이 제안은 Cardano Treasury에서 5,000,000 에이다(₳) 예산 대출을 요청해 Snek Foundation이 주도하는 Cardano Global Listing Expansion 프로젝트를 지원하는 내용임.

이 프로젝트는 SNEK 토큰을 주요 중앙화 거래소, 소매 중개인, 거래 플랫폼에 상장하는 전략적 이니셔티브임.

Cardano 거버넌스에서 최초로 대출 기반 재무 인출 모델을 도입해, 자금을 보조금이 아닌 이자를 포함해 상환하는 책임성 모델을 제시함.

거버넌스 과정에서 Tal Cohen(전 Kraken CEO), Phillip Pon(Emurgo CEO), Fahmi Syed(Midnight Foundation 회장), Frederik Gregaard(Cardano Foundation CEO) 등 업계 고위 인사들이 포함된 자문위원회가 투명한 집행과 생태계 정렬을 보장함.

SNEK는 Cardano에서 가장 큰 커뮤니티 토큰으로, 시가총액 최고, 42,000개 이상의 지갑, 20억 ADA 이상의 누적 거래량을 보유함.

지난 2년간 Snek Foundation은 500만 달러 이상을 자체 자금으로 투자해 Kraken, Crypto.com, Kucoin 등에서 Cardano 네이티브 토큰 최초의 Tier 1 상장을 달성했음.

이번 대출은 Snek 네트워크 활동에서 지속적으로 상환되며, 3~5년 후 최종 감사 후 원금과 연 2.44% 복리 이자를 포함해 정산됨.

대출 구조를 통해 Snek Foundation은 재무 자본을 책임감 있게 운용하는 선례를 만들고, 향후 프로젝트에 모범 사례를 제시함.

예산 자금 관리는 Intersect가 treasury-contracts 프레임워크를 활용해 담당함.

이 제안은 Cardano 거버넌스에서 대출 기반 재무 인출의 첫 사례로, 커뮤니티 승인과 투명한 집행 절차를 통해 Cardano 생태계 확장과 책임 있는 자금 운용 모델을 동시에 추구함.

---

**주요 용어 주석**
- *Treasury*: Cardano 생태계 발전을 위해 투표로 자금을 배분하는 중앙 자금 풀
- *Tier 1 listing*: 주요 대형 거래소 상장
- *Governance*: Cardano 네트워크의 의사결정 및 자금 배분 과정
- *Compound interest*: 복리 이자
- *Intersect*: 독립 감사 및 자금 관리 기관

Snek Foundation은 SNEK 생태계를 시작하고 운영하는 풀뿌리 조직임. 외부 자금 없이 31개월간 자체 수익과 재무를 통해 운영했으며, 지금까지 상장 활동에 5M 달러 이상을 투자했음.

2023년 5월 이후 Snek은 다음 성과를 달성했음:

- 42,000개 이상의 지갑이 SNEK 보유, Cardano에서 가장 활발히 보유된 토큰임
- 20억 ADA 이상의 누적 거래량으로 Cardano에서 가장 많이 거래된 토큰임
- 30개 시장에 상장되어 Cardano 생태계 내외에서 가장 잘 알려진 토큰임
- 자체 자금 5M 달러로 상장 활동 지원
- Kraken, Crypto.com, Kucoin 등 Tier 1 거래소에 Cardano 토큰 최초로 상장 성공
- Flowdesk와 협력해 최초의 CEX-DEX 시장 조성 서비스 개발
- Cardano 주요 런치패드인 Snek.fun 출시, 전체 체인 거래의 30% 이상 견인
- 상표권 등록 및 IP 라이선스 계약 진행 중 (Snek Figures, Snek Energy)

팀은 상장 협상, 도구 개발, Cardano 가치에 부합하는 글로벌 밈 문화 확산에 성공적임[1][2][4].

이 제안의 중요성은 SNEK이 Cardano에서 가장 많이 채택된 토큰임에도 주요 중앙화 거래소에서 저평가되어 Cardano의 가시성과 경쟁력이 약화된다는 점임.

주요 문제점은 다음과 같음:

- Cardano Native Token(CNT)의 중앙화 거래소 상장 부족으로 글로벌 접근성과 경쟁력 제한
- ADA 거래쌍 가시성 저조로 유동성과 거래량 부족
- SHIB, DOGE, PEPE 같은 밈코인이 다른 생태계에서 신규 사용자 유입을 견인하는데 비해, SNEK의 접근성 확대가 필요함
- 유동성 분산으로 Cardano DeFi 프로토콜의 확장성 및 채택 저해

SNEK은 현재 Tier 1 거래소 기준을 충족하는 유일한 Cardano-native 토큰으로, 이를 통해 Cardano가 글로벌 수준에서 접근성, 유동성, 가시성을 확보할 수 있는 최적의 관문임.

이 제안은 독점이 아닌 확장성을 목표로 하며, SNEK을 선도적으로 지원해 다른 CNT들이 따라올 수 있는 반복 가능한 경로를 만드는 데 중점임. Kraken 상장 이후 다른 프로젝트와 지식 공유를 시작했고, Cardano Foundation, Emurgo, IOG와 협력해 자원을 체계화할 계획임[6][1].

추가로, SNEK은 Input Output(IOHK)과 전략적 파트너십을 맺어 Cardano 생태계 내 활용과 활동을 증진하고 있음. SNEK은 40,000명 이상의 보유자와 60개 이상의 dApp 통합을 보유하며, Cardano 전체 거래량의 16%를 차지함. 시장가치는 2억 달러에 달함[2][4].

Snek.fun 런치패드는 Cardano 내 거래량 증가에 크게 기여했으며, SNEK는 웹3와 현실 세계를 연결하는 혁신적 시도를 지속하고 있음[7][5].

---

**주석**
- Tier 1 거래소: 글로벌 거래량과 신뢰도가 높은 주요 중앙화 거래소
- CEX-DEX: 중앙화 거래소(CEX)와 탈중앙화 거래소(DEX)
- CNT: Cardano Native Token
- IP: 지적 재산권
- dApp: 탈중앙화 애플리케이션

## SNEK 글로벌 거래소 확장 이니셔티브 요약

SNEK 글로벌 거래소 확장 이니셔티브는 Cardano Treasury로부터 ₳5M(5백만 에이다) 대출을 요청하여, SNEK 토큰의 글로벌 상장 전략을 집행함.

이 자금은 주요 중앙화 거래소(CEX), 리테일 브로커, 혁신적인 DeFi 플랫폼 다수 상장 협상 및 확정, ADA/SNEK 페어 유동성 공급 및 마켓 메이킹, 상장을 위한 법률·컴플라이언스 비용, 필수 조정 및 공식 발표 캠페인, 그리고 커뮤니티에 대한 투명한 지출 및 성과 보고에 사용됨.

## 대출 조건

**원금:** ₳5M임.

**이자율:** 연 2.44% APR(에이다 평균 스테이킹 보상 2.37% + 0.07% 추가)임.

**상환 일정:** 상환은 Snek 네트워크 활동 및 Snek Foundation 직접 지급 등 다양한 경로로 Cardano Treasury에 지속적으로 이뤄짐.

조기 상환은 언제든 가능하며, 원금 상환은 최대 3년차 말까지 시작해야 함.

3년차 말 독립 감사 실시, 이미 상환된 금액 및 미상환 잔액, 이자 계산 후 잔여 상환 일정 확정함.

**부도 및 집행:** 상환 불이행 시, Intersect가 관리하는 구속력 있는 대출 계약에 따라 집행됨.

**만기:** 대출(원금+이자)은 지급일로부터 5년 이내 전액 상환해야 함.

## 비용 내역

DRep(Delegated Representative)들의 요청에 따라 상세 비용 내역을 공개하지 않음.

상장 협상 및 유동성 운영의 경쟁적 특성상, 구체적 배분 공개는 전략적 실행에 방해가 될 수 있음.

자금 사용은 승인된 범주 내에서만 이뤄지며, 독립 감사 및 마일스톤 기반 리뷰를 통해 투명성 확보함.

## 대출 관리

자금 관리자는 Intersect임.

지출은 제안 목적에 맞게 추적·보고되며, 영수증 및 독립 감사로 책임성 확보함.

대출 계약서(민감 정보 제외)는 제안 통과 시 공개 예정임.

**자문위원회(Board of Advisors)**는 Tal Cohen(전 Kraken CEO), Frederik Gregaard(Cardano Foundation CEO), Phillip Pon(Emurgo CEO), Fahmi Syed(Midnight Foundation President), Rapha C-Roy(Snek Foundation CEO)로 구성됨.

자문위원회는 주요 지출, 협상 및 법률 전략, Cardano Treasury 목표와의 정렬, SNEK 외 Cardano 생태계 전체에 이익이 되는 결과 도출, 상장 플레이북 문서화 및 배포를 지원함.

연간 ₳30–50k는 독립 외부 감사 비용으로 별도 예치함.

## 상환 계획

상환은 주로 Snek 생태계 내 수익(제품 및 IP 수익, Snek.fun, SnekBot, SnekX, SNEK ENERGY, Snek Figures 등)으로 이뤄짐.

Snek.fun은 월 ₳100k 수익 창출 실적이 있으며, 5년간 ₳6M 이상 상환 가능성 보임.

Snek Treasury(현재 ₳10M)는 추가 상환 능력 및 유동성 안정성 제공함.

향후 자본 조달(사모/공모) 및 DEX/CEX 거래 수수료도 상환 수단으로 활용 가능함.

상환 일정은 전략적 이유로 공개하지 않으며, 5년 내 전액 상환 원칙임.

이자는 미상환 잔액에 대해 발생하며, 상환 시 이자 우선 상환 후 원금 상환함.

조기 상환 가능하며, 수익 초과 시 상환 가속화 가능함.

## 보고 및 성과 측정

**반기별 보고서**에는 상장 진행 상황, 지출 내역(가능 시 영수증 포함), 법률·컴플라이언스 자료(가능 시 공개), 프로세스에서의 학습, 독립 감사 결과, KPI가 포함됨.

**KPI**는 자금 사용률, 상환 진행률, SNEK 상장 수, 유동성 성장, 거래량 성장, 온체인 트랜잭션 증가 등임.

**지식 공유**를 위해 상장 플레이북, 통합 프레임워크, 문서는 Cardano Foundation, Emurgo, IOG, 향후 토큰 팀에 제공함.

진행 상황은 Cardano town hall 및 거버넌스 채널을 통해 지속 공유함.

## 예산 관리

**계약 관리**는 Snek Foundation과 Cardano Development Holdings(CDH) 간 오프체인 법적 계약으로, Intersect가 관리함.

**프로젝트 실행**은 마일스톤, 수락 기준, 지급 금액, 일정을 Intersect와 Snek Foundation이 합의하고, Snek Foundation이 이행함.

마일스톤 완료는 Snek Foundation이 증명, Intersect 또는 제3자 검증인이 확인 후 지급함.

**예산 관리 툴**은 Sundae Labs가 개발한 Treasury Reserve Smart Contract(TRSC)와 Project-Specific Smart Contract(PSSC)를 사용함.

TRSC와 PSSC는 Sundae Labs, Cardano Foundation, Dquadrant, Xerberus, NMKR로 구성된 Oversight Committee가 온체인으로 검증함.

자금은 TRSC의 스테이크 계정에 적립 후, PSSC로 이체되며, 모든 마일스톤은 메타데이터에 명시됨.

커뮤니티는 대시보드 및 온체인 데이터로 자금 흐름을 실시간 감시 가능함.

---

### 전문 용어 주석

- **DRep(Delegated Representative):** Cardano 거버넌스에서 투표권을 위임받은 대표자임.
- **Intersect:** Cardano 생태계의 독립적 자금 관리 및 거버넌스 지원 조직임.
- **TRSC(Treasury Reserve Smart Contract):** Cardano Treasury 자금을 보관·관리하는 스마트 계약임.
- **PSSC(Project-Specific Smart Contract):** 특정 프로젝트별로 자금을 분리 관리하는 스마트 계약임.
- **Oversight Committee:** 예산 관리의 투명성과 정확성을 위해 외부에서 감시하는 위원회임.
- **KPI(Key Performance Indicator):** 성과를 측정하는 핵심 지표임.

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.

## Who we are

Snek Foundation is a grassroots organization responsible for launching and maintaining the SNEK ecosystem. Snek has never raised external funds for exchange listings and has operated for the past 31 months, entirely self-funded through its revenue and treasury.

So far, more than $5 million has been invested by the Snek Foundation towards listing activities.

**Since May 2023, Snek has:**

- 42,000+ wallets holding SNEK — the most actively held token on Cardano
- 2,000,000,000 ADA in all-time trading volume — the most traded token on Cardano
- SNEK is the most well-known token in and out of the Cardano ecosystem, with 30 markets
- Self-funded $5M for exchange listing activities
- Delivered the three first-ever Tier 1 exchange listings for Cardano via Kraken, Crypto.com, and Kucoin.
- Developed the first-ever CEX-DEX market-making service with Flowdesk
- Launched Snek.fun, Cardano’s leading launchpad, driving over 30% of all chain trades since inception
- Trademarked brand with ongoing IP licensing deals (Snek Figures, Snek Energy)

The team has a successful track record negotiating listings, building tools, and driving global meme adoption aligned with Cardano’s values.

## Why this proposal matters

SNEK is Cardano’s most adopted token, yet it remains underrepresented on major centralized exchanges, reflecting a broader lack of visibility for Cardano on mainstream platforms and among broader audiences.

This underrepresentation doesn’t just affect SNEK. It weakens Cardano’s position in competitive markets and slows ecosystem-wide growth in four key areas:

1. ADA’s visibility and liquidity on global platforms
2. Cardano’s competitiveness in retail-driven market cycles
3. The discoverability of Cardano’s ecosystem by mainstream users
4. CNT adoption and the path for other tokens to reach similar success

Cardano currently lacks a flagship token that drives liquidity, virality, and culture across exchange listings, just like DOGE, SHIBA, and PEPE do for Ethereum and Solana.
SNEK has already shown it can fill this role; now it needs support to break through at scale.

**This proposal aims to address the following challenges:**

- **Lack of exchange presence for Cardano native tokens:** Most major centralized exchanges and retail brokers still do not support Cardano Native Tokens (CNTs). This severely limits Cardano’s accessibility and competitiveness on a global scale. While Ethereum and Solana ecosystems enjoy deep integrations with top exchanges, Cardano-native projects are left with fewer liquidity pathways and less discoverability. Until CNTs are more visible on mainstream platforms, Cardano’s on-chain economy cannot reach its full potential.

- **Low visibility for ADA pairings:** Centralized exchanges are the primary entry point for millions of users, yet ADA trading pairs are underrepresented relative to Cardano’s market cap. Without community-driven assets like SNEK creating demand for ADA pairings, liquidity remains shallow and volume muted. This proposal helps bootstrap those pairings, supporting deeper ADA liquidity and reinforcing Cardano’s relevance at the trading layer.

- **Missed user acquisition:** In other ecosystems, memecoins like SHIB, DOGE, and PEPE have served as cultural gateways for millions of new retail users. These tokens create stories, engagement, and participation, driving demand for the base layer tokens and ecosystem tools. SNEK has proven it can play that role for Cardano. Without support to elevate its accessibility, Cardano risks missing this powerful user acquisition funnel.

- **Liquidity fragmentation:** Cardano’s DeFi protocols face high barriers to liquidity aggregation due to the lack of bridgeable, on-ramp-compatible assets. Without listings on major exchanges, Cardano native assets remain siloed and isolated from the broader crypto capital flows, limiting scalability and adoption.

By funding this initiative, Cardano positions itself to solve these bottlenecks through a trusted, culturally strong and community-proven asset that can serve as a gateway for users and liquidity.

Today, Snek is the only Cardano-native token capable of meeting Tier 1 exchange requirements. This makes it the best and currently only viable gateway to unlock the access, liquidity, and visibility Cardano needs at the global level.

The goal is not exclusivity — it’s scalability. By leading the way through Snek, we create a repeatable path for other CNTs to follow. The foundation has already begun sharing its knowledge with other projects post-Kraken, and through this proposal, will continue building and systematizing resources that can be shared with Cardano Foundation, Emurgo, and IOG.

### Executive summary

The SNEK Global Exchange Expansion initiative will execute a targeted listing strategy, using the requested 5M ada to:

- Finalize negotiations and secure multiple top-tier listings on centralized exchanges, retail brokers, and innovative DeFi platforms

- Provision liquidity and market making for ADA/SNEK pairs

- Cover legal and compliance costs to meet exchange requirements

- Fund mandatory coordination and announcement campaigns

- Report expenditures and impact transparently to the community

## Loan terms

**Principal:** 5 million ada

**Interest Rate:** 2.44% APR The loan will accrue interest at the current average Cardano staking rewards rate of 2.37% per year, plus an additional 0.07% as a gesture of good faith.

**Repayment Timeline:** Repayments will be made continuously to the Cardano Treasury through multiple ways, including but not limited to: Snek network activities and direct payment from the Snek Foundation. Early payments may begin at any time. Principal repayment (without interest) must commence no later than the last day of year 3.

**Audit & Review:** At the end of year 3, an independent audit will be conducted to review the repayments already made through Snek network activities revenues and contributions. The audit will verify the amounts reimbursed to date, calculate any outstanding principal and interest, and establish a repayment schedule to ensure the full balance is reimbursed over the remaining years.

**Default & Enforcement:** In the unlikely event of non-repayment, the obligation will remain enforceable under the binding loan agreement administered by Intersect on behalf of the Treasury. Remedies and next steps would follow the terms of that contract.

**Loan Maturity:** The full loan (principal + interest) must be repaid in full within 5 years from the date of disbursement.

## Costs Breakdown

We heard and understand the feedback from several DReps requesting a detailed cost breakdown. However, certain elements of this initiative require discretion to preserve strategic leverage and protect the integrity of ongoing negotiations.

A detailed cost breakdown has therefore been intentionally withheld to protect the strategic execution of this initiative.

Given the competitive and negotiation-sensitive nature of centralized exchange listings and liquidity operations, publicly disclosing specific allocations could:

* Undermine our negotiation position with exchanges and service providers;
* Expose execution timing and scope to traders, increasing the risk of market frontrunning/manipulation;
* Limit our ability to adapt dynamically to changing conditions across venues.

The broader goal of this initiative remains unchanged: to expand Cardano’s presence and address the underrepresentation of ADA-native tokens across external markets.

While certain financial details cannot be shared in advance, the use of funds will still adhere strictly to the approved categories in this proposal and will be subject to independent audit and milestone-based review.

## Administration of the loan

The administrator of the budget funds will be Intersect, offering continuous oversight. Expenditures will be tracked against the stated use of funds, with reporting, receipts, and independent audits ensuring that spending remains aligned with the proposal’s objectives. This approach provides the flexibility required to execute global listings while still offering the Treasury transparent, phased accountability.

A public version of the loan agreement between Intersect and the Snek Foundation will be made available if this Treasury Withdrawal action passes, with sensitive information redacted for security and privacy reasons. The current draft loan agreement can be found in References.

Additionally, a Board of Advisors will be appointed to provide guidance, feedback, and external validation.

**The board will include:**

- Tal Cohen, former CEO of Kraken
- Frederik Gregaard, CEO of Cardano Foundation
- Phillip Pon, CEO of Emurgo
- Fahmi Syed, President of Midnight Foundation
- Rapha C-Roy, CEO of Snek Foundation

**The board’s responsibilities:**

- Advise key expenses
- Guide negotiations and legal strategy
- Ensure alignment with Cardano treasury goals
- Ensure outcomes benefit the Cardano ecosystem beyond SNEK
- Support documentation and distribution of listing playbooks to future Cardano-native token teams

This structure ensures that the project benefits from experienced external input while maintaining decentralized, community-led control over treasury execution.

The Board will also help facilitate knowledge sharing across the ecosystem by supporting documentation of listing procedures, exchange engagement strategy, and compliance best practices, enabling other Cardano native projects to benefit from this groundwork.

An allocation of 30-50k ada per year will be reserved out of the 5M for yearly independent external audit reports, ensuring that the loan is transparently monitored and fully accountable to the Treasury.

### Loan Repayments

The loan is expected to be repaid over a five-year period, primarily through revenues generated across the Snek ecosystem.

**Primary Source: Product and IP Revenues**
Snek Foundation generates revenues from a diversified portfolio of Web3 and Web2 products that together form the economic foundation of the Snek brand, including Snek.fun, SnekBot, SnekX, SNEK ENERGY, Snek Figures and future physical or digital product lines.

As an example, Snek.fun has, in prior periods, demonstrated the capacity to generate around ₳100,000 per month, averaging roughly ₳3,000–3,500 per day. Even with no projected growth, that level of activity would represent more than ₳6 million over five years, illustrating the repayment potential from a single product line. Ongoing cross-chain expansions, including Midnight and other networks, are expected to further strengthen this base.

Beyond Snek.fun, the Snek Foundation manages a range of Web3 and Web2 initiatives that supplement revenues.

**Treasury Strength**
The Snek Treasury, currently valued at approximately ₳10 million, provides an additional layer of repayment capacity and liquidity stability as ecosystem value grows.

**Future Capital Raises**
Additional capital inflows may also come from private or public equity rounds as the Snek ecosystem continues to expand.

**Alternative sources**
Not to be excluded, fees generated through SNEK trading volume on partnered DEXs and CEX arbitrage could also be used as a repayment method. To date, the Snek Foundation has generated approximately ₳1.2 million in trading fees.

Taken together, these factors demonstrate a clear and sustainable path to repayment, supported by diversified revenue streams, appreciating treasury assets, and long-term ecosystem growth.

#### Repayment Schedule

A detailed repayment schedule has been intentionally withheld to protect the strategic execution of this initiative. Publicly disclosing exact repayment timing or structure could reveal sensitive information about the Foundation’s revenue flows, commercial partnerships, and exchange operations; potentially exposing it to market speculation, counterparty leverage, or trading manipulation.

The loan will follow a five-year repayment framework, with the first repayment expected no later than the third year. Subsequent repayments will continue periodically until the full balance, including accrued interest, is repaid within the five-year term.

Repayments will be made periodically, with interest accrued on the outstanding balance and payments applied first toward interest, then principal. The Snek Foundation also reserves the right to prepay any portion of the loan at any time without penalty, allowing acceleration of repayment if revenues exceed expectations.

This approach ensures the loan is repaid responsibly and transparently while maintaining the necessary confidentiality to execute effectively. Oversight will remain in place through milestone verification, reporting, and independent audit, ensuring accountability without compromising strategic flexibility.

### Reporting

#### Bi-Yearly Reports

Snek Foundation will publish bi-yearly updates including:

* Progress on exchange listings
* Funds spent with receipts when allowed
* All legal/compliance materials will be open-sourced when possible
* Learnings from legal, compliance, and integration processes
* Results of independent external audits
* Key Performance Indicators (KPIs)

#### Success metrics

To demonstrate the success of the proposal over time, below is a preliminary, but not exhaustive, set of Key Performance Indicators (KPIs) covering exchange reach, liquidity, ecosystem impact, and repayment tracking:

* Loan Utilization — % of funds spent
* Repayment Timeline — Amount of ADA repaid to the treasury over time
* Exchange Listings — Number of listings for SNEK
* Liquidity Growth — SNEK liquidity value on CEX order books and DEX pools
* Trading Volume Growth — SNEK daily average trading volume (CEX + DEX)
* On-chain Transaction Growth — SNEK daily average on-chain transaction

#### Knowledge Sharing

All listing playbooks, integration frameworks, and documentation will be made available to the Cardano Foundation, Emurgo, IOG, and future token teams.

We will also collaborate with the Cardano Foundation to ensure effective knowledge transfer from this initiative, supporting future ecosystem efforts while staying within contractual and confidentiality boundaries.

Progress will continue to be shared during Cardano town halls and across governance channels to maintain transparency and feedback loops.

## Budget Administration

### Contract Management

A written off-chain Legal Contract has been drafted between the Snek Foundation and Cardano Development Holdings (CDH), administered by Intersect, detailing delivery schedules, milestones, and dispute resolution processes. This Legal Contract will be confirmed and signed by the authorized persons if the Treasury Withdrawal is successful. More details can be found in the References.

### Project Delivery

Milestones, acceptance criteria, payment amounts, and timelines will be agreed upon between Intersect and the Snek Foundation. The Snek Foundation will deliver according to the Legal Contract, with milestone completion attested by the Snek Foundation and verified by Intersect or a 3rd Party Assurer.

Intersect’s delivery assurance function will monitor progress and communicate status to the community. A 3rd Party Assurer will review and sign off on milestone deliverables before payments are released.

### Budget Management Tooling

Intersect will use the treasury management smart contract framework developed by Sundae Labs, audited by TxPipe and MLabs. Funds will be held in a Treasury Reserve Smart Contract (TRSC) and disbursed to Project-Specific Smart Contracts (PSSCs) as milestones are met.

The Oversight Committee — consisting of Sundae Labs, Cardano Foundation, Dquadrant, Xerberus, and NMKR — will verify key administrative actions on-chain.

#### Specifics

Intersect will reuse the infrastructure used for the Cardano Blockchain Ecosystem Budget. The same Treasury Reserve Smart Contract (TRSC), with many Project-Specific Smart Contracts (PSSC), will be used. Intersect's management consists of three 'admin' and two Intersect 'leadership' roles.

An Oversight Committee consisting of five external, independent third-party entities will provide checks and balances on Intersect, and safeguard against errors and unilateral control. The administration of both TRSC and PSSCs will be managed by Intersect, with external oversight on certain actions from the Oversight Committee.

The Oversight Committee’s role is to independently verify key administrative actions using on-chain logic, ensuring accuracy and consistency without exercising discretion over governance decisions.

For all details on Intersect's configuration, please see the [Smart Contract Guide](https://docs.intersectmbo.org/cardano-facilitation-services/cardano-budget/intersect-administration-services/smart-contracts-as-part-of-our-administration) on the knowledge base.

#### Processes

Upon enactment of this governance action, funding for this project will be directed into the TRSC's stake account. The logic of the TRSC and PSSC prevent them from delegating to SPOs, only allowing delegation to the auto-abstain predefined DRep. Thus funds held in administration by these contracts will be delegated to auto-abstain predefined DRep.

When the Legal contract is prepared and the Snek Foundation is ready, funding for this project will be transferred using the Fund action to a PSSC. All milestones will be outlined within the metadata.

A dashboard is available for the community to audit the TRSC or PSSC and track metrics related to this withdrawn ada as well as being immutably verifiable on chain. Please see [cardanotreasury.fi](http://cardanotreasury.fi).

The subsections; Contract Management, Project Delivery, and Budget Management Tooling described above cover the constitutional requirements specified in Article IV sections 4 and 5.