Revised Cardano Summit 2026 Singapore
7 of 7 committee members voted
- Ace Alliance71aa5b3a…8f04YesActive · term ends epoch 726Rationale
Ace Alliance finds the proposed "Revised Cardano Summit 2026 Singapore" Treasury Withdrawal Governance Action Constitutional. Rationales are archived at https://github.com/ace-alliance/ace-voting/
This Treasury Withdrawal Governance Action requests 7,800,000 ADA ($1,950,000 USD at $0.25/ADA) to fund the Cardano Summit 2026 in Singapore on October 5 and 6, 2026, submitted by the Cardano Foundation. The gross budget is $2,263,000, offset by $313,000 in Summit 2025 revenue, yielding the $1,950,000 net ask. This is a revised version of a prior proposal, reduced by 22% ($550,000) following community feedback, narrowing from three stages to two. The Cardano Foundation is both proposer and sole vendor, administered through the SundaeSwap treasury.ak/vendor.ak escrow with an independent four-member Oversight Committee (DQuadrant, Intersect, NMKR, Sundae Labs).
The relevant provisions are Article I.1, Article II.6, Article II.7, and Appendix I TREASURY guardrails.
Article I.1 (Guiding Tenets -- Tenet 8). The Constitution states that "proposed governance actions shall be evaluated in accordance with these Tenets," including Tenet 8: "The Cardano Blockchain shall not unreasonably spend resources." CF's constitutional self-assessment contends that Tenet 8 applies only to protocol-level efficiency (compute, fees, operational costs) and that economic justification of spending is solely within DRep remit. The text of Tenet 8 does not support that limitation; "resources" is unqualified and treasury funds are resources of the Cardano Blockchain. That said, the standard is "unreasonably spend," which is a high bar. A two-day flagship event in a major global financial hub, timed to coincide with TOKEN2049, at a revised net budget of $1,950,000, does not meet that threshold. Tenet 8 is satisfied.
Article II.6.1 (Metadata Format). Metadata is IPFS-anchored at QmQeNSMNUDWy75tgjPLqqUXDN7YvkVH6GS8iHx6P8adCAy; Koios confirms meta_is_valid true, meaning the on-chain hash matches the document (62f5924317b9b984417db994f1a011a362fbfb36a01745e445ddd55033c75aea). Conforms to CIP-0108.
Article II.6.2 (Metadata Structure). Title, abstract, motivation, and rationale are present. The rationale includes a line-item budget comparing revised and prior figures, a KPI framework, a milestone schedule, and a constitutionality self-assessment. Sufficient.
Article II.7.1 (Terms of the Withdrawal). Purpose (Cardano Summit 2026, Singapore, October 5-6), delivery period, itemized costs, and refund circumstances are all stated. Three refund scenarios are specified: cancellation before vendor payments are due (balance returned); total expenses under the request (unspent ADA returned within six months); ADA price appreciation profit (returned within six months). Two milestones: Milestone 1 of 6,240,000 ADA available upon enactment; Milestone 2 of 1,560,000 ADA payable after event delivery and reporting. Satisfied.
Article II.7.2 (Prior Funding Disclosure). The Cardano Foundation discloses two prior 2025 treasury receipts by name and Adastat links: the "Unveiling the First Unified Global Events Marketing Strategy for Cardano" proposal and the "Cardano Summit 2025 and regional tech events" proposal. Prior receipt is confirmed. The amounts of ADA received under each governance action are not stated in the proposal text; the disclosure is by reference to external links. The Constitution's text ("shall disclose whether") is met. The absence of inline amounts is noted.
Article II.7.3 (Net Change Limit Compliance). The 350,000,000 ADA Net Change Limit (epochs 613-713) applies. 7,800,000 ADA is well within it.
Article II.7.4 (Audits and Oversight). The proposal allocates $100,000 (400,000 ADA) to a "Legal, Audit, Tax" line item. The three categories are not disaggregated, so the portion specifically reserved for periodic independent audits of this withdrawal cannot be verified from the proposal text. The audit mechanism described is the Cardano Foundation's existing annual Grant Thornton engagement, supplemented by a public treasury withdrawal dashboard (treasurywithdrawals.cardanofoundation.org). An organizational annual audit covers CF's operations broadly, including any treasury withdrawals. The oversight metrics requirement is satisfied by the public dashboard and milestone reporting. The audit allocation requirement is met, though the bundled line makes independent verification of the audit-specific amount unavailable.
Article II.7.5 (Administrator). The Cardano Foundation is designated as administrator and sole vendor. The Oversight Committee (DQuadrant, Intersect, NMKR, Sundae Labs) provides external checks: the Disburse operation requires 3 of 4 member signatures; any single member can pause a milestone. Satisfied.
Article II.7.6 (Custody). Funds held in SundaeSwap treasury.ak and disbursed via vendor.ak. Auto-abstain DRep delegation enforced at contract level. No SPO delegation. Unused funds sweep to the Cardano Treasury at expiration. Satisfied.
Appendix I (Guardrails). TREASURY-02a: 7,800,000 ADA does not exceed the Net Change Limit. TREASURY-03a: Withdrawal denominated in ADA. TREASURY-01a: not engaged.
Ace Alliance finds the proposed "Revised Cardano Summit 2026 Singapore" Treasury Withdrawal Governance Action Constitutional.
- Cardano Curia84feba94…6bd5YesActive · term ends epoch 799Rationale
Cardano Curia (Constitutional Committee) judges the “Revised Cardano Summit 2026 Singapore” treasury withdrawal governance action constitutional.
This governance action is a Treasury Withdrawal. The Constitutional Committee’s role is limited to assessing whether the action is consistent with the Cardano Constitution and applicable Guardrails.
The proposal is constitutional when it satisfies the procedural and stewardship requirements for treasury withdrawals, including: (i) a stated purpose and delivery period; (ii) a budget and cost basis; (iii) oversight/administration arrangements; (iv) auditability and reporting; and (v) refund/close-out mechanics.
On the information available for this governance action, the proposal describes a defined event (Cardano Summit 2026, Singapore, Oct 5–6, 2026), the requested amount and cost assumptions, an administration/oversight structure with milestone-gated disbursements, and an auditability posture (public tracking and independent verification). It also indicates that unused funds are to be returned within a defined close-out window.
In addition, the Committee recognizes the governance-relevant public-interest rationale that a Summit can materially improve ecosystem visibility and presence-building: it creates a focal point for community coordination, partnership outreach, and narrative clarity. Selecting Asia (Singapore) is a strategically coherent choice for expanding Cardano’s presence in a major growth region and can serve as a practical boost for community engagement and external reach. These points support the stated purpose of the withdrawal and are not in conflict with any constitutional tenet.
The Committee further notes the importance of immutability for the canonical off-chain scope/budget document(s) referenced by the on-chain action (URL + hash). Provided the final submission includes immutable URIs and corresponding hashes for the canonical proposal text and any annexes (and that any translations are clearly labeled as translations referencing the canonical hash), the Committee finds the action procedurally consistent with the Constitution’s governance-action standards and treasury-withdrawal standards.
Accordingly, the Constitutional Committee finds no constitutional conflict on its face and judges the action constitutional.
Cardano Curia finds this governance action constitutional.
- Cardano Japan Council725d4d44…7b31YesExpired · term ends epoch 653Rationale
We consider this governance action to be constitutional.
This proposal is a Treasury Withdrawal Governance Action to withdraw ₳7,800,000 from the Cardano Treasury for the “Revised Cardano Summit 2026 Singapore” organized by the Cardano Foundation. In accordance with Article 2, Section 6, Paragraphs 1 and 2 of the Cardano Constitution, this proposal utilizes an immutable off-chain reference via IPFS. Furthermore, the proposal text includes the title, summary, rationale, event objectives, performance metrics, budget, management structure, and audit and reporting mechanisms; we therefore determine that it presents information sufficient for evaluation as a Governance Action. Article 2, Section 7, Paragraphs 1 and 2 state that the purpose of the Treasury Withdrawal is to host the Cardano Summit 2026 Singapore, and detail the event content, budget allocation, KPIs, and audit and reporting framework aimed at enterprise adoption, developer engagement, and ecosystem coordination. It also explains the 22% budget reduction and the separation from TOKEN2049-related proposals. Regarding Article 2, Section 7, Paragraph 3, the requested amount for this proposal is ₳7,800,000, which falls within the 350M ADA Net Change Limit applicable to Epochs 613-713 at the time of submission. Furthermore, the requested amount for this proposal is stated in ADA, and the USD figure is treated as a reference value. Article 2, Section 7, Paragraphs 4 and 5 describe the oversight and audit framework, including direct administration by the Cardano Foundation, fund management using Sundae Labs’ treasury management contract, the Oversight Committee, third-party assurance, audits, reporting obligations, and the visualization of progress, KPIs, and smart contract management status via a public dashboard. Furthermore, Article 2, Section 7, Paragraph 6 describes segregated management using treasury and vendor contracts, a structure designed for on-chain auditability, non-delegation to SPOs, and delegation to auto-abstain DReps. We determine that this structure is intended to align with the requirements of “auditable by the Cardano Community,” “separate accounts,” “not delegated to a SPO,” and “delegated to a predefined abstain voting option.” Therefore, as no clear conflict with the Cardano Constitution has been identified, we determine that this proposal is constitutional.
For the reasons stated above, we determine that it is constitutional.
- Eastern Cardano Council2ea7a78e…10ecYesActive · term ends epoch 726Rationale
We have determined that this treasury withdrawal governance action is constitutional.
The governance action with ID "gov_action10dp...s84cjf" and title "Revised Cardano Summit 2026 Singapore" is a Treasury Withdrawal, and is therefore subject to the following sections and guardrails in the Cardano Constitution.
ARTICLE II, Section 6 of the Cardano Constitution states that governance actions must follow a standardized and legible format, including a URL hosting an immutable document and a corresponding hash, and must provide sufficient rationale including a title, abstract, justification, and supporting materials.
This governance action includes a valid URL and hash, which matches the hash of the off-chain documentation referenced. The rationale also meets the minimum content specified in this section.
ARTICLE II, Section 7 specifies that Treasury Withdrawal governance actions must include the following:
1. Purpose, Delivery Period, Costs, and Refund Conditions
This governance action specifies:
- The purpose of the withdrawal as "... the coordinated delivery of a flagship Cardano Summit in Singapore to increase Cardano’s presence."
- The period for delivery of proposed activities as "The Cardano Summit 2026 will take place from 5-6 October."
- The relevant costs and expenses under the heading "Proposal Specifics and Budget Breakdown"
- The circumstances under which funds may be refunded to the Cardano Treasury as "Circumstances under which the withdrawal or a portion thereof might be refunded to the Cardano Treasury include: 1) The cancellation of the Cardano Summit 2026 before vendor payments are due, with the balance after payments to be returned to the Treasury, 2) The event is executed successfully but total expenses fall under the requested amount, in which case unspent ada will be returned to the Treasury within 6 months of the events taking place, or 3) Due to ada price appreciation, there is a profit on withdrawn ada, which will be refunded to the Treasury within 6 months of the events taking place."
These elements fulfil the requirements of Article II, Section 7(1).
2. Prior Treasury Funding Disclosure
ARTICLE II, Section 7(2) requires disclosure of whether the prospective recipient has received ada from the Cardano Treasury within the last 24 months.
This governance action states that "The Cardano Foundation received ada during 2025 treasury withdrawals...". This fulfils the requirement of ARTICLE II, Section 7(2).
3. Net Change Limit (NCL)
ARTICLE II, Section 7(3) requires that Treasury Withdrawals must not exceed the Net Change Limit.
The Net Change Limit in effect at the time of submission of this vote on-chain is the governance action with ID "gov_action1m3x...4jsr7q".
- A. Current NCL Amount: 350000000 ada
- B. Current NCL Time Period: Epoch 613 to Epoch 713 (Inclusive)
- C. Total of Treasury Withdrawals within the Current NCL Time Period: 67842000 ada
- D. Amount of this Treasury Withdrawal: 7800000 ada
- E. "C" plus "D" = 75642000 ada
- F. "A" minus "E" = 274358000 ada
As the value of "F" is greater than or equal to zero, this governance action fulfils the NCL requirement.
4. Audit Allocation and Oversight Metrics
ARTICLE II, Section 7(4) states "Treasury Withdrawals actions shall require an allocation of ada as a part of such funding request to cover the cost of periodic independent audits and the implementation of oversight metrics as to the use of such ada."
This governance action states that "The withdrawal contains a provision for the cost of an audit, included within “Proposal Specifics and Budget Breakdown” above.", which fulfils the requirements of ARTICLE II, Section 7(4).
5. Designated Administrators
ARTICLE II, Section 7(5) requires that one or more administrators are designated to monitor fund usage and ensure deliverables are achieved.
This governance action states that "Cardano Foundation will ensure direct administration of the budget, assisted with an on-chain smart contract based on the treasury management contract developed by Sundae Labs (https://github.com/SundaeSwap-finance/treasury-contracts), with oversight from: DQuadrant, Intersect, NMKR, Sundae Labs.", which fulfils this requirement.
6. Fund Management Requirements
ARTICLE II, Section 7(6) states "Any ada received from a Cardano Blockchain treasury withdrawal, so long as such ada is being held by an administrator prior to further disbursement to the Treasury Withdrawal Recipient, must be kept in one or more separate accounts that can be audited by the Cardano Community, and such accounts shall not be delegated to an SPO but must be delegated to the predefined abstain voting option."
This governance action specifies the following withdrawal address, which at the time of assessment is not delegated to an SPO and is delegated to the auto abstain voting option:
- stake17y0259mwcxx2yqgpt78rdmssa44nkcpxvwvn3r0hx3l0hxgeg9dty
Finally, the guardrails that require consideration for this governance action are TREASURY-01a, TREASURY-02a, and TREASURY-03a. These are addressed as follows:
- TREASURY-01a - The net change limit with governance action ID "gov_action1m3x...4jsr7q" is currently in effect, after being "agreed by the DReps via an on-chain governance action with a threshold of greater than 50% of the active voting stake".
- TREASURY-02a - As per the above assessment, this treasury withdrawal does not exceed the current Net Change Limit.
- TREASURY-03a - This treasury withdrawal is denominated in ada.
We therefore find this governance action Constitutional.
This governance action sufficiently fulfils the criteria specified for treasury withdrawals in the Cardano Constitution, so is deemed constitutional.
- Phil_uplc68bb0b42…8746YesActive · term ends epoch 799Rationale
- Tingvard646d1b3a…be43YesActive · term ends epoch 726Rationale
Tingvard judges the “Revised Cardano Summit 2026 Singapore” treasury withdrawal governance action constitutional.
This governance action satisfies the procedural requirements for a treasury withdrawal under Article II, Section 6 and Article II, Section 7.
The proposal includes a title, abstract, rationale, supporting materials, and specifies the purpose, delivery period, costs, oversight structure, refund conditions, and prior treasury receipts as required under Article II, Section 7, §1 and §2.
The proposal defines Cardano Foundation as administrator, with fund management through smart contracts and oversight by DQuadrant, Intersect, NMKR, and Sundae Labs, satisfying Article II, Section 7, §5.
The proposal allocates funding for audits, assurance, and oversight mechanisms, satisfying Article II, Section 7, §4.
The proposal further states that treasury and vendor contract addresses will not delegate to SPOs and will be delegated only to the predefined auto-abstain DRep option, satisfying Article II, Section 7, §6.
The governance action states that the withdrawal is denominated in ada and does not exceed the active Net Change Limit at the time of submission, in accordance with TREASURY-02a and TREASURY-03a.
The proposal also includes references to immutable hosting and document hashing in accordance with Article II, Section 6, §1.
Tingvard therefore finds that the governance action procedurally satisfies the constitutional requirements applicable to treasury withdrawal governance actions.Tingvard finds this governance action constitutional.
- KtorZ64f97568…3a49AbstainExpired · term ends epoch 653Rationale
Abstaining, I am a CF employee
While I don't think that there's a particular "conflict of interest" between assessing constitutionality and my position as an employee of the Cardano Foundation; I prefer abstaining to avoid any heated debate on the topic.