Cardano Summit Cancelled Due to Funding Dispute Among Delegated Representatives
Cardano Foundation cancels annual conference after failed funding vote
Image: Cointelegraph
The Cardano Foundation has cancelled its annual summit scheduled for October 5-6 in Singapore after a funding proposal failed to gain sufficient support from Delegated Representatives. Despite this setback, EMURGO will represent Cardano at TOKEN2049 on October 7-8.
- 01The Cardano Summit was set for October 5-6 in Singapore but has been cancelled due to a funding vote that did not meet the required support.
- 02135 voters supported the event while 61 opposed it, and 24 abstained, reflecting ongoing tensions between Cardano founder Charles Hoskinson and Delegated Representatives.
- 03A previous funding proposal to use 14 million ADA tokens for the summit was rejected by 90% of Delegated Representatives on May 9.
- 04EMURGO, the commercial arm of Cardano, will still participate in the TOKEN2049 conference on October 7-8 and may host a MiniSummit.
- 05Cardano's market capitalization stands at $8.8 billion, but it has only $129 million in total value locked, ranking 28th among blockchains.
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The Cardano Foundation has announced the cancellation of its annual conference, the Cardano Summit, which was scheduled for October 5 and 6 in Singapore. This decision follows a failed funding vote where 135 Delegated Representatives (DReps) voted in favor of the event, while 61 opposed it and 24 abstained. The vote is part of an ongoing dispute between Cardano founder Charles Hoskinson and the DReps, who have been advocating for stricter spending controls from the foundation’s treasury. A previous proposal to allocate 14 million ADA tokens for the summit was rejected by 90% of the DReps in May. Despite the cancellation of the summit, EMURGO, the investment and commercial arm of Cardano, will represent the ecosystem at the TOKEN2049 conference in Singapore on October 7 and 8. Hoskinson is exploring the possibility of enhancing their presence at TOKEN2049 with an embedded MiniSummit. Currently, Cardano has a market capitalization of $8.8 billion but ranks 28th among blockchains with less than $129 million in total value locked on its protocol.
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The cancellation of the Cardano Summit may affect local businesses and attendees who planned to participate in the event in Singapore.
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