Charles Hoskinson suggests a cautious approach to Snek funding requests.
In a major development, the Cardano community has approved a funding proposal to support core upgrades within the ecosystem.
This marks the first time when a community vote brings into effect, the unlocking of Cardano treasury funds.
The decision gave ADA a slight price boost and opened a new chapter in its governance model since the launch of the Chang hardfork upgrade.
As detailed, the Cardano community made a major decision this week by voting in favor of a new development proposal.
The vote, held on August 3, approved Input Output Engineering’s roadmap for the blockchain’s next growth phase.
What made this vote different how it happened, since for the first time, funding for core upgrades was granted directly through a public vote.
More than 73% of voters supported the proposal, which unlocked funds from the Cardano Treasury.
The proposal was created by Input Output Engineering (IOE), a part of Input Output Global, the main tech startup behind Cardano’s development.
It outlined several updates aimed at improving the network. These included system upgrades and tools for long-term growth.
Interestingly, Cardano’s price rose shortly after the results were announced. At of the time of writing, ADA price traded at $0.7265, up 5% in 24 hours.
The market cap moved to $25.65 billion, while daily trading volume increased to $1.01 billion.
Prior to this breakout, the price of Cardano slipped below the $0.7 support zone. This is a sign of how volatility remains a determinant of its growth trend.
If anything, the approval marked a shift in how Cardano’s ecosystem is managed.
It showed that the community can now take an active role in deciding how key funds are used.
In separate news, not long after the vote, another proposal by the Snek community also came into focus.
Snek is a memecoin on the Cardano network. Its team asked for 5 million ADA from the treasury to fund exchange listings.
Reacting to this, Charles Hoskinson, Cardano’s founder, gave his thoughts in a post online.
He suggested the funding could be structured as a bond that repays the treasury with interest over three years.
He also made it clear that listing fees for any project, including Midnight, would not be covered by public funds.
Hoskinson’s comments added a new layer to the discussion. While he said he supports the Snek community, he also stressed the need for financial responsibility.
According to data from CoinMarketCap, Snek records over $2 million in daily trading volume.
Some believe this gives the project enough liquidity to follow a bond-style plan.
However, there is no official research available yet on the long-term results of treasury-backed memecoin projects.
The Snek proposal has sparked debate within the community about what types of projects should receive funding.
Beyond the treasury vote, other news has helped boost interest in Cardano. Analysts have noted ADA’s potential for growth despite the broader market momentum.
One crypto analyst called it one of the “biggest sleeper gains” in the market right now.
At the same time, prediction platform Polymarket raised the odds of a Cardano ETF approval in 2025 to 83%.
Bloomberg gave it an even higher chance at 90%, citing changes in how U.S. regulators are handling crypto funds under the President Donald Trump administration.
Notably, these updates have brought fresh attention to ADA.
Market participants believe that, along with the recent treasury vote, there is a growing focus on real-world use cases and community-driven progress.
Looking ahead, the direction Cardano price takes may depend on it manages upcoming proposals and how investors react to future upgrades.
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