{"id":44179,"date":"2025-12-01T06:39:52","date_gmt":"2025-11-30T21:39:52","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=44179"},"modified":"2025-12-01T06:43:30","modified_gmt":"2025-11-30T21:43:30","slug":"post-44179","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=44179","title":{"rendered":"SIPO DRep\uff1a2025 Net Change Limit Extension\uff08NCL\u5ef6\u9577\u63d0\u6848\uff09\u306b\u300cYes\u300d"},"content":{"rendered":"\n<div class=\"dp_toc_container pos-before_first_h allow-toggle\" role=\"navigation\" data-margin=\"30\"><p class=\"toc_title_block\"><span class=\"toc_title icon-list\">INDEX<\/span><span class=\"toc_toggle icon-up-open\" role=\"button\"><\/span><\/p><ul class=\"dp_toc_ul has_title\"><li><a href=\"#2025-net-change-limit-extensionefbc88ncle5bbb6e995b7e68f90e6a188efbc89e381aee8a7a3e8aaace381a8e38081sipo-drepe381a8e38197e381a6e381aee382b9e382bf-1\">2025 Net Change Limit Extension\uff08NCL\u5ef6\u9577\u63d0\u6848\uff09\u306e\u89e3\u8aac\u3068\u3001SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/a><ul><li><a href=\"#e296a0-e38193e381aee68f90e6a188e381afe4bd95e38292e38199e3828be38282e381aee381aae381aee3818befbc9f-2\">\u25a0 \u3053\u306e\u63d0\u6848\u306f\u4f55\u3092\u3059\u308b\u3082\u306e\u306a\u306e\u304b\uff1f<\/a><\/li><li><a href=\"#e296a0-e381aae3819ce69c9fe99990e5bbb6e995b7e3818ce5bf85e8a681e381aae381aee3818befbc9f-3\">\u25a0 \u306a\u305c\u671f\u9650\u5ef6\u9577\u304c\u5fc5\u8981\u306a\u306e\u304b\uff1f<\/a><\/li><li><a href=\"#e296a0-e789b9e381abe4bb8ae59b9ee9878de8a681e381aae381aee381afe38081critical-integrations-budgetefbc8870m-adaefbc89e381a8e381aee996a2e4bf82-4\">\u25a0 \u7279\u306b\u4eca\u56de\u91cd\u8981\u306a\u306e\u306f\u3001Critical Integrations Budget\uff0870M ADA\uff09\u3068\u306e\u95a2\u4fc2<\/a><\/li><li><a href=\"#e296a0-ncle5bbb6e995b7e3818ce38282e3819fe38289e38199e383a1e383aae38383e38388-5\">\u25a0 NCL\u5ef6\u9577\u304c\u3082\u305f\u3089\u3059\u30e1\u30ea\u30c3\u30c8<\/a><\/li><li><a href=\"#e296a0-sipo-drepe381a8e38197e381a6e381aee68a95e7a5a8e588a4e696ad-6\">\u25a0 SIPO DRep\u3068\u3057\u3066\u306e\u6295\u7968\u5224\u65ad<\/a><\/li><li><a href=\"#e296a0-e69c80e5be8ce381ab-7\">\u25a0 \u6700\u5f8c\u306b<\/a><\/li><\/ul><\/li><li><a href=\"#explaining-the-2025-net-change-limit-extension-and-sipo-dreps-position-8\">Explaining the 2025 Net Change Limit Extension \u2014 and SIPO DRep\u2019s Position<\/a><ul><li><a href=\"#e296a0-what-does-this-proposal-do-9\">\u25a0 What does this proposal do?<\/a><\/li><li><a href=\"#e296a0-why-is-this-extension-needed-10\">\u25a0 Why is this extension needed?<\/a><\/li><li><a href=\"#e296a0-why-this-matters-right-now-the-critical-integrations-budget-11\">\u25a0 Why this matters&nbsp;right now: the Critical Integrations Budget<\/a><\/li><li><a href=\"#e296a0-benefits-of-extending-the-ncl-12\">\u25a0 Benefits of extending the NCL<\/a><\/li><li><a href=\"#e296a0-sipo-dreps-voting-decision-13\">\u25a0 SIPO DRep\u2019s voting decision<\/a><\/li><li><a href=\"#e296a0-final-thoughts-14\">\u25a0 Final thoughts<\/a><\/li><\/ul><\/div><h3 class=\"wp-block-heading deb-block deb-block-9b303c2\" id=\"2025-net-change-limit-extensionefbc88ncle5bbb6e995b7e68f90e6a188efbc89e381aee8a7a3e8aaace381a8e38081sipo-drepe381a8e38197e381a6e381aee382b9e382bf-1\"><strong>2025 Net Change Limit Extension\uff08NCL\u5ef6\u9577\u63d0\u6848\uff09\u306e\u89e3\u8aac\u3068\u3001SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/strong><\/h3>\n\n\n\n<p class=\"deb-block deb-block-02c01c3\">\u4eca\u56de\u306f\u3001\u73fe\u5728\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u63d0\u51fa\u3055\u308c\u3066\u3044\u308b <strong>\u300c<a href=\"https:\/\/gov.tools\/connected\/governance_actions\/d16dffbae9d86a73cb343506e6712d79c278096dc25e8ba6900eb24522726bba#0\" data-type=\"link\" data-id=\"https:\/\/gov.tools\/connected\/governance_actions\/d16dffbae9d86a73cb343506e6712d79c278096dc25e8ba6900eb24522726bba#0\">2025 Net Change Limit Extension<\/a>\u300d\u63d0\u6848<\/strong>\u306b\u3064\u3044\u3066\u3001\u80cc\u666f\u3084\u5f71\u97ff\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u6574\u7406\u3057\u306a\u304c\u3089\u3001SIPO DRep\u3068\u3057\u3066\u306e\u6295\u7968\u5224\u65ad\u3082\u5171\u6709\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-89a6d2b\" id=\"e296a0-e38193e381aee68f90e6a188e381afe4bd95e38292e38199e3828be38282e381aee381aae381aee3818befbc9f-2\"><strong>\u25a0 \u3053\u306e\u63d0\u6848\u306f\u4f55\u3092\u3059\u308b\u3082\u306e\u306a\u306e\u304b\uff1f<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-209bdf5\">\u3053\u306e\u63d0\u6848\u306f\u3001<strong>Cardano Treasury\uff08\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\uff09\u304b\u3089\u53d6\u308a\u51fa\u305b\u308b\u5e74\u9593\u652f\u51fa\u4e0a\u9650\uff1dNCL\uff08Net Change Limit\uff09<\/strong> \u306e <strong>\u201c\u671f\u9650\u201d \u3092\u5ef6\u9577\u3059\u308b\u3060\u3051<\/strong> \u306e\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e73c5c7\">\u30dd\u30a4\u30f3\u30c8\u306f\u3053\u3053\u3067\u3059\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-a9cca40\">\n<li class=\"\"><strong>\u652f\u51fa\u4e0a\u9650\uff08350M ADA\uff09\u306f\u5909\u308f\u3089\u306a\u3044<\/strong><\/li>\n\n\n\n<li class=\"\">\u8ffd\u52a0\u3067\u4f7f\u3048\u308b\u984d\u304c\u5897\u3048\u308b\u308f\u3051\u3067\u306f\u306a\u3044<\/li>\n\n\n\n<li class=\"\">\u201c\u6709\u52b9\u671f\u9650\u201d \u3060\u3051\u3092 <strong>Epoch 604\uff082026\u5e741\u67084\u65e5\uff09 \u2192 Epoch 612\uff082026\u5e742\u67088\u65e5\uff09<\/strong> \u306b\u5ef6\u3070\u3059<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-cb2433d\">\u3064\u307e\u308a\u3001\u8ca1\u52d9\u898f\u5f8b\u306f\u5b8c\u5168\u306b\u305d\u306e\u307e\u307e\u7dad\u6301\u3055\u308c\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-1705d80\"><strong>\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u904b\u7528\u304c\u6b62\u307e\u308b\u306e\u3092\u9632\u3050\u305f\u3081\u306e\u5ef6\u9577\u63aa\u7f6e<\/strong>\u306b\u3059\u304e\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-23df362\" id=\"e296a0-e381aae3819ce69c9fe99990e5bbb6e995b7e3818ce5bf85e8a681e381aae381aee3818befbc9f-3\"><strong>\u25a0 \u306a\u305c\u671f\u9650\u5ef6\u9577\u304c\u5fc5\u8981\u306a\u306e\u304b\uff1f<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-ad91277\">NCL\u306f\u3001Cardano\u306e\u61b2\u6cd5\u3067\u5b9a\u3081\u3089\u308c\u3066\u3044\u308b\u91cd\u8981\u306a\u8ca1\u52d9\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u3067\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-64f995f\">\u300c\u3053\u306e\u4e0a\u9650\u3092\u8d85\u3048\u3066\u652f\u51fa\u3057\u3066\u306f\u3044\u3051\u306a\u3044\u300d<\/p>\n\n\n\n<p class=\"deb-block deb-block-db5913c\">\u3068\u3044\u3046\u53b3\u5bc6\u306a\u30eb\u30fc\u30eb\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-6b5f0aa\">\u554f\u984c\u306f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-af3c1ba\">\n<li class=\"\"><strong>\u73fe\u884c\u306eNCL\u304cEpoch 604\u3067\u671f\u9650\u5207\u308c\u306b\u306a\u308b<\/strong><\/li>\n\n\n\n<li class=\"\">\u671f\u9650\u5207\u308c\u3059\u308b\u3068\u3001 \u2192 <strong>\u65b0\u3057\u3044NCL\u304c\u6210\u7acb\u3059\u308b\u307e\u3067\u3001\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u51fa\u91d1\u304c\u5b8c\u5168\u505c\u6b62\u3059\u308b<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-cc5e2d4\">\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-31da23b\">\u3055\u3089\u306b\u3001Cardano\u306e\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u51fa\u91d1\uff08TWGA\uff09\u306f\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-a642a72\">\n<li class=\"\">\u53ef\u6c7a\u3055\u308c\u305f\u7fcc\u30a8\u30dd\u30c3\u30af\u3067\u57f7\u884c\u3055\u308c\u308b\uff081\u30a8\u30dd\u30c3\u30af\u9045\u5ef6\uff09<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-ac5b9c8\">\u3068\u3044\u3046\u4ed5\u69d8\u304c\u3042\u308b\u305f\u3081\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-130dc9c\"><strong>\u5e74\u672b\u301c\u5e74\u59cb\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u300c\u7a7a\u767d\u671f\u9593\u300d\u304c\u767a\u751f\u3059\u308b\u30ea\u30b9\u30af<\/strong>\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-da877cc\" id=\"e296a0-e789b9e381abe4bb8ae59b9ee9878de8a681e381aae381aee381afe38081critical-integrations-budgetefbc8870m-adaefbc89e381a8e381aee996a2e4bf82-4\"><strong>\u25a0 \u7279\u306b\u4eca\u56de\u91cd\u8981\u306a\u306e\u306f\u3001Critical Integrations Budget\uff0870M ADA\uff09\u3068\u306e\u95a2\u4fc2<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-7694451\">\u73fe\u5728\u3001<strong>\u20b370,000,000 \u3092\u8981\u6c42\u3059\u308b\u300c<a href=\"https:\/\/gov.tools\/connected\/governance_actions\/8f54d021c6e6fcdd5a4908f10a7b092fa31cd94db2e809f2e06d7ffa4d78773d#0\" data-type=\"link\" data-id=\"https:\/\/gov.tools\/connected\/governance_actions\/8f54d021c6e6fcdd5a4908f10a7b092fa31cd94db2e809f2e06d7ffa4d78773d#0\">Cardano Critical Integrations Budget<\/a>\u300d<\/strong> \u304c\u540c\u6642\u306b\u9032\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-d261ebc\">\u3053\u308c\u306f Cardano \u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u5927\u304d\u306a\u6226\u7565\u7684\u4e88\u7b97\u3067\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-5905fa0\">\n<li class=\"\">tier-1 stablecoin<\/li>\n\n\n\n<li class=\"\">\u30d6\u30ea\u30c3\u30b8<\/li>\n\n\n\n<li class=\"\">\u4fa1\u683c\u30aa\u30e9\u30af\u30eb<\/li>\n\n\n\n<li class=\"\">\u5927\u624b\u30ab\u30b9\u30c8\u30c7\u30a3<\/li>\n\n\n\n<li class=\"\">\u30a4\u30f3\u30b9\u30c6\u30a3\u5411\u3051Wallet<\/li>\n\n\n\n<li class=\"\">On-chain analytics<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-0e99979\">\u306a\u3069\u3001<strong>Cardano\u304c\u6b21\u306e\u30b9\u30c6\u30fc\u30b8\u3078\u9032\u3080\u305f\u3081\u306e\u30b3\u30a2\u30a4\u30f3\u30d5\u30e9<\/strong>\u3092\u5c0e\u5165\u3059\u308b\u305f\u3081\u306e\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-014b637\">\u3053\u306e70M ADA\u306e\u4e88\u7b97\u306f\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-16ed001\"><strong>\u73fe\u884cNCL\u306e\u201c\u6b8b\u308a\u67a0\u201d\u3092\u524d\u63d0\u306b\u63d0\u51fa\u3055\u308c\u3066\u3044\u308b<\/strong>\u305f\u3081\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-55655f8\">NCL\u304c\u671f\u9650\u5207\u308c\u306b\u306a\u308b\u3068\u57f7\u884c\u3067\u304d\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-d3bb249\">\u3064\u307e\u308a\u3001<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-95358ad\">\n<p class=\"deb-block deb-block-2f7fa05\"><strong>NCL\u5ef6\u9577\u306f\u3001Critical Integrations Budget\u3092\u5b89\u5168\u306b\u901a\u3059\u305f\u3081\u306e\u4fdd\u967a\u306b\u306a\u308b\u3002<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-2ba07a3\">\u3053\u308c\u306f\u975e\u5e38\u306b\u5927\u304d\u306a\u610f\u5473\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-52847bb\">SIPO\u306f\u3053\u306e\u63d0\u6848\u306b\u300cYes\u300d\u3092\u6295\u7968\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-e70fd06\">\u53c2\u8003\u8a18\u4e8b\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-sipo wp-block-embed-sipo deb-block deb-block-164a477\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"Drt7m0r18t\"><a href=\"https:\/\/sipo.tokyo\/?p=44146\">SIPO DRep\uff1aCardano Critical Integrations Budget \u306b\u300cYes\u300d<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;SIPO DRep\uff1aCardano Critical Integrations Budget \u306b\u300cYes\u300d&#8221; &#8212; SIPO\" src=\"https:\/\/sipo.tokyo\/?p=44146&#038;embed=true#?secret=n5Dg9gE2t4#?secret=Drt7m0r18t\" data-secret=\"Drt7m0r18t\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-11f2d82\" id=\"e296a0-ncle5bbb6e995b7e3818ce38282e3819fe38289e38199e383a1e383aae38383e38388-5\"><strong>\u25a0 NCL\u5ef6\u9577\u304c\u3082\u305f\u3089\u3059\u30e1\u30ea\u30c3\u30c8<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-18cabc6\">\n<li class=\"\">\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u904b\u7528\u304c\u6b62\u307e\u3089\u306a\u3044<\/li>\n\n\n\n<li class=\"\">\u91cd\u8981\u306a\u4e88\u7b97\uff08\u4f8b\uff1aCritical Integrations Budget\uff09\u304c\u201c\u671f\u9650\u5207\u308c\u201d\u3067\u5931\u52b9\u3057\u306a\u3044<\/li>\n\n\n\n<li class=\"\">CC\uff08Constitutional Committee\uff09\u306e\u79fb\u884c\u671f\u306b\u8d77\u3053\u308a\u3084\u3059\u3044\u9045\u5ef6\u30ea\u30b9\u30af\u3092\u5438\u53ce\u3067\u304d\u308b<\/li>\n\n\n\n<li class=\"\">\u61b2\u6cd5\u30fb\u30ac\u30fc\u30c9\u30ec\u30fc\u30eb\u306e\u6574\u5408\u6027\u3092\u4fdd\u3061\u306a\u304c\u3089\u30ac\u30d0\u30ca\u30f3\u30b9\u3092\u7d99\u7d9a\u3067\u304d\u308b<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-735ca0a\">\u4f55\u3088\u308a\u91cd\u8981\u306a\u306e\u306f\u3001<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-5f6404e\">\n<p class=\"deb-block deb-block-ad221eb\"><strong>\u652f\u51fa\u4e0a\u9650\u306f\u5909\u308f\u3089\u305a\u3001\u8ca1\u52d9\u898f\u5f8b\u306f\u5b8c\u5168\u306b\u7dad\u6301\u3055\u308c\u308b<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-e4a985a\">\u3068\u3044\u3046\u70b9\u3067\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-b82974f\" id=\"e296a0-sipo-drepe381a8e38197e381a6e381aee68a95e7a5a8e588a4e696ad-6\"><strong>\u25a0 SIPO DRep\u3068\u3057\u3066\u306e\u6295\u7968\u5224\u65ad<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-4546115\">\u79c1\u306f\u3001\u3053\u306e\u63d0\u6848\u306b <strong>\u300cYes\u300d<\/strong> \u3092\u6295\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-0a89130\">\u7406\u7531\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3059\uff1a<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-85c3673\">\n<li class=\"\"><strong>\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u904b\u7528\u304c\u505c\u6b62\u3059\u308b\u3068\u3001\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u306b\u91cd\u5927\u306a\u5f71\u97ff\u304c\u51fa\u308b\u305f\u3081<\/strong><\/li>\n\n\n\n<li class=\"\">\u3053\u306e\u63d0\u6848\u306f <strong>\u8ffd\u52a0\u652f\u51fa\u3092\u8a8d\u3081\u308b\u3082\u306e\u3067\u306f\u306a\u304f\u3001\u3042\u304f\u307e\u3067\u300c\u671f\u9650\u5ef6\u9577\u300d\u3060\u3051\u306e\u4fdd\u5b88\u7684\u63aa\u7f6e<\/strong>\u306e\u305f\u3081<\/li>\n\n\n\n<li class=\"\">2026\u5e74\u306b\u5411\u3051\u305f\u5927\u578b\u30a4\u30f3\u30d5\u30e9\u7d71\u5408\uff08Critical Integrations\u306a\u3069\uff09\u304c\u3001\u6280\u8853\u7684\u306a\u671f\u9650\u5207\u308c\u3067\u5931\u6557\u3059\u308b\u30ea\u30b9\u30af\u3092\u907f\u3051\u308b\u305f\u3081<\/li>\n\n\n\n<li class=\"\">\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u7a7a\u767d\u671f\u9593\u3092\u4f5c\u3089\u306a\u3044\u306e\u306f\u3001DRep\u3068\u3057\u3066\u306e\u8cac\u52d9\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u305f\u3081<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-0677df4\">NCL\u5ef6\u9577\u306f\u300c\u5730\u5473\u300d\u3067\u3059\u304c\u3001\u3068\u3066\u3082\u91cd\u8981\u3067\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-f06fc40\">Cardano\u306e\u8ca1\u52d9\u30ac\u30d0\u30ca\u30f3\u30b9\u3092\u5065\u5168\u306b\u4fdd\u3064\u305f\u3081\u306b\u6b20\u304b\u305b\u306a\u3044\u63aa\u7f6e\u3060\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-d30028f\" id=\"e296a0-e69c80e5be8ce381ab-7\"><strong>\u25a0 \u6700\u5f8c\u306b<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-d77f537\">\u4eca\u56de\u306e\u63d0\u6848\u306f\u3001Cardano\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u6a5f\u69cb\u304c\u6210\u719f\u3057\u305f\u3053\u3068\u3092\u793a\u3059\u4e00\u4f8b\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-bbf2662\">\u5236\u5ea6\u304c\u3057\u3063\u304b\u308a\u3057\u3066\u3044\u308b\u304b\u3089\u3053\u305d\u3001\u3053\u3046\u3057\u305f\u8abf\u6574\u304c\u5fc5\u8981\u306b\u306a\u308b\u3068\u3044\u3046\u306e\u306f\u3001\u3080\u3057\u308d\u5065\u5168\u306a\u8a3c\u62e0\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-a4d9242\">SIPO\u3068\u3057\u3066\u306f\u3001\u30b3\u30df\u30e5\u30cb\u30c6\u30a3\u306e\u7686\u3055\u3093\u306b\u4e01\u5be7\u306b\u8aac\u660e\u3057\u306a\u304c\u3089\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-2ac18c2\">\u3053\u308c\u304b\u3089\u3082\u5408\u7406\u7684\u3067\u900f\u660e\u6027\u306e\u3042\u308b\u5224\u65ad\u3092\u793a\u3057\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-9cddb72\">\u307e\u305f\u4f55\u304b\u6c17\u306b\u306a\u308b\u70b9\u304c\u3042\u308c\u3070\u3001\u305c\u3072\u6c17\u8efd\u306b\u30b3\u30e1\u30f3\u30c8\u3084DM\u3067\u6559\u3048\u3066\u304f\u3060\u3055\u3044\uff01<\/p>\n\n\n\n<p class=\"deb-block deb-block-70d6c3f\">SIPO DRep<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-12e4571\"\/>\n\n\n\n<h3 class=\"wp-block-heading deb-block deb-block-88326d5\" id=\"explaining-the-2025-net-change-limit-extension-and-sipo-dreps-position-8\"><strong>Explaining the 2025 Net Change Limit Extension \u2014 and SIPO DRep\u2019s Position<\/strong><\/h3>\n\n\n\n<p class=\"deb-block deb-block-f66bde7\">In this post, I\u2019d like to walk through the governance proposal titled <strong>\u201c2025 Net Change Limit Extension\u201d<\/strong>, explain why it matters, and share my voting stance as a DRep.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-931e69b\" id=\"e296a0-what-does-this-proposal-do-9\"><strong>\u25a0 What does this proposal do?<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-72dfcf3\">This proposal <strong>does not increase Cardano\u2019s treasury spending limit<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-8d880aa\">It simply <strong>extends the validity period<\/strong> of the existing Net Change Limit (NCL).<\/p>\n\n\n\n<p class=\"deb-block deb-block-09031b5\">Key points:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-edef2bb\">\n<li class=\"\">The 350M ADA spending cap stays exactly the same<\/li>\n\n\n\n<li class=\"\">No new spending is authorized<\/li>\n\n\n\n<li class=\"\">Only the <em>expiration date<\/em> is extended: <strong>Epoch 604 \u2192 Epoch 612<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-86243e6\">In other words, this proposal is a technical and conservative measure meant to prevent the treasury from shutting down temporarily.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-d6235ba\" id=\"e296a0-why-is-this-extension-needed-10\"><strong>\u25a0 Why is this extension needed?<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-c2287f8\">Under the Cardano Constitution, the NCL acts as a strict financial guardrail.<\/p>\n\n\n\n<p class=\"deb-block deb-block-3a43c4e\">Once it expires, <strong>no Treasury Withdrawal Governance Actions (TWGAs)<\/strong> can be executed until a new NCL is approved.<\/p>\n\n\n\n<p class=\"deb-block deb-block-5f44440\">Because the current NCL ends at <strong>Epoch 604 (Jan 4, 2026)<\/strong>, Cardano faces a potential \u201cgovernance freeze\u201d during the transition to the new Constitutional Committee.<\/p>\n\n\n\n<p class=\"deb-block deb-block-1ef6ab8\">And since TWGAs execute <strong>one epoch after approval<\/strong>, a timing mismatch could cause proposals to be stuck in a state where they are approved but legally impossible to execute.<\/p>\n\n\n\n<p class=\"deb-block deb-block-e3ef274\">This is especially risky around year-end when governance activity naturally becomes more congested.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-f0dd06f\" id=\"e296a0-why-this-matters-right-now-the-critical-integrations-budget-11\"><strong>\u25a0 Why this matters&nbsp;right now: the Critical Integrations Budget<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-fde408d\">At the same time, we have the \u20b370,000,000 <strong>Cardano Critical Integrations Budget<\/strong>, which aims to bring in:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-e8ee538\">\n<li class=\"\">Tier-1 stablecoin<\/li>\n\n\n\n<li class=\"\">Oracle infrastructure<\/li>\n\n\n\n<li class=\"\">Bridges<\/li>\n\n\n\n<li class=\"\">Institutional custody<\/li>\n\n\n\n<li class=\"\">Wallet infrastructure<\/li>\n\n\n\n<li class=\"\">Analytics platforms<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-fe52d2d\">These integrations are essential for Cardano\u2019s next phase of growth.<\/p>\n\n\n\n<p class=\"deb-block deb-block-65b8c02\">This budget is <strong>built on the assumption that the current NCL remains valid<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-add3156\">If the NCL expires before execution, the entire proposal risks failing even if DReps approve it.<\/p>\n\n\n\n<p class=\"deb-block deb-block-fdf3ebe\">So, the NCL extension effectively acts as a <strong>safety buffer<\/strong> ensuring that important proposals do not get lost due to technical timing issues.<\/p>\n\n\n\n<p class=\"deb-block deb-block-c794654\">SIPO has voted \u201cYes\u201d on this proposal.<\/p>\n\n\n\n<p class=\"deb-block deb-block-a3e7005\">Reference article:<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-sipo wp-block-embed-sipo deb-block deb-block-e1f1ee4\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"Drt7m0r18t\"><a href=\"https:\/\/sipo.tokyo\/?p=44146\">SIPO DRep\uff1aCardano Critical Integrations Budget \u306b\u300cYes\u300d<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;SIPO DRep\uff1aCardano Critical Integrations Budget \u306b\u300cYes\u300d&#8221; &#8212; SIPO\" src=\"https:\/\/sipo.tokyo\/?p=44146&#038;embed=true#?secret=n5Dg9gE2t4#?secret=Drt7m0r18t\" data-secret=\"Drt7m0r18t\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-83649c7\" id=\"e296a0-benefits-of-extending-the-ncl-12\"><strong>\u25a0 Benefits of extending the NCL<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-65fae91\">\n<li class=\"\">Prevents treasury operations from halting<\/li>\n\n\n\n<li class=\"\">Protects strategic proposals from \u201ctimed-out execution\u201d<\/li>\n\n\n\n<li class=\"\">Absorbs delays during the CC transition<\/li>\n\n\n\n<li class=\"\">Maintains constitutional compliance at all times<\/li>\n\n\n\n<li class=\"\">Keeps the ecosystem financially stable and predictable<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-1b452c7\">Most importantly:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-2f56436\">\n<p class=\"deb-block deb-block-c33b10c\"><strong>This extension does not loosen fiscal discipline or increase spending.<\/strong><\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-0709f39\">\n<p class=\"deb-block deb-block-0016d56\">The 350M ADA limit stays exactly as the community approved it.<\/p>\n<\/blockquote>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-280b00d\" id=\"e296a0-sipo-dreps-voting-decision-13\"><strong>\u25a0 SIPO DRep\u2019s voting decision<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-97e3624\">I am voting <strong>YES<\/strong> on this proposal.<\/p>\n\n\n\n<p class=\"deb-block deb-block-01fd4ab\">Here is why:<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-d82ade8\">\n<li class=\"\">A treasury shutdown would harm the ecosystem at a critical moment<\/li>\n\n\n\n<li class=\"\">This measure is purely a <em>technical extension<\/em>, not new spending<\/li>\n\n\n\n<li class=\"\">The Cardano Critical Integrations Budget depends on this stability<\/li>\n\n\n\n<li class=\"\">As a DRep, preventing governance failure during transitions is part of my responsibility<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-939fc81\">The proposal may seem small, but it plays a crucial role in keeping Cardano\u2019s financial governance functioning smoothly and safely.<\/p>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-e86f6bf\" id=\"e296a0-final-thoughts-14\"><strong>\u25a0 Final thoughts<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-4c3a856\">The need for such an adjustment shows how mature Cardano\u2019s governance system has become.<\/p>\n\n\n\n<p class=\"deb-block deb-block-d90ab8a\">This is what real on-chain governance looks like: transparent, rules-based, and able to manage complex transitions without risking the ecosystem.<\/p>\n\n\n\n<p class=\"deb-block deb-block-1a1a0e2\">As SIPO, I\u2019ll continue to make careful, reasoned decisions and communicate openly with the community.<\/p>\n\n\n\n<p class=\"deb-block deb-block-98ece3c\">If you have questions or want to discuss this further, feel free to reach out anytime!<\/p>\n\n\n\n<p class=\"deb-block deb-block-8002404\">SIPO DRep<\/p>\n\n\n\n<p class=\"deb-block deb-block-f97622d\"><\/p>\n","protected":false},"excerpt":{"rendered":"2025 Net Change Limit Extension\uff08NCL\u5ef6\u9577\u63d0\u6848\uff09\u306e\u89e3\u8aac\u3068\u3001SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9 \u4eca\u56de\u306f\u3001\u73fe\u5728\u30ac\u30d0\u30ca\u30f3\u30b9\u306b\u63d0\u51fa\u3055\u308c\u3066\u3044\u308b \u300c2025 Net Change Limit Extension\u300d\u63d0\u6848\u306b\u3064\u3044\u3066\u3001\u80cc\u666f\u3084\u5f71\u97ff\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u6574\u7406\u3057\u306a\u304c\u3089\u3001SIPO DRep\u3068\u3057\u3066\u306e\u6295\u7968\u5224\u65ad\u3082\u5171\u6709\u3057\u307e\u3059\u3002 \u25a0 \u3053\u306e\u63d0\u6848\u306f\u4f55\u3092\u3059\u308b\u3082\u306e\u306a\u306e\u304b\uff1f \u3053\u306e\u63d0\u6848\u306f\u3001Cardano Treasury\uff08\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\uff09\u304b\u3089\u53d6\u308a\u51fa\u305b\u308b\u5e74\u9593\u652f\u51fa\u4e0a\u9650\uff1dNCL\uff08Net Change Limit\uff09 \u306e \u201c\u671f\u9650\u201d \u3092\u5ef6\u9577\u3059\u308b\u3060\u3051 \u306e\u3082\u306e\u3067\u3059\u3002 \u30dd\u30a4\u30f3\u30c8\u306f\u3053\u3053\u3067\u3059\uff1a \u652f\u51fa\u4e0a\u9650\uff08350M ADA\uff09\u306f\u5909\u308f\u3089\u306a\u3044 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