Cardano cancels 2026 Singapore summit after treasury vote fails
Cardano canceled its 2026 Singapore summit after a governance vote on 7.8 million ADA ($1.84M) funding fell short, receiving 65.2% approval versus a 66.67% threshold.
The Cardano Foundation canceled the 2026 Cardano Summit in Singapore after a treasury funding proposal for 7.8 million ADA (about $1.84 million) failed to reach the required two-thirds supermajority. The vote closed on Friday and the foundation announced the cancellation on X on Saturday. The summit had been scheduled for Oct. 5–6 in Singapore.
The proposal received 65.2% support, with 135 votes in favor, 61 opposed and 24 abstentions. Governance rules require 66.67% approval for treasury expenditures, so the measure did not pass.
The vote followed a months-long dispute over treasury spending between Cardano founder Charles Hoskinson and many Delegated Representatives, or DReps. DReps are individuals and organizations that ADA holders can delegate voting power to for on-chain governance decisions. A prior proposal on May 9 asked for roughly 14 million ADA and received about 10% DRep support, after which the foundation submitted a smaller, revised request.
On X the foundation wrote, “Governance requires not only participation, but also a commitment to accept collective decisions. The Cardano community has spoken and we respect the outcome.” The foundation added that the result applied the community governance rules that set the supermajority threshold for treasury spending.
Separately, EMURGO, Cardano’s commercial and investment arm, passed a proposal to represent the Cardano ecosystem at TOKEN2049 in Singapore on Oct. 7–8. Charles Hoskinson has indicated interest in expanding EMURGO’s presence there and exploring an “embedded MiniSummit” tied to the TOKEN2049 event.
Cardano’s native token has a market capitalization of about $8.8 billion. The network’s total value locked was under $129 million, and on-chain fee revenue totaled roughly $356,400 so far in 2026 compared with about $8.35 million in 2022.
The canceled summit had been scheduled on the foundation’s calendar and required community approval for treasury funding under Cardano’s governance rules.
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