The founder of Cardano, Charles Hoskinson, has responded to claims that the network's treasury will pay the fees of projects for their inclusion on exchanges. In a post on X, Hoskinson revealed that neither SNEK nor Midnight will withdraw ADA from the Cardano treasury to fund their applications for inclusion on level 1 exchanges.
Hoskinson's comments come amid a proposal from Snek, the largest memecoin project on Cardano, to withdraw 5 million ADA tokens from the network's treasury. According to the proposal, ADA will fund Snek's inclusion on major cryptocurrency exchange platforms, with the team targeting Hyperliquid.
Although not explicitly disclosed, listings on top-tier exchanges can reach six-figure amounts. Hoskinson revealed that, despite his affinity for SNEK and Midnight, both projects will finance their listings with their reserves.
Currently, Snek is listed on several exchange platforms, while Midnight has yet to launch, as the community awaits its airdrop. Previously, Charles Hoskinson revealed that the launch of Midnight's Glacier will take place in the second half of the year, with a date announced for the Rare Evolution event.
“I support and like the SNEK community, but no one gets listing fees (including Midnight) covered by the treasury,” said Hoskinson.
However, Hoskinson revealed that structuring the request as a repayable bond to the Cardano Treasury is a viable alternative for projects. A previous request to convert a portion of Cardano's sovereign investment fund into stablecoins faced strong opposition from the community.