## Executive Summary For the last year, we have engaged the Cardano community to discuss deployment of treasury funds into the DeFi ecosystem to boost liquidity. Under the old constitution, we received broad support (more than 67%) for a budget info action to deploy 50,000,000 ADA into the ecosystem. While we acknowledge a budget info action is not required under the current constitution, we feel encouraged to submit this withdrawal action to setup the legal and on chain components needed to carry out the liquidity deployment. For a detailed overview of what we are aiming to accomplish more broadly, we invite people to read the budget info action (gov_action1u4jrcvlkppjzuv5j9z5ksacwtvv77h6glu0knpcjut8gvjjfu0cqqt3alsy). In this Withdrawal Action, we propose withdrawing 800,000 ADA to setup a legal entity and audit the smart contract that will be built free of charge courtesy of Lucas and Kasey from UTxO Company. The user interface will be contributed by Hinson from Sidan Labs.

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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requires the establishment of a Net Change Limit (NCL), which defines the maximum amount of lovelace that can be withdrawn from the treasury during an outlined period of time.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 Unless superseded by a new NCL, this is the maximum amount that can be withdrawn from the treasury during this specific period and shall not be exceeded.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.