The Cardano Foundation has announced the cancellation of the Cardano 2026 Summit, initially planned for this year, due to insufficient support in an on-chain governance vote. According to ChainCatcher, the proposal required a two-thirds majority to pass but fell short.

The foundation had submitted a revised proposal seeking 7.8 million ADA from the treasury, approximately $2 million, to fund the summit in Singapore this October. Despite receiving a 65.21% support rate from DRep stakers and majority backing from representatives, it did not meet the 66.67% threshold needed for treasury funding approval.

Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard had publicly urged support for the proposal before the voting deadline, but it ultimately did not pass.