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Cardano (ADA) is eyeing new crypto exchange listings, as per a proposal targeting this expansion of the coin. According to the post, the foundation has voted "yes" to a proposal that will get ADA listed on more global exchanges.
Cardano expansion proposal
Notably, Cardano Foundation supports that a repayable ₳5,000,000 loan — which is approximately $2 to $3 million — be withdrawn from the treasury to fund the proposal. The initiative led by the Snek Foundation is meant to support an expansion of Cardano listings, and the funds will cover listing fees and other costs.
The goal is to ensure more visibility of Cardano on centralized exchanges, with the hopes of increasing adoption for ADA on the crypto marketplace.
It is worth mentioning that there had been previous concerns about this move. Interestingly, Cardano Founder Charles Hoskinson had publicly opposed the idea of using treasury funds for Snek or related listings. Hoskinson had insisted that it was a noncore use of the funds.
However, recent developments indicate that all concerns have now been resolved. Perhaps the shift from "grant" to repayable loan helped to convince the governance team to vote in support of the proposal.
There were four constitutional "yes" votes, and none voted against it. Only one individual chose to abstain from voting. Although the details have not been finalized, once it is done, the community can expect to see an expansion in listings.
"Some minor inconsistencies remain between the budget details and the withdrawal amount, but these can and will be clarified in the final agreement," the foundation stated.
Performance pressure mounts on Cardano
In the broader crypto space, critics have continued to take a swipe at the Cardano blockchain over its performance. Recently, Nansen CEO Alex Svanenik claimed that by 2026, Cardano would have dropped out of the top 20 crypto assets by market capitalization ranking.
Svanenik predicted that Hyperliquid, Monad and Zcash could displace ADA, as the asset has failed to find stability and growth. He even referred to Cardano as a "ghost chain" with low utility in the real world.
As reported by U.Today, there is increased pressure on Cardano as Bitcoin Cash (BCH) has been closing in on ADA. As of press time, Bitcoin Cash’s market capitalization stands at $11 billion against Cardano’s $14.65 billion.
Given the poor performance of ADA on the crypto market, there are concerns that BCH could flip it if bearish sentiment lingers for Cardano.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team