Cardano Foundation drops Cardano Summit 2026 plan after 7.8M ADA vote misses threshold

The Cardano Foundation said it will not proceed with its planned Cardano Summit 2026 after an onchain treasury vote failed to meet the required supermajority. The revised request sought 7.8 million ADA (about $2 million) and ended with 65.21% of participating DRep stake in favor, below the 66.67% threshold, following a May 29 vote close.