Hoskinson Shuts Down Speculation: No Treasury Funds for SNEK or Midnight Listings

Cardano founder Charles Hoskinson has firmly denied claims that ADA treasury funds will be used to pay for exchange listings of ecosystem tokens like SNEK and Midnight. In a statement posted on X, Hoskinson made it clear that no financial support will be granted from Cardano’s treasury for these purposes.

No “Safety Net” for SNEK or Midnight The main meme token in the Cardano ecosystem, SNEK, recently proposed requesting 5 million ADA from the treasury to fund a listing on a Tier 1 exchange. Reports suggest that listing fees on such platforms range between $100,000 and $500,000, which can be a major hurdle for smaller projects. However, Hoskinson made it clear this goes against the ethos of Cardano. The same applies to Midnight, a Cardano sidechain focused on privacy. Although Hoskinson is personally involved in Midnight’s development, he reiterated that it will need to fund its exchange listing independently.

Community Says Treasury Is for Development, Not Marketing While exchange listings are off the table, the Cardano community recently approved treasury allocations for ongoing technical development, especially for the Input Output Engineering (IOE) team. These funds will support major upgrades, including: 🔹 Ouroboros Leios – a new consensus mechanism to boost performance

🔹 Hydra – a layer-2 solution enabling faster, cheaper transactions

🔹 Project Acropolis – enhancing governance and modularity of the network IOE CEO Ricky Rand commented that securing funding was only the beginning and that the vote proved decentralized funding can work at scale.

Bonds Instead of Free Money While Hoskinson ruled out free handouts, he proposed a bond-based model instead. Projects could borrow funds from the treasury and repay them once they begin generating revenue. This system would ensure greater accountability and efficient fund use.

Midnight Still Drawing Buzz Despite the funding debate, interest in the Cardano ecosystem remains strong. Attention is building around the upcoming Midnight Glacier Drop, an airdrop linked to the Midnight project. The official launch date is expected to be announced at the Rare Evo conference scheduled for later this quarter.

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