Cardano Foundation cancels summit after funding vote

The Cardano Foundation has announced the cancellation of its 2026 summit, originally planned for this year. This decision follows a failure to secure sufficient treasury funding, with a crucial vote falling just short of the required two-thirds approval threshold. Despite receiving majority support, the proposal for approximately 7.8 million ADA, equivalent to around $2 million, only garnered 65% of the vote. This outcome occurred even after Cardano founder Charles Hoskinson and Foundation CEO Frederik Gregaard publicly endorsed the funding request. The result continues a trend of Cardano's delegated representatives scrutinizing treasury proposals linked to the network's foundational organizations.