Written by Brayden Lindrea , Staff Writer.Reviewed by Jesse Coghlan , Staff Editor.Written by Brayden Lindrea , Staff Writer.Reviewed by Jesse Coghlan , Staff Editor.Cardano Foundation cancels annual conference after failed funding vote
Latest NewsPublishedJun 1, 2026Cardano Foundation has failed at its second attempt to secure funding from Cardano’s community to fund its annual conference.
The Cardano Foundation has canceled its 2026 annual conference after its governance community shot down a revised proposal seeking to fund the event with treasury tokens.
“Governance requires not only participation, but also a commitment to accept collective decisions. The Cardano community has spoken and we respect the outcome,” the foundation posted to X on Saturday after voting closed on Friday.
The proposal sought to use 7.8 million Cardano (ADA) tokens worth $1.84 million to fund the event. 65.2% of votes were cast in favor of the proposal, which was just short of the 66.67% threshold needed to pass.
The conference, called the Cardano Summit, was scheduled to take place on Oct. 5 and 6 in Singapore.
135 voters were in favor of proceeding with the event, while 61 were against and 24 abstained.
The vote follows a months-long dispute between Cardano founder Charles Hoskinson and many so-called Delegated Representatives (DReps), who have pushed for tighter spending from the foundation’s treasury.
The DReps, which are people or organizations that ADA holders can delegate their voting power to, voted against a similar proposal on May 9 that sought to use about 14 million ADA tokens to fund the event.
Only 10% of DReps voted in favor of that proposal, prompting the foundation to lower the requested funding amount under a new proposal.
Despite the cancellation, EMURGO, the investment and commercial arm behind the Cardano blockchain, passed a proposal to represent the Cardano ecosystem at the TOKEN2049 conference in Singapore on Oct. 7 and 8.
Related: Cardano can now be used to pay at 137 Spar stores across Switzerland
Hoskinson is gauging interest in the possibility of scaling up the booth at TOKEN2049 and hosting an “embedded MiniSummit.”
The Cardano token has a market capitalization of $8.8 billion, but the network has less than $129 million in total value locked on the protocol, ranking 28th among blockchains.
The Cardano network has made $356,400 in network fees so far in 2026, a fraction of the $8.35 million it recorded in 2022.
Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies?
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.More on the subject
White hat hacker recovers $2M from faulty 2016 ICO smart contract6 hours agoBrayden Lindrea
HYPE open interest soars by 30%: Are Hyperliquid bulls prepping for new price highs?May 30, 2026Marcel Pechman
Why is Stellar's XLM up by over 50% this week?May 29, 2026Yashu GolaWhite hat hacker recovers $2M from faulty 2016 ICO smart contract6 hours agoBrayden LindreaHYPE open interest soars by 30%: Are Hyperliquid bulls prepping for new price highs?May 30, 2026Marcel PechmanWhy is Stellar's XLM up by over 50% this week?May 29, 2026Yashu Gola
