Cardano's community has voted down a budget proposal for the Singapore Summit, marking the first major challenge for the network's post-Chang governance system. The revised proposal cut total costs by 22 percent, removed Token2049 sponsorship entirely, and introduced a clear payment schedule with independent auditing. Despite these changes, support only reached around 55 percent, missing the critical 67 percent threshold.
Revised Budget and Community Stance
The total summit budget stood at $2.263 million with projected revenue of $450,000. The Cardano Foundation increased its internal contribution to $380,000 in an attempt to bolster the vote. Unspent ADA from the treasury was to be returned within six months, with the process managed through a smart contract in collaboration with Sundae Labs. Both Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard urged approval before the vote closed, with Hoskinson committing to attend in person if the proposal passed. EMURGO CEO Phillip Pon also welcomed the revised budget.
Divided Delegated Representatives
Two major DReps shaped the outcome. Cardanians (CRDN), controlling 17.71 million ADA, abstained, citing lingering concerns over continued treasury dependency. Another key DRep, Dave (@ItsDave_ADA), who held 68.26 million ADA, voted no. On X, Dave argued that fiscal discipline and investment in diverse projects should take priority. Community member Yutazzz reported snapshot data from May 29 showing yes votes at roughly 55 percent, far from the required supermajority.
First Real Test of Post-Chang Governance
The Singapore Summit funding vote is one of the first major decisions under Cardano's new DRep-based governance model, implemented after the Chang hard fork. Around the same time, another governance vote on the Van Rossem hard fork proceeded using the same system. According to data from adatool.net, the governance pool held a total of 143.3 million ADA at the close of voting, while the cancellation of Token2049 sponsorship passed separately. The Cardano Foundation stated it would not introduce further revised proposals, leaving the summit's fate tied directly to this vote's outcome.