Loan ₳5,000,000 to Expand Cardano's Global Listings
202 DReps voted · 60 with a rationale
Open a row to read the rationale.
- Yes 592.3M ₳ Rationale
Summary
Yoroi DRep votes YES on the governance action to fund “₳5M Loan for Cardano’s Global Listing Expansion – Powered by SNEK.” This decision reaffirms our previous support expressed during the Budget Info Action stage, with the rationale below.
Rationale
Pioneering Loan-Based Model:
This proposal introduces a new standard of fiscal responsibility within Cardano governance, establishing a repayable Treasury loan with a defined 2.44% annual interest rate. It represents a shift toward sustainable capital deployment, ensuring that community funds are productively used and returned to the Treasury for future growth.Strong Execution Record and Proven Impact:
The Snek Foundation’s past success in self-funding Tier 1 exchange listings, on Kraken, Crypto.com, and KuCoin, demonstrates both capability and commitment. The foundation’s ability to deliver tangible outcomes reinforces trust in its capacity to execute on this expanded initiative responsibly.
Transparent Oversight and Smart Contract Administration:
The proposal’s use of Intersect’s audited treasury smart contract framework, along with milestone-based disbursements and third-party audits, provides a high degree of transparency and accountability. This structured oversight gives the community confidence that funds will be managed and repaid in alignment with Treasury governance standards.
Conclusion
Yoroi DRep supports this Treasury Withdrawal as a continuation of its earlier endorsement. We trust that the Snek Foundation will uphold the community’s confidence by managing these funds with integrity, transparency, and strong execution, delivering tangible results that benefit not only SNEK holders but the broader Cardano ecosystem.
- Yes 428.5M ₳ Rationale
I'm voting YES for "Loan ₳5,000,000 to Expand Cardano's Global Listings" for the same reasons as my previous Budget vote.
Looking at the contract, it's clear that there is no collateral or guarantor, so you still essentially need to trust the snek team. However, the snek team has a clearly observable revenue track record on-chain, which can be easily verified using the external tool taptool. In the Cardano ecosystem, there are not many teams that are generating sustainable revenue with a business model based on on-chain transactions.
以前のBudgetの投票と同様の理由で「Loan ₳5,000,000 to Expand Cardano's Global Listings」YESに投票します。
契約書を見ると、担保や保証人がいるわけではないために、基本的にはsnek チームを信頼する必要があることに変わりはありません。ただし、オンチェーンで明確に観測可能なsnekチームの収益実績があることが簡単に外部ツールのtaptoolから確認することができます。Cardanoエコシステムでは、オンチェーントランザクションに基づくビジネスモデルで持続的な収益を上げているチームは多くありません。
- Yes 328.3M ₳ No rationale
- Yes 297.4M ₳ Rationale
Summary
EMURGO DRep votes YES on the Treasury Withdrawal proposal titled “Loan ₳5,000,000 to Expand Cardano's Global Listings.”
Rationale
As a follow-up to our prior YES vote on the Budget Info Action for this same initiative, EMURGO reaffirms its support for this proposal, recognizing it as a milestone in advancing Cardano’s governance and financial maturity. By adopting a loan-based funding structure, the proposal strengthens fiscal responsibility within Treasury operations, ensuring that ecosystem capital is both utilized productively and replenished over time.
The Snek Foundation has already demonstrated strong operational capability by independently securing Tier 1 listings, historic achievements for Cardano-native assets. Their consistent delivery record and readiness to engage in structured repayments underscore both competence and commitment.
Additionally, with EMURGO CEO Phillip Pon serving on the Board of Advisors, this proposal offers a valuable opportunity to contribute to oversight and strategic alignment, ensuring that execution remains accountable, transparent, and aligned with Cardano’s broader market growth objectives.
Conclusion
EMURGO supports this governance action as a natural progression of our earlier endorsement under the Budget Info Action. The proposal not only amplifies Cardano’s global visibility but also pioneers a sustainable funding model for the ecosystem. We encourage the Snek team to maintain continued transparency and detailed performance reporting throughout its implementation.
- Yes 221.8M ₳ Rationale
TL;DR: EDC voted YES on gov_action1q0m8z7glm9cprucwf44hdjdfra8khnakpm3hu5ueh929hvljw4aqqzuxfxz;
We are voting YES according to our previously vote in budget info action: gov_action1jr84r96lnsvu9yd6c0jhxe9gj5r7vnd2pgkntc6klplxdpyzz4tqqc9uldx
- Yes 174.4M ₳ No rationale
- Yes 160.5M ₳ No rationale
- Yes 135.1M ₳ Rationale
The Cardano Foundation (DRep) votes YES on this Treasury Withdrawal. We believe that our concerns raised to the related Budget Info Action have been substantially resolved and that the Snek team and Intersect will resolve any residual concerns once the loan agreement is finalized.
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. We note that the scope of the advisory board’s oversight role is not yet finalised and may change.
We commend the Snek team for making the draft loan agreement public, committing to regular reporting on costs and progress, and providing a description of the purpose of the loan. We are assured by the Snek and Intersect teams that any remaining inconsistencies between the budget info action and this treasury withdrawal governance action will be addressed more clearly in the future or otherwise remedied in the final version of the loan agreement between Snek and Intersect/CDH. In view of this, we believe a 'yes' vote is appropriate to support this experimental approach.
The Cardano Foundation votes YES to support the direction of this loan-based proposal and its potential in presenting a sustainable model of Treasury funded endeavours.
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. - Yes 93.3M ₳ Rationale
As a DRep, I decided to vote YES for Loan ₳5,000,000 to Expand Cardano's Global Listings.
A PDF version of this rationale is also made available.
I had a productive call with SNEK in which some of my concerns were clarified. We said "Hi" in Berlin at the Cardano Summit. However, this is not the main reason why I am changing my decision.
I still think that paying off the loan can be a challenge for the team, especially if a bear market hits. On the other hand, 5 years gives room to take advantage of the next bull market that may be favorable for SNEK.
From my point of view, meme coins are not the most important direction for Cardano. My preferences remain the same, i.e., DeFi based on stablecoins and RWA, ideally with privacy support.
The recent unfortunate swap in which a user lost millions of USD due to low liquidity in the pool convinced me that we cannot make quick decisions and take the necessary steps to make our ecosystem succeed. In this context, it makes sense to support a project that will bring new activity to the chain.
Theoretically, 5M ADA could be used to pump stablecoins into the ecosystem. However, I do not expect that such a withdrawal will be approved by the end of the year. Hopefully, at least a withdrawal requesting 50M ADA will be approved. So approving a long-term loan is not an obstacle to other important goals.
It is necessary to add that this is a loan that has been supported by big names such as:
- Phillip Pon (CEO of Emurgo)
- Fahmi Syed (President of Midnight Foundation)
- Frederik Gregaard (CEO of Cardano Foundation)
If they are willing to associate their name with this proposal and possibly risk their careers, I will not be the one to hold back the proposal.
I probably would not support a similar proposal from a smaller meme project. SNEK has huge support, including my delegators. About half wanted me to support SNEK (but they understood my NO vote), and about half were glad that I did not support the Info proposal.
Tens of millions of ADA have been spent from the Treasury on various projects. We can afford to support the meme sector, especially if it is a loan, not a grant.
I wish the SNEK team and community all the best.
- Yes 92.1M ₳ No rationale
- Abstain 89.8M ₳ Rationale
SIPO has chosen to Abstain on this proposal.
Our decision reflects both recognition of the proposal’s innovation and concern for its structural implications on fairness, governance precedent, and long-term ecosystem balance.
On the Loan-Based Treasury Model
SIPO deeply appreciates the innovation behind this proposal—the introduction of a repayable, interest-bearing treasury loan.
This marks a significant step toward treating Cardano’s treasury not merely as a grant pool, but as a public revolving fund—a self-sustaining capital engine for ecosystem growth.Such a model introduces accountability and enables the treasury to recycle its funds through investment, repayment, and reinvestment, strengthening Cardano’s financial autonomy and maturity as a decentralized system.
On the Risks of Institutionalizing a Meme Token
However, we must also recognize the governance risks that arise when a single project—especially a meme token—is institutionally supported at the treasury level.SNEK has undeniably achieved remarkable success: multiple Tier-1 listings, community-driven growth, and meaningful visibility for Cardano across global markets.
Its impact on culture and user acquisition cannot be ignored.Yet institutionalizing support for one specific token risks creating an implicit “SNEK exception”, undermining fairness and reproducibility for future projects.
If Cardano is to recognize meme-driven adoption as a legitimate economic entry point, it should be done through a replicable framework, not a one-off exception.The Broader Meaning of “Meme Culture as an Entry Point”
This proposal implicitly positions meme culture as an official on-ramp into Cardano’s economy.
SIPO does not reject this concept.
Meme assets have demonstrably expanded user bases in ecosystems like Ethereum and Solana by merging cultural narratives with liquidity incentives.Still, if such mechanisms are to become part of Cardano’s governance architecture, they must be inclusive, transparent, and criteria-based.
Future loan initiatives should adopt open calls and clear eligibility standards—covering KYC readiness, sustained development, exchange compliance, ADA-pair liquidity contribution, and fair market behavior.Why SIPO Abstains
SIPO supports the spirit and direction of this proposal:
• Introducing a repayable, audited, legally binding treasury mechanism;
• Enhancing visibility and liquidity for Cardano Native Tokens;
• And promoting sustainable financial governance.However, we cannot fully endorse a framework that currently hinges on a single project without a reproducible path for others.
Cardano’s first loan-based precedent must prioritize process over personality—it should establish a governance model, not a one-time favor.For this reason, SIPO abstains—not as a rejection, but as a constructive pause to encourage clearer institutional design and fairness in future iterations.
Recommendations for the Future
SIPO hopes this initiative will be treated explicitly as a pilot program, followed by:
• Transparent post-execution reporting (repayments, KPIs, exchange impact);
• Independent audits at least twice per year;
• Documentation of the listing framework for future projects;
• Policy discussions on how to formalize this loan model for other Cardano-native assets.We believe this pilot can become an educational milestone—demonstrating how a decentralized treasury can evolve from “funding” to responsible capital management, if built with transparency and replicability in mind.
Summary
• Loan-based treasury = strong innovation and governance maturity.
• Institutional favoritism = governance risk if left unstructured.
• SIPO supports the concept, not the current structure.
• Vote: AbstainSIPO views this proposal as a valuable first experiment in Cardano’s financial governance evolution—
but one that must evolve into a transparent, open, and fair framework before full support can be justified.⸻
SIPOはこの提案に対して「Abstain（棄権）」の立場を取ります。
理由は、この提案が持つ革新性とリスクの両面を慎重に見極める必要があると判断したためです。
ローン型トレジャリーモデルへの評価
まず、SIPOは今回の提案が示した「利息付き返済型ローンモデル」を高く評価しています。
カルダノのトレジャリー資金を単なる助成金ではなく、循環する公共資金（public revolving fund）として扱う発想は、今後のガバナンスにとって非常に重要な前進です。
このモデルは、助成金文化に依存しない自立的なエコシステム運営の可能性を示すものであり、「投資・回収・再分配」という新しい資金サイクルをカルダノにもたらす第一歩だと感じています。一方で感じた懸念
しかし同時に、SIPOはこの提案に内在する公平性と制度設計上のリスクを無視することはできません。提案の中心にある「SNEK」は、確かにこれまでカルダノで最も広く取引され、コミュニティ主導でTier1取引所上場を達成してきた実績を持っています。
その貢献は明らかであり、カルダノの“存在感”を世界に広げる象徴的なトークンでもあります。ただし、この提案のようにSNEK単体を対象とした制度的支援をトレジャリーが直接行う前例をつくることは、慎重に検討すべきです。
なぜなら、これが「SNEKだけが特別扱いされる構造」として固定化されてしまうと、将来の他プロジェクトに対する公平性が損なわれ、カルダノ全体のバランスを崩すおそれがあるからです。「Meme文化の制度化」が持つ意味
今回の提案は、ある意味で「Meme文化をカルダノの経済入口として制度的に認める」動きでもあります。
SIPOはこの考え方自体を否定するものではありません。
Memeトークンが持つ文化的浸透力や新規ユーザー獲得効果は、EthereumやSolanaなど他チェーンでも大きな成果を上げており、
カルダノにも新しい流動性と認知をもたらす可能性があると考えています。しかし、もしその仕組みを制度として取り入れるのであれば、
特定のトークン（＝SNEK）ではなく、再現可能で公平な「枠組み」として整備される必要があります。
たとえば、今後のローン型支援を公募制にし、上場実績・KYC体制・開発持続性など客観的な基準をもとに審査できるような制度設計が求められます。現時点でのSIPOの判断
SIPOは、今回の提案が示した方向性──つまり「トレジャリー資金の再循環」「返済型モデル」「外部監査・法的拘束力の導入」──には強く賛同しています。
それはカルダノのガバナンスをより成熟させ、公共資金を持続的に運用する未来への大きな一歩です。一方で、制度の第一例がSNEK単独案件であることに対しては、慎重さを欠くべきではないと考えます。
前例のつくり方を誤ると、「カルダノトレジャリー＝特定プロジェクトへの資金供給口」と誤解されるリスクが生まれます。したがって、SIPOは本提案の方向性を前向きに評価しつつも、
現段階では賛成票を投じることはせず、「Abstain」という形で中立的な立場を取ることにしました。今後への期待と要望
SIPOとしては、今回の試みがローン型トレジャリーモデルの制度化に向けたパイロット案件として整理され、
施行後には「成果・返済・透明性・再現性」に関する詳細なレビューが公開されることを期待しています。また、今回得られた知見をCardano Foundation、Emurgo、Intersectなどの主要機関と共有し、
他のCardanoネイティブトークンが同じルートを辿れるようなオープンフレームワークとして制度設計されることを望みます。SIPOは、カルダノが公共性と市場性を両立するWeb3経済圏へ進化していくために、
こうした制度的な挑戦が今後も透明性のもとで継続されることを強く支持します。そのうえで、次回以降の提案ではぜひ「公平なアクセス」と「制度の再現性」が確保された形での提案を期待しています。
まとめ
• ローン型トレジャリー導入：大きな前進として評価
• SNEK単独への制度的支援：公平性・透明性の観点から慎重に
• 今後に求めること：制度化、再現性、第三者監査、成果レビュー
• 投票結果：Abstain（棄権）SIPOは、この提案をカルダノの新しい金融実験の第一歩として肯定的に見守りつつ、
制度的前例の形成にはより慎重なプロセスを求める立場を取ります。 - No 89.3M ₳ Rationale
See detailed post on X.com as to the previous corresponding info action.
- Yes 89.2M ₳ Rationale
This could pave the way for Cardano meme coins to achieve global listings.
- Yes 77.3M ₳ No rationale
- Yes 74.7M ₳ No rationale
- Yes 71.3M ₳ Rationale
I'm voting YES. This historic 5M ADA loan is a strategic investment to break Cardano's isolation and pave the way for all native tokens. This isn't a grant; it's a sustainable model with 2.44% interest, Intersect as administrator, and a top-tier Board of Advisors. This is accountability in action.
A PDF version of this rationale is also made available.
I am voting YES on this proposal.
This is a historic first for Cardano: a repayable loan, not a grant. I'm backing this as a strategic investment to break our ecosystem's isolation and pave the way for all native tokens, driving ecosystem growth.
Accountability is key, and this proposal delivers. It's a repayable loan with 2.44% interest, administered by Intersect, and overseen by a top-tier Board of Advisors. It's a sustainable and strategic treasury replenishment model.
I will be watching the bi-yearly reports closely and encourage the Snek team to build community trust by considering early repayments. I am confident they will do us proud, as I welcome the improved oversight, public legal contract, and clear success metrics.
The time is now. Let this be a clear message to the industry, we will not be excluded. We will invest in our own ecosystem for growth, inclusion, and competition.
- Yes 70.8M ₳ No rationale
- Yes 68M ₳ Rationale
I will be voting YES on this proposal.
Expanding Cardano’s presence on major exchanges is essential for global adoption.
After speaking directly with the team and reviewing their intentions and risk awareness, I believe SNEK has the proven capability and community strength to drive this forward.That said, this is the first-ever Treasury loan, and it carries a real risk profile as an unsecured structure.
Therefore, my support comes with a continued commitment to advocate for transparency, financial safeguards, and ongoing oversight throughout execution.
Let’s make this a shared success for Cardano.僕はこの提案に YES で投票します。
Cardanoが大きく前進するために、グローバルな取引所での存在感と流動性拡大は不可欠です。
実際にチームとも話し、意図やリスク認識を確認したうえで、SNEKの実績とコミュニティ性にはそれを実現する力があると判断しました。ただし、これは Treasury資産の貸し出しとして初の挑戦であり、無担保ローンというリスクを伴います。だからこそ、投票後も透明性の高いモニタリングと、財務健全性の確保を継続して求めていきます。共にこの挑戦を成功させましょう。
- Yes 65.7M ₳ No rationale
- Yes 62.7M ₳ No rationale
- Yes 51.1M ₳ Rationale
I support this proposal because it represents a major step forward in how the Cardano Treasury can sustainably support ecosystem growth. Having listened to DReps and community feedback, the proposal has been significantly improved since the Budget Info Action. It now includes a public legal contract, clear success metrics, and stronger oversight through Intersect and other parties.
Snek has already demonstrated its ability to expand Cardano’s visibility through Tier 1 listings, with over $5M invested to date. It has also proven its capacity to generate revenue to repay the Treasury over time through multiple streams — including Web2 and Web3 products (SnekFun, SNEKbot, SnekX, Snek Energy, Snek Figures), IP revenues , its treasury, potential capital raises, and other sources leveraging SNEK trading volume, liquidity and large community. This proposal amplifies CNT reach, deepens liquidity, and creates a repeatable path for others, directly helping address a key barrier to mainstream adoption.
I believe the Treasury should operate more like a sovereign wealth fund, not a charity, with strategic funding initiatives that grow the ecosystem and replenish it over time. Supporting this proposal means endorsing a sustainable and pioneering model that strengthens Cardano for the long term. I’m proud that Snek is leading the way.
- Yes 50.5M ₳ No rationale
- Yes 49.8M ₳ Rationale
When evaluating treasury withdrawals, I usually base my decision on whether the proposal's impact will exceed the requested amount. In this case, I believe the positive effect on the Cardano ecosystem will clearly outweigh the cost, especially considering that the proposal involves the repayment of borrowed funds.
- Yes 49.7M ₳ Rationale
I am voting "Yes" on "Loan ₳5,000,000 to Expand Cardano's Global Listings" following my previous voting of its info action.
- No 48.4M ₳ No rationale
- Yes 42.9M ₳ No rationale
- Yes 42.4M ₳ No rationale
- Yes 40M ₳ No rationale
- Yes 38.1M ₳ No rationale
- Yes 36.8M ₳ No rationale
- Yes 34.4M ₳ No rationale
- Abstain 34.3M ₳ Rationale
We abstained on this proposal. As this treasury withdrawal relates to the financial execution of a previously presented plan, we determined that maintaining neutrality and observing future developments would be the most appropriate course of action.
- Abstain 32.3M ₳ Rationale
This proposal is constitutional, but withholding a detailed cost breakdown is a cop out that limits transparency and prevents proper evaluation of Treasury spending. The structure is sound, but disclosure is inadequate for accountability, so I am voting Abstain.
A PDF version of this rationale is also made available.
This proposal is constitutional and fits within the approved budget framework, but as a DRep I am not satisfied with the level of transparency provided. Relying on the justification that a detailed cost breakdown cannot be shared for “strategic” reasons feels like a cop out, and it prevents delegators from evaluating whether this is a responsible use of Treasury funds. Even though the administrative structure and repayment model look sound, the lack of clear cost allocation makes it impossible to properly assess proportionality or expected impact. Because the process is valid but the disclosure is insufficient for meaningful accountability, I am voting Abstain.
- Yes 31M ₳ No rationale
- Yes 30.5M ₳ No rationale
- Yes 28.2M ₳ Rationale
While I am personally not a fan of memecoins, I do appreciate the activity and volume that Snek has contributed to the Cardano ecosystem. Furthermore, I am excited to see a bit of innovation in the treasury withdrawal process by asking for this exchange listing expansion as a loan instead of grant. For these reasons, I will be voting YES on this treasury withdrawal.
- No 27.4M ₳ No rationale
- Yes 26.1M ₳ No rationale
- Yes 25.2M ₳ Rationale
I am voting YES because the SNEK team is gasoline and the treasury is lit. See rationale on corresponding info action vote
- Yes 22.7M ₳ No rationale
- Yes 22M ₳ No rationale
- Abstain 21.3M ₳ No rationale
- Yes 21.2M ₳ Rationale
Following on from my YES vote on the previous budget info action, I vote YES on the treasury withdrawal proposal for a 5 million ada loan to expand Cardano’s global listings. I appreciate that the proposers have taken on community feedback, enlisted the help of Intersect, and put forth a Board of Advisors to help administer the use of funds. This is the first time that a treasury withdrawal has been made with an expressed intention to repay the requested funds and as Cardano governance continues to evolve it is encouraging to see proposers experimenting with ways to make both Cardano governance and the treasury more sustainable.
- Yes 21.1M ₳ No rationale
- Abstain 20.3M ₳ No rationale
- Yes 19.9M ₳ Rationale
Strong team, bold idea. We should treat the treasury like a VC to not just take funds but to give back funds. I wish this team best of success of implementing this as a role model for future treasury withdrawals setting a standard to follow.
- No 17.4M ₳ No rationale
- Abstain 17.1M ₳ Rationale
Abstain
- Yes 16.7M ₳ Rationale
We voted Yes because the expanded Treasury Withdrawal provides a complete, auditable, and enforceable loan framework that aligns with the strategic goal of improving Cardano’s global exchange presence. The structure includes milestone-based disbursements, independent audits, TRSC/PSSC oversight, and full repayment terms, reducing risk to the treasury. Although the proposal introduces a novel loan model, the detailed safeguards, transparency commitments, and ecosystem-wide benefits justify supporting this initiative.
- Yes 16.4M ₳ No rationale