{"id":45053,"date":"2026-02-24T09:27:45","date_gmt":"2026-02-24T00:27:45","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=45053"},"modified":"2026-02-24T09:28:02","modified_gmt":"2026-02-24T00:28:02","slug":"post-45053","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=45053","title":{"rendered":"SIPO DRep\uff1aNet Change Limit\uff083\u5104ADA\uff09\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u6761\u4ef6\u4ed8\u304d\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9"},"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=\"#sipo-drepefbc9anet-change-limitefbc883e58484adaefbc89e68f90e6a188e38292e381a9e38186e88083e38188e3828be3818be28095-sipo-drepe381aee58886e69e90-1\">SIPO DRep\uff1aNet Change Limit\uff083\u5104ADA\uff09\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u6761\u4ef6\u4ed8\u304d\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9<\/a><ul><li><a href=\"#net-change-limitefbc883e58484adaefbc89e68f90e6a188e38292e381a9e38186e88083e38188e3828be3818be28095-sipo-drepe381aee58886e69e90e381a8e382b9-2\">Net Change Limit\uff083\u5104ADA\uff09\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u30b9\u30bf\u30f3\u30b9 \u2015<\/a><ul><li><a href=\"#e296a0-e68f90e6a188e381aee6a682e8a681-3\">\u25a0 \u63d0\u6848\u306e\u6982\u8981<\/a><\/li><li><a href=\"#e296a0-net-change-limitefbc88nclefbc89e381a8e381afe4bd95e3818befbc9f-4\">\u25a0 Net Change Limit\uff08NCL\uff09\u3068\u306f\u4f55\u304b\uff1f<\/a><\/li><li><a href=\"#e296a0-e381aae3819c3e58484adae381aae381aee3818befbc9f-5\">\u25a0 \u306a\u305c3\u5104ADA\u306a\u306e\u304b\uff1f<\/a><\/li><li><a href=\"#e296a0-e38193e381aee68f90e6a188e381aee6848fe591b3-6\">\u25a0 \u3053\u306e\u63d0\u6848\u306e\u610f\u5473<\/a><\/li><li><a href=\"#e296a0-e3819fe381a0e38197e38081e59bbae5ae9ae59e8bncle381aee99990e7958c-7\">\u25a0 \u305f\u3060\u3057\u3001\u56fa\u5b9a\u578bNCL\u306e\u9650\u754c<\/a><\/li><li><a href=\"#e296a0-e5b086e69da5e79a84e381abe79baee68c87e38199e381b9e3818de696b9e59091e680a7-8\">\u25a0 \u5c06\u6765\u7684\u306b\u76ee\u6307\u3059\u3079\u304d\u65b9\u5411\u6027<\/a><\/li><li><a href=\"#e296a0-sipo-drepe381a8e38197e381a6e381aee382b9e382bfe383b3e382b9-9\">\u25a0 SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/a><\/li><li><a href=\"#e296a0-e7b590e8ab96-10\">\u25a0 \u7d50\u8ad6<\/a><\/li><\/ul><\/li><li><a href=\"#how-sipo-views-the-300m-ada-net-change-limit-proposal-overview-analysis-and-drep-position-11\">How SIPO Views the 300M ADA Net Change Limit Proposal\u2013 Overview, Analysis, and DRep Position \u2013<\/a><ul><li><a href=\"#e296a0-proposal-overview-12\">\u25a0 Proposal Overview<\/a><\/li><li><a href=\"#e296a0-what-is-the-net-change-limit-13\">\u25a0 What Is the Net Change Limit?<\/a><\/li><li><a href=\"#e296a0-why-300-million-ada-14\">\u25a0 Why 300 Million ADA?<\/a><\/li><li><a href=\"#e296a0-what-this-proposal-represents-15\">\u25a0 What This Proposal Represents<\/a><\/li><li><a href=\"#e296a0-limitations-of-a-fixed-ncl-16\">\u25a0 Limitations of a Fixed NCL<\/a><\/li><li><a href=\"#e296a0-the-direction-for-the-future-17\">\u25a0 The Direction for the Future<\/a><\/li><li><a href=\"#e296a0-sipos-position-as-a-drep-18\">\u25a0 SIPO\u2019s Position as a DRep<\/a><\/li><li><a href=\"#e296a0-conclusion-19\">\u25a0 Conclusion<\/a><\/li><\/ul><\/div><h3 class=\"wp-block-heading deb-block deb-block-1e3c654\" id=\"sipo-drepefbc9anet-change-limitefbc883e58484adaefbc89e68f90e6a188e38292e381a9e38186e88083e38188e3828be3818be28095-sipo-drepe381aee58886e69e90-1\">SIPO DRep\uff1aNet Change Limit\uff083\u5104ADA\uff09\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u6761\u4ef6\u4ed8\u304d\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9<\/h3>\n\n\n\n<p class=\"deb-block deb-block-719a40e\"><a href=\"https:\/\/gov.tools\/connected\/governance_actions\/73a4eb2148781c37ef37c90a33a1d3d00511a8eefe9cdfaa1ea593b090f23f96#0\" data-type=\"link\" data-id=\"https:\/\/gov.tools\/connected\/governance_actions\/73a4eb2148781c37ef37c90a33a1d3d00511a8eefe9cdfaa1ea593b090f23f96#0\">Net Change Limit of 300 Million ADA for Epochs 613\u2013713<\/a><\/p>\n\n\n\n<p class=\"deb-block deb-block-3812c9c\">Governance Action Type\uff1aInfo Action<\/p>\n\n\n\n<p class=\"deb-block deb-block-c5fcbf0\">Submitted:&nbsp;7th Feb 2026&nbsp;(Epoch 611)<br>Expires:&nbsp;11th Mar 2026&nbsp;(Epoch 618)<\/p>\n\n\n\n<p class=\"deb-block deb-block-90ee41b\">Governance Action ID:<br>gov_action1wwjwkg2g0qwr0mehey9r8gwn6qz3r28wl6wdl2s75kfmpy8j87tqqtft9tp<\/p>\n\n\n\n<p class=\"deb-block deb-block-8ebfa5c\">Legacy Governance Action ID (CIP105):<br>73a4eb2148781c37ef37c90a33a1d3d00511a8eefe9cdfaa1ea593b090f23f96#0<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-13177fc\"\/>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-e3ce105\" id=\"net-change-limitefbc883e58484adaefbc89e68f90e6a188e38292e381a9e38186e88083e38188e3828be3818be28095-sipo-drepe381aee58886e69e90e381a8e382b9-2\"><strong>Net Change Limit\uff083\u5104ADA\uff09\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u30b9\u30bf\u30f3\u30b9 \u2015<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-d56fe49\">Epoch 613\u301c713\uff082026\u5e742\u6708\u301c2027\u5e747\u6708\uff09\u306b\u9069\u7528\u3055\u308c\u308b<strong>Net Change Limit\uff08NCL\uff093\u5104ADA<\/strong>\u306e\u63d0\u6848\u306b\u3064\u3044\u3066\u3001\u6982\u8981\u304b\u3089\u80cc\u666f\u3001\u610f\u5473\u3001\u305d\u3057\u3066SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9\u307e\u3067\u3001\u6574\u7406\u3057\u3066\u304a\u4f1d\u3048\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-74bdb25\" id=\"e296a0-e68f90e6a188e381aee6a682e8a681-3\"><strong>\u25a0 \u63d0\u6848\u306e\u6982\u8981<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-c1562bb\">\u672c\u63d0\u6848\u306f\u3001<strong>Epoch 613\u304b\u3089Epoch 713\u307e\u3067\u306e\u671f\u9593\u306b\u304a\u3044\u3066\u3001<a href=\"https:\/\/gov.tools\/connected\/governance_actions\/73a4eb2148781c37ef37c90a33a1d3d00511a8eefe9cdfaa1ea593b090f23f96#0\" data-type=\"link\" data-id=\"https:\/\/gov.tools\/connected\/governance_actions\/73a4eb2148781c37ef37c90a33a1d3d00511a8eefe9cdfaa1ea593b090f23f96#0\">\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u306e\u7d14\u5909\u52d5\u4e0a\u9650\u30923\u5104ADA\u306b\u8a2d\u5b9a\u3059\u308b<\/a><\/strong>\u3068\u3044\u3046\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-633d3e3\">\n<li class=\"\">\u5bfe\u8c61\u671f\u9593\uff1a\u7d041\u5e74\u534a<\/li>\n\n\n\n<li class=\"\">\u4e0a\u9650\u984d\uff1a300,000,000 ADA<\/li>\n\n\n\n<li class=\"\">\u6839\u62e0\uff1a2025\u5e74\u306e\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u6d41\u5165\u7dcf\u984d\uff08\u7d043\u5104690\u4e07ADA\uff09<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-6e805e9\">\u3064\u307e\u308a\u3001<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-d73e02b\">\n<p class=\"deb-block deb-block-2a84fff\">\u300c\u524d\u5e74\u306b\u5165\u3063\u3066\u304d\u305f\u5206\u3092\u76ee\u5b89\u306b\u3001\u6b21\u306e\u671f\u9593\u306e\u652f\u51fa\u4e0a\u9650\u3092\u6c7a\u3081\u308b\u300d<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-809c332\">\u3068\u3044\u3046\u3001\u975e\u5e38\u306b\u8ca1\u653f\u898f\u5f8b\u3092\u610f\u8b58\u3057\u305f\u8a2d\u8a08\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-61c1962\" id=\"e296a0-net-change-limitefbc88nclefbc89e381a8e381afe4bd95e3818befbc9f-4\"><strong>\u25a0 Net Change Limit\uff08NCL\uff09\u3068\u306f\u4f55\u304b\uff1f<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-b349911\">NCL\u3068\u306f\u3001\u4e00\u5b9a\u671f\u9593\u306b\u304a\u3051\u308b\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u306e<strong>\u7d14\u6e1b\u5c11\u53ef\u80fd\u984d\u306e\u4e0a\u9650<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-507043e\">\u3053\u308c\u306f\u56fd\u5bb6\u3067\u8a00\u3048\u3070\u300c\u6b73\u51fa\u7dcf\u984d\u306e\u4e0a\u9650\u300d\u3084\u300c\u8ca1\u653f\u8d64\u5b57\u306e\u5236\u9650\u300d\u306b\u8fd1\u3044\u6982\u5ff5\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-2bb0850\">\u30ab\u30eb\u30c0\u30ce\u306f\u4eca\u3001\u61b2\u6cd5\u30d9\u30fc\u30b9\u306e\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u8ca1\u653f\u7ba1\u7406\u3068\u3044\u3046\u3001\u975e\u5e38\u306b\u9ad8\u5ea6\u306a\u6bb5\u968e\u306b\u5165\u3063\u3066\u3044\u307e\u3059\u3002\u305d\u306e\u4e2d\u3067NCL\u306f\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-ffcdeb1\">\n<li class=\"\">\u8ca1\u653f\u306e\u4e88\u898b\u53ef\u80fd\u6027\u3092\u9ad8\u3081\u308b<\/li>\n\n\n\n<li class=\"\">\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u306e\u6301\u7d9a\u53ef\u80fd\u6027\u3092\u5b88\u308b<\/li>\n\n\n\n<li class=\"\">\u30ac\u30d0\u30ca\u30f3\u30b9\u306e\u4fe1\u983c\u6027\u3092\u9ad8\u3081\u308b<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-cb3e889\">\u91cd\u8981\u306a\u5236\u5ea6\u7684\u88c5\u7f6e\u3067\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-42f6a09\" id=\"e296a0-e381aae3819c3e58484adae381aae381aee3818befbc9f-5\"><strong>\u25a0 \u306a\u305c3\u5104ADA\u306a\u306e\u304b\uff1f<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-7f655fd\">\u3053\u306e\u6570\u5b57\u306f\u30012025\u5e74\u306e\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u6d41\u5165\u7dcf\u984d\uff08Epoch 532\u301c604\u306e\u5408\u8a08 \u7d04306.9M ADA\uff09\u3092\u57fa\u6e96\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-cfacc99\">\u3064\u307e\u308a\u3001<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-a4211df\">\n<p class=\"deb-block deb-block-e9cebe7\">\u300c\u5165\u3063\u3066\u304d\u305f\u5206\u306e\u7bc4\u56f2\u5185\u3067\u4f7f\u3046\u300d<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-a6d80bf\">\u3068\u3044\u3046\u4fdd\u5b88\u7684\u304b\u3064\u5408\u7406\u7684\u306a\u8a2d\u8a08\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-8585248\">\u904e\u5ea6\u306a\u62e1\u5f35\u3092\u907f\u3051\u3001\u8ca1\u653f\u3092\u5065\u5168\u306b\u4fdd\u3064\u59ff\u52e2\u304c\u660e\u78ba\u306b\u8868\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-36c0a21\" id=\"e296a0-e38193e381aee68f90e6a188e381aee6848fe591b3-6\"><strong>\u25a0 \u3053\u306e\u63d0\u6848\u306e\u610f\u5473<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-c512afc\">\u79c1\u306f\u3001\u3053\u306e\u63d0\u6848\u3092<strong>\u8ca1\u653f\u5b89\u5b9a\u5316\u306e\u7b2c\u4e00\u6bb5\u968e<\/strong>\u3068\u6349\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-77a918d\"><strong>\u2714 \u30dd\u30b8\u30c6\u30a3\u30d6\u306a\u5074\u9762<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-df2389f\">\n<li class=\"\">\u8ca1\u653f\u898f\u5f8b\u306e\u660e\u78ba\u5316<\/li>\n\n\n\n<li class=\"\">\u5e02\u5834\u306b\u5bfe\u3059\u308b\u4fe1\u983c\u306e\u5411\u4e0a<\/li>\n\n\n\n<li class=\"\">\u61b2\u6cd5\u4f53\u5236\u4e0b\u3067\u306e\u5236\u5ea6\u6210\u719f\u306e\u8a3c\u660e<\/li>\n\n\n\n<li class=\"\">\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u306e\u9577\u671f\u6301\u7d9a\u6027\u78ba\u4fdd<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-a5535b4\">\u30ab\u30eb\u30c0\u30ce\u304c\u300c\u5236\u5ea6\u3068\u3057\u3066\u306e\u56fd\u5bb6\u578b\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u300d\u306b\u8fd1\u3065\u3044\u3066\u3044\u308b\u3053\u3068\u3092\u793a\u3059\u91cd\u8981\u306a\u4e00\u6b69\u3060\u3068\u611f\u3058\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-66590e3\" id=\"e296a0-e3819fe381a0e38197e38081e59bbae5ae9ae59e8bncle381aee99990e7958c-7\"><strong>\u25a0 \u305f\u3060\u3057\u3001\u56fa\u5b9a\u578bNCL\u306e\u9650\u754c<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-f40e135\">\u4e00\u65b9\u3067\u3001\u79c1\u306f\u56fa\u5b9a\u578bNCL\u306b\u306f\u5c06\u6765\u7684\u306a\u8ab2\u984c\u3082\u3042\u308b\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-078ef25\">\u4f8b\u3048\u3070\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-d6863e9\">\n<li class=\"\">ADA\u4fa1\u683c\u304c\u5927\u304d\u304f\u5909\u52d5\u3057\u3066\u3082\u81ea\u52d5\u8abf\u6574\u304c\u52b9\u304b\u306a\u3044<\/li>\n\n\n\n<li class=\"\">\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u6b8b\u9ad8\u306e\u5897\u6e1b\u3092\u53cd\u6620\u3057\u306a\u3044<\/li>\n\n\n\n<li class=\"\">\u5f37\u6c17\u76f8\u5834\u3067\u306e\u6210\u9577\u6295\u8cc7\u6a5f\u4f1a\u3092\u5236\u9650\u3059\u308b\u53ef\u80fd\u6027<\/li>\n\n\n\n<li class=\"\">\u5f31\u6c17\u76f8\u5834\u3067\u5b9f\u8cea\u8ca0\u62c5\u304c\u62e1\u5927\u3059\u308b\u53ef\u80fd\u6027<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-0cd672f\">\u56fa\u5b9a\u5024\u306f\u660e\u78ba\u3067\u5206\u304b\u308a\u3084\u3059\u3044\u53cd\u9762\u3001\u67d4\u8edf\u6027\u306b\u306f\u6b20\u3051\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-d3b8594\" id=\"e296a0-e5b086e69da5e79a84e381abe79baee68c87e38199e381b9e3818de696b9e59091e680a7-8\"><strong>\u25a0 \u5c06\u6765\u7684\u306b\u76ee\u6307\u3059\u3079\u304d\u65b9\u5411\u6027<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-bfa82f8\">\u79c1\u306f\u3001\u5c06\u6765\u7684\u306b\u306f<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-f12fd65\">\n<p class=\"deb-block deb-block-57429a4\">\u5e02\u5834\u72b6\u6cc1\u30fb\u30c8\u30ec\u30b8\u30e3\u30ea\u30fc\u6b8b\u9ad8\u30fbADA\u4fa1\u683c\u306a\u3069\u3092\u53cd\u6620\u3059\u308b<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-fd153ff\">\n<p class=\"deb-block deb-block-5858cc5\"><strong>\u52d5\u7684NCL\u8a2d\u8a08<\/strong>\u3078\u9032\u5316\u3059\u3079\u304d<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-842f531\">\u3060\u3068\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-54a8da7\">\u305f\u3060\u3057\u3001\u3053\u3053\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-8fcd5f8\">\u3044\u304d\u306a\u308a\u8907\u96d1\u306a\u30e2\u30c7\u30eb\u306b\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-6e29fc8\">\n<li class=\"\">\u307e\u305a\u306f\u30b7\u30f3\u30d7\u30eb\u306a\u56fa\u5b9a\u578b\u3067\u5b89\u5b9a\u3092\u78ba\u7acb\u3059\u308b<\/li>\n\n\n\n<li class=\"\">\u5b9f\u52d9\u7d4c\u9a13\u3092\u7a4d\u3080<\/li>\n\n\n\n<li class=\"\">\u305d\u306e\u4e0a\u3067\u6bb5\u968e\u7684\u306b\u9032\u5316\u3055\u305b\u308b<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-3445085\">\u3053\u306e\u9806\u756a\u304c\u5408\u7406\u7684\u3060\u3068\u601d\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-1e9d1c3\" id=\"e296a0-sipo-drepe381a8e38197e381a6e381aee382b9e382bfe383b3e382b9-9\"><strong>\u25a0 SIPO DRep\u3068\u3057\u3066\u306e\u30b9\u30bf\u30f3\u30b9<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-fa4d190\">SIPO\u306f\u3001\u672c\u63d0\u6848\u306b<strong>YES\u3092\u6295\u3058\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"deb-block deb-block-a12b01d\">\u7406\u7531\u306f\u660e\u78ba\u3067\u3059\u3002<\/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-1fae4f6\">\n<li class=\"\">\u8ca1\u653f\u898f\u5f8b\u306f\u6700\u512a\u5148\u4e8b\u9805\u3067\u3042\u308b<\/li>\n\n\n\n<li class=\"\">\u5236\u5ea6\u521d\u671f\u6bb5\u968e\u3067\u306f\u30b7\u30f3\u30d7\u30eb\u306a\u8a2d\u8a08\u304c\u9069\u5207\u3067\u3042\u308b<\/li>\n\n\n\n<li class=\"\">\u5b89\u5b9a\u306a\u304f\u3057\u3066\u6210\u9577\u306a\u3057<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-7d62380\">\u305f\u3060\u3057\u3001<\/p>\n\n\n\n<p class=\"deb-block deb-block-8c76d9d\">\u3053\u306eYES\u306f\u300c\u73fe\u6642\u70b9\u3067\u306e\u6700\u9069\u89e3\u300d\u306b\u5bfe\u3059\u308bYES\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-03a7019\">\u5c06\u6765\u7684\u306b\u306f\u3001\u3088\u308a\u9069\u5fdc\u7684\u3067\u72b6\u614b\u3092\u53cd\u6620\u3067\u304d\u308b\u8ca1\u653f\u8a2d\u8a08\u3078\u9032\u5316\u3055\u305b\u308b\u3079\u304d\u3060\u3068\u3044\u3046\u7acb\u5834\u3082\u540c\u6642\u306b\u660e\u78ba\u306b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-30d0131\" id=\"e296a0-e7b590e8ab96-10\"><strong>\u25a0 \u7d50\u8ad6<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-208ceb6\">\u4eca\u56de\u306eNCL 3\u5104ADA\u63d0\u6848\u306f\u3001<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-1365257\">\n<li class=\"\">\u9769\u65b0\u7684\u3067\u3042\u308a<\/li>\n\n\n\n<li class=\"\">\u4fdd\u5b88\u7684\u3067\u3082\u3042\u308a<\/li>\n\n\n\n<li class=\"\">\u5236\u5ea6\u6210\u719f\u306e\u7b2c\u4e00\u6b69<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-dac3d2c\">\u3060\u3068\u79c1\u306f\u8003\u3048\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-b2f882a\">\u30ab\u30eb\u30c0\u30ce\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u306f\u3001\u5b8c\u6210\u5f62\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-6263a5e\">\u9032\u5316\u3057\u7d9a\u3051\u308b\u30d7\u30ed\u30bb\u30b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-daa6340\">SIPO\u306f\u3001<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-9e011d5\">\n<p class=\"deb-block deb-block-0e30584\">\u300c\u4eca\u65e5\u306e\u5b89\u5b9a\u300d\u3068\u300c\u660e\u65e5\u306e\u9032\u5316\u300d<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-eade84e\">\u306e\u4e21\u7acb\u3092\u76ee\u6307\u3057\u3066\u5224\u65ad\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-29ef678\">\u5f15\u304d\u7d9a\u304d\u3001\u5efa\u8a2d\u7684\u306a\u8b70\u8ad6\u3092\u6b53\u8fce\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"deb-block deb-block-a382ba9\">\u2014 SIPO<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity deb-block deb-block-7651bb3\"\/>\n\n\n\n<h4 class=\"wp-block-heading deb-block deb-block-6e120d9\" id=\"how-sipo-views-the-300m-ada-net-change-limit-proposal-overview-analysis-and-drep-position-11\"><strong>How SIPO Views the 300M ADA Net Change Limit Proposal\u2013 Overview, Analysis, and DRep Position \u2013<\/strong><\/h4>\n\n\n\n<p class=\"deb-block deb-block-b5af19d\">Hello everyone, this is SIPO.<\/p>\n\n\n\n<p class=\"deb-block deb-block-7350bb5\">In this article, I would like to explain the proposal to set a <strong>Net Change Limit (NCL) of 300 million ADA for Epochs 613\u2013713<\/strong>, including its background, implications, and my position as a DRep.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-13d1dfb\" id=\"e296a0-proposal-overview-12\"><strong>\u25a0 Proposal Overview<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-175422f\">This governance action proposes setting a <strong>Net Change Limit of 300 million ADA<\/strong> for the period from Epoch 613 to Epoch 713 (approximately February 2026 to July 2027).<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-9b9789e\">\n<li class=\"\">Period: ~1.5 years<\/li>\n\n\n\n<li class=\"\">Cap: 300,000,000 ADA<\/li>\n\n\n\n<li class=\"\">Reference: 2025 treasury inflows (~306.9M ADA)<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-eef0435\">In simple terms:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-bfb1afd\">\n<p class=\"deb-block deb-block-292699b\">The spending limit is aligned with the previous year\u2019s treasury inflows.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-3b5afc5\">This reflects a fiscally disciplined approach.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-47406c7\" id=\"e296a0-what-is-the-net-change-limit-13\"><strong>\u25a0 What Is the Net Change Limit?<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-73c6a7e\">The NCL defines the <strong>maximum net reduction of the treasury over a specified period<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-2ef5b35\">It functions similarly to:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-4c9874a\">\n<li class=\"\">A fiscal spending ceiling<\/li>\n\n\n\n<li class=\"\">A deficit control mechanism<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-9db9a9b\">Cardano is now operating under a constitutional governance framework. Within this system, the NCL serves to:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-f354c3a\">\n<li class=\"\">Provide predictability<\/li>\n\n\n\n<li class=\"\">Protect long-term treasury sustainability<\/li>\n\n\n\n<li class=\"\">Strengthen governance credibility<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-125c04b\" id=\"e296a0-why-300-million-ada-14\"><strong>\u25a0 Why 300 Million ADA?<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-49fb62b\">The proposed amount is based on total treasury inflows during 2025.<\/p>\n\n\n\n<p class=\"deb-block deb-block-4ae7f13\">This reflects a conservative principle:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-3c5595e\">\n<p class=\"deb-block deb-block-47794a9\">Spend within demonstrated capacity.<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-54134d6\">It avoids excessive fiscal expansion and anchors spending to real economic inflows.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-8d14a4d\" id=\"e296a0-what-this-proposal-represents-15\"><strong>\u25a0 What This Proposal Represents<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-5676178\">I view this proposal as a <strong>first stage of fiscal stabilization<\/strong>.<\/p>\n\n\n\n<p class=\"deb-block deb-block-f8fd77f\"><strong>Positive Aspects<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-323382e\">\n<li class=\"\">Clear fiscal discipline<\/li>\n\n\n\n<li class=\"\">Improved market confidence<\/li>\n\n\n\n<li class=\"\">Institutional maturity under the Constitution<\/li>\n\n\n\n<li class=\"\">Long-term treasury protection<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-01ce9a2\">It signals that Cardano is evolving toward a structured, state-like governance model rather than an informal ecosystem.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-9e5d964\" id=\"e296a0-limitations-of-a-fixed-ncl-16\"><strong>\u25a0 Limitations of a Fixed NCL<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-96f42b6\">However, a static cap has limitations:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-2b6982b\">\n<li class=\"\">It does not adjust to ADA price volatility<\/li>\n\n\n\n<li class=\"\">It does not reflect changes in treasury reserves<\/li>\n\n\n\n<li class=\"\">It may constrain strategic growth during bull markets<\/li>\n\n\n\n<li class=\"\">It may amplify stress during downturns<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-b6b8232\">A fixed number offers clarity but not flexibility.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-76f8fe1\" id=\"e296a0-the-direction-for-the-future-17\"><strong>\u25a0 The Direction for the Future<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-2bf28e4\">Over time, I believe Cardano should consider evolving toward a <strong>dynamic NCL framework<\/strong>, incorporating factors such as:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-2a6ee9c\">\n<li class=\"\">Treasury balance<\/li>\n\n\n\n<li class=\"\">Annual inflows<\/li>\n\n\n\n<li class=\"\">ADA market conditions<\/li>\n\n\n\n<li class=\"\">Volatility and macro context<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-9129512\">That said, evolution should be gradual.<\/p>\n\n\n\n<p class=\"deb-block deb-block-860afd0\">We should:<\/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-3a8edd2\">\n<li class=\"\">Establish stability first<\/li>\n\n\n\n<li class=\"\">Gain operational experience<\/li>\n\n\n\n<li class=\"\">Improve the model step by step<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-b011a5e\">Governance maturity requires iteration.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-ad56e7a\" id=\"e296a0-sipos-position-as-a-drep-18\"><strong>\u25a0 SIPO\u2019s Position as a DRep<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-49e46e6\">SIPO votes <strong>YES<\/strong> on this proposal.<\/p>\n\n\n\n<p class=\"deb-block deb-block-fad9e35\">My reasoning:<\/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-85b837a\">\n<li class=\"\">Fiscal discipline is essential<\/li>\n\n\n\n<li class=\"\">Simplicity is appropriate at this stage<\/li>\n\n\n\n<li class=\"\">Stability precedes growth<\/li>\n<\/ol>\n\n\n\n<p class=\"deb-block deb-block-06a5af4\">However, this YES reflects support for the current step \u2014 not a permanent endorsement of static design.<\/p>\n\n\n\n<p class=\"deb-block deb-block-e39ecee\">I also advocate for future discussion on adaptive fiscal mechanisms.<\/p>\n\n\n\n<h5 class=\"wp-block-heading deb-block deb-block-d4e8c32\" id=\"e296a0-conclusion-19\"><strong>\u25a0 Conclusion<\/strong><\/h5>\n\n\n\n<p class=\"deb-block deb-block-1766930\">The 300M ADA NCL proposal is:<\/p>\n\n\n\n<ul class=\"wp-block-list wp-block-list list-col-1 inline-img-left deb-block deb-block-eb79ec2\">\n<li class=\"\">Conservative<\/li>\n\n\n\n<li class=\"\">Innovative<\/li>\n\n\n\n<li class=\"\">Institutionally significant<\/li>\n<\/ul>\n\n\n\n<p class=\"deb-block deb-block-f12834a\">Cardano governance is not a finished product.<\/p>\n\n\n\n<p class=\"deb-block deb-block-7391dce\">It is an evolving system.<\/p>\n\n\n\n<p class=\"deb-block deb-block-cf4747b\">SIPO supports both:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-ce8296b\">\n<p class=\"deb-block deb-block-7161513\">Stability today<\/p>\n<\/blockquote>\n\n\n\n<blockquote class=\"wp-block-quote deb-block deb-block-b804583\">\n<p class=\"deb-block deb-block-733926f\">Evolution tomorrow<\/p>\n<\/blockquote>\n\n\n\n<p class=\"deb-block deb-block-0079d56\">Thank you for reading.<\/p>\n\n\n\n<p class=\"deb-block deb-block-63f5d7b\">\u2014 SIPO<\/p>\n","protected":false},"excerpt":{"rendered":"SIPO DRep\uff1aNet Change Limit\uff083\u5104ADA\uff09\u63d0\u6848\u3092\u3069\u3046\u8003\u3048\u308b\u304b\u2015 SIPO DRep\u306e\u5206\u6790\u3068\u6761\u4ef6\u4ed8\u304d\u300cYes\u300d\u8a55\u4fa1\u3068\u30b9\u30bf\u30f3\u30b9 Net Change Limit of 300 Million ADA for Epochs 613\u2013713 Governance Action Type\uff1aInfo Action Submitted:&nbsp;7th Feb 2026&nbsp;(Epoch 611)Expires:&nbsp;11th Mar 2026&nbsp;(Epoch 618) Governance Action 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