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    "comment": "I have decided to vote “no” to the second Net Change Limit proposal (9b62b3c632f329016a968ac25211825bb4f84b12461121c7da3aa11df92370f9#0). A Net Change Limit is a requirement before any treasury withdrawals can occur, as mandated by the Cardano Blockchain Ecosystem Constitution. Currently, there are two competing Net Change Limit proposals up for voting. This one, the second Net Change Limit proposal, has suggested a Net Change Limit of 350 million ada for the year of 2025.\n\nThe format of the proposal is solid. It provides a clear Abstract, Motivation, Rationale with a Metadata anchor link hosted in the more immutable IPFS format. Supporting links are similarly hosted in this manner and provides both CSV and PDF formats when providing economic models to support the proposals reasonings. The PDF versions provide easier access for voters to analyse as well as a snapshot of CSV files at the time of proposal, which may have data amended or appended in the future.\n\nI am uneasy with the threshold being set to greater than just 50%. This is mandated by the TREASURY-01(a) Guardrail in Appendix I Section 3 of the Cardano Constitution. However, the Guardrails section was considered “out of scope” for large parts of the constitutional workshops and the Constitutional Convention itself. While I understand that many Guardrails are technical in nature and necessarily set by those with more technical expertise, the Net Change Limit is not an on-chain parameter and is to be determined by an info action. Other economic parameters have a 67% threshold and a Net Change Limit should be no different given its very economic nature. Treasury withdrawals have very economic consequences for the ecosystem and should be managed appropriately.\n\nSecondly, a Net Change Limit has yet to even be approved and we have already seen budget proposals taking centre stage and frankly getting out of hand. The process has exposed itself prematurely and raised numerous concerns. The process has highlighted some duplication amongst proposals, exorbitant asks and some clear cash grabs. Meanwhile, we have some large DReps publicly announcing blind support for proposals without any further due diligence, in combination with a concerning rate of ever-increasing concentration of DRep voting power amongst a number of DReps, opening the system up to manipulation the more concentrated that voting power becomes.\n\nI appreciate that a Net Change Limit is required before any treasury withdrawals can happen, as mandated by the Cardano Constitution itself, and is also essential for the growth and development of the ecosystem. The level of budgetary ask put forward by some already, in anticipation of a 350 million Net Change Limit, has demonstrated a need for a lower Net Change Limit to reduce the risk of fiscal irresponsibility. I liked the amounts proposed by the other proposal, 300 million for 2025 and 250 million for 2026. Although only a spending cap and not a spending target, it is clear that this is not how many budget proposals are approaching this right now."
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