Cardano Leaders Back Revised Summit Proposal, On-Chain Vote Nears Decision
Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard publicly endorsed the revised Cardano Summit 2026 proposal hours before voting closed on May 29. The proposal seeks a 7.8 million ADA treasury withdrawal (about $2 million) for a two-day summit in Singapore on October 5-6. The on-chain vote requires roughly 66.67% support from active DRep stake; recent snapshots showed yes votes near 65%, making the outcome dependent on unvoted stake. The revised plan reduced the original budget by 22%, removed the TOKEN2049 sponsorship, and introduced milestone payments, independent audits, and a public spending dashboard. Fund administration would use a smart contract by Sundae Labs, with unused ADA returned to the treasury. This vote tests Cardano's on-chain governance under the Chang hard fork, with EMURGO CEO supporting and some DReps opposing on fiscal grounds. A failed vote would force a scaled-back event, while approval releases funds under tight oversight.
Key facts
- Hoskinson and Gregaard urge yes vote for revised summit proposal.
- Proposal seeks 7.8M ADA (~$2M) for Singapore summit on Oct 5-6.
- Vote requires ~66.67% DRep support; yes votes near 65%.
- Revised budget cut 22%, added milestones and audits.
- Outcome tests Cardano on-chain governance under Chang hard fork.