Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek
On-chain changes
Informational action. No on-chain effect; the vote signals opinion only.
Abstract
This proposal seeks a 5,000,000 ada budget loan from the Cardano Treasury to fund the Cardano Global Listing Expansion, a strategic initiative led by the Snek Foundation to list SNEK on top-tier centralized exchanges, retail brokers, and trading platforms. This proposal is the first-ever loan-based treasury withdrawal in Cardano governance, introducing a new model of accountability where funds are not given as grants but repaid with interest.
As part of the governance process, a Board of Advisors will be appointed to ensure transparent execution and maximize ecosystem alignment. This board will include high-profile industry veterans like Tal Cohen (former CEO of Kraken), Phillip Pon (CEO of Emurgo), Fahmi Syed (President of Midnight Foundation), and Frederik Gregaard (CEO of Cardano Foundation), with additional top-tier names to be announced.
SNEK is the largest community token on Cardano, holding the highest market capitalization, over 42,000 wallets, and more than 2 billion ADA in all-time trading volume.
Over the past two years, the Snek Foundation has already invested over $4.5 million, entirely self-funded, to secure major exchange listings. Snek delivered the first, second, and third-ever Tier 1 listings for any Cardano native token, with Kraken, Crypto.com, and Kucoin, setting historic precedents for the ecosystem. With this proposal and with the support of our partners, we aim to unlock greater visibility, liquidity, and accessibility for the broader Cardano ecosystem by leveraging SNEK's proven momentum and market position.
This loan will be repaid from Snek product revenues and business ventures with the final balance plus interest settled in three to five years, following a closing audit to confirm the loan has been repaid in full. Interest is set at 2.44% annualized (2.37% staking rate + 0.07%), compounded yearly.
By structuring this as a repayable loan, the Snek Foundation is once again trailblazing for the ecosystem; demonstrating how treasury capital can be deployed responsibly while setting a precedent for future projects. The administrator of the budget funds will be Intersect.
Motivation & rationale
Who we are
Snek Foundation is a grassroots organization responsible for launching and maintaining the SNEK ecosystem. Snek has never raised external funds for exchange listings and has operated for the past 29 months, entirely self-funded through its revenue and treasury.
So far, more than $ 4.5 million has been invested by the Snek Foundation towards listing activities.
Since May 2023, Snek has:
42,000+ wallets holding SNEK --- the most actively held token on Cardano
2,000,000,000 ADA in all-time trading volume --- the most traded token on Cardano
SNEK is the most well-known token in and out of the Cardano ecosystem, with 30 markets
Self-funded $4.5M for exchange listing activities
Delivered the three first-ever Tier 1 exchange listings for Cardano via Kraken, Crypto.com, and Kucoin.
Developed the first-ever CEX-DEX market-making service with Flowdesk
Launched Snek.fun, Cardano's leading launchpad, driving over 30% of all chain trades since inception
Trademarked brand with ongoing IP licensing deals (Snek Figures, Snek Energy)
The team has a successful track record negotiating listings, building tools, and driving global meme adoption aligned with Cardano's values.
Why this proposal matters
SNEK is Cardano's most adopted token, yet it remains underrepresented on major centralized exchanges, reflecting a broader lack of visibility for Cardano on mainstream platforms and among broader audiences.
This underrepresentation doesn't just affect SNEK. It weakens Cardano's position in competitive markets and slows ecosystem-wide growth in four key areas:
ADA's visibility and liquidity on global platforms
Cardano's competitiveness in retail-driven market cycles
The discoverability of Cardano's ecosystem by mainstream users
CNT adoption and the path for other tokens to reach similar success
Cardano currently lacks a flagship token that drives liquidity, virality, and culture across exchange listings, just like DOGE, SHIBA, and PEPE do for Ethereum and Solana.
SNEK has already shown it can fill this role; now it needs support to break through at scale.
This proposal aims to address the following challenges:
Lack of exchange presence for Cardano native tokens: Most major centralized exchanges and retail brokers still do not support Cardano Native Tokens (CNTs). This severely limits Cardano's accessibility and competitiveness on a global scale. While Ethereum and Solana ecosystems enjoy deep integrations with top exchanges, Cardano-native projects are left with fewer liquidity pathways and less discoverability. Until CNTs are more visible on mainstream platforms, Cardano's on-chain economy cannot reach its full potential.
Low visibility for ADA pairings: Centralized exchanges are the primary entry point for millions of users, yet ADA trading pairs are underrepresented relative to Cardano's market cap. Without community-driven assets like SNEK creating demand for ADA pairings, liquidity remains shallow and volume muted. This proposal helps bootstrap those pairings, supporting deeper ADA liquidity and reinforcing Cardano's relevance at the trading layer.
Missed user acquisition: In other ecosystems, memecoins like SHIB, DOGE, and PEPE have served as cultural gateways for millions of new retail users. These tokens create stories, engagement, and participation, driving demand for the base layer tokens and ecosystem tools. SNEK has proven it can play that role for Cardano. Without support to elevate its accessibility, Cardano risks missing this powerful user acquisition funnel.
Liquidity fragmentation: Cardano's DeFi protocols face high barriers to liquidity aggregation due to the lack of bridgeable, on-ramp-compatible assets. Without listings on major exchanges, Cardano native assets remain siloed and isolated from the broader crypto capital flows, limiting scalability and adoption.
By funding this initiative, Cardano positions itself to solve these bottlenecks through a trusted, culturally strong and community-proven asset that can serve as a gateway for users and liquidity.
Today, Snek is the only Cardano-native token capable of meeting Tier 1 exchange requirements. This makes it the best and currently only viable gateway to unlock the access, liquidity, and visibility Cardano needs at the global level.
The goal is not exclusivity --- it's scalability. By leading the way through Snek, we create a repeatable path for other CNTs to follow. The foundation has already begun sharing its knowledge with other projects post-Kraken, and through this proposal, will continue building and systematizing resources that can be shared with Cardano Foundation, Emurgo, and IOG.
Executive summary
The SNEK Global Exchange Expansion initiative will execute a targeted listing strategy, using the requested 5M ADA to:
Finalize negotiations and secure multiple top-tier listings on centralized exchanges, retail brokers, and innovative DeFi platforms
Provision liquidity and market making for ADA/SNEK pairs
Cover legal and compliance costs to meet exchange requirements
Fund mandatory coordination and announcement campaigns
Report expenditures and impact transparently to the community
Ecosystem Benefits:
Increase ADA liquidity across global trading platforms: Listings will establish deep liquidity for ADA/SNEK pairs and reinforce ADA's role as a quote asset in broader markets.
Expand Cardano visibility among mainstream users: Presence on Tier 1 CEXs and retail platforms will increase Cardano's exposure where most crypto adoption begins.
Establish reusable exchange infrastructure for CNTs: This initiative creates the legal, technical, and operational framework that future Cardano tokens can leverage.
Lay the technical and legal groundwork for future Cardano token listings: This initiative solves the hardest and most expensive part of Tier 1 onboarding the integrations, KYC, and compliance infrastructure that every CNT would otherwise need to build from scratch. Once completed, this framework can be reused by future projects, massively reducing the technical lift required for Cardano wide exchange access.
Drive user acquisition through proven community traction: Snek's viral momentum helps Cardano tap into the same memecoin fueled onboarding funnels that propelled DOGE and SHIB.
Create liquidity bridges for DeFi, NFTs, L2s, and dApps: Expanded listings make it easier to onboard capital and users into Cardano-native protocols:
Document and share listing playbooks with the ecosystem: All compliance, negotiation, and integration learnings will be captured and shared with the Cardano Foundation and other token teams to accelerate future listings.
Cardano Treasury and Governance:
High ROI use of funds by leveraging SNEK as a magnet for adoption
Support of a community-run initiative with a proven track record
Back a team that has already invested more than $4.5 million of its own capital into this initiative, and remains committed to continued investment alongside community support.
The loan will only be used to cover necessary expenses to achieve key listings.
These costs can vary from one listing to another, but generally include:
Listing Fees
Liquidity Provisioning
Legal & Compliance
Marketing & Campaign budgets (led by the exchanges)
Advisory & Transparency Ops
This loan will be repaid continuously to the treasury from Snek network activities and settled in full after no longer than 5 years from the reception of the funds.
Loan terms
Principal: 5 million ADA
Interest Rate: 2.44% APR The loan will accrue interest at the current average Cardano staking rewards rate of 2.37% per year, plus an additional 0.07% as a gesture of good faith
Repayment Timeline: Repayments will be made continuously to the Cardano Treasury through multiple ways, including but not limited to: Snek product revenues and business ventures, with direct payments coming from the Snek Foundation treasury. Early payments may begin at any time and loan repayment must commence no later than the last day of year 3.
Audit & Review: At the end of year 3, an independent audit will be conducted to review the repayments already made. The audit will verify the amounts reimbursed to date, calculate any outstanding principal and interest, and establish a repayment schedule to ensure the full balance is repaid over the remaining years.
Default & Enforcement: In the unlikely event of non-repayment, the obligation will remain enforceable under the binding loan agreement administered by Intersect on behalf of the Treasury. Remedies and next steps would follow the terms of that contract.
Loan Maturity: The full loan (principal + interest) must be repaid in full within 5 years from the date of disbursement.
Administration of the loan
The administrator of the budget funds will be Intersect, offering continuous oversight. Expenditures will be tracked against the stated use of funds, with reporting, receipts, and independent audits ensuring that spending remains aligned with the proposal's objectives. This approach provides the flexibility required to execute global listings while still offering the Treasury transparent, phased accountability.
Additionally, a Board of Advisors will be appointed to provide guidance, feedback, and external validation.
The board will include:
Tal Cohen, former CEO of Kraken
Frederik Gregaard, CEO of Cardano Foundation
Phillip Pon, CEO of Emurgo
Fahmi Syed, President of Midnight Foundation
Rapha C-Roy, CEO of Snek Foundation
The board's responsibilities:
Advise key expenses
Guide negotiations and legal strategy
Ensure alignment with Cardano treasury goals
Ensure outcomes benefit the Cardano ecosystem beyond SNEK
Support documentation and distribution of listing playbooks to future Cardano-native token teams
This structure ensures that the project benefits from experienced external input while maintaining decentralized, community-led control over treasury execution.
The Board will also help facilitate knowledge sharing across the ecosystem by supporting documentation of listing procedures, exchange engagement strategy, and compliance best practices, enabling other Cardano native projects to benefit from this groundwork.
An allocation of 30-50k ADA per year will be reserved out of the 5M for yearly independent external audit reports, ensuring that the loan is transparently monitored and fully accountable to the Treasury.
Reporting
Bi-Yearly Reports
Snek Foundation will publish bi-yearly updates including:
Progress on exchange listings
Funds spent with receipts when allowed
All legal/compliance materials will be open-sourced when possible
Learnings from legal, compliance, and integration processes
Results of independent external audits
Knowledge Sharing
All listing playbooks, integration frameworks, and documentation will be made available to the Cardano Foundation, Emurgo, IOG, and future token teams. Progress will be shared during regular Cardano town halls and across governance channels to maintain transparency and feedback loops to the best of our ability and within contractual regulations.
Conclusion
The Snek Foundation has already proven its commitment to Cardano, investing over $4.5M of its own funds into the exact initiative now being proposed for co-funding. This request is not about raising capital for a single token; it is about funding infrastructure, visibility, and adoption for the entire Cardano ecosystem.
This is not a grant; it is a loan, to be repaid in full with interest, demonstrating our commitment to accountability and sustainability. With dedicated budget allocations for independent audits and transparent reporting, the Treasury will be able to monitor progress, repayments, and compliance throughout the loan term, ensuring this initiative delivers both measurable impact and accountability.
SNEK is currently the only Cardano-native asset that meets Tier 1 exchange requirements.
Supporting this proposal unlocks:
Immediate listings with global reach
Deep ADA pair liquidity
Repeatable frameworks for future CNTs
The time to act is now.
The market is receptive, Snek has momentum, and the Cardano ecosystem is ready to scale its visibility. This proposal is how we turn years of effort into lasting, reusable infrastructure.
Constitutionality checklist
Purpose
- This proposal is for work intended to enhance the security, decentralization and long-term sustainability of Cardano.
Article III.5: the process of on-chain governance
- Proposal is submitted in a legible, standardized format and includes rationale, budget, administration plan, and reporting framework.
Article IV.1: proposing budgets
- This proposal supports Cardano blockchain adoption, liquidity, and token infrastructure.
Article IV.2: funds administration
- This proposal specifies an administrator in accordance with this provision. The budget is administered and documented by a named party (Intersect), with oversight of an off-chain committee (board of trusted advisors).
Article IV.3: Net-Change Limit
- Being of ₳5M and covering the second half of 2025, this proposal and the treasury withdrawals it would enable do not violate the currently agreed upon Net-Change Limit.
Article IV.4: Auditor
- This proposal makes provisions for an auditor: An allocation of 30-50k ADA per year will be reserved for yearly independent external audit reports, ensuring that the loan is transparently monitored and fully accountable to the Treasury.
Guardrails
- This proposal is subject to TREASURY-04a in that it defines a Cardano blockchain ecosystem budget. It requires a threshold greater than 50% of the DReps' active voting stake to be considered approved and enable subsequent withdrawals pertaining to this budget.
Rationale highlights
Why some of the largest DReps voted for and against, in their own words.
Summary Yoroi DRep votes YES on the governance action to fund “₳5M Loan for Cardano’s Global Listing Expansion - Powered by SNEK.” Rationale New model of accountability: This is the first loan-based Treasury request, adding a new dimension to governance by...
Summary
Yoroi DRep votes YES on the governance action to fund “₳5M Loan for Cardano’s Global Listing Expansion - Powered by SNEK.”
Rationale
New model of accountability: This is the first loan-based Treasury request, adding a new dimension to governance by complementing the existing grant-based model, with repayment at 2.44% APR to strengthen fiscal responsibility.
Proven execution capacity: SNEK has already self-funded $4.5M and successfully secured Tier 1 listings on Kraken, Crypto.com, and KuCoin, demonstrating credibility and delivery track record.
Ecosystem-wide benefit: Expanding SNEK listings also expands ADA liquidity, increases Cardano’s visibility in mainstream markets, and builds reusable legal/technical frameworks for future Cardano native tokens.
Conclusion
Yoroi DRep supports this governance action as a step forward in responsible Treasury usage. In the next Treasury Withdrawal governance action, however, we expect the proposers to provide a clear repayment plan and more detailed success metrics to ensure accountability and measurable ecosystem impact.
Voting Intention: YES Reason: Focused on the proposal’s repayment feasibility and the team’s on-chain contributions. (1) Proven On-Chain Revenue Track Record The Snek team operates snek.fun, a DApp with a proven ability to generate revenue: Annual...
Voting Intention: YES Reason: Focused on the proposal’s repayment feasibility and the team’s on-chain contributions.
(1) Proven On-Chain Revenue Track Record
The Snek team operates snek.fun, a DApp with a proven ability to generate revenue:- Annual transaction count: 749,811 (second only to Minswap v2’s 1,169,080) Source: TapTools
- Total transaction volume: 68,778,923 ₳
- Revenue model: 1₳ + 1% per transaction
Estimated annual revenue based on TapTools:
749,811 × 1₳ + 68,778,923 ₳ × 1% ≈ 1,437,600 ₳
The team claims their actual revenue is even higher, and some transactions may not be captured by TapTools.
Furthermore, this transaction activity has shown sustained volume over time, not just temporary spikes. While it has declined from the November 2024 peak, it still maintains a stable level.
https://www.taptools.io/market-overview?selected=Token
(2) Why the Low Interest Rate is Justified Despite Lack of Collateral
While some criticize the low interest rate due to the absence of collateral, I value the team’s contribution to on-chain activity as a form of public good:- Cardano’s 2030 strategy targets 250,000 daily transactions.
- The Snek team has already demonstrated tangible contributions toward this goal.
- Their activities not only provide a source of loan repayment, but also enhance the long-term sustainability of the Cardano treasury.
https://product.cardano.intersectmbo.org/vision/strategy-2030
(3) Skepticism Toward MEME Coin Listings
As noted by Yoda and others:- It’s unclear whether listing MEME coins will actually increase on-chain transactions.
- Even with a ₳5M budget, the impact on transaction growth may be limited.
I share some of this skepticism. The listing of a MEME coin is not my primary reason for supporting this proposal. Rather, my support is based on: - (1) The team’s existing on-chain revenue track record
- (2) The project’s strategic alignment with Cardano’s long-term goals
https://x.com/JaromirTesar/status/1965365519617597607
✅ Request Upon Treasury Withdrawal Approval
If this loan is approved, I request that the Treasury Withdrawal action include the following additional disclosures:- Terms of the contract with Intersect
- Default handling mechanisms and conditions for fund recovery
This will enable DReps and the broader community to assess risks appropriately and make informed, responsible decisions.
提案名：「Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek」 投票方針：賛成（YES）
判断理由： 返済可能性とチームのオンチェーン貢献を重視。（１） 返済原資となるオンチェーン実績
Snekチームが運営する snek.fun は、収益を生み出すDAppとして実績があります：- 年間取引数：749,811件（Minswap v2 の 1,169,080 件に次ぐ第2位） https://www.taptools.io/market-overview?selected=Token
- 総取引ボリューム：68,778,923 ₳
- 収益モデル：1取引あたり 1₳ + 1% の手数料
TapTools計算による想定年間収益：
749,811 × 1₳ + 68,778,923 ₳ × 1% = 約1,437,600 ₳
チームは実際の収益はこれより多いと主張しており、一部の取引がTapToolsに反映されていない可能性もあります。
また、トランザクション数は一時的なものではなく、継続的な推移が確認されています。2024年11月のピーク以降はやや減少していますが、今も安定した水準を維持しています。
（２） 担保なしでも低金利が許容される理由
担保がないのに金利が低すぎるとの批判もありますが、オンチェーン取引を生み出す貢献を評価する立場です：- Cardanoの2030年ビジョンでは、1日25万件の取引が目標とされています。
- Snekチームはすでに、これに直結する実績を出しています。
- 彼らの活動は返済原資になるだけでなく、Cardano財務の持続性向上にも寄与します。
https://product.cardano.intersectmbo.org/vision/strategy-2030
（３）MEMEコイン上場の効果には懐疑的
Yoda氏らが指摘する通り：- MEMEコインの上場がオンチェーン取引を本当に増やすかは疑問です。
- 5M ADAを使って上場しても、それに見合う取引増があるとは限りません。
私もこの点には一部同意しており、MEMEコイン上場自体が主な賛成理由ではありません。 賛成の主な根拠は： - （１）既存のオンチェーン収益実績
- （２）Cardano戦略と整合性のある活動
https://x.com/JaromirTesar/status/1965365519617597607
✅ トレジャリーウィズドローの承認時の要望
このローンが承認された場合、トレジャリーウィズドローの承認時に次の追加情報が含まれることを願います。- Intersectとの契約条件、デフォルト時の対応や、資金回収条件
これにより、DRepやコミュニティがリスクを正しく評価し、責任ある意思決定が可能になります。
As a DRep, I’ve decided to vote NO on the ₳5M loan proposal for Cardano’s Global Listing Expansion powered by SNEK. A PDF version of this rationale is also made available. This decision was not made lightly, it followed a detailed analysis of the proposal...
As a DRep, I’ve decided to vote NO on the ₳5M loan proposal for Cardano’s Global Listing Expansion powered by SNEK.
A PDF version of this rationale is also made available.
This decision was not made lightly, it followed a detailed analysis of the proposal and extensive engagement with the SNEK community. It was one of the most difficult governance choices I’ve faced so far.
The SNEK Foundation has already invested $4.5M into listings on several major centralized exchanges (CEXs). However, the current trading volumes are underwhelming. In the last 24 hours, Kraken saw $88,000 in volume, KuCoin $30,000, and Crypto.com just $2,000.
I examined the impact of these listings on Cardano’s on-chain activity and volume. While there was a short-term spike following the listings, the numbers quickly returned to previous levels. In fact, Cardano’s on-chain volume has been trending downward. The peak was in 2023, and by 2025, we’re seeing the lowest levels yet. Transaction counts are also gradually declining, aside from occasional spikes.
This leads to a clear conclusion: listing on major CEXs has not significantly boosted Cardano’s on-chain activity or volume. At least so far.
Meanwhile, HTX shows a much higher volume—$7M in the last 24 hours. This is substantially more than what we see on Cardano’s decentralized exchanges (DEXs), where Minswap V2 recorded $480,000, Wingriders V2 $74,000, and Minswap $41,000.
To better understand the broader implications, I analyzed the case of Shiba Inu, arguably the most successful meme token. Across the top five CEXs, Shiba Inu saw $125M in volume in a single day, while the top five DEXs combined for only $275,000. That’s a 450x difference. Despite having 1.5 million holders, Shiba Inu averages only about 6,000 on-chain transactions per day.
This shows that even successful meme coins generate most of their activity on CEXs, not on-chain. If SNEK were to gain popularity following a major listing, it’s likely that the impact on Cardano’s DeFi ecosystem would be minimal—or even negative, as attention shifts away from on-chain protocols.
After the FTX collapse, interest in self-custody grew, but this trend is mostly limited to BTC and ETH. For altcoins and meme coins, users still prefer CEXs due to ease of trading. While it’s possible that some users might discover SNEK on a CEX and then install a Cardano wallet, the number of such users will likely be small, though still welcome.
The proposal should have included a clear forecast of how CEX listings would drive growth in on-chain activity, volume, and user adoption. That data is missing.
Listing the first Cardano asset on a top-tier exchange could pave the way for future projects. However, it's important to note that IOG plans to list NIGHT on major CEXs without requesting Treasury support. Given this, the current proposal is not urgent.
This proposal is also notable for being the first to request a loan from the Cardano Treasury. I appreciate the initiative. However, the community has not yet reached consensus on whether Treasury loans should be collateralized.
In a recent poll I conducted, 59% of voters supported collateralized loans, 13% opposed, and 17% preferred a case-by-case approach. The SNEK proposal requests a loan without offering any collateral.
Personally, I don’t believe the absence of collateral should automatically disqualify a proposal. The Treasury should act like a strategic investor—willing to take calculated risks to support ecosystem growth. Many teams seeking support likely don’t have collateral, and a strict requirement could stifle innovation and early-stage development.
If the team had sufficient collateral or strong confidence in their project's success, they could secure funding by taking out a loan through DeFi platforms.
That said, proposals must include data-driven forecasts, measurable KPIs, and realistic revenue expectations. DReps need this information to assess risk and relevance. Funding should also be milestone-based, with future disbursements contingent on progress.
Although off-chain discussions and private communications shouldn’t normally influence governance decisions, they are acceptable at this early stage. I publicly asked Goofycrisp, a core SNEK contributor, the following:
"At present, the proposal doesn’t specify any form of on-chain or off-chain collateral. Can you clarify whether the loan will be collateralized, and if not, what safeguards will protect Treasury funds in the event of non-repayment?"
He replied:
"It's also the ONLY proposal that WILL pay back plus interest and is a direct net positive for the treasury.
At this point, Cardano gotta trust us. And I believe we've earned it."This response is concerning. Treasury loans cannot be based solely on “trust me, bro.” That would set a dangerous precedent. This proposal will shape future governance standards, and we must demand transparency and accountability—not vague assurances.
The SNEK team claims the loan will be repaid over five years using revenue from their products, including Snek.fun, SNEKbot, Snekx, and SecurityBot. They state:
"Just as an example, over the last 30 days, Snek.fun has generated 100,000+ ADA. If we assume no growth at all, this alone would equal ~6.3M ADA over five years, already covering the loan principal."
While this sounds promising, the team only provided concrete numbers for Snek.fun. The rest of the revenue streams are mentioned without supporting data. The assumption that Snek.fun will maintain its current revenue for five years is overly optimistic—if not naive.
History shows that meme hype is short-lived. Solana’s recent meme boom collapsed, with volume and activity dropping by 90%. Every bear market has had similar effects.
If Snek.fun’s revenue drops, the team may not be able to repay the loan. Without detailed financials from other products, it’s impossible to assess the risk.
We also need to consider the broader ecosystem. Cardano currently has high fees and slippage, making it less competitive than Solana or CEXs for swaps. Under current conditions, it’s unlikely that Cardano will experience a meme coin mania similar to Solana’s.
Beyond the short-term benefits of volume and attention, we must also weigh the long-term risks. Solana’s meme surge damaged its reputation. Some users left and may never return. The meme space has both bright and dark sides, and we must acknowledge that.
The proposal does include a Board of Advisors intended to provide guidance and validation. However, I haven’t seen any public statements from these advisors clarifying their roles. Notably, representatives from EMURGO and the Cardano Foundation are listed as advisors, and they also serve as DReps voting on Treasury proposals. This dual role raises concerns. Even if their votes are based on merit, the optics of advising and voting on the same proposal could undermine community trust.
In summary, while the proposal is ambitious and well-intentioned, it lacks the necessary data, transparency, and safeguards to justify a ₳5M loan from the Treasury. For these reasons, I am voting NO.
I’m rejecting the proposal at this time to send a clear signal: Treasury loans must meet standards that will apply to all future projects. Ideally, these standards should have been defined earlier—perhaps even before the vote on the 39 withdrawals—but we can’t rewrite history. What we can do is keep improving our governance processes.
In that sense, this proposal is valuable. It highlights gaps in our current framework and pushes the community to refine how we evaluate and manage Treasury loans going forward.
This proposal is innovative in that it introduces the first “loan-based” funding model for the Cardano Treasury. The idea of providing capital as a loan, with interest to be repaid, is an interesting approach and could, in the long term, contribute to...
This proposal is innovative in that it introduces the first “loan-based” funding model for the Cardano Treasury. The idea of providing capital as a loan, with interest to be repaid, is an interesting approach and could, in the long term, contribute to diversifying Cardano’s financial model. As a precedent, it is noteworthy and could inspire future proposals.
That said, I cannot support it in its current form. The requested amount of 5,000,000 ADA is very large and places a heavy burden on the Treasury. The definition of success is vague, described only as “achieving listings” or “increasing liquidity,” with no clear numerical targets. The repayment plan is also unclear. While the proposal states that repayments will come from SNEK-related revenues, there is no concrete cash flow forecast to demonstrate that several million ADA can realistically be repaid. This means that, if repayments are not met, the Treasury effectively provides an unsecured loan and the community absorbs all the risk.
Considering these factors, I conclude that the Treasury’s funds cannot be safeguarded under the current terms. I will therefore vote No on this proposal.
この提案は、Cardano Treasuryにとって初めての「ローン型」資金活用を試みる点で革新的であり、銀行のように貸付を行い利息付きで返済する仕組みは興味深いアイデアだと思います。長期的には財務モデルの多様化につながる可能性もあり、今後の前例づくりとして注目に値します。
しかしながら、現段階ではいくつかの重大な懸念が拭えません。まず、5,000,000 ADAという金額はTreasuryにとって非常に大きな規模であり、その負担の大きさが気になります。また、成功を測る基準が「上場の達成」や「流動性の増加」とされていますが、具体的な数値目標が示されておらず、成果の評価が曖昧です。さらに、返済原資が「SNEK関連の事業収益」とされていますが、具体的なキャッシュフローの見通しが示されておらず、実際に数百万ADAを返済できるかどうかの根拠に欠けています。その結果、返済が履行されなかった場合にはTreasuryが事実上の無担保融資を行ったことになり、損失リスクをコミュニティ全体が負担する構造になってしまいます。
こうした点を総合的に考えると、現状のままではCardano Treasuryの資金を安全に守ることはできないと判断しました。したがって、今回はNoと投票します。