According to Huoxing Finance, on May 31, the Cardano Foundation announced that the originally scheduled Cardano 2026 summit has been officially canceled due to the on-chain governance vote failing to reach the required two-thirds support threshold. Previously, the Cardano Foundation submitted an adjusted proposal requesting a disbursement of 7.8 million ADA (approximately $2 million) from the treasury to host the summit in Singapore in October. Although the proposal received 65.21% support from DRep staking and a majority of representative votes, it fell short of the 66.67% approval threshold required for treasury funding proposals. Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard publicly urged support for the proposal before the voting deadline, but it ultimately did not pass.
Cardano 2026 Summit Cancelled After Treasury Funding Proposal Fails
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Summary
The Cardano 2026 Summit has been canceled after a treasury funding proposal failed to achieve the required two-thirds approval. The Cardano Foundation had requested 7.8 million ADA (approximately $2 million) to fund the event in Singapore. DReps and delegates supported the proposal with 65.21% of votes, falling short of the 66.67% threshold. Despite public backing from Charles Hoskinson and Frederik Gregaard, the funding proposal did not pass. Crypto news highlights this setback for the event’s future plans.
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