A second attempt by the Cardano Foundation to secure funding from the Cardano community for its annual conference has failed.
The Cardano Foundation has canceled its 2026 annual conference after a revised proposal seeking treasury-token funding for the event was rejected by the network’s governance community.
“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 allocate 7.8 million Cardano tokens, valued at approximately $1.84 million, to fund the event. Support was received from 65.2% of voters, falling just short of the 66.67% approval threshold required for passage.
The conference, known as the Cardano Summit, had been scheduled for Oct. 5–6 in Singapore.
A total of 135 voters backed moving forward with the event, while 61 opposed the proposal and 24 chose to abstain.
The vote comes after a months-long disagreement between Charles Hoskinson and many so-called Delegated Representatives (DReps), who have advocated for stricter oversight of spending from the foundation’s treasury.
Cardano Delegates Reject Conference Funding Proposal for Second Time
The DReps, who are individuals or organizations entrusted with voting power by ADA holders, voted against a similar proposal on May 9 that sought to allocate roughly 14 million Cardano tokens to finance the event.
Only 10% of DReps supported the earlier proposal, prompting the foundation to reduce the amount of funding requested in a revised submission.
Despite the cancellation, EMURGO, the investment and commercial arm supporting the Cardano ecosystem, secured approval for a proposal to represent Cardano at the TOKEN2049 conference in Singapore on Oct. 7–8.
Charles Hoskinson is assessing community interest in expanding the booth presence at TOKEN2049 and potentially hosting an “embedded MiniSummit” alongside the event.
The Cardano token carries a market capitalization of roughly $8.8 billion, yet less than $129 million in total value is locked across the network, placing it 28th among blockchain ecosystems.
The Cardano network has generated about $356,400 in transaction fees so far in 2026, a small portion of the $8.35 million recorded during 2022.
