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    "comment": "RCADA votes **YES** on **Net Change Limit: Cardano Treasury (Epochs 613–713)**.\n\nThis is a cautious YES.\n\nRCADA recognises that this is an **Info Action**, not a Treasury Withdrawal. It does not directly authorize any spending from the Cardano Treasury. Instead, it records DRep agreement to set a new Net Change Limit of **500,000,000 ADA** for the period beginning at the start of **Epoch 613** and ending at the close of **Epoch 713**.\n\nRCADA supports the principle that the Cardano Treasury should be governed with discipline, restraint, and long-term sustainability in mind. The Net Change Limit is an important fiscal guardrail because it places a fixed cap on how much ADA can leave the Treasury through enacted Treasury Withdrawals during the defined period. Raising that limit should not be treated as routine, and RCADA does not view this proposal as a simple housekeeping action.\n\nRCADA has previously been cautious about Treasury spending that exceeds estimated Treasury inflows. That caution remains. A Treasury that is drawn down faster than it replenishes cannot support the ecosystem indefinitely. The Cardano Treasury should not become a general-purpose spending pool, and DReps should not approve withdrawals simply because headroom exists under the limit.\n\nAt the same time, RCADA recognises that the proposed **500 million ADA** limit is not an automatic spending plan. It is a ceiling. Each Treasury Withdrawal would still need to be assessed and approved separately. RCADA’s YES vote should therefore not be interpreted as support for spending the full amount, nor as approval of any particular future Treasury Withdrawal.\n\nRCADA also notes that while **500 million ADA** is higher than the previously agreed **350 million ADA** limit, the relevant comparison is not only the headline increase of **150 million ADA**. The period runs for roughly 1.38 years, and when compared against estimated Treasury replenishment over that period, the proposed limit appears to be moderately above expected inflows rather than an extreme expansion. This still matters, because full use of the limit would likely reduce the Treasury balance. However, RCADA does not view the proposed level as excessive if it is used carefully and only for high-quality proposals.\n\nRCADA also believes there is a reasonable argument that weaker market conditions can be an important time to build. Cardano should not stop investing in critical infrastructure, developer tooling, security, governance capability, decentralisation, resilience, and adoption simply because the market is down. In some cases, carefully selected public-good investment during quieter market periods may strengthen the ecosystem for the next growth cycle.\n\nHowever, this argument only works if spending remains selective. A higher Net Change Limit must not become an excuse for loose funding standards, weak accountability, duplicated work, poor value-for-money, or repeated funding of familiar recipients without clear ecosystem benefit. Any Treasury Withdrawal that relies on this expanded headroom should face strong scrutiny.\n\nRCADA is also concerned that the ecosystem does not yet appear to have a simple, coordinated, and comprehensive way for DReps and the community to assess how Treasury-funded grants and proposals have actually spent funds, what has been delivered, what impact has been achieved, what funds have been returned, and whether the spending represented value for money. Individual proposals may publish reports, dashboards, audits, milestone updates, or transaction records, and there are useful tools for tracking governance actions and Treasury movements. But RCADA is not currently aware of a single ecosystem-level reporting layer that allows DReps to easily evaluate the full Treasury-funded portfolio.\n\nRCADA recognises that such reporting would be difficult. Treasury-funded work varies widely across infrastructure, tooling, governance, adoption, liquidity, education, operations, and community initiatives. Not every valuable outcome is easy to measure, and not every project can be judged by the same metric. Even so, better portfolio-level reporting would materially improve DRep decision-making and public accountability.\n\nFor that reason, RCADA supports this higher Net Change Limit with a clear expectation that Cardano Treasury governance continues to mature. The ecosystem needs stronger post-funding reporting, clearer portfolio-level visibility, better tracking of unused or returned funds, more consistent delivery evidence, and improved value-for-money assessment across funded work.\n\nRCADA’s support is therefore conditional in spirit, even though the vote itself is a YES. The higher ceiling should preserve flexibility for DReps to consider credible proposals on their merits, but it should not weaken the discipline applied to individual withdrawals. Proposals should continue to be judged on constitutional compliance, public-good value, delivery credibility, transparency, accountability, sustainability, risk, and long-term benefit to Cardano.\n\nOn balance, RCADA supports this Info Action because it preserves governance flexibility during an important development period, while still leaving every future Treasury Withdrawal subject to separate DRep approval. RCADA votes YES with the clear expectation that the **500 million ADA** Net Change Limit is treated as a maximum ceiling, not a spending target, and that any use of the additional headroom is reserved for high-conviction proposals that provide measurable and durable value to the Cardano ecosystem.\n\nRCADA's full vote assessment can be found here:\nhttps://brolloks.github.io/rcada-drep-votes/\n"
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