Charles Hoskinson announced on platform X that the Cardano treasury will not cover the listing fees for tokens SNEK and Midnight. This decision sparked significant reactions within the community concerning transparency and self-funding of projects.
Refusal to Fund SNEK Listing
Charles Hoskinson confirmed that the Cardano treasury would not support exchange listing fees for SNEK and Midnight. The announcement responded to the SNEK community's proposal for a treasury withdrawal.
This decision involves refusing to allocate funds from the community-governed treasury, aimed at preserving its intended focus. Projects like SNEK and Midnight must independently handle listing costs.
Financial Constraints and Community Reactions
The decision limits listing options for SNEK and Midnight, reinforcing the principle of decentralization. Cardano's liquidity and total value locked have remained stable. Financially, these projects face listing expenses ranging from $100,000 to $500,000 for Tier 1 exchanges. "I support and like the SNEK community, but no one is getting listing fees (including Midnight) covered by the treasury," stated Charles Hoskinson.
Treasury Priorities of Cardano
This marks the first refusal of such a proposal, maintaining the Cardano treasury's focus on upgrades and public goods. Experts suggest that this policy will encourage project-led funding initiatives, potentially through bonds or structured repayments, aligning with Cardano's governance vision.
Charles Hoskinson's decision to reject funding for listings highlights the importance of transparency and decentralization in resource management within the Cardano ecosystem. Projects like SNEK and Midnight will need to adapt to these new conditions and seek alternative funding methods.
