.com/Cardano_Will/status/2074566189389336964\n\nFor these reasons, I believe the framework should come before the expanded ceiling. I support serious NCL reform, but I do not support increasing the current limit by 150M ADA now.\n\nI vote NO."
  },
  "status": "published-rationale"
}