Cardano Foundation canceled the 2026 Annual Conference after its Governance Community rejected a revised plan to fund it using 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,” The foundation posted On Saturday, after the Friday voting is closed.
This proposal aimed to raise $1.84 Million in Cardano (ADA), or 7.8 millions tokens. 65.2% The proposal was approved by a majority of voters, just shy of the threshold of 66.67% needed for it to be passed.
Source: Cardano Foundation
Cardano Summit is a conference that was planned to take place in Singapore between Oct. 5 and 6.
The event was approved by 135 votes, 61 against it and 24 abstained.
This vote comes after a long-running dispute between Cardano’s founder Charles Hoskinson, and the so-called Delegated Reps (DReps), many of whom have pushed to tighten spending by the foundation’s treasury.
The DReps are the people and organizations to which ADA holders have delegated their voting powers. voted On May 9, a proposal similar to this was put forward that aimed to use 14,000,000 ADA tokens as a funding source for the event.
The foundation had to reduce the funding requested under a revised proposal because only 10% of DReps voted for it.
EMURGO, a commercial and investment arm of the Cardano Blockchain, has passed a proposal that will represent the Cardano Ecosystem at the TOKEN2049 conference Singapore, 7th and 8th October.
Related: Cardano can now be used to pay at 137 Spar stores across Switzerland
Hoskinson gauging Interested in hosting an event at TOKEN2049? “embedded MiniSummit.”
Cardano has a capitalization market of $8.8 billionThe network is less than $129 million Among the blockchains, this protocol ranks 28th for 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
