Singapore · The Block
Voting closed Friday, May 29, on a revised proposal seeking 7.8 million ADA, worth roughly $2 million
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By headcount, a majority of voting delegates supported the request, 135 in favor to 61 against, with 24 abstaining, and the Constitutional Committee approved it.
Key facts
- Voting closed Friday, May 29, on a revised proposal seeking 7.8 million ADA, worth roughly $2 million, to stage a two-day summit in Singapore on October 5–6
- ADA traded near $0.233 on Sunday, down about 5% over the past month, with the token ranked around 16th by market capitalization, per The Block's Cardano Price page
- By headcount, a majority of voting delegates supported the request, 135 in favor to 61 against, with 24 abstaining, and the Constitutional Committee approved it
- Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard each urged DReps to approve the revised proposal in the hours before voting closed
Summary
The Cardano Foundation confirmed on Saturday that its proposed Cardano Summit 2026 will not go ahead this year after an onchain vote to fund the event from the network's treasury failed to pass. "Governance requires not only participation, but also a commitment to accept collective decisions," the Foundation wrote. Voting closed Friday, May 29, on a revised proposal seeking 7.8 million ADA, worth roughly $2 million, to stage a two-day summit in Singapore on October 5–6. The measure was already a scaled-back version of an original 14.07 million ADA proposal (~$3.66 million) that bundled the summit with an EMURGO-run TOKEN2049 sponsorship. (EMURGO is the official commercial arm of the Cardano blockchain.