Cardano founder Charles Hoskinson posted "I'm taking a break. TTYL" on X and went silent. ADA promptly fell below $0.20 to roughly $0.194, a five-year low. Over the past year, ADA has lost nearly 70%, and it has dropped more than 93% from its all-time high of $3.09 in September 2021.
TapTools Shuts Down After 5 Executives Leave
On June 2, TapTools, Cardano's largest on-chain data analytics platform, announced it would cease operations within two weeks. The reason: five executives left in 2026, including both co-founders, the COO, the CTO, and the back-end engineer who replaced the CTO. The technical team could not be rebuilt. TapTools tracked prices, market caps, liquidity pool data, staking metrics, and whale activity for thousands of Cardano native tokens. Earlier, Cardano's largest NFT marketplace, JPG.Store, had closed permanently on May 23.
Summit Funding Vote Fails by 1.46 Percentage Points
On May 29, a Cardano community DRep vote considered allocating 7.8 million ADA (about $2 million) from the treasury for the 2026 Cardano Summit in Singapore. The approval staking weight was 65.21%, just 1.46 percentage points short of the 66.67% threshold. By headcount, the vote was 135 for, 61 against, and 24 abstain, but Cardano uses weighted voting, meaning a large staker's vote can swing the result. The Cardano Foundation and EMURGO had originally applied for over 14 million ADA, but after controversy split the proposal into two, both failed. An earlier research funding proposal of 32.9 million ADA was also rejected. The Cardano Summit 2026, originally scheduled for October 5-6, was canceled. A fallback plan allocating 3.3 million ADA for a booth at TOKEN2049 (October 7-8) passed; Hoskinson mentioned the possibility of a "mini summit" and hackathon but nothing has been confirmed.
ADA Below $0.20, Down 93% From ATH
As of June 4, ADA trades at around $0.194, down 8.6% in 24 hours and 18.3% in seven days. Its market cap has shrunk to about $7.2 billion. ADA reached $1.10 in January 2025, slid to $0.50 mid-year, and closed 2025 at $0.36, then continued falling through 2026. Before stepping away, Hoskinson warned that the wave of failures he predicted early in the year was materializing, and expressed disappointment that the community was unwilling to use treasury funds to support the ecosystem.