2025 Cardano NCL
The Cardano Constitution, at Article IV, Section 3, requires that before withdrawal of Treasury funds, the community must have established a Net Change Limit (NCL). This means passing a NCL in a formal on-chain governance info action. The NCL represents the maximum amount of ada which may be withdrawn from the Cardano Treasury in a given period. It is a guardrail which, by definition in the Cardano Blockchain Ecosystem Constitution Definitions referenced below, protects the sustainability of the Cardano Treasury by preventing excessive withdrawals.
Reasoning
Written after the vote was cast
What this asks for, and from whom
An Info Action on the 2025 Cardano Net Change Limit.
What would have to be true for this to be a good use of treasury funds
The treasury needs an agreed spending ceiling before the spending starts, not after. That is basic discipline and I have voted for it consistently at every opportunity.
What specifically concerns me
Multiple competing NCL proposals circulating at once creates confusion about which limit is actually binding. That ambiguity is worse than either number.
What I am asking of the proposer if this passes
It was dropped. Settle one limit, publish outflow against it continuously, and make the remaining headroom visible to every Drep before they vote on the next large withdrawal.