Cardano 2026 Summit Cancelled Due to Treasury Funding Proposal Not Passing

BlockBeats news, May 31, the Cardano Foundation announced that since the on-chain governance vote did not reach the required two-thirds support threshold, the Cardano 2026 Summit originally scheduled for this year has been officially canceled.

Previously, the Cardano Foundation submitted a revised proposal, requesting the allocation of 7.8 million ADA (approximately 2 million US dollars) from the treasury to hold the summit scheduled for October in Singapore. Although the proposal received 65.21% DRep staking support and a majority of representatives in favor, it did not reach the 66.67% approval threshold required for treasury fund proposals.

Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard had publicly called for support of the proposal before the voting deadline, but it ultimately was not approved.