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

According to TheBlock, the Cardano Foundation said that the Cardano2026 Summit originally scheduled to be held this year has been officially cancelled because the on-chain governance vote failed to meet the required two-thirds support threshold.<br /> Previously, the Cardano Foundation submitted an adjusted proposal to allocate 7.8 million ADAs (approximately US$2 million) from the national treasury to host the summit in Singapore in October. Although the proposal received a DRep pledge support rate of 65.21% and a majority of representatives in favor, it did not meet the 66.67% approval threshold required for the treasury funds proposal.<br /> Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard publicly called for support for the proposal before the voting deadline, but it was ultimately not approved.