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.
- Yes1.6M ₳No rationale
- YesChanged1.6M ₳Rationale
After my earlier ABSTAIN vote, I've decided to give this proposal the benefit of the doubt for now. If this budget gets passed, I'll make a more considered decision when the treasury withdrawal gov action goes on-chain.
Earlier votes
Abstain10mo agoSuperseded
Still in doubt about this proposal, so voting Abstain for now to not withheld this proposal from going through if others decide to approve it.
- No1.6M ₳Rationale
While this proposal may be well-intentioned, it lacks the transparency necessary to earn our support. Perhaps the most pivotal aspect of this proposal, as it pertains to ensuring a positive outcome for Cardano, is that it is structured as a loan. While the terms of the loan seem reasonable, the entirety of how the loan is enforced is covered by the following: "the obligation will remain enforceable under the binding loan agreement administered by Intersect". Without a clear ability to enforce the loan, this proposal loses its core value proposition. Without a clear ability to enforce the loan, all terms of the loan become irrelevant. The proposal does not detail a transparent collateral or revenue-based obligations with historical data to allow for risk analysis. Due to this, it falls short of demonstrating the risk factor that the Cardano Treasury is exposed to by issuing this loan.
- Yes1.5M ₳No rationale
- Yes1.4M ₳No rationale
- Yes1.4M ₳No rationale
- No1.4M ₳No rationale
- Yes1.3M ₳No rationale
- No1.2M ₳Rationale
I’m voting NO. Even as a loan, using 5M ADA of public funds to list and market a single meme token isn’t a treasury mandate or a public good. It sets a precedent that the treasury bankrolls project-specific CEX fees and market-making while the actual activity happens off-chain and doesn’t require Cardano.
I respect SNEK’s hustle and culture—memes are fun, treasuries are serious. If this makes sense, fund it via private capital, sponsors, or Project Catalyst where marketing-style proposals belong. A 2.44% APR near staking yield doesn’t compensate the risk of default, enforcement, and reputational downside if a meme cycle turns.
I prefer treasury spending on foundations that benefit everyone (dev tooling, infra, UX, compliance frameworks, BOS/L2s, core upgrades), not promoting a single ticker. Enjoy the memes on the timeline; I won’t underwrite them with public ADA. - Yes1.2M ₳No rationale
- NoRevoted1.1M ₳History
Earlier votes
No10mo agoSuperseded
- No1.1M ₳Rationale
NO — Do not approve. The Snek loan request (5 MILLION ADA!!!) is high-risk, under-specified, and effectively an unsecured bet on a meme-token.
The proposal lacks:
- legally binding loan terms and jurisdiction;
- collateral or enforceable recovery mechanisms;
- tranche-based milestones;
- measurable KPIs (named exchanges, liquidity/depth, volume targets);
- audited financials and realistic cash‑flow forecasts;
- and clear remedies on default.
I'd consider a "loan" for a materially smaller, trancheable sum (say, 500k max.) with hard milestones, signed legal covenants, collateral or guarantees, independent audits, and a credible repayment model with stress testing.
The Treasury must behave like a sovereign steward of scarce capital, not a venture lender without collateral, enforceable covenants, or credible cash-flow evidence.
- Yes1M ₳No rationale
- Yes971.5K ₳No rationale
- Yes964.1K ₳No rationale
- Abstain931.8K ₳No rationale
- Yes881.2K ₳No rationale
- No861.5K ₳No rationale
- Yes825.2K ₳Rationale
This proposal seeks to harness the potential of a powerful memecoin for the cardano ecosystem while setting the healthy precedent of seeking support for a specific projectwhile being accountable for the funds using the figure of a loan.
We support both purposes.
Having said that we think the loan should be better structured, terms are not specific and enforcing repayment does not seem feasible without trusting the team. - Yes798.4K ₳Rationale
Absolutely love SNEK proposal. Positive ROI for treasury and enabling the SNEK business to drive further adoption to their business and to Cardano.
Bravo.
Easy YES.
- Yes794.5K ₳Rationale
Strong team, strong community, and a value proposition that extends beyond just Snek.
- Yes776.8K ₳No rationale
- No763.4K ₳No rationale
- Yes763.4K ₳No rationale
- No761.1K ₳No rationale
- Yes759K ₳Rationale
SNEK’s success is a win for Cardano. Opposing their efforts on the other hand, stifles progress. Let's support the SNEK. Let's fund the SNEK 🐍
- No731.5K ₳No rationale
- Yes717.5K ₳No rationale
- No707.1K ₳Rationale
"We, the Dutch Drep, vote No for this proposal "₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek". This proposal does not align with the principles that guide the Dutch Drep's service to its delegators and the wider Cardano community. In a general sense, we do not support meme token listing initiatives funded by the Cardano treasury."
- Yes705.1K ₳No rationale
- Yes625.9K ₳Rationale
I'm voting yes because this is a loan, not a handout. 5 million ADA at 2.44% interest, repaid within five years from Snek's product revenues. The Snek Foundation already spent $4.5 million of its own money securing Kraken, Crypto.com, and Kucoin listings, the first three Tier 1 exchanges for any Cardano native token. They've proven execution, not promises. SNEK holds 42,000+ wallets and 2 billion ADA in all-time volume. It's the only CNT currently meeting Tier 1 requirements, making it the tactical wedge to crack open exchange infrastructure for the entire ecosystem.
Here's what this buys: ADA trading pair liquidity on major platforms, compliance frameworks that future tokens can reuse without rebuilding from scratch, and mainstream visibility where retail users actually enter crypto. Intersect administers it with bi-yearly reporting and independent audits. A board including Tal Cohen, Frederik Gregaard, Phillip Pon, and Fahmi Syed ensures alignment. This isn't about pumping one token, it's infrastructure investment that creates repeatable pathways for CNTs while the treasury gets repaid with interest. Risk-to-reward favors an abundance mindset. - No605.7K ₳Rationale
English version:
I am voting No on this proposal. My position is clear: I am not interested in meme projects. This initiative focuses on the promotion of a meme token rather than technological innovation or infrastructure development for Cardano. I do not see long-term value for the ecosystem in funding such activities from the Treasury. Cardano governance should prioritize real technology, adoption, and sustainable growth — not memes.
Русская версия:
Я голосую Против данного предложения. Моя позиция проста: мем-токены мне не интересны. Данный проект направлен на продвижение мем-монеты, а не на развитие технологий или инфраструктуры Cardano. Я не вижу в этом долгосрочной ценности для экосистемы и не считаю целесообразным расходовать средства Казначейства на подобные цели. Голосование должно поддерживать настоящие технологии, внедрение и устойчивый рост, а не мемы.
- No590.5K ₳No rationale
- Yes589.7K ₳Rationale
After voting no for the other SNEK proposals, the offer to undertake this work as a loan is of benefit to the ecosystem in my opinion. The efforts of Snek community thus far are evidence for me that they will endeavour to repay in full, and throughout the process will bring more ADA assets and CNTs to the world. At the end of the payback period, when all ADA is returned they will had a net positive effect.
- Yes545.4K ₳Rationale
SNEK team has proven that they can get things done and have traction, very willing to give them this opportunity!
- No535.2K ₳Rationale
Memes are a distraction, a side-road attraction in the path to the changing of the world.
Getting stuck in a mentality that memes are the achievement of decentralization goes against everything I hope we achieve with blockchain. As such I cannot approve the normalization of meme-gambling and I cannot approve the distribution of funds to meme-projects.
My stance on memes has always been the same, "I let the children play" , it's good to find fan and I do not have the intension or right to stop you, but it is not something to be taken seriously under any circumstance!
- Yes533.9K ₳Rationale
The Snek team and Community share the core values of the Cardano blockchain of decentralization and security. A loan with interest back to the treasury is worthy for this team and community. The value they have provided through the years of bearish pain was invaluable and now will take CNTs to the next level. Great timing, as this simultaneously happens with the NIGHT token going live. SNEK deserves a Yes for this specific proposal.
- Yes501K ₳Rationale
I’m voting YES with conviction, though not without careful consideration of the risks involved.
The proposal requests working capital to expand what’s already working, which fundamentally changes the risk calculus compared to typical treasury requests.The ecosystem benefits extend well beyond SNEK itself. Each exchange integration creates reusable infrastructure for future Cardano native tokens, solving the expensive compliance and technical integration challenges that every CNT would otherwise face independently. This proposal essentially socializes the cost of building exchange relationships across the entire ecosystem rather than forcing each project to rebuild the same foundations from scratch.
My analysis of market dynamics suggests this timing is strategically sound. Cardano currently lacks the cultural momentum that drives retail adoption in other ecosystems. While we’ve built sophisticated infrastructure, we’ve struggled with mainstream visibility compared to chains with strong memecoin presence. SNEK has already proven its ability to generate that cultural traction with 42,000 holders and 2 billion ADA in trading volume. Supporting their expansion leverages existing momentum rather than trying to manufacture it artificially.
The concerns I do have center primarily around ADA price appreciation risk. If ADA triples or quadruples over the five-year loan term, the real dollar value of repayment could become prohibitive for SNEK’s revenue streams. The proposal doesn’t explicitly address this scenario, though their commitment to repay the same ADA amount regardless of dollar value suggests they’ve accepted this risk. Frankly, if ADA appreciates that dramatically, it likely means the broader ecosystem strategy including this proposal has succeeded beyond our expectations.
I also acknowledge the precedent implications of funding memecoin infrastructure through treasury mechanisms. This could encourage lower-quality projects to request similar support without demonstrating comparable traction or execution capability. However, SNEK’s unique position as the only CNT currently meeting Tier 1 exchange requirements makes this more about supporting proven success than setting broad precedent for the category.
The alternative of maintaining our current trajectory concerns me more than the risks of this proposal. Cardano’s technical excellence hasn’t translated to proportional mainstream adoption, and our native token ecosystem remains largely invisible to retail markets where most crypto discovery happens. SNEK represents our best current opportunity to break through that visibility barrier using a token that’s already demonstrated cultural resonance.
The financial terms are actually conservative compared to market standards for growth capital. The 2.44% interest rate is barely above current staking yields, and the five-year timeline provides substantial flexibility for repayment. Most importantly, the loan structure means success pays the treasury back with interest while failure limits downside to the principal amount. This asymmetric risk profile favors the treasury compared to grant funding.
Looking at comparable ecosystems, the most successful have leveraged culturally resonant tokens to drive broader adoption. Dogecoin brought millions of users to crypto generally, Shiba Inu created massive Ethereum awareness, and various memecoins have been user acquisition engines for Solana. Cardano has been the outlier in building world-class technology without equivalent cultural adoption drivers. SNEK has already begun filling that gap organically.
The operational execution plan demonstrates maturity beyond typical treasury requests. Bi-yearly reporting, independent audits, open-sourced compliance documentation, and knowledge sharing with other projects all indicate serious commitment to ecosystem benefit rather than narrow self-interest. The allocation of 30-50k ADA annually for external audits ensures ongoing transparency throughout the loan term.
For these and many other personal reasons, I’m voting YES. - No499K ₳Rationale
- Yes478.3K ₳No rationale
- Yes473.9K ₳No rationale
- Yes450.2K ₳No rationale
- Yes442.9K ₳Rationale
I support the Snek Team, I like what they had achieved so far.
- No431.7K ₳No rationale
- Yes414.2K ₳No rationale
- Yes409.1K ₳No rationale
- Yes389.1K ₳No rationale
- Abstain385.2K ₳Rationale
As a keyholder for Krypto Labs DRep and a member of the non-profit organization Krypto Labs in Norway, I am now an active voter within the Cardano Constitution (CC) as part of the Norwegian consortium Tingvard.
As promised during the election process for a CC seat and in accordance with the Cardano Constitution and ethical best practices to avoid conflicts of interest, Krypto Labs will abstain from voting until epoch 726.
- Yes383K ₳No rationale
- No381.1K ₳No rationale