The Cardano Foundation has announced the cancellation of its annual summit planned for 2026 in Singapore after a proposal to allocate 7.8 million ADA (approximately $2 million) from the treasury narrowly missed approval. The vote failed to reach the required two-thirds majority, with support falling just short by 1.46 points.
Critical threshold missed in vote
According to Cardano’s governance rules, at least 66.67% of delegated representatives must approve any spending from the treasury. In the most recent vote, only 65.21% supported the proposal, leaving it just 1.46 percentage points short of passing. Out of all voters, 135 representatives voted in favor, 61 against, and 24 abstained.
The Cardano Foundation addressed the outcome on X (formerly Twitter), stating, “Governance requires more than just participation—it means respecting collectively made decisions. The Cardano community has spoken, and we respect that choice.”
Following the unsuccessful vote, the foundation swiftly began winding down preparations for the summit.
Previous proposal rejected, revised bid submitted
This was the second request for funding. In May, a combined proposal for both the Cardano Summit and TOKEN2049 event—organized by EMURGO—sought 14 million ADA (about $3.66 million), but that bid secured just 10% support from voters.
After the initial rejection, organizers split the requests for each event and reduced the funding ask by over 20%. The revised plan also included stricter budget controls, phased payments, and an independent oversight committee.
Notably, Cardano founder Charles Hoskinson and Foundation CEO Frederik Gregaard publicly urged representatives to support the proposal in the final hours. However, the foundation did not cast its own vote on its submission.
Mini glossary: EMURGO is a major entity responsible for developing the Cardano ecosystem, providing both technical infrastructure and financial support.
Meanwhile, the separate funding proposal for TOKEN2049 received sufficient approval. As a result, Cardano will have a presence at the crypto conference in Singapore this October. Hoskinson has indicated plans to expand Cardano’s booth and host a smaller “MiniSummit” alongside the main event.
Rising opposition to treasury spending
The failed vote is reflective of a broader trend within Cardano’s ecosystem in 2026. Delegated representatives have continued to reject budget requests, including those from Hoskinson, EMURGO, and Input Output Global—even proposals targeting improved network infrastructure have faced pushback despite reduced funding needs.
Currently, ADA’s market capitalization stands near $8.8 billion. The network’s total value locked remains under $129 million, placing Cardano at 28th among blockchains. Notably, annual fee revenue has dropped significantly: since the start of 2026, the network has earned just $356,000 in fees compared to $8.35 million in 2022.
ADA was trading near $0.233 at the time of reporting, marking an approximate 5% decline over the past month.
