The revised proposal sought 7.8 million ADA, worth approximately $2 million, to host the event in Singapore, but secured only 65.21% support. Although a majority of delegates voted in favor and the Constitutional Committee approved the measure, Cardano’s governance rules prevented it from passing. After the vote, the Foundation confirmed it would respect the community’s decision and discontinue plans for the summit. Cardano Summit Scrapped The Cardano community voted against funding the proposed Cardano Summit 2026 from the network’s treasury. This led to the cancellation of the event despite majority support from participating delegates. The Cardano Foundation confirmed that the summit would not take place after a treasury funding proposal failed to secure the required supermajority of delegated representative (DRep) stake. Voting concluded on May 29, with the revised proposal requesting 7.8 million ADA, valued at approximately $2 million, to organize a two-day summit in Singapore scheduled for Oct. 5 and 6. Although the proposal received support from a majority of participating delegates, it ultimately fell short of Cardano’s governance requirements. A total of 135 delegates voted in favor, while 61 voted against and 24 abstained. The Constitutional Committee also approved the proposal. However, treasury withdrawals on Cardano require support from at least 66.67% of participating DRep stake, and the proposal achieved only 65.21%, narrowly missing the threshold needed for approval. The proposal had already undergone a number of revisions before the vote. Initially, organizers requested 14.07 million ADA, or roughly $3.66 million, to fund both the Cardano Summit and a sponsorship package for the TOKEN2049 conference in Singapore. After community concerns about the scale of the spending request, the proposal was split into two separate initiatives. This reduced the summit budget by more than 20% and introduced more accountability measures, including audited fund management, milestone-based payments, and oversight from an independent committee. In the lead-up to the vote, Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard publicly encouraged delegates to support the revised proposal. However, the Cardano Foundation chose to abstain from voting on the summit itself, and argued that it did not want to directly influence the outcome despite holding voting power as a DRep. While the summit proposal failed, Cardano still secured representation at TOKEN2049. EMURGO’s separate sponsorship proposal successfully passed, ensuring that the Cardano ecosystem will be present at one of the cryptocurrency industry’s largest conferences. The Cardano Foundation supported this proposal after it was separated from the summit funding request. After the vote, the Cardano Foundation stated that it will respect the result and begin winding down plans for the summit. The organization explained that effective governance requires participants to accept collective decisions, regardless of personal preferences. ADA’s price action over the past 24 hours (Source: CoinCodex ) Over the past 24 hours, Cardano's native token ADA experienced a volatile trading session , fluctuating between roughly $0.23 and $0.24 before settling near $0.234.
