The Cardano Foundation has canceled the Cardano Summit 2026 in Singapore after a funding proposal 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 initiative aimed to allocate 7.8 million ADA—approximately $2 million—for a two-day event. This was a revised version of the request following community criticism. The Cardano Foundation stated that they reduced the budget by 22% and emphasized the summit's ecosystem impact.
Initially, the foundation, in collaboration with EMURGO, requested 14,076,539 ADA, or about $3.66 million, to host the Cardano Summit 2026 and to sponsor the TOKEN2049 conference in Singapore, scheduled for October 5-8.
The Cardano Summit and participation in TOKEN2049 were intended to enhance the ecosystem's institutional presence in Asia, with Singapore chosen for 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 voting concluded, the foundation confirmed this outcome.
To approve the treasury withdrawal, around 66.67% of active DRep votes were needed. According to reports on the voting process and its results, the proposal received about 65% support, falling short of the required threshold.
Meanwhile, EMURGO's initiative to sponsor TOKEN2049 was approved. The Cardano Summit website states that the foundation respects the community's decision, and EMURGO's proposal to participate in the conference on October 7-8 passed the vote.
Just 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 generated $764,953 in fees. In comparison, the decentralized exchange Hyperliquid generated over $195.67 million in fees during the same period.
Source: DefiLama.The DeFi sector on Cardano is also showing stagnation. The total value locked stands at $130 million, which is hundreds of times less than that of Ethereum.
Source: DefiLama.Trading volume on the largest DEX of the platform was $66.51 million.
Source: DefiLama.The number of active addresses has decreased to approximately 13,500 (7 DMA), down from nearly 415,000 at its peak in November 2021.
It is worth noting that in February, Hoskinson reported unrealized losses exceeding $3 billion.