Loan ₳5,000,000 to Expand Cardano's Global Listings
202 DReps voted · 60 with a rationale
Open a row to read the rationale.
- No 13.3M ₳ Rationale
I am voting No on this Treasury Withdrawal. While I appreciate the significant work undertaken by the Snek Foundation to advance Cardano-native assets and acknowledge the improvements made since the earlier Budget Info Action, the fundamental issues I raised during that prior vote have not been resolved. This action now seeks to move ₳5,000,000 directly out of the Treasury, and at this stage the remaining structural risks are too substantial for me to support.
My concern is not with the ambition of the initiative. I respect the effort, the achievements to date, and the desire to create a sustainable model for ecosystem loans. I would welcome a mature loan framework for Cardano that future projects can rely on. However, this agreement does not yet establish the standards needed to create a healthy precedent for treasury lending.
The loan contract confirms that the facility is entirely unsecured, enforceable only through off-chain legal processes in Cayman Islands courts, with no collateral, no on-chain protections, and no meaningful repayment requirements for the first three years. A formal repayment schedule will only be created after that period. The documents also describe the arrangement as a “high-trust facility” with no guarantee of repayment, and allow for potential partial or full write-off through a future governance action. These design choices present a materially elevated risk profile for public funds.
Cost structures remain intentionally undisclosed, drawdown occurs in a single tranche, and repayment ultimately depends on the long-term performance of a private token foundation whose revenues are inherently volatile. None of this aligns with the level of financial discipline or risk management I would expect when moving millions of ADA from the Treasury, nor does it provide a replicable template for other projects seeking loans in the future.
My decision is therefore not a judgment against Snek or its team, nor a rejection of ecosystem loan models as a concept. It is simply a recognition that the current loan structure does not sufficiently mitigate risk, does not address the core concerns I raised previously, and does not yet represent the kind of precedent Cardano should set for treasury-backed lending. I sincerely hope the project succeeds, but I must remain consistent, objective, and cautious when evaluating Treasury withdrawals.
For these reasons, RCADA votes No.
- Yes 12.2M ₳ Rationale
We have reviewed the Treasury Withdrawal Action requesting ₳5,000,000 as a revolving loan to support Cardano’s global listings expansion, and we are satisfied that the proposal has matured significantly since the initial Info Governance Action. At that earlier stage, we supported the strategic intent but withheld full endorsement until we could evaluate a complete loan structure. The withdrawal action now provides the clarity and accountability we asked for, and we are prepared to fully support it.
The loan terms are now defined with a 2.44% APR, a 3 – 5 year repayment period, and the option for early repayment. Treasury protection is formalized through a legally binding agreement administered by Intersect, combined with a milestone-based release of funds through both the Treasury Release Smart Contract (TRSC) and the Project-Specific Smart Contract (PSSC). The proposal also incorporates a mandatory independent audit at year 3, with a budget allocation of ₳30,000 – ₳50,000 to ensure transparency. These mechanisms provide enforceability and safeguard the treasury from mismanagement or non-performance.
We also acknowledge the justification for withholding detailed line-item costs. Because exchange listing negotiations often involve nondisclosure agreements and competitive sensitivities, publicly disclosing prices could undermine Cardano’s bargaining position. We appreciate how, the proposal compensates for this by committing to bi-annual progress reports, independent third-party milestone assurance, and the publication of outcomes through a public dashboard via cardanotreasury.fi. This combination offers a workable balance between necessary confidentiality and financial accountability.
The governance and oversight structure is also considerably stronger. A five-entity Oversight Committee comprising Cardano Foundation, Dquadrant, NMKR, Xerberus, and Sundae Labs, will supervise milestone verification, dispute resolution, and the release of funds. The proposal also establishes a Board of Advisors including leaders from Cardano Foundation, Emurgo, Midnight Foundation, and Kraken, ensuring that the listing strategy remains ecosystem-aligned and guided by institutions with relevant experience. This governance upgrade responds directly to our earlier call for ecosystem-wide representation rather than project-isolated decision-making.
Repayment capacity is demonstrated with new financial transparency. The Snek Foundation highlights that Snek.fun previously generated approximately ₳100,000 per month, and that Snek’s broader ecosystem has accumulated ₳1.2 million in trading fees to date. The Foundation also maintains a ₳10 million treasury, providing a substantial financial base for loan servicing. These figures give us confidence that the repayment of ₳5,000,000 + interest is achievable and not speculative.
We are also satisfied with the commitment to broad ecosystem benefit. The proposal includes explicit plans to produce public documentation, listing playbooks, due diligence templates, and negotiation frameworks that can be reused by other Cardano-native projects. It further commits to collaboration with Cardano Foundation’s growth team, Emurgo’s business development unit, and the Midnight Foundation to ensure a shared, ecosystem-wide strategy. This addresses our original expectation that the initiative must benefit Cardano holistically, not exclusively the Snek Foundation or the SNEK token.
In our earlier review of the Info Governance Action, we requested a complete loan structure, transparent oversight, repayment assurances, audit mechanisms, and a clear ecosystem-aligned purpose. The Treasury Withdrawal Action now contains all these elements, with actual figures which we believe are right, contractual terms, independent oversight, and governance safeguards integrated throughout. Taken together, these improvements demonstrate a thoughtful and responsible response to community feedback and hence we are glad to vote yes on this treasury withdrawal action.
- Yes 11.3M ₳ Rationale
- Yes 11M ₳ No rationale
- Yes 10.8M ₳ No rationale
- Abstain 10.5M ₳ Rationale
Congrats on Snek on getting this passed! Two reasons I abstain. One is because there are no standards in place for future CNT listings to also get a similar grant. We (Iagon) even reached out to offer a collective loan grant but Snek decided to do it on it's own. I think a standard is important, so no favoritisms are given when voting through on grant proposals. Two (smaller reason) - there is no "playbook" to getting listings and the fact that introductions to Kraken, crypto.com were done through Iagon, doesn't tell the community the full story of the so called "playbook"
- Abstain 8.8M ₳ Rationale
本提案は、Cardanoの認知向上と市場拡大を目指す意欲的な取り組みであり、その意図は理解しています。また、返済型の資金提供モデルとして設計されている点にも一定の意義があります。ただし、その手段としてコミュニティ主導トークンの上場促進を含む点については、慎重な見極めが必要だと考えます。そのため、本提案の方向性には理解を示しつつも、今回は棄権とします。\n\nThis proposal is an ambitious initiative aimed at enhancing Cardano’s recognition and expanding its market presence, and I understand its intent. The introduction of a repayable funding model also holds institutional value. However, the inclusion of community-driven token listings as a key means requires careful consideration. Therefore, while I acknowledge the intent and direction of this proposal, I choose to abstain.
- Yes 8.1M ₳ No rationale
- Yes 7.8M ₳ No rationale
- Yes 7.3M ₳ No rationale
- No 7.1M ₳ Rationale
I have voted No on the Budget Proposal that preceded this Treasury Withdrawal with a more detailed rationale. I repeat my vote for the Treasury Withdrawal.
- No 6.2M ₳ No rationale
- Yes 6M ₳ Rationale
Voting the same the last time this came up for vote - Yes.
Supporting this proposal not because I absolutely think it'll be successful, but because I'd like to see us explore options with new teams to expand our CEX visibility and ecosystem overall for Cardano. We have founding entities with millions of ADA and we're still seeing challenges with listings, granted we've not quite yet meet the listing requirements for all of them to make it worth their while. SNEK does drive volume and activity, on-chain, for Cardano - and we should at least take this measured risk (in the form of an collateralized loan) to explore a different avenue. At the very least, a pathway will be determined for future CNTs. It's worth mentioning SNEKs' multiple business paths and options for revenue without this which could be attributed to their ability to pay back some if not all of this loan. While not structured appropriately, imo, for an uncollateralized loan - I do not think this sets precedence either for potential future loans.Thoughts on risk here: https://x.com/mr_cata/status/1964291870407770286
- Yes 5.5M ₳ No rationale
- Yes 5.5M ₳ No rationale
- Yes 5.3M ₳ No rationale
- Yes 5.3M ₳ Rationale
STORM Partners is voting YES on the ₳5,000,000 loan because the structure offers a responsible way to deploy treasury capital with repayment, oversight, and enforceability built in. The loan terms, auditing, and milestone-controlled disbursements provide enough protection to justify the risk, given the scale of potential liquidity and visibility gains for Cardano.
We support Snek Foundation as the executor because they have already proven they can deliver Tier 1 listings and have real revenue capacity to repay the loan while improving Cardano’s liquidity and visibility. Risks around concentration and partial opacity remain, but the safeguards, milestone-based disbursements, and audits make this a reasonable test case for loan-based treasury instruments.
- Yes 4.6M ₳ No rationale
- Yes 4.5M ₳ No rationale
- Yes 4.4M ₳ No rationale
- Yes 4.2M ₳ Rationale
[Portuguese]
Optamos por votar "SIM" nesta ação de governança (gov_action1q0m8z7glm9cprucwf44hdjdfra8khnakpm3hu5ueh929hvljw4aqqzuxfxz), pois, embora o valor do empréstimo solicitado ao tesouro seja elevado (5 milhões de ADA), a taxa de juros seja relativamente baixa (2,44% ao ano), o prazo longo (3 a 5 anos) e não tenham sido empenhados ativos em garantia, foram apresentadas fontes de receita e mecanismos de controle e auditoria suficientes para mitigar riscos e proteger os fundos. A SNEK já demonstrou atender aos critérios de listagem em exchanges de nível 1, estando presente na Kraken, Crypto.com e KuCoin, tudo isso com recursos próprios. Trata-se, de fato, do principal token do ecossistema Cardano, com potencial para alcançar uma listagem na Binance — ainda que a proposta não mencione explicitamente esse objetivo. Acreditamos, contudo, que o risco é proporcional ao benefício esperado, uma vez que essa provável listagem poderá abrir as portas para liquidez global, criando um precedente positivo que outros tokens nativos da Cardano poderão seguir.
[English]
We chose to vote "YES" on this governance action (gov_action1q0m8z7glm9cprucwf44hdjdfra8khnakpm3hu5ueh929hvljw4aqqzuxfxz), because although the requested treasury loan amount is high (5 million ADA), the interest rate is relatively low (2.44% per year), the term is long (3 to 5 years), and no assets were pledged as collateral, the proposer presented revenue sources and control and audit mechanisms sufficient to reduce risk and protect the funds. SNEK has already proven to meet tier-1 exchange listing criteria, being listed on Kraken, Crypto.com, and KuCoin, all achieved with its own resources. It is, in fact, the leading token of the Cardano ecosystem, with real potential to achieve a Binance listing — even though the proposal does not explicitly state that goal. We believe the risk is justified by the potential reward, as such a listing would enable access to global liquidity, paving the way for other Cardano native tokens to follow. - Yes 4.2M ₳ No rationale
- No 4.2M ₳ Rationale
I voted no on the Budget Proposal, this is just the logical follow up vote.
Strength and honor,
- No 3.8M ₳ Rationale
As per my previous 'No' vote on functionally the same proposal submitted by Snek - I do not believe this negligible interest rate is a financially rational compensation for the very high risk that as a CFA Charterholder I analyze Snek to demonstrate. I believe the downside risk is far more likely than Snek maintaining or increasing its value, and thus its ability to repay this loan is questionable. That functionally the same proposal is being resubmitted, implies to me gaming the immature voting process on Cardano and trying again hoping for a different outcome, which considering the low turnout of voting, is rational, but not in the best interest of the ecosystem. My other previous reasons for a No vote still stand.
There is no doubt that Snek has brought tremendous activity, energy, and value to the Cardano ecosystem. The list of their contributions is long and well-documented in posts by others, so I won’t repeat them here. They deserve recognition for everything they have achieved.
Strengths of the Proposal
1.Structuring the request as a loan rather than a grant is innovative and should inspire others.
2.The use case for funds is clear, with much allocated toward liquidity provision—closer to a treasury action than an expense.
3.Snek has already demonstrated commitment by self-funding exchange listings, showing they are willing to put skin in the game.That said, after reviewing this proposal through the lenses of corporate finance, business operations, and anti-fraud practice, I cannot support it.
Concerns Leading to My No Vote
•Loan terms not appropriate: The proposed interest is equivalent to Cardano’s staking risk-free rate. In traditional finance, a corporation like Snek would borrow at risk-free + a significant premium (typically 5–8% above risk-free), and with collateral. An unsecured loan at a risk-free rate does not reflect market reality and would not be offered by any financial institution. Using public funds under these terms does not seem responsible.•Overvaluation and repayment risk: From a financial analyst’s perspective, Snek’s market valuation appears far higher than its underlying business value and assets. Revenue streams are directly tied to token price, meaning that if the token drops significantly, repayment becomes much less likely. The downside risk here is more probable than the smooth repayment scenario described.
•Normal business expense: Exchange listings and liquidity provision are standard costs of doing business for any token project, especially meme-coins. Other projects in other ecosystems routinely budget for this. I see no clear reason why Snek should be treated differently.
•Externalities already being covered: Snek argues that their listings benefit the broader Cardano token ecosystem. While true in principle, other players—such as the Midnight Foundation—are already covering similar expenses for their own listings, generating the same ecosystem benefits without drawing on Treasury funds. This makes the argument for community financing less compelling.
Final Position
This was a difficult decision, and I took time to reflect and review a wide range of perspectives. In particular, the comments by @goofycrisp, @CardanoRami, @JaromirTesar, @Jane14457995, and @yuta_cryptox were especially helpful.
I respect the Snek team and community and acknowledge their positive impact on the Cardano ecosystem. However, I believe that a project as vibrant and successful as Snek should finance its own core business expenses. I can not support using public funds to finance this for them especially when the loan terms do not make financial sense from a risk-management perspective.
For these reasons, I voted No
- Abstain 3.7M ₳ Rationale
I want no part in this approach.
There are far better ways to promote the Snek IP than paying exchanges to list it closer to absent retail. I will abstain from voting, as my delegators are divided and it’s impossible to satisfy everyone. For the record, I strongly disapprove of the Snek community’s threats toward DReps and manipulative tactics to secure votes. This is not what I signed up for. Let’s hope everything resolves well. While I respect Snek’s success, it’s unfortunate that a meme coin holds the highest market valuation in our ecosystem. True success lies in building transformative solutions to replace the current system. - Yes 3.7M ₳ No rationale
- No 3M ₳ No rationale
- Yes 2.9M ₳ No rationale
- Yes 2.8M ₳ Rationale
Voting YES based on my position taken for the Info action of the same proposal. A great pioneer project for loans on Cardano.
- No 2.8M ₳ No rationale
- Yes 2.7M ₳ No rationale
- No 2.6M ₳ No rationale
- Yes 2.5M ₳ No rationale
- Yes 2.5M ₳ Rationale
We have been arguing about listing problems for a long time. Im not sure if this will work well but its worth the experiment to finally figure out what it will take for CNTs to move.
- Yes 2.5M ₳ Rationale
YES（賛成）
本提案は「Cardano全体の上場拡大」を目的としていますが、実際の実行主体は Snek Foundation であり、短期的には成果がSNEKブランドに集中する可能性があります。しかしながら、SNEKは既にTier1上場の実績を持つ唯一のCardanoネイティブトークンであり、その経験を活かして他のCardano Native Tokenへ上場ノウハウを共有するモデルケースとなることが期待されます。
また、本提案は Cardano Treasuryを「助成金」から「投資資本」へ進化させる初の制度的試みであり、Intersectによる監査・契約管理のもと、返済型ローンモデルの実験的成功が見込まれます。この枠組みは、将来の Cardano Sovereign Wealth Fund（CSWF）構想に直結する重要な布石であり、一定のリスクを承知の上で、資本循環型エコシステムを試す価値があると判断しYESを投じます。
YES (Support)
This proposal aims to expand Cardano’s global listings.
Although the main executor is the Snek Foundation, meaning short-term outcomes may be concentrated around the SNEK brand, SNEK is currently the only Cardano native token with proven Tier-1 listings.
Its experience can serve as a model for other Cardano Native Tokens to follow.
Furthermore, this proposal represents the first institutional trial to evolve the Cardano Treasury from a grant-based to an investment-based system.
Under Intersect’s oversight and contractual management, this loan model provides a valuable experiment toward a repayable, accountable Treasury structure.
It also lays an important foundation for the future Cardano Sovereign Wealth Fund (CSWF).
Recognizing the risks, I support this proposal as a meaningful step toward a capital-circulating ecosystem. - Yes 2.5M ₳ No rationale
- Yes 2.4M ₳ No rationale
- Yes 2.4M ₳ No rationale
- Abstain 2.4M ₳ Rationale
I have always supported the development of projects on the Cardano ecosystem, but this lending proposal is too risky without collateral and the benefits and specific metrics on how it will help the Cardano blockchain are still unclear.
- Yes 2.3M ₳ No rationale
- Yes 2.1M ₳ No rationale
- Yes 2.1M ₳ No rationale
- Yes 2.1M ₳ No rationale
- Yes 2.1M ₳ No rationale
- Yes 2M ₳ No rationale
- No 1.9M ₳ No rationale
- Yes 1.8M ₳ Rationale
Voting Yes. This governance action is structured as a loan with oversight, audits, and repayment plus interest. SNEK is currently one of the only Cardano-native tokens capable of securing Tier 1 exchange listings, and although it is a meme, the team has built revenue-generating products and has a proven track record.
SNEK can serve as a gateway for new users into Cardano while establishing the legal and technical infrastructure that other CNTs can reuse to access exchanges. Centralised exchanges are not the end goal, but they remain essential bridges for onboarding users and liquidity. Supporting SNEK is also an opportunity to show that Cardano is not a “ghost chain” and to increase awareness of our DeFi ecosystem.
- Yes 1.8M ₳ Rationale
I'm voting YES on the Snek Foundation's ₳5M loan proposal for global exchange listings. While I voted NO on their earlier "Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek" governance action, this resubmission addresses my primary concerns about safeguards and governance accountability.
The key improvement is the designation of Intersect as the administrator of budget funds, which provides institutional oversight that was absent in the original proposal. This administrative layer adds a crucial safeguard by ensuring an established governance entity manages fund disbursement rather than direct treasury-to-foundation transfers. Additionally, the loan structure itself—with 2.44% APR (2.37% staking rate + 0.07%) compounded yearly and repayment over 3-5 years from Snek product revenues—demonstrates responsible treasury capital deployment while setting a precedent for future project financing.
While an on-chain smart contract would still be my preferred enforcement mechanism, the combination of Intersect administration, defined repayment terms with audit verification requirements, and the broader ecosystem benefit of increased Cardano visibility through major exchange listings makes this proposal worth supporting. The loan model is fundamentally sound and represents innovative treasury utilization that could benefit the entire Cardano Native Token (CNT) ecosystem through expanded retail market access. - Yes 1.7M ₳ No rationale
- No 1.7M ₳ No rationale