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    "comment": "# Rationale on: \"2025 Net Change Limit\" Voting\n\nThe Net Change Limit proposal appears well-considered and justified based on last year’s inflows. This sets a rational precedent for formulating fiscal policies within our ecosystem. However, I would prefer the proposed amount to be grounded in actual figures rather than projections. The actual 2024 inflow was approximately 336M, while the October 2024 projection stood at 351M. Given that we are now in April 2025, it seems reasonable to revise the number based on these actuals.\n\nI’m deeply uncomfortable with a Net Change Limit of 350M ADA, and I would much prefer the community-led proposal of 300M ADA that unfortunately didn’t pass. The 2024 inflow was lower than 350M, and the projected 2025 figure is also below this mark. This means we risk spending more funds annually than we accrue, which seems unsustainable.\n\nI acknowledge that without a Net Change Limit in place, our ecosystem remains in a stagnant phase, unable to fund pressing budget proposals. As we operate in a competitive industry, delaying decisions might jeopardise our position and competitiveness relative to other blockchains.\n\nMoreover, I view the NCL as a spending ceiling rather than a target. In my experience, businesses often aim to exhaust their budgets due to concerns about future cuts if not fully utilised. I hope this isn’t true for us, since every ADA holder has a direct interest in our treasury’s sensible management. As such, while I am inclined to support the NCL proposal, I’ll be vigilant when evaluating individual budget proposals and will scrutinise them diligently. Each budget request should have a clear return on investment (ROI) - not necessarily monetary, but demonstrating the value and utility it brings to our ecosystem.\n\nI’d really hoped for another, lower NCL proposal to appear before this one expired. Since this doesn’t seem likely, **I would reluctantly vote “YES” in order to start building and avoid further disruptions**.\n\n## Additional remarks:\n- I welcome any other lower NCL that might appear in the future, and I would most likely vote in favour of it (my ideal NCL would be set at 300 million ADA).\n- If I had 100k ADA available, I would submit a new NCL proposal at 300M ADA (only for 2025).\n- It’s imperative that we do not lose even a single day more; it’s mid-April, and starting a new GA cycle would lead us into the second half of the year before we begin investing funds.\n- Withdrawals from the treasury are investments, and as such, I would evaluate them carefully. If a proposal is not linked to clear results, I would be very hesitant to support it."
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