Treasury Withdrawal: Cardano Global Listing Expansion (SNEK)

I am voting NO on the proposed 5,000,000 ADA treasury withdrawal for SNEK exchange listings. While exchange presence for Cardano native tokens presents legitimate challenges, this proposal represents a concerning use of community funds that could establish problematic precedents for treasury governance.

My Decision Framework

My opposition to this proposal rests on three fundamental concerns:

1. Inappropriate Use of Community Treasury

The treasury exists to fund public goods and ecosystem infrastructure, not to subsidize the commercial activities of individual tokens. SNEK has already invested $4 million of its own funds into exchange listings—demonstrating both the ability to self-fund and the primarily private nature of these benefits. The proposal’s claim that SNEK listings will meaningfully drive ADA adoption lacks supporting evidence and ignores that users can already purchase ADA directly on these platforms.

2. Dangerous Precedent for Future Governance

Approving this withdrawal opens the treasury to any token claiming indirect “ecosystem benefits.” Without clear criteria distinguishing public goods from private ventures, we risk a flood of similar proposals. The advisory board structure, while featuring respected names, provides no binding oversight or clear success metrics. This undermines our responsibility as stewards of community resources.

3. Questionable Return on Investment

At approximately $2 million per major listing (based on their stated costs), the efficiency of this approach is highly questionable. The proposal provides no concrete metrics for measuring ecosystem impact—no targets for new user acquisition, ADA volume increases, or timeline-bound deliverables. The benefits appear concentrated among SNEK holders while costs are socialized across all ADA holders.

Conclusion

I recognize the SNEK team’s achievements and their desire to expand Cardano’s exchange presence. However, the appropriate path forward involves continued self-funding or traditional capital raising, not community treasury allocation. I encourage future proposals to focus on genuine public infrastructure—such as open-source CNT integration tools that any project could utilize—rather than subsidizing individual token listings. Our treasury governance must maintain high standards that reflect Cardano’s position as a leading blockchain ecosystem.