The Cardano Foundation has officially endorsed a significant proposal aimed at broadening the global exchange listings for Cardano Native Tokens (CNTs), specifically focusing on ADA and SNEK. This decision comes as part of a treasury withdrawal initiative that seeks to strengthen the international presence of Cardano”s ecosystem.
Last month, the Snek Foundation team submitted a request to withdraw 5 million ADA, approximately valued at $2.11 million, to facilitate the listing of SNEK and other related tokens on major global exchanges. Initially, the proposal was intended as a grant, leading to a heated debate within the Cardano community regarding the use of treasury funds for exchange listings.
Concerns were raised by Charles Hoskinson, the founder of Cardano, who stated that treasury resources would not be allocated to finance the listing of ecosystem tokens such as SNEK and NIGHT. This hesitation was mirrored by the Cardano Foundation”s earlier decision to abstain from voting on the proposal in August, citing the need for more clarity before taking a definitive stance.
However, in a notable turn of events, the Cardano Foundation has shifted its position and cast a decisive “Yes” vote after more than two months of deliberation. A crucial factor influencing this change was the proposal”s transformation from a non-repayable grant to a structured, repayable loan. This adjustment is perceived as a means to bolster accountability and ensure long-term sustainability for the initiative.
The Foundation also highlighted the enhanced oversight introduced through the involvement of Intersect as the administrator, alongside the creation of a qualified advisory board. This framework aims to introduce greater structure and transparency to the process, alleviating earlier concerns related to a Budget Info Action.
In terms of voting results, four constitutional “Yes” votes were recorded, with no unconstitutional votes or abstentions, and only one entity opting not to participate. As of the latest updates, constitutional committee support has increased to six “Yes” votes, accounting for 85.71% of the total, with one member abstaining. Among Delegated Representatives (DReps), 75.98% have voted in favor of the proposal, while 8.02% abstained, and 16% have yet to participate. The voting process commenced on October 23, 2025, and is set to conclude on November 25, 2025.
This decisive endorsement by the Cardano Foundation indicates a commitment to expand the reach of Cardano-based tokens, potentially fostering greater adoption and growth within the cryptocurrency ecosystem.
