Cardano 헌법 제4조 3항에 따르면, **Treasury(재무부) 자금 인출 전 반드시 커뮤니티가 Net Change Limit(NCL, 순변동 한도)를 설정해야 함**.

NCL은 특정 기간 내에 Cardano Treasury에서 인출할 수 있는 최대 ₳(에이다) 금액을 의미함.

이는 과도한 인출을 방지해 Treasury의 지속 가능성을 보호하는 안전장치임[2].

NCL 설정은 반드시 온체인 거버넌스의 info action(정보 행위)을 통해 공식적으로 통과되어야 하며, DReps(대표자들)의 승인도 필요함[1].

Treasury 인출 시에는 인출 목적과 비용 내역을 명확히 하고, 인출 금액이 NCL을 초과하지 않아야 하며, 인출 금액은 ₳ 단위로 표시되어야 함[1].

또한, 인출된 ₳는 독립 감사 및 감독 비용을 포함해야 하며, 관리자가 보유하는 동안 별도의 감사 가능한 계좌에 보관되고 SPO(스테이크 풀 운영자)에게 위임되지 않고 자동 기권(auto abstain) 투표 옵션에 위임되어야 함[1][2].

NCL은 보통 1년(72 epochs) 단위로 설정되며, 이 기간 내 인출 가능한 최대 ₳ 금액을 제한함[4].

Cardano Treasury는 연간 약 3억 1,532만 ₳의 유입이 있으며, 현재 잔액은 약 16억 9,000만 ₳임. 연간 유입은 잔액의 약 19% 수준임[5].

이러한 NCL과 예산 통제는 Cardano 생태계의 장기적 지속 가능성과 ₳ 가격 안정성에 중요한 역할을 함[5].

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**주석**
- Treasury: Cardano 블록체인 생태계의 중앙 자금 풀
- DReps: Cardano 거버넌스 대표자
- Info action: 온체인에서 정보를 제출하고 투표하는 거버넌스 행위
- SPO: Stake Pool Operator, 스테이크 풀 운영자
- Epoch: Cardano 블록체인에서 일정 기간 단위
- Auto abstain: 자동 기권 투표 옵션

Cardano 재무부에서 자금을 인출하려면 반드시 **NCL(Net Change Limit)**을 설정해야 함.

커뮤니티가 Cardano 생태계 유지 및 성장을 위해 재무부 자금을 사용하려면 NCL을 반드시 확립해야 함[1].

NCL은 특정 기간 동안 재무부 잔액의 순변동 한도를 의미하며, 이는 DReps(대표자)들의 온체인 거버넌스 행동으로 50% 이상의 투표 지분 동의를 받아야 함[2].

NCL이 설정되어야만 재무부에서 인출이 헌법적으로 허용되며, 인출 총액은 승인된 NCL 한도를 초과할 수 없음[2].

재무부 인출 절차는 다음과 같음[3]:

- DReps의 정보 행동 승인

- 헌법 위원회의 검증

- 재무부 행동 실행

- CDF(커뮤니티 펀드) 관리로 자금 이관

- 추적 프로토콜 시행

이 과정은 다중 서명 승인, 명확한 지급 일정, 강력한 관리 통제, 실시간 모니터링 시스템을 포함함[3].

따라서, Cardano 재무부 자금 인출은 NCL 설정 없이는 불가능하며, NCL은 재무부 예산 사용의 핵심 헌법적 가드레일임[1][2][3].

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**주석**

- NCL: Net Change Limit, 재무부 잔액의 순변동 한도

- DReps: Delegated Representatives, 대표자 그룹

- CDF: Community Development Fund, 커뮤니티 개발 기금

Article IV, Section I of the Cardano Constitution states that the Cardano Community may propose one or multiple budgets for the Cardano Blockchain ecosystem.

These budgets are generally expected to cover at least 73 epochs, roughly one calendar year, but shorter or longer periods are allowed.

As of mid-2025, about eight months remain in the year, and it will take 30–60 days to pass a budget.

The proposed Net Change Limit (NCL) for 2025, covering Epoch 532 to Epoch 604, is **200M ₳ (에이다)**.

This cautious NCL is based on community models estimating that over 350M ₳ was added to the Treasury in 2024, so setting the NCL at 350M ₳ would preserve the Treasury principal.

However, the community prefers a lower initial NCL to allow the Treasury to grow while refining budget priorities and funding processes.

This NCL will guide the first on-chain Cardano governance budget experiment, where the community is newly responsible for payments to core developers and lacks detailed expense knowledge.

The community is still developing budget processes, audit methods, and administration oversight.

For 2025, the approach is to cautiously allow Treasury funds to support core maintenance, scaling improvements, and other goals, while evaluating the ecosystem impact of spending 200M ₳ within a short timeframe.

The budget process and risks to the Treasury and protocol need maturation before setting future NCLs.

A new NCL for 2026 can be set based on experience, potentially increasing or decreasing the limit.

This NCL applies to budget and treasury withdrawal actions to ensure compliance with Article IV and Treasury Withdrawal Guardrails.

Approval requires more than 50% of active voting DRep stake, meaning the NCL passes if it receives 50% plus 1 lovelace votes.

If conflicts arise, this NCL supersedes any prior NCLs for 2025[1][2][4].

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**주요 용어 주석**

- **NCL (Net Change Limit)**: 예산 및 출금 한도를 제한하는 규정임.

- **Epoch**: 카르다노 블록체인의 일정 기간 단위임.

- **DRep (Delegated Representative)**: 카르다노 거버넌스에서 투표권을 가진 대표자임.

- **Treasury**: 카르다노 생태계 운영 및 개발 자금을 보관하는 기금임.

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.

No funds may be withdrawn from the Cardano Treasury without establishing a NCL. If the community wishes to use the Treasury to continue to maintain and grow the Cardano ecosystem it’s necessary to establish a NCL.

Article IV, Section I of the Cardano Constitution states: “The Cardano Community may propose one aggregate budget or multiple budgets for the Cardano Blockchain ecosystem. Such budgets are expected to cover not less than a period of 73 epochs (approximately one calendar year) but nothing shall prevent the Cardano Community from proposing budgets for shorter or longer time periods (emphasis added).

At this time, there are approximately eight (8) months left of 2025. It will take at least 30–60 more days to pass a budget. We believe the NCL for 2025, covering the period from the start of Epoch 532 to the end of Epoch 604, should be 200M ada.

There are several reasons for this. Members of the Cardano community have generated models showing 350M+/- ada per calendar year was added to the Cardano Treasury in 2024 and therefore, setting NCL at 350M ada preserves the Treasury principal. Regardless of whether such models are accurate, we believe that the community should not set NCL so high at first. There is no reason not to continue to grow the Treasury while the community sorts out its priorities for development and its funding processes.

This NCL guides the first budget ‘experiment’ of the first ever on-chain Cardano governance. The community has never before been solely responsible for payment to core Cardano developers and has little first-hand knowledge of those expenses. The community is still working out budget processes and evaluating proposed budgets as well as determining appropriate audit and administration methods. For the 2025 year, we should be cautious, while at the same time, permitting use of Treasury funds to continue core maintenance, enhance scaling and other goals. We need to evaluate the impacts to the ecosystem of this funding, the administration of the budget, and the effect of selling 200M ada in a short period of time. We need to let our budget processes mature and to understand risks they may pose to Treasury and the Cardano protocol. A new NCL can and should be set for 2026 after the community has more experience behind it. This may result in an increase, or a decrease, in the limit set in future NCLs.

This NCL shall be applied to budget actions and treasury withdrawal actions to ensure compliance with Article IV of the Cardano Constitution and the Treasury Withdrawal Guardrails specified in Appendix I.

A vote in favor of this proposal shall indicate agreement with the proposed NCL, allowing for the submission of budget info actions and treasury withdrawal governance actions. The maximum amount that can be withdrawn from the treasury during the specified period shall not exceed the total sum outlined herein.

The provisions set forth in the Cardano Constitution state that the approval of a NCL requires a threshold of greater than 50% of the active voting DRep stake. Therefore, this NCL will be considered passed if it is greater than 50+1 lovelace%.

In the event of conflict, this NCL supersedes any prior NCL covering all or part of calendar year 2025.