#treasury proposal

The post Cardano Summit 2026 Cancelled After Community Vote Rejects Treasury Proposal appeared on BitcoinEthereumNews.com. The Cardano Foundation has cancelled its annual Summit, which it had scheduled for Oct. 5–6 in Singapore. The Cardano (ADA) community stakeholders voted against funding the event from the network’s treasury. The rejected proposal had requested 7.8 million ADA to cover the cost of the two-day event. This amount equals roughly $1.83 million. The vote outcome reflects Cardano’s on-chain governance model, under which treasury expenditures require community approval before funds are released. Community Skepticism Sinks the Budget Even a revised version of the proposal, which had already reduced the original ask by 22%, failed to win over enough delegates. Critics pointed to a significant gap between projected revenues and costs. The event’s gross budget stood at $2.26 million against a revenue target of just $450,000, leaving the treasury to cover the bulk of expenses.