# Cardano Treasury Withdrawals and Governance Votes

> Cardano treasury tracker: balance and inflow by epoch and withdrawals enacted against the Net Change Limit, with DRep, pool and committee votes per action.

Markdown copy of https://voltfincrypto.com/apps/cardano-treasury-governance

**Question:** How much ADA has the Cardano treasury paid out, and how did DReps vote?

- Kind: Dashboard in Voltfin Vantage
- Topic: [DAOs and treasuries](https://voltfincrypto.com/topics/governance)
- Chains: Cardano
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Cardano's treasury holds ADA set aside every epoch from rewards, and since the Conway era it can be spent only through on-chain governance. This dashboard follows the treasury balance, the withdrawals enacted against the Net Change Limit the community set and how DReps, stake pool operators and the Constitutional Committee voted on each governance action.

Votes carry stake, not heads: a DRep's vote weighs as much as the ADA delegated to it, and stake left with the Abstain or No Confidence options changes what a supermajority takes. Every vote and withdrawal is read from the transaction that cast or enacted it and is pinned to its epoch and block, with a receipt.

## Blueprint

### Treasury

The treasury balance, its inflow and the withdrawals enacted against the Net Change Limit.

- **Treasury balance** (ADA): ADA in the Cardano treasury at the latest epoch boundary, from the ledger's accounting state.
- **Inflow, latest epoch** (ADA): ADA added to the treasury in the latest epoch: its share of rewards plus donations.
- **Withdrawn this limit period** (ADA): Treasury withdrawals enacted so far in the epochs the current Net Change Limit covers.
- **Net Change Limit used** (%): Withdrawals enacted in the current limit period as a share of the limit the community adopted.
- **Treasury balance by epoch** (ADA): The treasury balance at each epoch boundary over the selected period, with each enacted withdrawal marked.

### Governance votes

Open actions, the stake that votes and how each action was voted on.

- **Open governance actions** (count): Governance actions submitted and not yet ratified, expired or dropped at the latest block.
- **Stake delegated to DReps** (ADA): ADA delegated to registered DReps in the latest epoch's DRep distribution, the stake that casts votes.
- **Active DReps** (count): Registered DReps whose recent activity keeps their stake counted toward voting thresholds in the latest epoch.
- **Stake on Abstain or No Confidence** (ADA): ADA delegated to the predefined Abstain and No Confidence options in the latest epoch.
- **Governance actions and votes**: Each governance action with its type, any amount requested, DRep yes and no stake, committee votes, pool votes where eligible and its status.

Filters: Period (Last 20 epochs, 75 epochs or since the Conway era); Action type (Every governance action type, such as treasury withdrawals, parameter changes and Info Actions).

## How it will be measured

- Governance actions and votes are read from Conway-era transactions: each proposal with its type and deposit, and each vote with the voter's role, weighted by that voter's stake in the epoch the vote counted.
- Treasury withdrawals count only once enacted at an epoch boundary; withdrawals ratified but not yet enacted, and proposals that expired, are shown apart.
- The treasury balance and its inflow are read from the ledger's accounting state at each epoch boundary: the share of rewards sent to the treasury plus donations, minus enacted withdrawals.
- Net Change Limit use compares the withdrawals enacted in the limit's epochs with the limit the community adopted, recorded with the Info Action that set it; every figure carries a receipt with the epoch and block.

## Data it needs

- `governance_votes` (to build): Proposals, votes, voting power and turnout in on-chain governors, with off-chain votes recorded with their source.
- `treasury_balances_daily` (to build): Balances of DAO, protocol and multisig treasuries per asset at day end, and their inflows and outflows.
- `staking_networks_daily` (to build): Staked supply, staking ratio, validators and nominal rewards per proof-of-stake network per day.
- Source: Conway-era transactions: proposal procedures (type, deposit and anchor) and voting procedures by DReps, stake pools and Constitutional Committee members
- Source: DRep stake distribution per epoch, including the Abstain and No Confidence options
- Source: Ledger accounting state per epoch: the treasury pot, treasury donations and enacted treasury withdrawals
- Source: Ratification and enactment results at each epoch boundary
- Source: The Info Action that set the current Net Change Limit, recorded with its epochs and amount

## Questions

### Who approves Cardano treasury withdrawals?

DReps and the Constitutional Committee. A withdrawal needs yes votes from a supermajority of the stake delegated to active DReps and approval from the committee, which judges whether it fits the constitution. Stake pool operators do not vote on treasury withdrawals.

### What is the Net Change Limit?

A ceiling on how much ADA may leave the treasury over a set run of epochs, required by the constitution's treasury guardrails and agreed by DReps through an Info Action. A withdrawal that would exceed it is unconstitutional. The dashboard shows how much of the current limit has been used.

### Where does the treasury's ADA come from?

Each epoch a share of the rewards, which are released from the reserve and topped up with fees, goes to the treasury before pools and delegators are paid. Since the Conway era, transactions can also donate ADA to it. The treasury page shows each epoch's inflow.

### What do Abstain and No Confidence mean?

They are predefined voting options that ADA holders can delegate to instead of a DRep. Stake on Abstain counts as abstaining on every action, and stake on No Confidence votes yes on motions of no confidence and no on every other action. Both let holders keep withdrawing their staking rewards.

### How long does a governance action stay open?

Each action has a lifetime of a few epochs set by protocol parameters. It is ratified at the first epoch boundary where its thresholds are met and enacted at the next one, or it expires when its lifetime ends and the proposer's deposit is returned.

## Glossary

- **DRep**: A delegated representative: an account that ADA holders delegate voting power to, which then votes on governance actions with that stake.
- **Governance action**: An on-chain proposal, such as a treasury withdrawal or a parameter change, submitted with a deposit and voted on by DReps, pools or the committee.
- **Constitutional Committee**: A small elected group that votes on whether governance actions fit Cardano's constitution.
- **Net Change Limit**: The most ADA the treasury may pay out over a set run of epochs, agreed by DReps under the constitution's guardrails.
- **Info Action**: A governance action with no on-chain effect, used to record the community's view, such as agreeing a Net Change Limit.

## Related apps

- [Cardano Network Stats: Transactions, Block Load and ADA Staked](https://voltfincrypto.com/apps/cardano-network-stats)
- [DAO Governance Tracker: On-Chain Proposals and Votes](https://voltfincrypto.com/apps/dao-governance-tracker)
- [DAO Voter Turnout Ranked by Protocol](https://voltfincrypto.com/apps/dao-voter-turnout-ranking)
- [DAO Treasuries Ranked by On-Chain Holdings](https://voltfincrypto.com/apps/dao-treasuries-ranking)
- [Hyperliquid Revenue and HYPE Buybacks](https://voltfincrypto.com/apps/hyperliquid-revenue-buybacks)
- [Crypto Token Buybacks Ranked by Amount Spent](https://voltfincrypto.com/apps/crypto-token-buybacks-ranking)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F