Cardano Foundation has cancelled its annual conference in 2026 after the governance community rejected a revised proposal to finance it with Treasury Tokens.
“Governance requires not only participation, but also a commitment to accept collective decisions. The Cardano community has spoken and we respect the outcome,” Foundation posted The voting will close on Friday.
This proposal called for the use of 7,8 millions Cardano (ADA), tokens valued at $1,84 million as a means to finance this event. 65.2% The number of votes cast for the proposal fell just below the required threshold of 66.67%.
Source: Cardano Foundation
Cardano Summit was to be held in Singapore on October 5-6.
One hundred and thirty-five voters voted in favor, with 61 voting against the decision. Twenty-four abstained.
It follows a dispute that lasted for months between Cardano founder Charles Hoskinson (and many other so-called Delegated Representations, or DReps), which have pushed the government to cut back on spending. foundation’s treasury.
ADA holders may delegate voting rights to DReps. voted A similar proposal was made on 9 May, which sought to fund an event using approximately 14 million ADA tokens.
The foundation had to reduce the funding requested under a revised proposal because only 10% of DReps voted for it.
Despite this cancellation, EMURGO – the commercial and investment arm of the Cardano Blockchain – passed a proposition to represent the Cardano Ecosystem at the TOKEN2049 conference Singapore will be hosting two events on 7 and 8 October.
Related: Cardano can now be used to pay at 137 Spar stores across Switzerland
Hoskinson gauging Interested in hosting a booth at TOKEN2049? “embedded MiniSummit.”
Cardano has a capitalization market of $8.8 billion. But the network only has $129 million The protocol is ranked 28th in terms of total value.
Cardano has earned $356,400 so far this year in network fees, which is a small fraction of its $8.35million in 2022.
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Source: cointelegraph.com
