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Cardano Atlantic Council

This governance action, as proposed, is Constitutional.

Ace Alliance

We abstain on the “Loan ₳5,000,000 to Expand Cardano’s Global Listings” TWGA because of direct involvement in shaping the off-chain loan contract between Snek Foundation and Intersect.

Cardano Japan Council

We consider this governance action to be constitutional.

Eastern Cardano Council

We have determined that this treasury withdrawal governance action is constitutional.

KtorZ

Tingvard

Tingvard judge the “₳5,000,000 Loan for Cardano Global Listing Expansion – Snek Foundation” treasury withdrawal governance action constitutional.

This proposal seeks a 5,000,000 ada budget loan from the Cardano Treasury to fund the Cardano Global Listing Expansion, a strategic initiative led by the Snek Foundation to list [SNEK](https://www.snek.com/) on top-tier centralized exchanges, retail brokers, and trading platforms. This proposal is the **first-ever loan-based treasury withdrawal** in Cardano governance, introducing a new model of accountability where funds are not given as grants but repaid with interest.

As part of the governance process, a Board of Advisors will be appointed to ensure transparent execution and maximize ecosystem alignment. This board will include high-profile industry veterans like Tal Cohen (former CEO of Kraken), Phillip Pon (CEO of Emurgo), Fahmi Syed (President of Midnight Foundation), and Frederik Gregaard (CEO of Cardano Foundation), with additional top-tier names to be announced.

*SNEK is the largest community token on Cardano, holding the highest market capitalization, over 42,000 wallets, and more than 2 billion ADA in all-time trading volume.*

Over the past two years, the Snek Foundation has already invested over $5 million, entirely self-funded, to secure major exchange listings. Snek delivered the first, second, and third-ever Tier 1 listings for any Cardano native token, with Kraken, Crypto.com, and Kucoin, setting historic precedents for the ecosystem. With this proposal and with the support of our partners, we aim to unlock greater visibility, liquidity, and accessibility for the broader Cardano ecosystem by leveraging SNEK’s proven momentum and market position.

This loan will be continuously repaid from Snek network activities, with a final balance plus interest settled after a closing audit in three to five years. Interest is set at 2.44% annualized (2.37% staking rate + 0.07%), compounded yearly.

By structuring this as a repayable loan, the Snek Foundation is once again trailblazing for the ecosystem; demonstrating how treasury capital can be deployed responsibly while setting a precedent for future projects.

This treasury withdrawal follows the approved Budget: ₳5M Loan for Cardano's Global Listing Expansion - Powered by Snek ([gov_action1jr84r96lnsvu9yd6c0jhxe9gj5r7vnd2pgkntc6klplxdpyzz4tqqc9uldx](https://gov.tools/outcomes/governance_actions/90cf51975f9c19c291bac3e57364a89507e64daa0a2d35e356f87e6684821556#0)). The administrator of the budget funds will be Intersect, utilizing the treasury-contracts framework to manage funds.

Loan ₳5,000,000 to Expand Cardano's Global Listings

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