The Cardano Foundation has canceled its 2026 annual conference after the governance community rejected a revised proposal to fund the event using treasury tokens. Following the vote that concluded on Friday, the Foundation stated it respects the community's decision and that governance implies not only participation but also a commitment to collective decision-making. This was reported by Cointelegraph.com reports .
The proposal aimed to use 7.8 million Cardano (ADA) tokens, valued at $1.84 million, to host the event. According to the voting results, 65.2% of participants supported the project, which fell slightly short of the 66.67% threshold required for approval. The conference, known as the Cardano Summit, was scheduled to take place in Singapore on October 5-6.
This voting process follows months of disagreement between Cardano founder Charles Hoskinson and Delegated Representatives (DReps) who are demanding cuts in treasury spending. Previously, on May 9, DReps opposed a similar proposal involving the expenditure of 14 million ADA tokens. At that time, only 10% of representatives supported the project, forcing the Foundation to reduce the requested amount.
Despite the cancellation of the conference, EMURGO, the investment arm of the Cardano blockchain, managed to get a proposal approved to represent the ecosystem at the TOKEN2049 conference in Singapore on October 7-8. Charles Hoskinson is currently exploring options to expand the booth size at TOKEN2049 and organize a small-format "MiniSummit" there.
Currently, the market capitalization of the Cardano token is $8.8 billion. However, the total value locked (TVL) in the network's protocol is less than $129 million, placing it 28th in the blockchain rankings by this metric.
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