Cardano Summit 2026 Plan Scrapped After Treasury Vote Falls Short of Two-Thirds Threshold

Cardano Foundation's plan to hold Cardano Summit 2026 was scrapped after an on-chain governance vote rejected a treasury funding proposal.

The Block reported on June 31 that the foundation wrote in an X post the previous day that it would respect the community's decision and stop preparations for the summit.

The foundation had sought 7.8 million ADA, or about $2 million, from the Cardano Treasury to fund the event, which had been scheduled for Oct. 5-6 in Singapore.

The proposal secured support from 65.21% of delegated representative, or DRep, stake. That was below the more-than-66.67% approval required for treasury spending, resulting in its rejection.

By headcount, 135 voters supported the measure, while 61 opposed it and 24 abstained. The Constitutional Committee also approved it. Under Cardano's governance rules, however, treasury spending requires support from more than two-thirds of stake rather than a simple majority.

The measure was a scaled-down version of an earlier 14.07 million ADA budget proposal, or about $3.66 million. The Cardano Foundation had separated it from EMURGO's TOKEN2049 sponsorship plan, reduced the budget by more than 20%, and added conditions including an external audit, phased fund disbursement and an independent oversight committee.

Charles Hoskinson, Cardano's chief executive officer, had urged voters to approve the measure ahead of the deadline, but the appeal did not change the outcome.