Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek
225 DReps voted · 95 with a rationale · 10 changed their vote
Open a row to read the rationale.
- Yes584.2M ₳Rationale
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.
- Yes435.8M ₳Rationale
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。
- Yes293M ₳Rationale
Summary
EMURGO DRep votes YES on the Budget Info Action titled “₳5M Loan for Cardano’s Global Listing Expansion - Powered by SNEK.”
Rationale
We view this proposal as an important innovation in governance. By introducing a loan-based model, it sets a precedent for how Treasury funds can be used responsibly while ensuring capital can be recycled back into the ecosystem. This aligns with EMURGO’s vision of evolving Cardano’s governance with sustainability and accountability at its core.
The Snek Foundation has already proven execution capacity by self-funding Tier 1 exchange listings on Kraken, Crypto.com, and KuCoin, and is now positioned to expand Cardano’s visibility and liquidity globally. The inclusion of a high-profile Board of Advisors adds credibility and alignment with Cardano’s broader strategic goals.
Conclusion
EMURGO supports this governance action as a meaningful step toward strengthening Cardano’s market presence and governance maturity. If this governance action passes, the subsequent Treasury Withdrawal should include a clear repayment plan and well-defined tangible success metrics.
These details will be critical to ensure accountability and to demonstrate the measurable benefits this initiative brings to the broader Cardano ecosystem.
- Yes254.7M ₳Rationale
Understanding how exchange listings work, this is actually a solid boon for Cardano Native Assets. SNEK has been a key figure in the ecosystem for years, always loyal, always pushing forward. Of course I support our winners and look forward to their progress.
- Yes222.9M ₳Rationale
TL;DR: EDC voted YES on gov_action1jr84r96lnsvu9yd6c0jhxe9gj5r7vnd2pgkntc6klplxdpyzz4tqqc9uldx;
Strong and capable teams are key to the success of Cardano.
The SNEK team has a proven track record of delivering what they promise in this proposal, paving the way for other CNT projects to follow in their foot steps by providing documentation and blueprints.
Their intend to repay the treasury with a clearly defined schedule is what makes this proposal a no brainer.
- Yes174.6M ₳Rationale
The Snek team has an undeniable positive track record, and we should not be solely relying on founding entities for exchange relations.
The situation with CNT listings may change with the release of Midnight, but the snek have always shown themselves to be good actors and I so I trust them to pivot appropriately if needed as the ecosystem evolves.
- Yes165.7M ₳No rationale
- Yes120.2M ₳Rationale
The Cardano Foundation, as a DRep, votes YES on the Snek Budget Loan info action. The loan model is a positive step. Our support for the final treasury withdrawal depends on crucial improvements to the loan's terms and transparency.
A PDF version of this rationale is also made available.
This proposal introduces an innovative and necessary funding mechanism for the Cardano ecosystem: a treasury-backed loan for a scaling commercial entity. This model fills a gap for mature projects seeking growth capital, offering a new path aligned with decentralized principles. The shift from a grant to a repayable loan is an improvement, and the inclusion of Intersect as an administrator and a competent advisory board provides a strong framework for professional oversight.
While we acknowledge community concerns regarding the need for more verifiable data and professional conduct, we believe the proposed oversight structure is designed to ensure a high standard of execution. We believe a 'yes' vote on the info action is appropriate to support this experimental approach and allow the process to continue.
Recommendations for a Treasury Withdrawal Governance Action
While we support this proposal to encourage this direction, our support at the next step - the treasury withdrawal governance action - will depend on the team incorporating key improvements to the loan's terms and transparency. The proposal would need to be updated to address the following key areas to be considered for our support:
Non-Negotiable Requirements
These are essential items required for our support of subsequent treasury withdrawals.
- Public Availability of the Loan Agreement: The binding loan agreement to be administered by Intersect is a crucial document. We strongly suggest making it public before the treasury withdrawal is submitted. This transparency will help the community understand Intersect’s role and what the precise loan terms are.
- A High-Level Cost Breakdown: The proposal should include a breakdown of how the 5 million ada will be allocated across key categories (e.g., listing fees, liquidity, legal) and the timing of expenditure. A budget and cash flow projection are necessary to assess the feasibility of the repayment plan.
- A "Use of Funds" Clause: The loan agreement should include an explicit clause restricting the use of funds to the stated goals, prohibiting their use for speculative activities like yield farming.
Strong Recommendations
These are recommended improvements that would greatly strengthen the proposal and increase its chances of receiving our support.
A Revised Interest Rate: The proposed 2.44% APR does not appear to reflect the risk profile of an uncollateralized loan adequately. We would expect a revised rate of 5-10% APR that provides a fair, risk-adjusted return to the Treasury.- A Phased Withdrawal Plan: We strongly recommend structuring the 5 million ada withdrawal in multiple tranches tied to specific, verifiable milestones, rather than disbursing it as a single lump sum. This would align funding directly with progress and enhance accountability.
Note on Governance and Oversight
To ensure full transparency, we acknowledge our CEO, Frederik Gregaard's participation on the proposal's advisory board. This role is separate from the Cardano Foundation's function as a DRep. Our vote and rationale stem from an independent evaluation by our governance advisory team, based on the proposal's merits. We see this advisory role as a helpful way to keep the initiative aligned with the ecosystem's best interests. However, it does not influence the outcome of our DRep vote.
The Cardano Foundation, as a DRep, votes YES to support the direction of this loan-based proposal. Our final position on a treasury withdrawal will be determined by a thorough review of a revised proposal that incorporates these necessary improvements.
NOTE on 'Internal Voting':
The fields constitutional and unconstitutional below reflect the CF governance teams' individual opinions whether they are for or against the proposal. Reason for this inconsistency is, that CIP-136 is at the moment only applicable to CC rationales, but we want to record the internal opinions of our DRep assessment transparently as well. - Abstain92.2M ₳No rationale
- No91.5M ₳Rationale
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.
- No84.3M ₳No rationale
- Yes77.7M ₳Rationale
$SNEK 是目前赢得广泛中文社区人心的Cardano项目，也是迄今最能吸引并留住Cardano圈外的中文用户的项目
- Yes75.4M ₳No rationale
- Yes75.2M ₳No rationale
- No74.5M ₳Rationale
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。
- Yes73.1M ₳Rationale
This repayable loan sets a new standard for treasury use. It strategically tackles Cardano's isolation by using a proven team to secure top-tier exchange listings. This initiative paves the way for all native tokens, boosting ecosystem-wide liquidity, visibility, and user acquisition.
A PDF version of this rationale is also made available.
I am voting yes on this proposal because it represents a strategic, accountable, and high-impact investment in the entire Cardano ecosystem's growth, structured as the treasury's first-ever repayable loan.
A Responsible Precedent: A Loan, Not a Grant
This proposal introduces a new model of fiscal responsibility for the Cardano Treasury. By structuring this as a repayable loan with interest, it ensures funds are deployed as an investment expected to generate returns, rather than a simple grant. The Snek Foundation has a clear repayment plan backed by existing revenue streams, demonstrating a sustainable business model. This sets a powerful precedent for future projects to seek funding in a way that respects and replenishes our collective treasury.
Breaking Cardano's Isolation for Ecosystem-Wide Benefit
Cardano's biggest challenge is its isolation from the broader crypto market. This proposal directly tackles that by using SNEK, our most prominent community token, as a "gateway" to top-tier exchanges. Securing these listings accomplishes several critical goals for all of us:
- Boosts ADA Liquidity: Creates deep ADA/SNEK trading pairs on major platforms, increasing ADA's utility and visibility.
- Onboards New Users: Leverages SNEK's viral appeal to attract mainstream users who would otherwise never interact with a Cardano wallet or DEX.
- Paves the Way for All CNTs: The legal, compliance, and technical frameworks built for these listings will create a reusable playbook for other Cardano projects, drastically lowering the barrier for them to get listed in the future. It's funding critical infrastructure for everyone.
- Yes69.4M ₳No rationale
- No66M ₳Rationale
While I do like the general idea of treasury withdrawals as loan I am not convinced by this particular one. I think that listing on CEXs (general acceptance of CNTs) whould either be with the projects themselves (and paid from their revenue) or by the CF (which they are starting to do). Furthermore important details are missing:
- Where does the revenue come from to repay the loan?
- What are the KPIs to measure "success"?
- What happens when the loan defaults?
This said, I am voting NO here
- Yes62.7M ₳Rationale
- I represent my delegates, and the majority of them want me to vote yes; many have left and delegated directly to Goofy.
- I believe the proposal is good and they can deliver on the goals.
- I don't want to deal with community backlash, voting to abstain or not.
- Yes53.8M ₳No rationale
- Yes50.5M ₳No rationale
- Yes50.4M ₳Rationale
Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek → Yes
A PDF version of this rationale is also made available.
I am voting "Yes" on this Governance Action. SNEK is a highly popular and active community project, and its continued development carries significant value for the ecosystem. The loan mechanism proposed here is innovative: it allows current funds to be used in advance and repaid under the supervision of entities that have already demonstrated meaningful contributions to the community. I support this as an experiment that could open new funding models within Cardano governance. At the same time, my support is conditional upon clear accountability. The repayment schedule, oversight mechanisms, and transparency of fund allocation must be maintained. If these safeguards are upheld, this initiative can be both impactful and precedent-setting. [Japanese Version Follows] 私はこのガバナンスアクションに対して 賛成（Yes） を投じます。SNEK はコミュニティ内で非常に人気が高く、開発においても活気があり、その継続的な成長はエコシステム全体にとって大きな価値を持つと考えます。本提案で示されているローン方式は革新的であり、現在の資金を前倒しで活用し、返済はこれまでコミュニティに貢献してきた団体が監督することで、このモデルが成立するかどうか注視しています。私はこの提案を、カルダノ・ガバナンスにおける新たな資金調達モデルの実験として支持します。同時に、この支持は透明性と説明責任が前提条件です。返済スケジュール、監督体制、資金の使途に関する透明性が確保されることが必要です。これらの条件が満たされれば、この取り組みはインパクトと先例的価値を兼ね備えたものになると考えます。
- Abstain50M ₳Rationale
I find the Info action step adds unnecessary delays and confusion, given that 67% approval is already required at the final vote. But since it's now a mandatory part of the process, I'm voting Abstain just to let it proceed - the actual decision will be made at the final vote.
- Yes49.5M ₳Rationale
As a supporter of the Snek community the proposal wrapped as a repayable loan-based treasury withdrawal introduces accountability via repayable funds w/ interest, aid the project in growing and help achieve the following outcomes for the broader ecosystem:
- Boost ADA liquidity on global trading platforms
- Enhance Cardano visibility for mainstream users
- Build reusable exchange infra for CNTs
- Set tech/legal foundation for future token listings
- Drive user growth via community traction
- Create liquidity bridges for DeFi, NFTs, L2s, dApps
- Share listing playbooks w/ ecosystem
For this reason I vote yes as appropriate use of the treasury
- Yes48.6M ₳Rationale
We are supportive of the proposal given SNEK has been driving strong marketing and transaction for Cardano. However, we would like to see stronger control in terms of collaterals for the loan as well as interest rate to be adjustiale to a discount to market rate rather than a fixed low rate. Also disbursement should be stagger based on milestone.
- Yes47.6M ₳No rationale
- Yes40.1M ₳Rationale
I believe overall this is a net positive for Cardano. The SNEK team has learned from past proposals and improved the proposal positively. The structure as a loan makes a lot of sense.
I would like to see an exact amount of TX fees associated with SNEK transactions. All DEX transactions where SNEK is sold or bought added together basically.
- Yes38.1M ₳Rationale
I support this proposal because it pioneers a loan-based Treasury model. If successful, it will not only increase Cardano’s visibility and liquidity through SNEK, but also set a valuable precedent for future projects. Demonstrating that Treasury funds can be deployed responsibly and repaid with interest creates a sustainable path for other initiatives to follow, strengthening Cardano’s governance and ecosystem growth.
- Yes37.8M ₳No rationale
- YesRevoted34.6M ₳Rationale
DeFi分野でのSnekの上場は、Cardanoの価値の向上に寄与すると考えます。市場が活発になるとトランザクションも増えるので、費用対効果が期待されると考えます。ただローンはSNEKの「事業収益」から返済されるとされていますが、その収益源の具体性や安定性について、より詳細な情報が必要かもしれません。提案では、返済は「Snek product revenues and business ventures（Snekの製品収益および事業ベンチャー）」から行われるとされています。しかし、具体的な収益源（例：製品の販売、サービス手数料、IPライセンス収入など）の詳細や、その収益が500万ADAという大きな元本と利息を返済するのに十分な規模であるかについては、明確な情報が不足しています。もしこれらの事業が期待通りに成功しなかった場合、返済が滞る可能性があります。この提案が「ただのグラント（助成金）」ではなく「ローン」であることを示す一方で、その返済モデルが抱える脆弱性を浮き彫りにしています。しかしいずれにしても、このまま何もせずに座して動かざるはCARDANOのユースケースを増やすためには色々な提案を実行することが大切だと考えます。
Earlier votes
Yes10mo agoSuperseded
DeFi分野でのSnekの上場は、Cardanoの価値の向上に寄与すると考えます。市場が活発になるとトランザクションも増えるので、費用対効果が期待されると考えます。
- Abstain34.3M ₳Rationale
We abstained on this proposal. It introduces an innovative loan-based model with repayment and accountability mechanisms. While acknowledging its significance, we opted to remain neutral to observe how this new funding model will be received and assessed by the broader community.
- Yes33.5M ₳Rationale
Voting YES on the Info Action for the ₳5M Snek loan. Constitutionally solid and structured as a loan, not a grant. But success of a future withdrawal depends on verifiable transaction growth, clear arbitrage data, repayment safeguards, and setting the highest precedent.
A PDF version of this rationale is also made available.
Voting YES on the Info Action for the ₳5M Snek Loan proposal.
Constitutionally, the proposal is well structured. It includes oversight through Intersect, provisions for independent audits, and most importantly is presented as a loan with repayment and interest rather than a grant. That accountability makes it far easier to support at this stage than a straight ₳5M withdrawal.
That said, support for the Info Action does not automatically translate into support for the actual withdrawal. Treasury governance sets precedents, and those precedents must meet the highest standards possible. To ensure the success of any withdrawal request, the Snek team must address several key concerns.
Transactions vs Volume
For the sustainability of the treasury and measurement of real network activity, the only metric that matters is on chain transaction counts. Dollar values or ADA denominated trading volumes are irrelevant if they do not translate into raw transactions feeding treasury growth.
CEX Arbitrage Impact
The claim that arbitrage from Tier 1 listings drives adoption must be backed by verifiable data. What matters is the number of transactions generated, not the size of trades in ADA or USD terms. The team should provide a breakdown of transaction counts since the other Tier 1 listings went live to demonstrate measurable impact.
Collateral and Repayment Safeguards
Currently, there is no collateral backing this loan. The core response of trust us is insufficient. A core principle of crypto is dont trust, verify. Relying on trust alone is not a good precedent, particularly when repayments may fall due during a bear market. Clearer collateral structures, repayment plans under stress scenarios, and enforceable remedies for default are necessary.
Precedent and Community Trust
Governance actions are not just about the proposal at hand but about the precedents they set. If treasury loans are to become a viable model, they must begin at the highest possible standard. Transparency, humility in messaging, and accountability in execution will determine whether this path strengthens or undermines community trust.
Conclusion
I am voting YES on this Info Action to allow the conversation to move forward. However, the threshold for an actual withdrawal is higher, and success there will depend on the Snek team addressing the issues above with data, safeguards, and humility. If they can do so, this proposal has the potential to set a strong precedent for responsible use of the treasury. - Yes31.4M ₳No rationale
- No27.9M ₳No rationale
- Yes26.1M ₳Rationale
Considering the level of involvement from notables in our ecosystem and Snek teams success with past listings, this seems a no brainer to me. They are also paying back the loan with interest, which currently is unheard of in grant funding to date, as far as I am aware. Snek team has proven time and time again in their dedication to Cardano and all of its end users, myself included. I humbly give my near 1/2 million ada vote to support this absolute need for our eco and believe I am speaking for my delegators when I say, Here is to the long term success of our blockchain and the teams working to that end.
- Yes25.3M ₳Rationale
I have voted YES on the current proposal to fund the Snek. The request for a loan was exeptionally thoughtful as significant reputational stake will placed on the Snek's team ability to pay back the loan. The Snek team has proven capable and it will be helpful to create incentives for centralized exchanges to integrate stacks relevant for listing Cardano native assets.
- Yes23.5M ₳No rationale
- No22M ₳No rationale
- No21.5M ₳No rationale
- Yes21.5M ₳Rationale
I vote YES in favour of the budget info action proposing a 5 million ada loan for Cardano global listing expansion put forth by the Snek Foundation. I appreciate that the proposers have taken onboard community feedback following their previous proposals and revised this proposal, with the help of Intersect, to better meet the requirements of the Cardano governance process and going one step further by submitting a first-of-its-kind proposal in the format of a loan, a treasury withdrawal with a repayment commitment.
While voting YES in favour of this revised proposal, two issues surrounding it have given me pause for concern. The handling of the initial two proposals, it often gets forgotten that there were two and why the first one was even more of a complete false start, and the behaviour of some elements of the community towards anyone with opposing views or genuine questions in the time since the proposal became public.
First off, the hasty mishandling of the previous two proposals demonstrated both a complete disregard and lack of understanding of the governance process and also raised concerns at how quickly the proposers were willing to throw 200,000 ada at governance proposals that were ultimately locked up for 6 epochs because they were premature and incomplete. A detailed breakdown can be found in my previous rationale for these proposals at https://raw.githubusercontent.com/hephy-io/mainnet/refs/heads/main/drep_rationales/GA062-063-treasury-snek.jsonld. Yes, I appreciate all that the Snek team have achieved to date and the levels of their own funds that they have deployed to get to where they are today but you can’t deny that throwing a second wave of 100,000 ada at another proposal that was unconstitutional at the get-go because, just hours previously, the first one incorrectly requested 5 ada on-chain instead of 5 million, could come across as erratic at best, incompetent at worst. It also did little to reassure voters that they can handle 5 million ada when 200,000 was so hastily deployed incorrectly.
The second issue is with regards to some elements of the Snek community and their treatment of DReps throughout this process. The situation was not helped by having two incorrectly submitted proposals in the first place, that were never going to pass, which likely fed into community frustrations early on. That said, I did not appreciate seeing repeated labelling of DReps as “low IQ” and much worse on social media, especially when you consider that the initial proposal requested 5 ada and not 5 million. I appreciate that the minority does not reflect the majority and that there are many good actors amongst the Snek community, however such animosity from bad actors does little to win favour amongst the wider Cardano community and should be considered thoughtfully when you take into account that the actual treasury withdrawal proposal that will follow this will require a 67% approval threshold, greater than the >50% required for this budget info action.
That said, it has been encouraging to see the Snek team reach out to Intersect for assistance and for putting forward this much revised and improved proposal, which is also novel in its intention for treasury repayment.
Cardano on-chain governance was launched with the Chang and Plomin hard forks as “minimum viable governance” (MVG), it was always meant to iterate and improve upon these foundations to move towards what could be considered as a more “sustainable viable governance” (SVG). The Constitution lays the foundations for how governance actions should work, including the treasury withdrawal action processes. It does not lay out the processes for loan proposals and this can be seen as the Cardano ecosystem iterating upon the MVG towards SVG, much like the recent development whereby governance action proposals have begun to include a self-constitutionality checklist within their rationales, it isn’t constitutionally mandated but it is becoming a useful and accepted standard. This is the first time a treasury withdrawal has been proposed with repayment details and this is precedent setting in itself and a welcome one as we iterate towards a more sustainable system. I commend the Snek team for taking community feedback on board, for adapting their proposal and for putting forth this novel proposal that commits to repaying the requested funds to the treasury in the future.
This proposal still has to be submitted as a treasury withdrawal action and reach the 67% approval threshold after this budget info action and I hope during that time that the Snek community can keep itself in check and tone down some of the toxicity from some community members that has been directed towards DReps who hold different views or ask questions during their deliberations. It does little to win people over and creates unnecessary animosity within the Cardano community.
- Abstain21.1M ₳Rationale
It is an abstain for us. Although the proposal supports pioneering CNT listing, which would help all CNTs in the future, there is no solid business model proving a meme coin project's repayment ability.
A PDF version of this rationale is also made available.
It is an abstain for us. Although the proposal supports pioneering CNT listing, which would help all CNTs in the future, there is no solid business model proving a meme coin project's repayment ability.
- Yes20.4M ₳No rationale
- No20.3M ₳No rationale
- Yes19.9M ₳Rationale
I really like this proposal, as it shows a possible future of loan-based treasury withdrawals, kinda like VCs work today.
You usually don't get money for free, you pay the money back with interest.
Team is top-notch as well. I hope this will be a role model for future proposals.The topic at hand will help CNTs and ADA as a whole to help finance the build up the infrastructure needed to get all of those listed.
Overall, this is a win-win in my book.
- Abstain17.3M ₳Rationale
Abstain. I support the team, but the loan as written is too risky for the Treasury: unsecured, near-staking APR (2.44%), delayed amortization, and single large disbursement. Suggest a smaller pilot (₳600k–₳1M) with collateralized, KPI-based tranches and earlier repayments (or higher APR/revenue-share).
- Yes16.7M ₳Rationale
As Cardanians DRep, we support this proposal — but with clear reservations — based on our three pillars:
Long-Term Sustainability
We recognize this is a loan, not a grant. That’s a crucial shift in treasury funding logic — introducing interest repayment, external audit, and budget oversight via Intersect. These are important steps toward scalable, capital-efficient governance. If this succeeds, it could set a precedent for future proposals seeking to recycle treasury funds rather than consume them outright. However, we note that the proposal still lacks a granular budget breakdown, clear financial risk mitigation, and contingency if projected revenues fail.Supporting Builders & Ecosystem Growth
Snek has already secured Tier 1 listings using $4.5M of self-funded capital. This track record cannot be ignored. The team proposes to open exchange infrastructure, legal frameworks, and onboarding playbooks for other Cardano-native tokens. If delivered, this creates real long-term value beyond Snek. Still, some concerns remain: we would prefer clearer timelines, KPIs for what success looks like (e.g. # of listings, trading volume, liquidity depth), and specific examples of how this proposal will tangibly benefit other builders.Decentralization & Community Engagement
The proposal introduces decentralized funding innovation and promises transparency: governance by Intersect, oversight from a board of well-known advisors, and biannual reporting. However, more concrete measures of decentralization would strengthen it — such as community inclusion in impact assessment or commitments to open-source key tools/processes.Conclusion
We vote YES, but this is not a blank cheque. It’s a vote for a structured, repayable experiment. If it succeeds, it could unlock visibility and access for Cardano in global markets — and pave the way for scalable CNT adoption. But if governance oversight is weak or execution opaque, trust will erode. We’ll monitor delivery closely and expect regular updates, repayments, and documentation of ecosystem benefits. - Yes16.4M ₳Rationale
This is an experimental loan, which is innovative and a creative potential use for Cardano treasury funds. We do not in general support treasury funds used directly for budgets and believe this is an innovative solution that will bring value to the ecosystem.
- Yes14.1M ₳No rationale
- Abstain13.3M ₳Rationale
The ₳5M SNEK loan proposal is ambitious, innovative and represents a first-of-its-kind request from the Treasury. I want to acknowledge up front that the Snek Foundation has already demonstrated commitment and execution capacity, having self-funded over $4.5M for previous listings and achieving the first Tier-1 exchange placements for any Cardano-native token. The proposal is also structured as a loan rather than a grant, which I consider a healthy evolution in our funding model. In principle, I support repayable mechanisms that encourage accountability and replenish the Treasury over time.
That said, my decision to abstain is based on the same criteria I have applied in past votes: constitutional alignment, fiscal sustainability, process rigor and precedent setting. Constitutionally, the proposal does meet the requirements of Article IV: it names an administrator (Intersect), sets aside an allocation for audits and falls well within the Net Change Limit. These are important strengths. But constitutionality alone is not enough; the structure of the loan must also be financially sound and enforceable if it is to become a precedent for future proposals.
On that front, this proposal falls short. Repayment is enforced only through an off-chain contract administered by Intersect, with no on-chain mechanisms or collateral to safeguard Treasury funds. In the event of default, our recourse is unclear and dependent on legal processes outside the governance system. Moreover, the 2.44% APR mirrors baseline staking returns, which underprices the risk of an unsecured loan and does not reflect the higher risk profile the Treasury assumes here. In past assessments I have raised concerns about proposals that rely on “trust us” assurances rather than enforceable safeguards and I see the same weakness at play now.
There is also the question of precedent. By approving this as-is, we would effectively establish that unsecured, low-interest loans are an acceptable use of Treasury funds. That standard could open the door to many similar requests without adequate protections, which runs counter to the principles of sustainability and fairness outlined in the Constitution. This is especially important given that SNEK’s benefits, while potentially significant for visibility and liquidity, remain speculative in terms of measurable on-chain impact — something we have also critiqued in previous large budget actions where KPIs and accountability were insufficiently defined.
For these reasons, I am abstaining. This abstention should not be interpreted as opposition to the idea of Treasury loans, which I believe could become a powerful and sustainable tool if designed with proper guardrails. What I want to see in future proposals are higher interest rates that account for credit risk, clearer on-chain enforcement or collateral mechanisms and milestone-based disbursements tied to independently auditable results. These refinements would strengthen accountability, reduce downside exposure for the Treasury and ensure that the first loan sets a standard worthy of repetition.
In short, I support the concept and recognize the effort and potential of this initiative, but I cannot vote Yes on the current structure. Abstaining allows me to register both conditional support and a call for stronger governance design going forward.
- Yes12.1M ₳Rationale
We support this Info Action because the strategic use of a loan, not a grant, signals a maturing treasury that can recycle capital while accelerating Tier-1 exchange access for Cardano-native assets. The SNEK Foundation already invested over $4.5 million of its own funds to secure Kraken, Crypto.com, and KuCoin listings, proving execution capacity and skin in the game . The strategy to repay the requested principal within five years at 2.44 % APR, indexed to the network’s staking yield and sweetened by a 0.07 % goodwill margin, ensures the treasury earns a modest return while keeping opportunity cost low. We also do find confidence in the loan management board as spelled out in the proposal.
We do, however, recognise that concentration risk, repayment enforcement and market-making cost opacity remain open issues. Before any withdrawal action, we expect an audited cash-flow model, a per-exchange cost schedule, and a binding loan contract that defines collateral, default triggers, and claw-back rights. Independent audits budgeted at 30–50 k ADA per year and a mandatory year-three loan review provide a foundation for transparency but need concrete schedules and reporting templates. Likewise, repayment must begin no later than year three and conclude by year five, with early payments encouraged.
Because this vote merely signals whether the community should pursue the loan concept, which we see as a good way of supporting projects like SNEK, we as Wada DRep would like to vote yes in support of the strategy and approach without necessarily endorsing the terms at this stage. We want to give the team the opportunity to review and integrate all necessary feedback and recommendations received from DReps and therein submit a treasury withdrawal action which after reviewing would warrant our ultimate decision.