Charles Hoskinson Says Cardano Will Not Pay Listing Fees For Midnight Or Snek

Charles Hoskinson has disclosed that ecosystem projects will not receive ADA from the Cardano Treasury to pay their exchange listing fees. His latest comments extend to Midnight and Snek, two of Cardano’s pivotal ecosystem projects.

Cardano Treasury Will Not Pay Exchange Listing Fees For Projects

Cardano founder Charles Hoskinson has hit back at claims that the network’s treasury will pay the exchange listing fees of projects. In an X post, Hoskinson disclosed that neither SNEK nor Midnight will withdraw ADA from Cardano’s treasury to fund their tier 1 exchange listing applications.

Hoskinson’s comments come amid a proposal by Snek, Cardano’s largest memecoin project, to withdraw 5 million ADA tokens from the network’s treasury. According to the proposal, the ADA will fund Snek’s listing on leading cryptocurrency exchanges, with the team setting their sights on Hyperliquid.

While not expressly disclosed, listings on tier 1 exchanges can run into six figures. Hoskinson disclosed that despite his affinity with SNEK and Midnight, both projects will fund their listings with their reserves.

At the moment, Snek is listed on a raft of exchanges, while Midnight has not yet gone live as the community awaits the Midnight airdrop. Previously, Charles Hoskinson disclosed that the Midnight Glacier Drop will take place in the second half of the year, with a date reveal scheduled for the Rare Evo event.

“I support and like the SNEK community, but no one is getting listing fees (including midnight) covered by the treasury,” said Hoskinson.

However, Hoskinson revealed that structuring the application as a repayable bond to the Cardano Treasury is a worthy alternative for projects to explore. A previous application to convert a portion of the Cardano sovereign wealth fund to stablecoins met fierce pushback from the community.

Core Development Funding Approved By Community

In a fresh development, the Cardano community has approved funding for Input Output Engineering’s protocol roadmap via a vote. Following the key vote, funds from the Cardano treasury will now back pivotal technical upgrades for Cardano, extending to Ouroboros Leios, Hydra, and Project Acropolis.

“Securing funding is just the start,” remarked Input Output Engineering General Manager Ricky Rand. “This is a vote of confidence in Cardano’s future – a model for how decentralized funding and delivery can work at scale.”

Amid the incoming network improvements and imminent Midnight airdrop, Cardano’s ETF approval odds have soared to 83% driven by fresh institutional interest. Meanwhile, ADA price has surged by nearly 3% over the last day to trade at $0.72, but the 7-day chart reveals a 12% drawdown.