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.
- Yes365.7K ₳No rationale
- No323.5K ₳No rationale
- No323.2K ₳No rationale
- Yes320.4K ₳Rationale
Snek has proven time and time again that they can spearhead initiatives and unlock new levels for Cardano, helping it reach closer to ‘mainstream’ recognition within the larger crypto community
If you see it simply as ‘funding a memecoin,’ it might not seem very appealing. However, Snek appears to be much more than that: a movement and a community that pushes Cardano in areas where it currently struggles such as marketing, virality and onboarding .
For the Treasury Withdrawal action, I’d like to see a detailed breakdown of how they plan to repay the loan, including current revenue sources and amounts.
- Yes314.4K ₳Rationale
I am voting yes in this Governance Info Action. Please read my full rationale below
A PDF version of this rationale is also made available.
The Snek community has already proven their strong commitment to the Cardano ecosystem. They have persevered through both easy and tough times to advance Cardano and have developed additional products, showing their dedication beyond just being a memecoin.
After listening to community feedback from the initial submission, they made amendments to their proposal. The biggest improvement, in my view, is transforming this request into a loan instead of a grant. This clearly demonstrates a high level of accountability from the Snek team and their belief that their venture will generate sufficient value to repay the 5M ADA requested from the treasury. While repayment is not guaranteed - especially considering market turbulence like the upcoming bear market - I recognise that every venture carries some risk.
Given that this is a novel and experimental way to deploy treasury funds, coupled with the involvement of highly respected Board Members and the team’s strong commitment and work ethic, I am inclined to vote YES on this Governance Info Action.
Ultimately, this decision boils down to this:- Either the Snek team succeeds in their vision to list Cardano on many major Tier 1 platforms, leading to token price appreciation and an orderly repayment of the loan in ADA.
- Or they fail to complete the promised listings, highlighting the challenges Cardano and its ecosystem face in gaining influence in the broader cryptocurrency space. This failure would make loan repayment difficult and could have ripple effects damaging to other Cardano native tokens (CNTs) as well.
Although memecoins tend to feel more like a casino business to me, they have undeniably become a cultural phenomenon. Taking into consideration the effect they exert on the adoption of other blockchains, I acknowledge the need for Snek to carry Cardano’s flag forward.
Therefore, for me, this 5M ADA loan represents both an interesting educational experiment (mostly regarding the loan structure) and a kind of "all-in" strategic move - a blitzkrieg - to secure Cardano’s rightful place among the leading cryptocurrencies.
- Yes313.4K ₳Rationale
a cautious conditional YES on the SNEK loan
We won’t know if Treasury backed, repayable finance can accelerate growth unless we try it. BUT. I’m not 100% convinced the return is worth the risk as presented, if this proceeds to a Treasury Withdrawal Action (TWA) the scrutiny will (and should) be intense. I implore the SNEK team to ensure all benefit claims are realistic and to weigh the reputational downside if outcomes miss. In this ecosystem, failure is as plausible as success.
I also want to acknowledge the social context: loud community hostility can damage SNEK’s brand before it gets off the ground. Although I fully understand the challenges, and not every voice represents the team, I'd like to see Snek leadership make it clear that personal attacks on DReps (or anyone) are unacceptable. We can disagree on risk and still act like one community trying to make Cardano better.
We need to test structured, repayable Treasury instruments under real conditions to learn, set precedents, and improve safeguards for future proposals.
That said, comparable cases suggest CEX listings dont automatically translate into sustained on-chain growth. The upside is uncertain; the downside (brand damage+ precedent) is real. My support is really a measured experiment.
This would be what I'd like to see to support at TWA stage:
Clear, public KPIs linking CEX listings to Cardano benefit (new wallets, on-chain tx/users), with baselines, targets, and monthly reporting..Financial verification & liability (verify, don’t trust): Provide product-level profitability (not turnover), cash reserves, and 12–24 mo forecasts for Snek.fun, SNEKbot, SnekX, SecurityBot. If these sit in separate legal entities, specify how they’re liable in a default (e.g., owner/intercompany guarantees, pledged IP, assignment of receivables). Publish the escrow % of gross receipts and the repayment waterfall.
Repayment & default plan: schedule, interest, cure periods, remedies; if no collateral, then stronger covenants (escrow step-ups, revenue-share escalation) to protect the Treasury.
Entity clarity & conflicts: name the borrowing legal entity, signatories, and advisor roles; publish any recusals.
Community conduct: SNEK leadership to state clearly that personal attacks on DReps are unacceptable, and lead by example. we can disagree on risk without discrediting people doing a hard job in uncertainty.
- Yes300.6K ₳No rationale
- No298.9K ₳Rationale
Ultimately this proposal is asking us to bet on the long-term success of a memecoin. I wouldn't do that if it were my own money and I'm certainly not going to do it with treasury funds.
- Yes291.8K ₳Rationale
I'm confident that through this proposal and the funds resulting from it, the SNEK team would be able to grow strongly and therefore generate the revenue needed to pay back the loan.
Additionally, the loan concept/idea is very innovative, as essentially, the treasury is not giving out any free money. Still, it helps to provide much value for the Cardano ecosystem through the potential listing of $SNEK on additional T1 exchanges, which will result in a lot of additional eyes on the Cardano Blockchain and ecosystem.
- Yes271.8K ₳No rationale
- No270.1K ₳Rationale
After a thorough review of the full SNEK proposal rationale, evaluation of community input, comparative market standards, and cross-referencing all established Cardano governance records, I submit a NO vote for this proposal. The crux of my decision is the absence of robust, constitutionally aligned processes and an ecosystem-proven legal/organizational framework suitable for issuing and administering commercial loans from the Cardano Treasury.
Detailed Evaluation
- Lack of Precedent—No Established Loan Process
The Cardano Treasury operates under a structure designed for milestone-based grants with rigorously defined milestones, multi-party escrow, third-party oversight, and constitutional controls.
Nowhere in the current treasury system is there an on-chain framework, admin process, or legal toolset for the issuance, management, recourse, interest collection, or default remedy of loans—even “pilot” commercial loans of this scale.
All successful treasury withdrawals to date have run through a tightly defined and auditable risk and governance process, never as discretionary or borrower-defined long-horizon loans.
- Inadequate Safeguards and Unusual Terms
The SNEK proposal, while innovative, requests terms highly irregular by any professional standard: a multi-million ADA loan, 2.4% APY, with no payments due for 3 years and full repayment not due for 5 years—without meaningful security or collateral.
No comparable public or institutional lending entity—especially one managing public funds—would extend a loan of this quantum, to this class of asset (meme coin), on such open-ended terms, at this interest rate, and with such minimal repayment obligation visibility.
The proposal places the onus on Cardano’s Treasury and governance to adopt a risk role more akin to venture banking than public fund administration—without the protections or institutional capacity to do so safely.
- Organizational and Legal Framework Gaps
The Cardano ecosystem’s administrative structure (Intersect as default administrator, external multi-sig oversight, constitutional requirements for dispute and milestone handling) is not designed for ongoing loan management, enforcement, or interest rate monitoring.
No statutory body or operational entity currently exists to negotiate, collect on, or restructure defaulted loans for the treasury—or to handle complex dispute resolutions implied by commercial lending.
- Critical Process and Guardrail Deficiencies
The absence of essential financial guardrails exposes the treasury to both moral hazard and significant loss risk.
Unlike successful infrastructure and tooling proposals, which are disbursed incrementally with third-party assurance tied to verifiable completion criteria, this proposal would see public risk concentrated on one entity with large, deferred, and ambiguous returns.
There is inadequate process for ongoing community oversight, repayment transparency, or the implementation of independent professional review for such a high-risk, high-exposure transaction.
- Stewardship and Fiduciary Responsibility
As a DRep, my duty is to place the Cardano Treasury and ecosystem’s long-term sustainability and resilience above short-term gain or popularity, even when personally holding some exposure to SNEK tokens.
Regardless of individual or community enthusiasm, it is essential to uphold rigorous, neutral, and prudent stewardship—particularly given the precedent this proposal would set for future requests.
Approving such a proposal without having first established a dedicated loan administration body, a comprehensive lending framework, and auditable risk management and reporting structures would represent a fundamental breach of responsible treasury oversight.
Evaluation Table
Review Category Score (out of 5) Rationale Constitutional Compliance 2 Unclear alignment—lacks defined approval, admin, and enforcement policies for loan instruments. Governance Oversight 2 No internal process or precedent for loan management, default recourse, or sustained oversight. Value Alignment 3 Supports an existing Cardano project, but terms, risk, and uniqueness make value questionable. Risk & Redundancy 1 High exposure, no diversification, concentrated and illiquid counterparty risk. Transparency/Reporting 2 Repayment and interest reporting undefined, off-chain, with little recourse for missed targets. Funding Proportionality 2 Large ADA amount, not justified for unsecured, borrower-dictated lending terms. Vendor Track Record 3 SNEK’s community impact recognized, but not adequate for multimillion loan risk. TOTAL 15/35 FINAL SCORE (scale 0–100) 42.9 Recommendation
This proposal cannot be supported without the prior establishment of a clearly defined, constitutional loan framework, specialized administrative structure, thorough risk assessment and milestone enforcement model, and transparent, community-auditable reporting regime. It does not meet the established governance or fiduciary standards required for the safe stewardship of the Cardano Treasury.NO VOTE — Until such time as the necessary treasury processes, guardrails, and organizational capabilities for responsible lending are established, approval of this loan would undermine Cardano’s governance principles, risk community assets, and set a precarious precedent for public fund management.
- Lack of Precedent—No Established Loan Process
- Yes261.6K ₳No rationale
- Abstain260.2K ₳Rationale
As a DRep, I reviewed the SNEK loan proposal.
Compared to earlier treasury asks (where funds were requested with no repayment plan — I voted Against those), this proposal is much stronger. It introduces a loan model, staged milestones, and accountability.
Still, as this is the first of its kind, key safeguards are not yet fully defined. For that reason, I chose to Abstain — not to block innovation, but to signal the need for clearer protections before I can fully support such initiatives.
- Yes252.9K ₳No rationale
- No245.5K ₳No rationale
- Yes238.8K ₳Rationale
As a DRep dedicated to Cardano's decentralized governance, I vote YES on this 5,000,000 ADA loan from the Snek Foundation. This was a tough call—I despise meme coin culture for its speculative hype and pump-and-dump toxicity, which erodes Web3's innovative potential. Yet SNEK gets a pass as Cardano's grassroots meme coin, fully community-driven without VC involvement—a funding model I loathe for its centralized control and value extraction. SNEK's self-funded $4.5M investment in listings and tools embodies Cardano's ethos.
SNEK's track record seals it: It onboards users to the ecosystem, driving transactions when 98% of ADA idles in staking. Via snek.fun and CEX-DEX bridges, it funnels retail into DEXs, DeFi, and governance, powering up to 30% of trading volume. This sparks real growth in our low-fee chain.
I support SNEK to champion non-VC projects, proving VCs are Web3 relics amid new paths like loans and DAOs. I favor this innovative loan structure—with 2.44% interest (staking rate + premium)—over grants, as it ensures accountability.
Primarily, this YES sets a precedent: Encourage loans over "free money" requests, with risk-based interest to promote skin in the game and filter weak proposals. It advances Voltaire's vision of mature, self-sustaining governance.
I hope SNEK repays fully within 3-5 years via audits and Intersect oversight—failure would piss me off and discredit the model. But their history inspires optimism for strong returns. Let's advance Cardano responsibly.
- No238.6K ₳No rationale
- Yes233.2K ₳No rationale
- Yes202.3K ₳Rationale
One of the principles of Web3 is accountable lending. SNEK has already proven themselves to be a vital entity to the Cardano network and the vision of Web3 which makes this transaction more viable.
- Yes200.5K ₳Rationale
This is a solid proposal. Exactly the kind of thing we need to be doing at scale to compete in a competative marketplace.
- No199K ₳Rationale
I do not support meme coins. None.
- Yes191.1K ₳No rationale
- No178.9K ₳No rationale
- Abstain174.5K ₳No rationale
- Abstain150.7K ₳No rationale
- Yes147.5K ₳No rationale
- Yes138.4K ₳Rationale
I am voting YES on this proposal because I believe it offers both strategic and financial value to the Cardano ecosystem. One of the major gaps for Cardano today is the lack of strong visibility and liquidity on Tier 1 exchanges. SNEK has already demonstrated that it is one of the few Cardano-native tokens capable of meeting the requirements for such listings, and it is well-positioned to open this path for the ecosystem at large. By leveraging its momentum, Cardano can secure greater recognition and liquidity in global markets, which ultimately benefits ADA and the broader ecosystem.
Equally important is the financing model being proposed. Instead of requesting a one-time grant, the Snek Foundation is asking for a repayable loan, which sets a healthier precedent for Treasury funding. If the loan is taken for the full 5-year term, the repayment will total approximately 5,640,503 ADA, of which 640,503 ADA would be interest. This represents a 12.8% return on the principal, meaning the Treasury stands to gain substantially, nearly two-thirds of a million ADA on top of recovering its original 5 million ADA. This is a significant improvement over grant-based requests, as it both strengthens accountability and ensures Treasury sustainability.
The credibility of the Snek Foundation also weighs heavily in my decision. The team has already proven its capacity to deliver results by securing high-profile listings on Kraken, Kucoin, and Crypto.com, making them the first to achieve Tier 1 listings for a Cardano-native token. This track record gives confidence that they can execute effectively on the goals of this proposal. Furthermore, the inclusion of Intersect oversight, independent audits, and a high-profile advisory board provides strong accountability structures, ensuring the Treasury’s interests are safeguarded throughout the loan period.
For these reasons, I consider this proposal a responsible and impactful use of Treasury funds. It advances Cardano’s visibility and liquidity, establishes a precedent for repayable funding, offers tangible financial returns, and is backed by a team with proven delivery capability and adequate oversight mechanisms.
- No137.4K ₳No rationale
- No136.5K ₳No rationale
- Yes131.9K ₳No rationale
- Yes126.2K ₳No rationale
- Yes115.6K ₳No rationale
- Yes110.9K ₳No rationale
- Yes109.5K ₳No rationale
- Yes108.3K ₳Rationale
I have decided to vote to approve this request for a loan from the treasury. This is an interesting proposal since it is the first request for a loan from the treasury. I do have some concerns regarding the how well structured the actual repayment structure is and the details surrounding that, but since this is a first of it's kind request that is to be expected. The team making the request have a lot of social capital in the ecosystem and I have no doubt that this will be repaid and therefore the risk here is very low. It should be noted for anyone that would like to also ask for this type of loan that without the high social capital of this team I would be voting against due to the unclear nature of the repayment structure. I am also generally not a huge fan of promoting products like meme coins however I do acknowledge the impact they can have on the general economy of a blockchain and again the risk here is very low in my opinion. Thank you to the SNEK team for putting forward this first of it's kind proposal.
- Yes105.8K ₳No rationale
- Yes104.9K ₳No rationale
- Yes94.9K ₳No rationale
- Yes89.9K ₳No rationale
- Yes82.6K ₳Rationale
I think this team will fulfill their promise. It is a good time to deploy the capital sitting in the treasury, and a business load is a great way to do it. I thought this was a good pivot by the Snek peoples.
- Yes58.6K ₳No rationale
- Yes55.9K ₳Rationale
i like the loan structure. even if there could be massive improvements to how they are proving certain things and the terms with which they aim to do things.
I also think 0.03% interest is a joke. - Yes50.5K ₳Rationale
I absolutely support a loan for Snek. It's been a positive force for Cardano and I believe a loan would be hugely beneficial for everyone involved.
- No49.7K ₳Rationale
I am voting No on this proposal. While global exchange expansion is strategically valuable, the funding mechanism — a ₳5M loan — lacks the necessary clarity on repayment terms, risk management, and accountability. Approving it in this form would set a dangerous precedent for future treasury withdrawals, allowing large-scale financial commitments without sufficient safeguards or community oversight.
The Constitution requires that treasury resources be managed with transparency, prudence, and fairness. This proposal, though well-intentioned, does not yet meet those standards. I encourage the proposers to resubmit with a clearer framework that ensures accountability and protects the community treasury.
- Yes49.6K ₳Rationale
I have chosen to vote Yes for this proposal due to the groundbreaking pioneering loan based treasury withdrawal proposition. The inclusion of well known industry leaders and veterans in the blockchain technological community further give weight to this approach.
With the structured interest bearing loan payment set at 2.44% the borrowed 5 million ADA will after the 5yr term foreseeably yield a modest and respectable return.A well thought out and presented plan to include bi-yearly reports of progress on various exchange listings, entire documented fund expenditures with receipts, and all legal and compliance materials, will be very beneficial in helping to shape, curate, and streamline future treasury loan withdrawal options.
I find immense value in this new foundational approach to treasury funding and utilization. I believe many future withdrawals should have this as an option. This and perhaps future treasury loan withdrawals may help to bring immense value to the community, as opposed to extracting value from it. I as a dRep and community member vote Yes for this proposal and wish The Snek foundation the greatest of luck.
-LOURDE-
Ouroborus
Imperator
Aeternalis - Yes48.6K ₳Rationale
SNEK is the largest community token on Cardano, holding the highest market capitalization
- No45.2K ₳No rationale
- No40.5K ₳No rationale
- Yes40.4K ₳No rationale
- Yes37.9K ₳No rationale