The Cardano network has generated just $356,400 in transaction fees so far in 2026 — a sharp drop from the $8.35 million it recorded four years ago.
That financial backdrop loomed large over the weekend when the Cardano Foundation announced it was canceling its annual Cardano Summit after failing to secure community approval for the second time.
A Narrow Miss On The Ballot
The foundation’s revised proposal asked for 7.8 million ADA tokens, valued at roughly $1.84 million, to fund the Singapore event. Voting closed Friday, and 65.2% of votes were cast in favor — just short of the 66.67% supermajority needed to pass.
In total, 135 voters supported the proposal, 61 opposed it, and 24 abstained.
Image: incrypted
“Governance requires not only participation, but also a commitment to accept collective decisions,” the Cardano Foundation wrote on X after the result was confirmed. “The Cardano community has spoken and we respect the outcome.”
Governance requires not only participation, but also a commitment to accept collective decisions. The Cardano community has spoken and we respect the outcome.
Following the outcome of the Treasury proposal votes, the Cardano Foundation’s proposed Cardano Summit 2026, will not…
— Cardano Foundation (@Cardano_CF) May 30, 2026
The Summit had been scheduled for Oct. 5 and 6 in Singapore.
A Second Defeat For The Foundation
This was not the foundation’s first attempt. A May 9 vote on an earlier proposal — which sought around 14 million ADA for the event — drew support from only 10% of Delegated Representatives, known as DReps.
These are individuals or organizations that ADA holders can delegate their voting power to, and their bloc proved decisive both times. The foundation responded by cutting the funding request nearly in half, but the revised ask still failed to cross the approval line.
The rejections came amid a months-long standoff between Cardano founder Charles Hoskinson and a faction of DReps pushing for tighter controls on treasury spending. The network’s total value locked stands below $129 million, placing it 28th among all blockchains.
Image: incrypted
A Smaller Presence Still Possible
Not everything tied to the Singapore plans fell through. EMURGO, the investment and commercial arm of the Cardano blockchain, secured approval to represent the ecosystem at TOKEN2049, a separate conference set for Oct. 7 and 8 in the same city.
Hoskinson said he is currently assessing interest in turning the booth into what he called an embedded MiniSummit.
Cardano carries a market capitalization of $8.8 billion despite the low network activity figures. It’s still too early to tell if a bigger TOKEN2049 event can bridge the gap left by the Summit’s cancellation.
Featured image from Unsplash, chart from TradingView
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