A highly anticipated on-chain vote on the Cardano ecosystem’s Singapore Summit budget ended without the required approval, putting plans for the $2 million event in jeopardy. The proposal, seeking 7.8 million ADA in funding, failed to reach the 66.67 percent community support threshold necessary for treasury funds to be released.
Community reaction to the revised budget request
The updated proposal featured a 22 percent reduction in total costs and excluded Token2049 sponsorship entirely. It also introduced a clear payment schedule and independent auditing measures. The summit was to be funded from Cardano’s treasury, with any unspent ADA returning to the fund within six months. The process was designed to be managed through a smart contract in collaboration with Sundae Labs.
Both Charles Hoskinson, Cardano’s founder, and Frederik Gregaard, CEO of the Cardano Foundation, urged the community to support the proposal before the voting ended. Contrary to his previous hesitations about a collaboration with Token2049, Hoskinson confirmed he would personally attend events in Singapore if the summit went ahead.
As the voting neared its conclusion, Cardano’s top figures called the process “a litmus test for the community’s self-determination” and made it clear to the public that holding the summit depended on the proposal’s passage.
The revised budget was also welcomed by EMURGO CEO Phillip Pon, but the opinions among DReps—delegated representatives—remained divided. The community member Yutazzz reported around 55 percent support in a snapshot taken on the morning of May 29, falling short of the critical 67 percent threshold.
Mini glossary: DRep (Delegated Representative) refers to a system in the Cardano ecosystem where users delegate their tokens to representatives, who then vote on governance proposals on behalf of the community. This system is particularly influential for major ADA holders in decision-making processes.
Undecided DReps and voting balance
The representative Cardanians (CRDN), who controlled 17.71 million ADA, abstained from the vote, acting as a key balancing force. While recognizing improvements in the proposal, they remained concerned about ongoing reliance on treasury funds.
The total summit budget was calculated at $2.263 million, with revenue projections set at $450,000. The Cardano Foundation increased its internal support to $380,000 in a bid to bolster the proposal.
Another major DRep, known as Dave, who controlled 68.26 million ADA voting power, voted “no.” On X, Dave stated that fiscal discipline and investment in diverse projects should be preferable priorities. The weight of his vote alone had a significant impact on the outcome.
| DRep / Community Member | Voting Decision | Voting Power (ADA) |
|---|---|---|
| Cardanians (CRDN) | Abstained | 17.71 million |
| Dave (@ItsDave_ADA) | No | 68.26 million |
| Yutazzz (General Sentiment) | Yes votes at 55–65 percent | Unknown |
Governance model faces its real test
The Singapore Summit funding vote marked one of the first major challenges for Cardano’s post-Chang governance model. Around the same period, another crucial governance vote on the Van Rossem hard fork was carried out using the same DRep-based system.
According to data published by ecosystem tracker adatool.net on the day the vote closed, the cancellation of Token2049 sponsorship was approved separately, while the governance pool held a total of 143.3 million ADA.
The Cardano Foundation stated beforehand that no further revised proposals would be introduced, making the future of the Singapore Summit dependent on the final outcome of the current vote.
