- The Cardano Foundation has voted YES on a ₳5M loan proposal to expand global exchange listings for ADA and SNEK.
- The Foundation abstained on two similar Snek proposals.
The Cardano Foundation has voted YES on a major treasury withdrawal proposal aimed at expanding global exchange listings for ADA and Cardano Native Tokens (CNTs) such as SNEK. The proposal was submitted by the Snek team and requests a ₳5,000,000 ($2.08M) loan from the Cardano treasury to scale international listing efforts.
We have voted YES on the treasury withdrawal proposal: Loan ₳5,000,000 to Expand Cardano’s Global Listings, proposed by @Snek. ✅
Here’s our full voting rationale: https://t.co/86XDcsjXf1 pic.twitter.com/xSAbuIfGtF
— Cardano Foundation (@Cardano_CF) November 24, 2025
The Foundation said its earlier concerns have now been “substantially resolved.” It added that any remaining gaps will be settled once the final loan agreement is completed between Snek, Intersect, and Cardano’s governance bodies. The Foundation has praised the proposal for introducing a new financing mechanism within Cardano governance. The document shared on X, Cardano said:
“This proposal introduces an innovative and necessary funding mechanism for the Cardano ecosystem: a treasury-backed loan for a scaling commercial entity.”
According to its rationale, this model fills a critical funding gap for mature, market-ready projects that require growth capital while maintaining decentralization principles.
Intersect’s role as administrator offers additional assurances, though the Foundation noted that the advisory board’s exact scope
“is not yet finalised and may change.”
The Foundation also commended the Snek team for making the draft loan agreement public. Snek outlined the purpose of the loan and promised regular reporting on costs and progress.
The Cardano Foundation shared the rationale after another recently shared an update on its global adoption roadmap for 2025–2026.
Why the Foundation Abstained on Two Other Snek Proposals
In a follow-up governance update, the Cardano Foundation announced it had voted to ABSTAIN on two other treasury withdrawal actions submitted by the Snek team. The two proposals were “substantively identical,” and another proposal is already underway.
Cardano Foundation stressed that while Snek has made major contributions, governance decisions must be based on proposal quality and accountability.
The Foundation reiterated its strong Support for Snek, but with conditions. It will remain fully aligned with the mission of expanding exchange access for Cardano assets. It will also recognize Snek’s significant progress in generating user demand and securing Tier-1 exchange interest for CNTs. However, Snek will have to meet Cardano’s high standards for transparency and sustainability for it to work.
The internal governance team also disclosed how its members voted on the approved ₳5 million loan proposal. Four votes deeming the proposal constitutional, zero unconstitutional or against, no abstentions, and one member who did not vote. The Foundation says it looks forward to reviewing Snek’s updated proposal once revisions are complete.
Credit: Source link
