Cardano Foundation cancels 2026 summit due to failure of treasury funding proposal

According to The Block, the Cardano Foundation stated that the Cardano 2026 summit, originally scheduled for this year, has been officially canceled due to the on-chain governance vote not reaching the required two-thirds support threshold.

Previously, the Cardano Foundation submitted a revised proposal requesting the treasury to allocate 7.8 million ADA (approximately 2 million USD) for the summit to be held in October in Singapore. Although the proposal received a 65.21% DRep staking support rate and a majority of representatives in favor, it did not meet the 66.67% approval threshold required for treasury funding proposals.

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