Compass Investments

– Cardano’s (CRYPTO: $ADA) annual meeting will not take place this year because the community did not support the cost of hosting it.

A proposal to fund this year’s event did not receive the required supermajority of votes under the new blockchain governance system.

The Cardano Foundation has announced that it has canceled the Singapore event and begun to wind down preparations.

Unlike many crypto ecosystems where foundations have considerable freedom over budgets and conference expenses, Cardano requires community approval for large withdrawals from the general coffers thanks to a new governance process called Voltaire.

The new system gives Cardano holders the ability to elect representatives to vote on treasury spending and other key decisions.

The vote on this year’s summit follows broader discussions about governance that began with a proposal from the Cardano Foundation, which requested more than 14 million ADA to fund the 2026 summit and attend the TOKEN2049 conference in Singapore.

The revised proposal for this year’s summit fell short of the two-thirds vote threshold needed to remove the funds from the treasury, although the proposal to participate in the TOKEN2049 event won approval.

The proposal calls for a request for 3.3 million ADA, or approximately US$793,000, to create a Cardano-branded pavilion, a stage to showcase developer projects and a program at the conference in Singapore.

the Cardano Foundation said it will honor the vote and begin winding down preparations for the 2026 summit.