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    "comment": "# 2025 Cardano NCL\n\nAfter careful consideration, I have decided to vote **NO** on the proposed Net Change Limit (NCL) of 200 million ADA for the remainder of 2025.\n\nGithub Link of this file: https://github.com/kostaspanagias/drep/blob/main/voting/2025/07/NCL25_200M.md – You can visit this link to view the formatted version of these contents. The GitHub page provides a more user-friendly and human-readable format compared to the on-chain or Cardano Explorer metadata.\n\nBelow, I outline the reasoning behind my decision:\n \n## Rationale\n\n- **Consistency with Previous Positions:**  \n  I have already reluctantly supported a 350M ADA NCL, having previously expressed a preference for a more conservative limit around 300M ADA, which aligns with the projected inflow for 2025. However, a 200M ADA NCL is, in my view, excessively restrictive for the current stage of Cardano’s development.\n\n- **Need for Strategic Investment:**  \n  While I generally favor prudent treasury management, we remain in an early and critical phase of ecosystem growth. Cardano’s roadmap includes essential development initiatives-such as scalability upgrades (e.g., Leios), enhancements to programmability, and further work on interoperability and security-that require substantial investment. Setting the NCL too low could impede our ability to fund these priorities and maintain our competitive edge against other blockchain platforms.\n\n- **Alignment with Treasury Inflows:**  \n  The annual inflow to the treasury is approximately 300M ADA. It is both reasonable and sustainable to set the NCL in line with this figure, ensuring that we do not spend more than we accrue, while also allowing for meaningful ecosystem investment. A 200M ADA limit, while justifiable if our ecosystem were fully developed or if we were in a more resource-constrained phase, risks underfunding critical initiatives at a time when Cardano needs to accelerate its development.\n\n- **Budget Process and Parallel Execution:**  \n  Although only eight months remain in 2025, the logic of scaling the NCL down proportionally for the rest of the year is not compelling. Many budget proposals and ecosystem initiatives can be executed in parallel, regardless of the elapsed months. Restricting the NCL to a lower “remaining months” calculation could unnecessarily limit our ability to fund multiple concurrent projects, especially as the budget process matures and teams become more efficient at proposal execution.\n\n- **Consistency with My Previous Votes:**  \n  I have already voted in favor of 51 budget proposals totaling roughly 285M ADA via the “Ekklesia” (2025 Cardano Budget Reconciliation) process. Supporting a 200M ADA NCL would be inconsistent with my prior votes on these individual proposals and would undermine the intent to see these initiatives funded and executed.\n\n\n## Summary\nWhile I appreciate the caution behind the proposed 200M ADA NCL, I believe it is too restrictive for the current needs and ambitions of the Cardano ecosystem. A limit closer to the actual annual inflow-around 300M ADA-strikes a better balance between sustainability and the imperative to invest in Cardano’s future. For these reasons, I have decided to vote **NO** on this proposal."
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