Cardano’s annual summit in Singapore has been scrapped after token holders failed to approve $2 million worth of funding for the event.
That’s according to the Cardano Foundation, which announced on Saturday that the event would be cancelled after a treasury proposal vote failed to pass.
It said, “As part of Cardano’s on-chain governance model, treasury-funded initiatives are subject to community vote. The community has decided not to proceed with this proposal, and we fully respect that outcome.”
“Now, we will review all current commitments and commence winding down Summit execution,” it added.
Despite this, token holders still passed a proposal from “EMURGO” for the Cardano Foundation to attend and sponsor TOKEN2049 in Singapore this October.
Read more: Charles Hoskinson’s $250M clinic to close after buying up NFTs and robots
The firm’s founder, Charles Hoskinson, has since asked the Cardano community if it would like a “MiniSummit” at TOKEN2049 and to “subsidize some of the larger projects” to fund it.
The proposal needed another 1.46% of votes
The Singapore summit funding vote required an approval threshold of 66.67% from delegated representatives who vote on behalf of Cardano (ADA) holders.
However, with only 2.76 billion ADA (worth $638 million) allocated to “yes,” it attracted 65.21% and failed to pass.
The proposal would have allocated roughly $2 million worth of ADA towards the summit and was revised from a proposal that originally planned to allocate over $3 million.
Last year, one significant ADA holder, who goes by the username “Whale,” voted “yes” for Cardano’s 2025 summit while also lambasting the foundation for increased spending.
“We’re in a place where the founding entity has not delivered much for years and is requesting obscene amounts of funds to keep the same level of non-delivery going,” wrote Whale.
Read more: Cardano crisis: senior dev quits after Hoskinson calls in the feds
The 2025 Cardano Summit was held in Berlin and lasted two days. This year’s cancellation means that $300,000 generated from last year’s summit may have gone to waste after it was used to secure the Singapore venue.
Hoskinson has been criticised for his spending in recent months, particularly after his $250 million medical clinic announced that it was shutting down.
The clinic, which opened in Wyoming in 2023, was filled with various oddities and expensive decorations, including an infinite mirror room, and revealed plans to create a nap room for Hoskinson.
The project was plagued with construction problems, and let hundreds of staff go in 2025 and 2026. Overall, it spent too much while scaling too quickly until it eventually became “no longer financially sustainable.”
Protos has reached out to Cardano Summit organizers for comment and will update this piece should we hear anything back.
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