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    "comment": "I vote no on this “Set 2025 Net Change Limit of 300M ADA, 2026 Net Change Limit of 250M ADA” Info Action for the following reasons:\n\n1. Interpretive ambiguity and arguable establishment of a perpetual-until-superseded 250M ADA net change limit beyond 2026.\n\nIf passed, this Info Action would set net change limits of 300M ADA for 2025 and 250M ADA for 2026. While the Info Action states “The Net Change Limit beyond 2027 is not defined in this governance action” and “The Net Change Limit shall be effective for the period specified in this action,” it also provides that “In the event that a mutually agreed Net Change Limit is not established for subsequent periods, the most recently approved Net Change Limit shall remain in force by default.” Taken together, these statements are in tension and create unnecessary ambiguity. If interpreted in light of the latter statement, and unless a subsequent NCL Info Action superseded it, this Info Action would set a default NCL of 250M ADA in perpetuity. \n\nIn effect, this Info Action would remove the first stage of deliberative friction in the Treasury Withdrawal sequence of NCL Info Action, to Budget Info Action, to Treasury Withdrawal Action. Whether or not this reduced friction would serve the long-term interests of Cardano and our Community is an open question, and we lack the benefit experience to evaluate the need for such a change. Given the historical propensity of wide swings in ADA-fiat conversion value, fluctuations in the Treasury’s balance, and a multitude of other intrinsic and extrinsic variables, I’m of the opinion that a more intentional exploration of this change and additional experience should precede such a change. While I’m not inherently opposed to multi-year NCL Info Actions, I am opposed to setting a perpetual, default 250M ADA NCL beyond 2026 at this juncture.\n\n2. Misstating the NCL Info Action passage threshold\n\t\nThe relevant guardrail, TREASURY-01a, is found in Appendix I, Section 3: “A net change limit for the Cardano treasury’s balance per period of time must be agreed by the DReps via an on-chain governance action with a threshold of greater than 50% of the active voting stake.”\n\nThis Info Action misstates the relevant threshold when asserting: “In accordance with the Constitution, this action shall be considered ratified with a threshold of greater than 67% of the delegated ada to DReps voting in favor.” While endeavoring to garner 67% approval is a positive goal, the relevant guardrail controls — meeting a threshold of greater than 50% results in passage.\n"
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