Compass Investments

– Cardano’s annual meeting in Singapore was canceled because token holders did not approve $2 million for the event.

the Cardano Foundation announced the cancellation on Saturday as the Treasury proposal did not receive enough support.

“Under Cardano’s blockchain governance model, Treasury-funded projects require community approval. The community has decided not to proceed with this initiative, and we fully respect that decision, the official statement said. “We will review our current commitments and begin to wind down the summit organization.

However, token holders have approved EMURGO’s proposal for the Cardano Foundation to participate and sponsor the TOKEN2049 event in Singapore this October.

Governance requires not only participation but also a willingness to make collective decisions. The Cardano community has spoken and we respect the outcome.

Founder Charles Hoskinson called on the Cardano community to hold a “mini-summit” at TOKEN2049 and “subsidize some big projects” to fund it.

To approve funding for the Singapore summit, 66.67% of the delegated representatives voting on behalf of Cardano holders (ADA) were required.

However, the proposal garnered only 65.21% , receiving 2.76 billion ADA ($638 million), and failed to pass.

The proposal called for about $2 million in ADA funds for the summit, which was revised from the original proposal of more than $3 million.

Last year, a major ADA holder under the nickname “Whale” voted in favor of holding a Cardano summit in 2025, while criticizing the fund for rising costs. “We are in a situation where the founder of the foundation has done nothing for years and is requesting obscene amounts of money to maintain the same level of inaction, Whale wrote.

the Cardano 2025 Summit was held in Berlin and lasted two days. Canceling this year’s summit means that the $300,000 from last year’s event could be wasted as it was set aside to secure a venue in Singapore.

Hoskinson has been criticized for his spending in recent months, especially after the closure of his $250 million medical clinic.

The clinic, set to open in Wyoming in 2023, was outfitted with various gimmicks and expensive decorations, including a room with an “infinity mirror, as well as a room for Hoskinson to sleep in.

the project ran into difficulties during construction, and hundreds of employees were laid off in 2025 and 2026. Overall, it spent too much money, expanded too quickly, and eventually became financially unsustainable.