The Cardano community did not approve a treasury grant application to host its 2026 summit, leading to the cancellation of the event originally scheduled for Singapore. Although a majority of delegates who voted supported the proposal, the final approval rate did not meet the on-chain governance requirements.
The proposal did not meet the threshold for passage.
Voting ended on May 29. The revised proposal requests 7.8 million ADA from the Cardano Treasury, equivalent to approximately US$2 million, to be used for the two-day Cardano Summit to be held in Singapore on October 5-6, 2026.
Judging from the number of votes cast, the supporters were in the lead. A total of 135 delegates voted in favor, 61 voted against, and 24 abstained. The Constitutional Council also approved the proposal.
However, Cardano sets a higher threshold for Treasury spending. The relevant proposals require support from at least 66.67% of the DRep staking weight, but this time it only received 65.21%, and therefore failed to pass.
The budget plan has been adjusted multiple times.
The application was amended before the vote. The initial version requested 14.07 million ADA, worth approximately US$3.66 million, which included sponsorship arrangements for the Cardano Summit and the TOKEN2049 conference in Singapore.
After the community raised questions about the scale of spending, the plan was split into two separate proposals. The summit budget was reduced by more than 20% from the initial version and included audited fund management, milestone-based disbursements, and independent committee oversight.
The foundation has confirmed the cessation of preparations.
Prior to the vote, Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard both publicly urged delegates to support the revised proposal.
However, the Cardano Foundation abstained from voting on the summit proposal. The foundation stated that although it holds voting rights as a DRep, it does not wish to directly influence the outcome.
Following the vote, the foundation confirmed it would respect the community's decision and begin terminating preparations for the summit. The article also mentioned that ADA fluctuated between $0.23 and $0.24 over the past 24 hours before returning to around $0.234.
