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The Cardano Constitution requires the establishment of a Net Change Limit (NCL), which defines the maximum amount of lovelace that can be withdrawn from the treasury during an outlined period of time. This governance action serves as an opportunity for all governance stakeholders to formally express their positions regarding the proposed Net Change Limit, ensuring transparency, accountability, and alignment across the ecosystem. The 2026-27 Net Change Limit will begin at the start of Epoch 613 (13 February 2026) and continue for 101 epochs, finishing at the conclusion of Epoch 714 (3 July 2027). The Net Change Limit will be 350,000,000,000,000 lovelace (350M ada). Unless superseded by a new NCL, this is the maximum amount that can be withdrawn from the treasury during this specific period and shall not be exceeded. The Net Change Limit will be used when reviewing treasury withdrawal actions to ensure constitutionality as required by Article IV of the Cardano Constitution and the Treasury Withdrawal Guardrails outlined in Appendix I.

# Three-line summary: 1. Cardano Constitution v2.4 removes non-binding expectations, the Budget Info Action mechanism, and mandatory CC conduct rules, streamlining governance. 2. It adds clear definitions, enforces immutability of proposal documents, and applies treasury audit/accountability safeguards to all withdrawals. 3. This version also incorporates feedback from EMURGO. # Three helpful links 1. CARDANO BLOCKCHAIN ECOSYSTEM CONSTITUTION v2.4 https://ipfs.io/ipfs/bafkreih62pydt57supou6dn5lqbf5klr7xu4xi2rrs7tl3thaufiqmvo24 2. List of changes from v1.0 to v2.4.pdf https://ipfs.io/ipfs/bafybeihsv7crutk4xrwut5p5fdvgeum45hioazn2dldnqk2ljiv7sp3oda 3. List of changes from v2.3 to v2.4.pdf https://ipfs.io/ipfs/bafybeibu2v7l6z3k5jhhdtzv74fcrlaedxwdwtxu2ogwudykyfjjfreppu