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  "body": {
    "comment": "Wada acknowledges the positive role that SNEK has played in energizing the Cardano community, expanding participation, and onboarding new members into the ecosystem. We support the project’s community value and recognize its cultural impact, particularly in how it has drawn wider attention to Cardano through community-driven initiatives. Our position is not in opposition to the growth of SNEK, but rather in alignment with maintaining the integrity and sustainability of the governance process and the treasury that serves the entire ecosystem.\n\nAfter careful consideration, we will be voting no on this proposal. Our decision rests first on the matter of constitutional process. The proposal was submitted as a Treasury Withdrawal Action without the required Budget Information Governance Action that should precede such a request. This omission constitutes a procedural flaw that cannot be overlooked. While DReps are not the Constitutional Committee, we are bound to respect the framework and ensure our voting reflects adherence to the principles outlined in the constitution. Upholding this process is critical to maintaining legitimacy and confidence in Cardano’s governance.\n\nWe are also concerned with treasury stewardship. The request for ₳5 million represents a significant outlay of community funds, yet there is no mechanism for returning value to the treasury, whether through repayment, revenue sharing, or another form of accountability. This absence creates a situation where the treasury bears all the risk with no defined path for benefit or replenishment. If such a precedent were established, it could open the door for other projects to seek large sums of treasury funds for exchange listings or similar activities without providing measurable returns to the ecosystem. This risks compromising the long-term sustainability of the treasury and its ability to support a diverse range of initiatives in the future.\n\nIn addition to process and precedent, we find the proposal lacking in terms of defined metrics and accountability structures. There are no clear key performance indicators, timelines, or measurable outcomes that would allow the community to assess the effectiveness of the proposed exchange listings. While the proposal specifies which exchanges are being targeted, it fails to address what the listing fees would be or how the ₳5 million figure was calculated. Without such clarity, it becomes difficult to evaluate whether the requested funding will achieve its intended impact, leaving the use of treasury funds without adequate transparency or accountability.\n"
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