Thomas Lien 🐍

As a DRep, I’ve voted NO on the proposal to pay listing fees for Snek. I don’t believe this expense is justified. My rationale: I’m happy to see meme coins emerging on Cardano. I appreciate the Snek project and its vibrant community—they represent grassroots creativity and a unique social experiment. That said, I don’t believe meme coin projects should seek ADA from the Treasury. Here’s why. Meme coins should drive on-chain activity. Listing them on centralized exchanges (CEXs) works against that goal—users can buy and sell there without interacting with the Cardano network, meaning no fees or engagement on-chain. While CEXs are a key entry point into crypto, only a small percentage of users actually create on-chain wallets. Despite hundreds of millions registered on CEXs, only about 1–5% become on-chain users. If meme coin teams believe CEX listings benefit their project, they’re free to pursue that path—but it shouldn’t be funded by the Cardano Treasury. Snek has around 40,000 users, while Cardano has over 1.3 million ADA stakers. ADA remains the primary onboarding asset, and we shouldn’t downplay its central role. Snek might help onboard some users, but its impact on Cardano’s overall success is limited. As for marketing, spending 5 million ADA on listing fees isn’t the best use of funds. There are already marketing-focused proposals among the 39 withdrawals that offer better value. On liquidity, our goal should be to strengthen ADA/stablecoin pairs (like USDM, USDA), not ADA/SNEK. That’s a more strategic path for Cardano’s growth. Snek’s current market cap is $244 million. The team has reportedly reserved 10% (currently, around $24 million) for marketing, partnerships, and CEX listings. That’s a substantial budget for a meme coin. Given these resources, additional funding from the Cardano Treasury isn’t necessary. One current withdrawal proposal requests ₳3,126,000 to support listings on top-tier CEXs: “Ecosystem Exchange Listing and Market Making service.” I suggest the Snek team collaborate with this group to support CEX listings across the entire Cardano ecosystem, rather than pursuing separate funding. Paying listing fees from the Cardano Treasury sets a problematic precedent. CEXs typically charge each project individually—it’s not a technical hurdle, it’s a business model. If we fund Snek’s listing, other projects will expect the same, leading to unsustainable demands on Treasury funds. We must be clear: the Treasury is not meant to cover listing fees. Projects should plan and fund these efforts independently. I understand that my perspective may disappoint members of the Snek community, and I genuinely regret that. However, DReps have a responsibility to think long-term when it comes to Treasury spending. Decisions must be strategic—not driven by popularity or short-term excitement. Cardano is being built as a decentralized global financial and social operating system. Meme coins like Snek absolutely have a place in that vision, but they are not the core priority. I also hope the community gives the same level of attention and scrutiny to the other 39 current withdrawal proposals as they have to those submitted by the Snek team. Every proposal deserves thoughtful consideration. *** If you'd like to support my work, consider delegating to the MANDA pool or backing me as a DRep. Your support helps drive meaningful contributions to the Cardano ecosystem. MANDA Pool ID: pool1c3fjkls7d2aujud8y5xy5e0azu0ueatwn34u7jy3ql85ze3xya8 My DRep ID: drep1km69g7ksf8t5g0h9d9tkrcd2tezxelx0wtr76rv2mrkl5nzd6v3

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