Cardano Foundation Backs Proposal to Expand ADA and SNEK Global Listings

The Cardano Foundation has cast a Yes vote on a key treasury withdrawal proposal to expand global exchange listings of Cardano Native Tokens (CNTs).

The proposal, submitted by the Snek Foundation team last month, seeks to enhance the international exchange presence of Cardano-based tokens and support broader ecosystem growth. Specifically, the Foundation voted Yes on the Treasury Withdrawal request titled “Loan ₳5,000,000 to Expand Cardano’s Global Listings.”

Reactions to Initial Request for 5M ADA Grant

For context, the Cardano community has been debating this initiative for several months. Early discussions centered on withdrawing 5 million ADA, currently valued at approximately $2.11 million, initially framed as a grant intended to fund the listing of SNEK and other Cardano-based tokens on major global exchanges.

However, the proposal has also faced notable pushback. Cardano founder Charles Hoskinson stated that treasury funds will not be used to finance exchange listings for ecosystem tokens such as SNEK and NIGHT.

Additionally, the Cardano Foundation initially abstained from voting on the proposal in August, noting that further clarification was required before it could take a definitive position.

Cardano Foundation Changes Vote to Yes

More than two months after initially abstaining, the Cardano Foundation has updated its position and cast a decisive “Yes” vote. One of the most significant changes that influenced this shift is the proposal’s evolution from a non-repayable grant to a structured, repayable loan. It believes this adjustment will further strengthen accountability and enhance long-term sustainability.

The Foundation also emphasized the added oversight introduced through Intersect’s role as administrator and the establishment of a qualified advisory board. It pointed out that the move brings greater structure, transparency, and professionalism to the process.

Additionally, the Foundation noted that earlier concerns linked to a related Budget Info Action have now been resolved. The nonprofit expressed confidence that any remaining inconsistencies, particularly those involving coordination between the budget info action and the new loan withdrawal, will be clarified in future governance steps.

Voting Results

According to the internal voting record, four constitutional “Yes” votes were cast, with no unconstitutional votes, no abstentions, and only one entity that did not participate.

At press time, constitutional committee support for the proposal had climbed to six “Yes” votes (85.71%), with one member abstaining. The remaining 14.29% of constitutional votes have not yet been cast.

Among DReps, 75.98% have voted in favor, 8.02% abstained, and 16% have not yet participated. Voting began on October 23, 2025, and is scheduled to end on November 25, 2025.