Overview
- A revised proposal asking the treasury for 7.8 million ADA failed to pass the required two‑thirds stake threshold on May 29 when it received about 65.2% support and the Foundation announced the Summit would not take place.
- By headcount the measure had majority backing with 135 DReps voting yes, 61 no and 24 abstentions, but Cardano’s stake‑weighted voting rules meant the proposal still failed.
- The Foundation had cut an earlier 14M ADA ask, added milestone‑gated payments, independent audits and an oversight plan, yet the proposal missed the supermajority even after public endorsements from Charles Hoskinson and Frederik Gregaard and the Foundation abstained from voting.
- EMURGO’s separate TOKEN2049 sponsorship passed, preserving a Cardano presence at the Singapore conference and prompting discussion of a smaller embedded MiniSummit or expanded booth instead of the full Summit.
- The vote fits a 2026 pattern of DRep pushback on large spending requests and signals tighter treasury scrutiny that could slow high‑visibility initiatives, complicate partner planning, and has coincided with a modest weakening in ADA’s price near $0.23.