{
  "@context": {
    "CIP100": "https://github.com/cardano-foundation/CIPs/blob/master/CIP-0100/README.md#",
    "hashAlgorithm": "CIP100:hashAlgorithm",
    "body": {
      "@id": "CIP100:body",
      "@context": {
        "references": {
          "@id": "CIP100:references",
          "@container": "@set",
          "@context": {
            "GovernanceMetadata": "CIP100:GovernanceMetadataReference",
            "Other": "CIP100:OtherReference",
            "label": "CIP100:reference-label",
            "uri": "CIP100:reference-uri",
            "referenceHash": {
              "@id": "CIP100:referenceHash",
              "@context": {
                "hashDigest": "CIP100:hashDigest",
                "hashAlgorithm": "CIP100:hashAlgorithm"
              }
            }
          }
        },
        "comment": "CIP100:comment",
        "externalUpdates": {
          "@id": "CIP100:externalUpdates",
          "@context": {
            "title": "CIP100:update-title",
            "uri": "CIP100:uri"
          }
        }
      }
    },
    "authors": {
      "@id": "CIP100:authors",
      "@container": "@set",
      "@context": {
        "name": "http://xmlns.com/foaf/0.1/name",
        "witness": {
          "@id": "CIP100:witness",
          "@context": {
            "witnessAlgorithm": "CIP100:witnessAlgorithm",
            "publicKey": "CIP100:publicKey",
            "signature": "CIP100:signature"
          }
        }
      }
    }
  },
  "authors": [],
  "body": {
    "comment": "The proposals currently submitted by IOG — covering Core Development, Catalyst, and Research — already request a total of 193M ADA. Setting the NCL at 200M ADA would nearly exhaust the limit, leaving little room for funding other critical infrastructure proposals. This situation risks hindering Cardano’s growth. Fundamentally, the NCL is not a budget intended to be fully spent, but rather a guardrail that defines the maximum amount that may be withdrawn within a given period. As we are still in the early stages of transitioning to on-chain governance, imposing a restrictive cap at this time could undermine the flexibility needed for effective decision-making and timely response. Moreover, the NCL is not fixed permanently once established. It should be subject to review and adjustment as budget execution progresses and as market conditions evolve. In this transitional period, it is prudent to design with sufficient margin to accommodate uncertainty. Doing so will support sustainable and strategic ecosystem governance.\n\n現在、IOGから提出されているCore開発・Catalyst・Research関連の提案だけで合計193M ADAが要求されており、200M ADAではほぼ上限まで達する状況です。この状態では、他の重要提案への投資が困難になり、Cardanoの成長を阻害しかねません。そもそもNCLは「使い切るための予算」ではなく、一定期間内に引き出せる「上限」を定める仕組みです。現在はオンチェーンガバナンスへの移行初期であり、こうした状況で過度に厳しい上限を設定することは、ガバナンスの柔軟性を失わせ、必要な判断や対応を困難にするのではと懸念しています。また、NCLは一度決定すれば永久に固定されるものではなく、今後の予算の進捗状況や市場環境の変化に応じて適切なタイミングで見直していくべきものです。このような過渡期においては、将来の不確実性に備え、余力を持った設計としておくことが健全なエコシステム運営に繋がると考えています。"
  },
  "hashAlgorithm": "blake2b-256"
}