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The proposal under review requests a loan of 5,000,000 ADA from the Cardano Treasury to the Snek Foundation, aiming to finance the global expansion of the SNEK token listing on top-tier centralized exchanges, retail brokers, and trading platforms. This funding will be structured as a reimbursable loan, with an annual interest rate of 2.44% and full repayment expected within five years, ensuring financial responsibility, transparency, and accountability.

SNEK is currently the largest community token on Cardano, with over 42,000 active wallets and a historical trading volume exceeding 2 billion ADA, consolidating itself as the most traded and widely recognized native token in the ecosystem. These figures demonstrate broad community adoption and engagement, making it the ideal asset to serve as a gateway to increase liquidity and global visibility for Cardano.

Over the past 29 months, the Snek Foundation has invested more than USD 4.5 million of its own resources to execute strategic Tier 1 listings on global exchanges, including Kraken, Crypto.com, and Kucoin. These listings represent historic milestones, being the first of their kind for any Cardano native token. The experience gained in these processes demonstrates the operational and strategic capabilities of the Snek team, including exchange negotiations, regulatory compliance, liquidity provision, and coordinated marketing.

The proposed loan model introduces a new governance precedent on Cardano, allowing treasury funds to be applied responsibly—not as grants, but as an investment in an initiative that will be repaid with interest. Payments will come from Snek’s revenues, with direct oversight by Intersect and annual independent audits. Additionally, an Advisory Council, composed of industry leaders including Tal Cohen (former CEO of Kraken), Frederik Gregaard (CEO of the Cardano Foundation), and Phillip Pon (CEO of Emurgo), will ensure that execution aligns with ecosystem objectives, maintaining maximum transparency and accountability.

The strategic importance of this proposal for Cardano is significant. The network currently lacks a primary token to serve as a driver of liquidity and visibility, similar to the role memecoins like DOGE and SHIB play in other ecosystems. SNEK, given its proven track record, can drive ADA adoption and other native tokens, creating a cultural and economic funnel that increases retail user participation, expands liquidity, and strengthens Cardano’s competitive position in global markets.

The main challenges this proposal seeks to address include:

Lack of Cardano native token presence on Tier 1 exchanges, limiting liquidity, ecosystem discoverability, and global competitiveness.

Low visibility of ADA trading pairs, reducing market depth and trading volume.

Missed opportunities for new user acquisition, a

Liquidity fragmentation in DeFi protocols, making the integration of capital and users into dApps, NFTs, and Layer 2s more difficult.

The proposal outlines a series of concrete benefits for the ecosystem:

Increased liquidity of the ADA/SNEK pair on global platforms, consolidating ADA’s role as a reference asset.

Greater visibility for Cardano among retail users and exchanges, creating a replicable path for future native tokens.

Reusable infrastructure and documentation, including legal, compliance, technical integration, and engagement processes, which can be leveraged by other CNT projects, accelerating ecosystem scalability.

User acquisition via viral engagement, leveraging SNEK’s cultural potential to engage communities and attract new investors.

Liquidity bridges for DeFi, NFTs, and dApps, enabling capital and users to flow efficiently and integrated within the network.

The loan’s financial model is secure and transparent. The annual interest rate is 2.44%, composed of 2.37% equivalent to Cardano’s average staking reward plus an additional 0.07% goodwill component. Repayment will be continuous, starting no later than the third year after fund disbursement, with full repayment within five years. Additionally, annual independent audits, funded at 30,000 to 50,000 ADA per year, ensure full monitoring and compliance with the proposal’s objectives.

Execution will be supervised by Intersect and the Advisory Council, ensuring that funds are applied exclusively to activities necessary to achieve the main listings, including: listing fees, liquidity provision, legal and compliance costs, marketing operations, and consulting. This model provides operational flexibility to achieve results while maintaining fiscal responsibility and accountability.

In summary, the loan to Snek is not just financing a specific token, but a strategic investment in Cardano’s infrastructure, visibility, and ecosystem growth, with positive impacts across the network. SNEK, due to its proven track record and community traction, is the most qualified asset to play this role and serve as a reference for future projects. Approval of this proposal will enable:

Immediate listings on Tier 1 exchanges with global reach;

Deep liquidity for ADA;

Replicable structures and manuals for other native tokens;

Accelerated adoption and expansion of the Cardano ecosystem in global markets.

Therefore, considering the technical, historical, and strategic data presented, I vote in favor of the 5 million ADA loan to the Snek Foundation, understanding that this initiative promotes financial responsibility, transparency, and sustainable growth for Cardano, establishing a positive precedent for future initiatives for native token adoption and expansion.

We have decided to vote no because, although the proposal seeks to simplify and update the Constitution of the Cardano Blockchain Ecosystem, it removes important controls that ensure transparency and accountability in the management of the treasury resources by eliminating the requirement for budgetary approval for withdrawals. This change may weaken financial oversight and increase the risk of misuse of community funds. Additionally, the removal of codes of conduct for DReps and SPOs may create gaps in the definition of ethical and behavioral standards essential for trust and integrity within the ecosystem. Excessive simplification may also obscure crucial details for governance, compromising the legal and operational security of the system. For these reasons, we believe the proposal does not provide sufficient guarantees to ensure the protection and proper functioning of the Cardano ecosystem, and it is preferable to maintain the current structure until there is clear consensus on the changes.

We have decided to vote yes because this governance action is essential to ensure the continuity and stability of Cardano’s Constitutional Committee. The current committee’s mandate is nearing its end, and formalizing the results of the recent elections is crucial for the new committee to assume its duties without interruption, guaranteeing the proper functioning of the network’s governance.

The electoral process followed all the guidelines established by the Cardano Constitution, being transparent, accessible, and auditable, which strengthens the legitimacy of the elected members. Furthermore, the adoption of staggered terms promotes an orderly transition and prevents disruptions, maintaining continuity in strategic decision-making.

By voting yes, we support the democratic renewal and institutional strengthening of the Constitutional Committee, ensuring that important decisions for Cardano’s future are made with legitimacy and efficiency. This action reinforces community trust and ensures the safe and stable evolution of the ecosystem.

For these reasons, voting yes means voting for stability, transparency, and the continuous progress of Cardano’s decentralized governance.

We vote yes because this proposal directly strengthens Cardano’s decentralization and security by developing a new modular, interoperable, and open-source block-producing node.

The Amaru project offers a concrete alternative to the current node, reducing centralization risks and increasing network resilience. It is managed by a multi-entity committee (PRAGMA), ensuring neutrality and preventing concentration of power.

Funds will be managed through audited smart contracts that only allow spending within the approved scope and record all transactions with on-chain metadata, facilitating audits and ensuring full transparency. Additionally, an independent financial auditor is planned to reinforce accountability to the community.

The proposal complies with the Cardano Constitution and respects established budget limits, following good governance practices. Supporting Amaru means investing in greater diversity, security, and sustainability for Cardano’s infrastructure, keeping it open and community-controlled.