The non-profit Cardano Foundation has canceled the Cardano Summit 2026 in Singapore after a proposal for treasury funding failed to gain the necessary support in an on-chain vote.
Governance requires not only participation, but also a commitment to accept collective decisions. The Cardano community has spoken and we respect the outcome.
Following the outcome of the Treasury proposal votes, the Cardano Foundation’s proposed Cardano Summit 2026, will not…
— Cardano Foundation (@Cardano_CF) May 30, 2026
The final initiative proposed allocating 7.8 million ADA — approximately $2 million — for the two-day event. This was a revised version of the proposal following community criticism. The Cardano Foundation stated that they reduced the budget by 22% and emphasized the ecosystem impact of the summit.
Initially, the foundation, in collaboration with EMURGO, requested 14,076,539 ADA, or about $3.66 million, to host the Cardano Summit 2026 and for title sponsorship of the TOKEN2049 conference in Singapore, scheduled for October 5-8.
The Cardano Summit and participation in TOKEN2049 were intended to strengthen the ecosystem’s institutional presence in Asia. Singapore was chosen due to its status as a global financial hub.
The Cardano Foundation warned that if the proposal was rejected, the summit would not take place, and the organization would focus on other, more limited initiatives for the corporate and institutional segments. After the vote concluded, the foundation confirmed this scenario.
Approval for treasury fund withdrawal required about 66.67% of active DRep votes. According to publications on the voting process and its results, the proposal received around 65% support, falling short of the required threshold.
Meanwhile, EMURGO’s initiative for sponsoring TOKEN2049 was approved. The Cardano Summit website states that the foundation respects the community’s decision, and EMURGO’s proposal for participation in the October 7-8 conference passed the vote.
Hours before the deadline, the Cardano Foundation and Cardano founder Charles Hoskinson urged DRep to support the revised proposal. However, this was insufficient for its approval.
Network Metrics
In the second quarter, Cardano’s fee volume amounted to $764,953. By comparison, the decentralized exchange Hyperliquid generated over $195.67 million in fees during the same period.
The DeFi sector on Cardano also shows stagnation. The total value locked amounted to $130 million, which is hundreds of times less than Ethereum’s.
Trading volume on the platform’s largest DEX amounted to $66.51 million.
The number of active addresses decreased to approximately 13,500 (7 DMA). At its peak in November 2021, the figure approached 415,000.
Back in February, Hoskinson reported unrealized losses exceeding $3 billion.