Charles Hoskinson, founder of Cardano, has responded to accusations that the SNEK meme coin has delivered more value to the Cardano ecosystem than his highly anticipated privacy project, Midnight.
The ongoing tensions between Hoskinson and some Cardano community members resurfaced after an X user, Federico, sparked controversy. In response to SNEK’s proposal to withdraw 5 million ADA (approximately $3.69 million) from the Cardano treasury to fund a Tier-1 exchange listing, Federico made a bold statement, that SNEK, not Midnight, has driven recent growth in the Cardano ecosystem.
Treasury Won’t Fund Exchange Listings, Says Hoskinson
Despite the controversy, Hoskinson expressed conditional support for SNEK’s proposal. He recommended that the meme coin’s team structure the request as a three-year bond within the Cardano network. This bond would ensure that the 5 million ADA, along with interest, would be repaid to the treasury over time.
However, Hoskinson firmly stated that no Cardano ecosystem token, including both SNEK and Midnight, would receive treasury funds for centralized exchange listings. This policy, he argued, upholds financial responsibility within the network and protects treasury resources for long-term value creation.
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“Without SNEK, There Would Be Nothing in Cardano”
Federico didn’t hold back. Frustrated by Hoskinson’s stance, he accused the founder of showing favouritism toward Midnight, a project he leads, despite what he claimed to be a lack of tangible results. He went on to say, “Without SNEK, there would be nothing in Cardano right now.”
Hoskinson replied not with a lengthy rebuttal, but with a GIF. Referencing The Big Lebowski, the meme featured “The Dude” looking shocked, a humorous yet pointed way of expressing disbelief over the suggestion that SNEK has outperformed Midnight in terms of ecosystem impact.
Midnight Continues to Attract Institutional Interest
Although some users remain skeptical, Hoskinson continues to champion Midnight as a game-changing privacy layer for Cardano. He recently shared that more than 100 ventures across eight different blockchains have already shown interest in building on Midnight.
This level of interest, he argued, demonstrates the project’s potential and his ongoing influence in expanding Cardano’s utility, especially in areas where privacy, compliance, and institutional-grade infrastructure are essential.
SNEK’s Popularity Drives Fresh Attention to Cardano
Amid the ongoing debate, the SNEK token is enjoying a surge in visibility. According to TapTools, SNEK began trending on X under the Business and Finance category. Their screenshot revealed that the meme coin had been mentioned in over 6,000 posts, marking a notable spike in interest.
This rise didn’t go unnoticed by Cardano Stake Pool Operator (SPO) Phillerino, who welcomed the buzz. He emphasized that any attention on SNEK also boosts visibility for Cardano as a whole, helping to bring new eyes to the broader ecosystem.
While debate continues over which project contributes more to Cardano, both SNEK and Midnight are clearly shaping conversations and attention within the community. Hoskinson remains committed to Midnight’s long-term vision, while SNEK’s viral momentum is introducing Cardano to new users and audiences.
