Cardano Leaders Rally Last-Minute Support for $2 Million Singapore Summit Vote

Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard publicly backed the revised Cardano Summit 2026 proposal hours before voting closed on May 29, urging delegated representatives to approve a 7.8 million ADA treasury withdrawal for the Singapore event.

The on-chain vote requires roughly 66.67% support from active DRep stake. Recent snapshots showed yes votes near 65%, leaving the outcome dependent on unvoted stake as the May 29 deadline approached.

What the Revised Proposal Funds

The treasury request, equivalent to about $2 million at current ADA prices, would finance a two-day Cardano Summit on October 5 and 6 in Singapore.

The proposal lands as the community debates treasury allocations and stress-tests spending discipline.

“If you have not voted yet, I encourage you to vote yes today for the revised Cardano Summit proposal,” Hoskinson urged.

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Singapore Pivot and New Accountability Rules

The Foundation pitched Singapore as Cardano’s first major summit in Asia, citing access to regional builders, asset managers, and regulators.

The revised plan trimmed the original budget by 22%, dropped the TOKEN2049 sponsorship tie, and added milestone payments, independent audits, and a public spending dashboard.

Fund administration would run through a smart contract built by Sundae Labs, with provisions returning unused ADA to the growing on-chain treasury.

An oversight committee involving Intersect and DQuadrant would track milestones under the Cardano constitution framework.

A Test of On-Chain Governance

The vote functions as another stress test of Cardano’s shift to ADA governance under the Chang hard fork.

EMURGO CEO Phillip Pon publicly supported the alignment, while some DReps voted no, citing fiscal discipline and competing priorities given current market conditions.

Hoskinson has spent recent months signaling broader governance changes ahead for Cardano.

A failed vote would force a scaled-back or postponed Asia-Pacific debut, while approval would release funds under tight oversight.