Apr 18, 2025 Budget Comm Minutes
Last updated
Last updated
Name
Attendance
Role
Voting Seat (Y/N)
Danielle Stanko
Yes
Secretary
Kristijan Kowalsky
Voting Member, Tweag
Lloyd Duhon
Budget Secretary
Mercy
Voting Member, WADA
Prof. Steven
Former Voting Member, Mentor, Chairman of Intersect Board.
Recording:
Transcript:
The primary agenda was to discuss and define the threshold for proposals to be included in the upcoming Budget Info Action (BIA) after the reconciliation workshop.
Discussions also covered the status of the Net Change Limit (NCL) vote, concerns about low DREP participation, and a potential typo in the NCL itself.
The meeting explored strategic options for the BIA's composition, including whether to combine it with the NCL and if it should exclude proposals not administered by Intersect.
Topic
Discussion
Action Items
Reconciliation Workshop Threshold
The primary substantive question is defining the threshold for proposals to move from the reconciliation workshop into the info action. Proposals above this "imaginary line" proceed; those below move to a second workshop.
Committee to define the threshold for proposals to move into the info action.
Net Change Limit (NCL) Status
The NCL governance action currently shows 1.87 billion ADA "yes" votes and 675 million ADA "no" votes, with 2.2 billion ADA still unvoted. Chris O voted no (at 36M ADA stake). Emergo and Yoroi have not yet voted but are expected to vote "yes" and are a large voting block.
N/A (Continue monitoring NCL voting).
Lack of DREP Participation
A significant challenge is the lack of DREP participation in the NCL vote and zero sign-ups for the reconciliation workshop, especially over the holiday weekend.
Increase efforts to encourage DREP participation in the NCL vote and reconciliation workshop sign-ups.
Number of Thresholds
Discussion on whether one or two thresholds are needed: one for entry into the reconciliation workshop (initially proposed as no threshold) and another for entry into the info action. The consensus leaned towards only one threshold for entering the info action after the reconciliation workshop.
Confirm that only one threshold will be set for proposals to enter the info action.
Reconciliation Workshop Participation
Lloyd Duhon suggested reconsidering holding the reconciliation workshop if DREP participation remains critically low.
Continue to monitor DREP participation for the reconciliation workshop.
2024 Finance Report Release
Lawrence confirmed Jack was pushing for a Friday release of the 2024 finance report, but no further update from Jack.
N/A (Await update on 2024 finance report release).
NCL Constitutional Typo
Mercy raised a concern that the NCL might be unconstitutional due to a typo in the epoch (603 instead of 604). This could further impact participation.
Lloyd Duhon to reach out to Thomas Lindith for an update on the NCL typo concern.
Combining NCL and Budget Info Action
Danielle suggested floating the idea of combining the NCL and the budget into one info action for DREP simplicity and to address voter fatigue. This would require approval from the Constitutional Committee (CC) given constitutional nuances.
Float the idea of a combined NCL and budget info action to CC members for preliminary approval.
Intersect Administrator Role in BIA
The committee discussed whether Intersect's BIA should include proposals that do not list Intersect as their administrator. The general sentiment was that Intersect's BIA should not include proposals that select other administrators.
Committee to formally instruct Intersect not to include proposals with other administrators in their BIA.
Instructions for BIA Composition
The committee's goal is to provide clear instructions to Intersect on how to compose the BIA once DREP consensus is achieved. This includes defining the threshold and administrator selection.
Package formal recommendations for Intersect on BIA composition, including the threshold and administrator selection.