The Cardano 2026 Summit was canceled because a treasury funding proposal was not approved

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BlockBeats News, May 31 — The Cardano Foundation announced that due to on-chain governance voting not reaching the required two-thirds support threshold, the Cardano 2026 Summit originally scheduled for this year has been officially canceled.

Previously, the Cardano Foundation submitted an adjusted proposal to request a transfer of 7.8 million ADA (approximately $2 million) from the treasury to fund the summit to be held in Singapore in October. Although the proposal received a 65.21% DRep staking support rate and the majority of representatives approved, it did not meet the 66.67% approval threshold required for treasury funding proposals.

Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard publicly called for support of the proposal before the voting deadline, but it ultimately did not pass.

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AmberTeaSwirl
· 15m ago
DRep guys probably feel sorry for ADA's price and don't want to waste money recklessly.
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NotYourExit
· 11h ago
On-chain governance has this temper, even the founders' words don't carry weight.
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DancingOnTheEdgeOfLiquidation
· 21h ago
Hoskinson personally stepped in to campaign for votes, but he still didn’t manage to get through; this time, the community is truly set on it.
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BetweenBidAndAsk
· 21h ago
7.8 million ADA to hold a summit, this budget is indeed shocking
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MirrorPetals
· 21h ago
65.21% on other chains is considered a high vote, but Cardano has set the threshold a bit harsh.
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NftsOutsideTheTidalLine
· 21h ago
If you didn't pass, that's right. The money saved from the online summit can be used for many practical things.
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