Cardano Summit canceled after 7.8M ADA treasury proposal falls short
The post Cardano Summit canceled after 7.8M ADA treasury proposal falls short appeared on BitcoinEthereumNews.com. The Cardano Foundation has canceled its October summit after a proposal seeking 7.8 million ADA, worth about $1.84 million, failed to secure the two-thirds approval required from the network’s governance community. Summary Cardano’s governance community rejected a 7.8 million ADA funding proposal, leading to the cancellation of the Cardano Summit in Singapore. The vote fell just short of the required two-thirds threshold despite 65.2% support, extending a dispute over treasury spending and governance priorities. EMURGO secured approval for Cardano’s participation at TOKEN2049, where Charles Hoskinson is exploring the possibility of hosting a smaller community summit. In a statement posted on X after voting closed on Friday, the Cardano Foundation said the community had made its decision and that it would respect the outcome. Although 65.2% of votes supported the proposal,