Revised Cardano Summit 2026 Singapore
210 DReps voted · 81 with a rationale · 19 changed their vote
Open a row to read the rationale.
- Yes584.2M ₳Rationale
Summary
Yoroi DRep votes YES on the "Revised Cardano Summit 2026 Singapore" by the Cardano Foundation. This position reflects our support for the strategic location, the optimized budget, and the anticipated return on investment for the ecosystem. By aligning with major global industry movements, we ensure Cardano remains at the forefront of the 2030 Vision.Rationale
Maximizing Ecosystem Visibility and Community ValueCompetitive Market Presence: It is a standard industry reality that every leading Layer 1 protocol hosts a flagship summit; Cardano’s proposal is not only competitively priced but represents a significantly more efficient spend than many of our direct peers.
The Visibility Multiplier: Co-locating with TOKEN2049 allows us to leverage the massive concentration of international talent, developers, and media already in the city. This creates a "halo effect" where Cardano builders are positioned to capture the attention of over 25,000 external participants and potential partners.
Community Cost-Efficiency: By anchoring the Summit to the TOKEN2049 calendar, community members can attend two of the world's largest crypto events in a single trip, significantly reducing their individual travel, lodging, and logistics expenses.
Strategic Hub: Singapore's geographic advantage ensures that Cardano’s technical milestones are showcased within a high-density environment, providing brand exposure that would be far more costly to generate in isolation.
Proportionality and Fiscal Leanliness
The revised proposal directly addresses concerns regarding treasury impact through a budget reduced by 22% ($550,000).
This was achieved through intelligent streamlining, moving from three stages to two, which lowers production costs without compromising the tier-one experience required for an L1 blockchain.
By increasing internal resource contributions to $380,000, the Foundation has reduced external vendor reliance and optimized the use of community funds.
Importantly, this proposal is fully decoupled from EMURGO’s TOKEN2049 sponsorship, ensuring a clean and transparent funding structure.
Community Engagement and Vision 2030
A core pillar of our support is the value provided back to the builders, specifically the inclusion of discounted tickets for community members based on on-chain activity.
This ensures that the Summit remains accessible to the individuals who build on the network daily, keeping the event rooted in our decentralized community and the Cardano Vision 2030.
Accountability and Agreed KPIs
Yoroi fully agrees with the proposed KPIs, which offer a clear framework for evaluating success through live demos, developer engagement, and enterprise leads.
The commitment to full KPI transparency and smart contract-based disbursement provides the high level of accountability we demand for treasury withdrawals.
Conclusion
Yoroi fully supports the vision and execution plan for the Cardano Summit 2026 in Singapore, basing our YES vote on the strategic timing, the responsible budget reduction, and the clear focus on driving adoption for our builders. - Abstain435.8M ₳Rationale
I am voting Abstain on "Revised Cardano Summit 2026 Singapore" and "Cardano at TOKEN2049 Singapore 2026: Baseline 'Platinum' Sponsorship Proposal."
Given the cancellation of Dubai token 2049, it is reasonable to bet on this. Emurgo and CF will likely be able to achieve the KPIs stated in the proposals.
However, looking at CF's and Emurgo's events from last year, I was unable to find convincing evidence as to whether these directly or indirectly succeeded in driving transactions, ADA purchases, or sustained developer onboarding—and, if they didn't, what has been improved this time around.
On the other hand, I also agree that it would be a mistake to take pride in doing no promotion at all, and that TOKEN2049 is a good venue for it. There is also no alternative team.
Taking all of this into account, I find it hard to firmly say YES but also hard to firmly say NO, so I am voting Abstain. I may still change my vote going forward based on feedback from everyone.ーーー
私は「Revised Cardano Summit 2026 Singapore」「Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal」にAbstainを投票します。
ドバイのキャンセルを加味するとここに賭けることは合理的です。emurgoとcfは提案書に書かれたKPIを達成することは可能でしょう。
ただし、cfとemurgoの去年のイベントで、これが直接的、間接的にTxや ADAの購入、継続的な開発者のオンボードに成功しているかどうか、そして、それがうまくいかなかった場合、今回は何が改善されているのかについて、自信を持てる証拠を見つけることができませんでした。
一方で私たちは何も宣伝しないことを誇ることは誤りであり、token2049はそのための良い場所であることにも同意します。また他に代替チームありません。
これらを踏まえてYESと断言しづらいがNOとも断言しづらいと考え、abstainを投票します。今後皆さんのフィードバックでさらに投票を変える可能性があります。
- Abstain332.2M ₳No rationale
- Yes293M ₳Rationale
Summary
Acting in its capacity as a DRep, EMURGO formally casts a YES vote in favor of the treasury withdrawal request for the "Revised Cardano Summit 2026 Singapore." Our support is predicated on the proposal’s refined strategic focus, which balances high-impact global positioning with a significantly optimized fiscal framework. We recognize this initiative as a critical commercial vehicle designed to accelerate the protocol's transition into a mature, enterprise-grade financial operating system. By strategically co-locating this summit with TOKEN2049, we create a powerful value accelerator for Cardano’s visibility, allowing our builders to tap into a massive global footfall while offering the community a cost-effective way to attend two premier industry events in one journey. EMURGO’s affirmative vote reflects our confidence in the Foundation’s revised execution strategy and the substantial long-term value this summit will secure for the ecosystem.Rationale
EMURGO recognizes that hosting a flagship summit is a fundamental market requirement; every leading Layer 1 protocol maintains a major annual event as a cornerstone of its business development strategy, often with significantly higher capital outlays than what is proposed here. This investment is essential to maintain protocol parity and institutional mindshare within a hyper-competitive industry. The 2026 Summit is intentionally timed to coincide with TOKEN2049 in Singapore, a move that functions as a strategic value accelerator. By concentrating the world’s most influential institutional leaders and capital allocators in a single geography, Cardano can capture high-value attention and mainstream financial interest without the prohibitive costs of independent audience acquisition. Furthermore, this alignment provides a pragmatic benefit to the Cardano Community: by anchoring our event to the TOKEN2049 calendar, community members can effectively attend two of the year’s most significant industry gatherings in a single trip, drastically reducing individual travel, lodging, and per-diem expenses.This move perfectly aligns with the Cardano Vision 2030, specifically our shared objective of transitioning the protocol into a self-sustaining, global financial and social operating system. We appreciate the Foundation’s responsiveness to community feedback, which has resulted in a significantly optimized proposal that demonstrates both fiscal responsibility and strategic maturity. Furthermore, the budget has been reduced by 22%, or approximately $550,000, through smart architectural changes such as consolidating from three stages to two. This leaner approach significantly lowers production and logistics overhead while maintaining the tier-one experience expected of a leading Layer 1 blockchain. This efficiency is further bolstered by increasing the Cardano Foundation’s internal resource contributions to $380,000, a commendable commitment that reduces reliance on external vendors and optimizes treasury use.
EMURGO fully agrees with the defined KPIs, which provide the transparency and rigor necessary to measure real-world impact and growth throughout this transition. We also value the continued dedication to inclusivity through the provision of discounted tickets based on on-chain activity, ensuring our core supporters remain at the heart of the event. This more focused proposal remains dedicated to delivering tangible results for Cardano and its builders while demonstrating a sophisticated commitment to responsible treasury management. For these reasons, EMURGO confidently votes Yes.
- YesChanged254.7M ₳History
Earlier votes
No2mo agoSuperseded
- Abstain222.9M ₳Rationale
Overview of EDC vote on CD + Emurgo marketing spending:
➖ Revised Cardano Summit 2026 Singapore
✅ Cardano at TOKEN2049 Singapore 2026: Baseline ‘Platinum' Sponsorship Proposal
➖ Cardano at TOKEN2049 Singapore 2026: Top-Up ‘Title’ Sponsorship UpgradeSingapore in that particular week is exceptionally expensive. Cardano must be at TOKEN2049, we can't miss that. We don't want stand in the way by voting NO, so ABSTAIN it is. But especially for the CF, which is a foundation with own funds and not a commercial entity, the summit could be paid them, which we deem to be their mandate.
- Abstain174.6M ₳No rationale
- Yes165.7M ₳No rationale
- Abstain120.2M ₳Rationale
The Cardano Foundation is voting ABSTAIN on this proposal.
A PDF version of this rationale is also made available.
The Cardano Foundation has submitted this revised Cardano Summit 2026 proposal in direct response to significant community feedback and input. It is clear that we did not sufficiently engage with the Community on this topic prior to the first proposal. We continue to believe in the strategic value and the leaner, optimized budget of this revised Cardano Summit.
However, in light of the significant community feedback and as a signal that we continually strive to improve our engagement with the community, we feel that it is appropriate to ABSTAIN on this proposal, so that the community can independently direct its course.
This abstention is a reflection of the unique history of this specific proposal. It is not a precedent for how the Cardano Foundation will vote on any future proposals. We will continue to vote on any proposal based on the principles set out in “Our Cardano” and what we believe is in the best interests of Cardano and its ecosystem.
The Cardano Foundation is voting ABSTAIN on this proposal.
NOTE on 'Internal Voting':
The fields constitutional and unconstitutional below reflect the CF governance teams' individual opinions whether they are for or against the proposal. Reason for this inconsistency is, that CIP-136 is at the moment only applicable to CC rationales, but we want to record the internal opinions of our DRep assessment transparently as well. - YesChanged92.2M ₳History
Earlier votes
Abstain2mo agoSuperseded
- Abstain91.5M ₳Rationale
As a DRep, I have decided to vote on the three crypto event proposals as follows:
- Revised Cardano Summit 2026 Singapore: ABSTAIN
- TOKEN2049 Singapore 2026 Baseline “Platinum” Sponsorship proposed by EMURGO: YES
- TOKEN2049 Singapore 2026 Top-Up “Title” Sponsorship Upgrade: NO
Given that DReps have to process a large number of proposals in the coming weeks, I will provide one short rationale for all three proposals.
My rationale:
First of all, thank you to both the Cardano Foundation and EMURGO for accepting feedback and resubmitting proposals.
I do not oppose the idea of a Cardano Summit. My concern is primarily about treasury allocation and long-term sustainability. Cardano Foundation owns and manages the Cardano brand and remains one of the strongest-capitalized entities in the ecosystem. According to its 2025 financial report, the Foundation held approximately $361M in assets at the end of 2025, including roughly $280M in crypto assets and approximately $80M in fiat and traditional financial assets.
If the Foundation believes the Summit is strategically critical for Cardano, I believe it should be willing to finance a larger portion of the event from its own resources.
My second concern is that the Foundation previously communicated that the Summit should become increasingly sustainable over time.
The current proposal does not provide enough clarity on what that actually means. I still do not know whether future Summits will require treasury funding, how much funding may be requested in future years, or when the Summit is expected to become financially self-sustaining.
The proposal mentions that revenue from the 2026 Summit will help fund future events, but it does not clearly state that future treasury requests will stop. Given the large funding requirements from IO, Intersect, infrastructure teams, and builders across the ecosystem, I am not comfortable approving both major event proposals.
At the same time, I recognize that other DReps support the Summit and consider it strategically important. My current position is somewhere between NO and ABSTAIN.
That is why I decided to abstain rather than vote NO.
I decided to support the baseline TOKEN2049 Singapore 2026 proposal because it gives Cardano exposure beyond its own ecosystem. Unlike the Summit, which is naturally more focused on existing Cardano community members, TOKEN2049 puts Cardano in front of a much broader audience that includes investors, exchanges, market makers, media, founders, developers, enterprises, and builders from other ecosystems.
I believe Cardano still needs stronger external visibility, and this proposal addresses that more directly.
For approximately $792,900, the baseline proposal gives Cardano a large booth at the event, a dedicated builder stage, live product demonstrations, lead generation tools, networking access, ecosystem tickets, and post-event reporting requirements.
More importantly, it gives Cardano builders direct access to people who are not already part of the ecosystem. That is a much stronger value proposition than spending significantly more money to create a separate event in the same city just two days earlier.
I understand that EMURGO has faced criticism from parts of the community in the past. However, DReps should evaluate proposals based on current execution plans and expected outcomes. I appreciate that EMURGO recently addressed concerns related to DRep selection in Yoroi Wallet, and I am willing to give them a second chance.
I want to make a pragmatic decision.
In this case, EMURGO is leveraging an existing global event, which significantly reduces operational complexity. The proposal also includes concrete deliverables such as builder showcases, live demos, partnership targets, media exposure, and measurable post-event reporting. While some KPIs should always be viewed critically, I believe the overall direction is pragmatic and focused on external ecosystem growth.
I do not support the Top-Up proposal because I do not believe the additional $424,360 is justified. The extra spending mainly buys a larger booth, a keynote slot, lanyard branding, protein shake branding, and additional media exposure.
In my view, the baseline proposal already captures most of the meaningful value, and the upgrade feels like diminishing returns and unnecessary prestige spending.
This is ultimately a pragmatic treasury allocation decision. Cardano should not disappear from major crypto conversations, media, and broader crypto audiences. I believe supporting one meaningful external-facing marketing initiative is reasonable.
At the same time, treasury resources remain limited, and I do not believe it is responsible to fund multiple overlapping event proposals.
If one of these events is approved, I will likely be significantly more conservative when evaluating other marketing-related proposals.
I may still change my mind before voting closes. If it becomes clear that the EMURGO proposals have no realistic path to approval while the Foundation proposal does, I may reconsider my position and adjust my votes accordingly.
If you'd like to support my work, consider delegating to the MANDA pool and backing me as a DRep. Your support is the only way I can get time for governance.
MANDA Pool ID:
pool1c3fjkls7d2aujud8y5xy5e0azu0ueatwn34u7jy3ql85ze3xya8My DRep ID:
drep1y2m0g4r66pyaw3p7u454wc0p4f0ygm8ueaev0mgd3tvwm7sskqwqp - Yes88.6M ₳Rationale
This is a revised proposal that, responding to community feedback, cuts the budget by 22% (~$550,000) and reduces the format from three stages to two while preserving the quality and scale befitting an L1 blockchain. The Cardano Foundation has also decoupled it from EMURGO's TOKEN2049 sponsorship proposal. The Summit brings institutional investors, enterprises, regulators, and developers together in one place, offering a strategic opportunity to advance the real-world and institutional adoption of Cardano. Recognizing both the budget-reduction effort and the strategic value, I vote YES.
- YesChanged86M ₳Rationale
SIPO DRep re-vote on Revised Cardano Summit 2026 Singapore: changing from NO to YES.
Context: On 2026-05-13, SIPO voted NO with principle-based reasoning anchored in four structural concerns about Treasury Fit. On 2026-05-24, IOG CEO Charles Hoskinson posted a public commitment on his official X account (https://x.com/IOHK_Charles/status/2058553026382606787) that materially changes the public information available about this proposal's strategic framing. Cardano Foundation CEO Frederik Gregaard publicly endorsed the message in the same thread on 2026-05-25. SIPO has independently reassessed all three resubmissions and is changing its vote from NO to YES on each.
This re-vote is not a retreat from SIPO's prior reasoning. SIPO's four-pillar Treasury Fit framework remains intact. What changed is the public information against which that framework is now being applied — and what that information enables this Summit to become.
The broader judgment
With Hoskinson's public commitment and CF's public endorsement, this Summit can become a real-world execution signal for Cardano's next phase — a coordination moment where the founding entities re-synchronize visibly at a time of broad market and geopolitical uncertainty. Better evaluated not only as a brand-marketing event with a treasury cost, but as a real-world execution signal at a critical juncture. SIPO.TOKYO publishes the full strategic rationale separately.
Why SIPO changes its vote to YES
Pillar 4 (IOG absence and unified-Cardano framing disclosure gap) is materially addressed by public signal.
On 2026-05-13, SIPO's voteContext noted that this proposal was signed by CF only, with IOG's non-participation or co-sign status not addressed.
On 2026-05-24, Hoskinson posted on his official IOG CEO X account a public commitment to attend Cardano Summit 2026 and to be on stage; to personally make a partial contribution toward upgrading Cardano's TOKEN2049 sponsorship to Title level; and to invite the Pentad (IOG / EMURGO / Cardano Foundation / Midnight Foundation / Intersect) to formalize coordination going forward. CF CEO Frederik Gregaard publicly endorsed this in the same thread.
This is a publicly verifiable, on-the-record signal from IOG's CEO and CF's CEO that the founding-entity relationship around this Summit is shifting from disclosure gap toward coordination intent. Concrete Program participation remains to be made public, but the disclosure concern Pillar 4 surfaced has been materially addressed in substance.
Reassessment of the remaining three pillars
Pillar 1 (three-way conflict structure): CF remains proposer, beneficiary, and DRep. The Summit YES re-vote rests primarily on Pillar 4 public signal, not on Pillar 1 reassessment. Pillar 1 remains formally unresolved.
Pillar 2 (CF self-funding capacity): the proposal still does not articulate why CF cannot self-fund. The case for treasury funding, however, is qualitatively different when this Summit is read as a Pentad coordination moment and real-world execution signal, rather than a stand-alone CF brand event.
Pillar 3 (public-goods vs. brand-marketing ratio): Summit's nature as a discussion, institutional engagement, and regulatory roundtable forum continues to provide partial mitigation, reinforced by the unified Cardano framing Hoskinson's commitment makes more visible.
Overall judgment
SIPO's framework is unchanged; the public information against which the framework is applied has changed. With Pillar 4 materially addressed via public signal, SIPO judges that the public-goods value of Cardano's integrated strategy and execution signal at a critical juncture outweighs the residual structural concerns.
This is the Constructive NO → public-channel improvement → independent reassessment → YES pathway that SIPO's voting doctrine supports — not a concession of the framework, and not a response to private-channel persuasion.
SIPO expectations (public accountability)
SIPO is a DRep and does not impose legal conditions. Tracked publicly:
- Pentad coordination meeting publicly announced before Summit 2026 (October 5-8, 2026).
- IOG participation made concrete in publicly listed Program & Agenda (Hoskinson keynote, IOG technical track, Midnight presence, or equivalent visible IOG/Midnight participation) by September 2026.
- Summit 2026 post-event report disclosing per-builder allocation, audience-conversion metrics, and CF self-funding accounting.
- CF 2026 Financial Insights and Activity Report addressing self-funding capacity for future Summits.
Consistency with SIPO's prior votes: this re-vote does not modify SIPO's consistent line of voting YES on public goods, infrastructure, and ecosystem growth capital. It reflects that, with Pentad coordination intent publicly disclosed, this Summit qualifies as a coordination-infrastructure moment and real-world execution signal for Cardano's next phase.
With appreciation to the proposers and to the Pentad principals who responded to community feedback through public channels, SIPO DRep changes its vote from NO to YES.
SIPO DRep として、本提案「Revised Cardano Summit 2026 Singapore」への投票を NO から YES へ変更します。
背景：2026-05-13、SIPO は Treasury Fit に関する 4 つの構造的懸念に基づき原則ベースの NO を投じました。2026-05-24、IOG CEO Charles Hoskinson 氏が公式 X (https://x.com/IOHK_Charles/status/2058553026382606787) で本提案の戦略的 framing に実質的な変化をもたらす公的コミットメントを表明し、2026-05-25、CF CEO Frederik Gregaard 氏が同スレッドで公開支持を表明しました。SIPO はこれらの公開情報を踏まえ、3 件再提出案を独立に再評価し、それぞれ NO から YES へ投票変更します。
本再投票は SIPO 従来主張からの撤回ではありません。SIPO の 4 本柱フレームワーク自体は維持され、変化したのはそのフレームワークが適用される公開情報と、その情報が本 Summit に何をもたらし得るかという評価環境です。
より大きな判断
Hoskinson 氏の公的コミットメントと CF の公開支持により、本 Summit は「Cardano 次段階の real-world execution signal」 — 創設エンティティが市場・地政学的不確実性の中で可視的に再同期する coordination moment — になり得ます。Treasury 負担を伴う単なるブランドマーケティングイベントよりも、重要局面における real-world execution signal として評価する方が適切です。詳細な戦略的論証は SIPO.TOKYO で別途公開します。
SIPO が YES に変更する理由
柱 4（IOG 不在および統合 Cardano framing への開示不足）は公的シグナルにより実質的に対応されました。
2026-05-13 SIPO voteContext は、本提案が CF 単独署名で IOG の不参加・共同署名状況が言及されていない点を指摘しました。
2026-05-24、Hoskinson 氏は IOG CEO 公式 X で、Cardano Summit 2026 への出席とステージ登壇、Token2049 Title レベルアップグレードへの個人的部分貢献の公的意向、Pentad (IOG / EMURGO / Cardano Foundation / Midnight Foundation / Intersect) への coordination 正式化対話招集を公的にコミットしました。CF CEO Frederik Gregaard 氏は同スレッドで公開支持を表明しました。
これは IOG CEO と CF CEO による publicly verifiable・on-the-record なシグナルであり、本 Summit を巡る創設エンティティ関係性が「開示不足」から「coordination intent」へ移行しつつあることを示します。Program 上の参加内容は今後の公開待ちですが、柱 4 が顕在化させた開示懸念は実質において対応されています。
残る 3 柱の再評価
柱 1（三重利益相反構造）：CF は依然として提案者・受益者・DRep を兼ねています。本 Summit YES 再投票は主として Hoskinson 公的コミットメントが柱 4 に対応したことに基づき、柱 1 の再評価に基づくものではありません。柱 1 は formal には未解消のまま維持されます。
柱 2（CF 自己資金調達能力）：本提案は依然 CF がなぜ自己資金で開催できないかを論じていません。しかし、本 Summit を Pentad coordination moment + real-world execution signal として読むとき、Treasury 資金提供のケースは質的に異なります。
柱 3（公共財対ブランドマーケティング比率）：Summit が議論・機関エンゲージメント・規制ラウンドテーブルの場である性質は引き続き partial mitigation を提供し、Hoskinson 氏のコミットメントがより可視化する統合 Cardano framing がこれを強化します。
総合判断
SIPO のフレームワークは不変です。柱 4 が公的シグナルにより実質的に対応された現在、SIPO は Cardano の統合戦略・実行能力・重要局面における信念の表明という公益価値が残存する構造的懸念を上回ると判断します。
これは「Constructive NO → 公開チャネルでの改善 → 独立再評価 → YES」のパスウェイです。SIPO の投票変更はこのパスウェイを反映するものであり、基礎フレームワークの譲歩でも、私的チャネル説得への応答でもありません。
SIPO の期待事項（公開アカウンタビリティ）
SIPO は DRep であり、法的条件を課す立場ではありません。以下は公開トラックします：
- Pentad coordination meeting の公開アナウンス（Summit 2026 (10/5-8) 前）
- IOG の Summit 2026 参加が公開 Program & Agenda で具体化（Hoskinson keynote / IOG technical track / Midnight presence / または同等の可視的 IOG・Midnight 参加）2026 年 9 月までに
- Summit 2026 事後レポートで builder 直接配分・audience conversion 指標・CF 自己資金拠出会計を開示
- CF 2026 Financial Insights and Activity Report で将来 Summit 自己資金調達能力を論じる
過去 SIPO 投票との整合性：本再投票は SIPO の公共財・インフラ・エコシステム成長資本に整合する Treasury Withdrawal への一貫した YES 線を修正するものではありません。Pentad coordination 意図が公開開示された後、本 Summit が Cardano 次段階の coordination インフラ moment + real-world execution signal として qualify することを反映しています。
提案者および公開チャネルでコミュニティフィードバックに応答してくれた Pentad principals に感謝しつつ、SIPO DRep は本提案への投票を NO から YES へ変更します。
Earlier votes
No2mo agoSuperseded
SIPO DRep votes NO on Revised Cardano Summit 2026 Singapore.
Governance Action ID: gov_action10dp9wzmgt2nqshyrghufff4sfhcxedhmzluly5k0azguatnsthwqqs84cjf
DRep: drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
Date: 2026-05-13Context: This is the resubmission of the Summit half of the combined Cardano Summit 2026 + TOKEN2049 Singapore proposal, on which SIPO voted NO (with explicit principle-based reasoning) on 2026-04-18. The original ₳14,076,539 ($3.66M) combined proposal failed DRep ratification. CF and EMURGO responded to community feedback by splitting it into three independent proposals — Summit (this proposal), TOKEN2049 Baseline, and TOKEN2049 Top-Up — and reducing the combined ask. SIPO has reviewed all three resubmissions and votes NO on each individually.
To be explicit: we are not opposed to Cardano Summit 2026 being held. We acknowledge and appreciate CF's good faith response to community feedback — the 22% budget reduction (from $2.5M to $1.95M), the decoupling from EMURGO's TOKEN2049 proposals, the increase in CF internal resource contribution from $250k to $380k, and the explicit thanks to the community. These are responsible adjustments.
However, SIPO's April 18 NO was principle-driven, anchored in four structural concerns about the Treasury Fit of this kind of withdrawal. The resubmitted Summit proposal addresses none of those structural concerns in a material way. The 22% reduction is a budget concession, not a structural redesign.
Why SIPO votes NO
CF self-funding capacity remains unaddressed. The proposal does not argue why CF — which self-funded the Summit from 2022 through 2024 and which the 2025 Financial Insights and Activity Report shows holds sufficient reserves — cannot self-fund this Summit. The CF internal contribution increase to $380k is welcomed as an implicit acknowledgment that more self-funding is possible, but it does not address the principled question: for a well-capitalized entity, treasury should be the funding source of last resort. Voting YES on 2026 after 2025's first treasury access would consolidate this as a recurring pattern, against the line SIPO drew on April 18.
Three-way conflict-of-interest still unaddressed. CF (DRep with approximately ₳133m delegated) remains simultaneously (a) the proposer, (b) the direct beneficiary, and (c) an active DRep voting on the outcome. The proposal does not publicly pre-commit CF to Abstain on its own action. SIPO's April 18 constructive alternative explicitly named this as a minimum disclosure requirement; the resubmission does not adopt it.
Public-goods justification still missing. A Summit is, by structure, a brand and audience-acquisition event. The proposal articulates strategic value (Asia hub timing, TOKEN2049 audience proximity, institutional engagement) but does not justify Summit-as-public-good in the sense the SundaeLabs treasury-contracts framework was designed to fund (public goods, infrastructure, direct builder support). There is no per-builder allocation breakdown comparable to what SIPO requested in the April 18 alternative.
IOG absence is not explained. The proposal positions Summit 2026 as a flagship Cardano event but is signed by CF only. IOG's non-participation — or whether IOG was invited to co-sign — is not addressed. For an event framed at this scale, community clarity on the relationship among the three founding entities (CF / EMURGO / IOG) is a reasonable minimum disclosure SIPO requested on April 18 and which remains absent.
ROI justification thinness
Beyond the four structural signals, SIPO notes that the proposal frames the Summit as a strategic investment but does not articulate measurable ROI to the Cardano ecosystem (e.g., conversion targets from "qualified leads" or "strategic meetings" to on-chain activity / new ecosystem projects / adoption growth, with baselines). Without such metrics, the case for treasury funding — versus CF self-funding — of a brand event becomes harder to make on public-goods grounds.
Consistency with SIPO's prior votes
SIPO has consistently voted YES on treasury withdrawals for protocol and node diversity (Amaru, Dingo, HLabs Pebble + Gerolamo), capital formation infrastructure (DeFi Liquidity, Orion Fund), governance institutions (CC compensation, NCL, Budget Framework), critical integrations, and the IOG 9-proposal round on 2026-05-09. All of these fit within public goods, infrastructure, or ecosystem growth capital. A NO here continues to clarify, rather than contradict, the line SIPO drew on April 18.
Constructive alternatives
- CF funds Cardano Summit 2026 from its own reserves, consistent with 2022–2024 practice and with 2025 Summit revenue already ring-fenced for 2026 Singapore as stated in this proposal.
- If treasury funding is genuinely required, the resubmission should include: an explicit public-goods justification, a per-builder direct allocation ratio target, a CF DRep pre-committed Abstain on its own action, and disclosure of IOG's position (participating / abstaining / declining).
- For 2027 cycle, route any treasury-funded event through the Intersect budget process with the above structural commitments embedded from the start.
We thank CF for the responsible response to community feedback. We look forward to supporting future event proposals that are structured as public goods investments with explicit conflict-of-interest mitigation.
For these reasons, SIPO DRep votes NO.
SIPO DRep として、本提案「Revised Cardano Summit 2026 Singapore」に反対（NO）を投じます。
Governance Action ID: gov_action10dp9wzmgt2nqshyrghufff4sfhcxedhmzluly5k0azguatnsthwqqs84cjf
DRep: drep1yffld2866p00cyg3ejjdewtvazgah7jjgk0s9m7m5ytmmdq33v3zh
Date: 2026-05-13背景：本提案は、2026-04-18 にSIPOが原則に基づき NO を投じた当初の Cardano Summit 2026 + TOKEN2049 Singapore 一括提案（₳14,076,539 / $3.66M）のうち Summit 部分の再提出です。当初提案は DRep 批准で否決され、CF と EMURGO はコミュニティフィードバックを反映し 3 独立提案（本Summit / TOKEN2049 Baseline / TOKEN2049 Top-Up）に分割再提出しました。SIPO は 3 件すべてを精読し、それぞれに対して個別に NO を投じます。
明確にします：私たちは Cardano Summit 2026 の開催自体に反対ではありません。CF がコミュニティフィードバックに対して誠意ある対応をしたこと — 22% 予算削減（$2.5M → $1.95M）、EMURGO の TOKEN2049 提案からの decouple、CF 内部資源拠出を $250k から $380k へ増加、コミュニティへの明示的な謝意 — は責任ある調整として認識・評価します。
しかし、4 月 18 日の SIPO NO 投票は原則ベースの判断であり、このタイプの Treasury Withdrawal に対する 4 つの構造的懸念に基づいていました。再提出された Summit 提案は、それら構造的懸念のいずれにも実質的に対応していません。22% 削減は予算的譲歩であり、構造的再設計ではありません。
SIPO が NO を投じる理由
CF の自己資金調達能力が依然として論じられていない。CF は 2022 年から 2024 年まで Summit を自己資金で開催してきており、2025 Financial Insights and Activity Report は十分な内部留保を示しています。本提案は、なぜ CF が今回 Summit を自己資金で開催できないのかを論じていません。CF 内部拠出の $380k への増額は「もう少しは自己負担可能」との暗黙の認識として歓迎しますが、原則的問いには答えていません — 十分に資本化された組織にとって、Treasury は「最後の資金源」であるべきで「最初の資金源」ではない。2025 年の初 Treasury access の翌年に YES を投じれば、これを恒常的パターンとして定着させることになり、4 月 18 日に SIPO が引いた線に反します。
三重利益相反構造が依然として未対応。CF（DRep 委任額 約 ₳133m）は本提案において、(a) 提案者、(b) 直接受益者、(c) 投票権を行使する DRep の三者を兼ねたままです。本提案は CF DRep の自己提案に対する Abstain 事前表明を含んでいません。4 月 18 日 SIPO 建設的代替案でこれを最低限の情報開示要件として明示しましたが、再提出版は採用していません。
公共財正当化が依然として欠如。Summit は構造的にブランド・観衆獲得イベントです。本提案は戦略的価値（アジアハブ・タイミング、TOKEN2049 オーディエンス近接、機関エンゲージメント）を述べていますが、SundaeLabs treasury-contracts フレームワーク（公共財・インフラ・ビルダー直接支援のために設計）が想定する意味での「Summit-as-public-good」を論証していません。SIPO が 4 月 18 日代替案で求めたビルダー直接配分比率の breakdown も含まれていません。
IOG 不在の説明がない。本提案は Summit 2026 を Cardano の旗艦イベントと位置づけていますが、署名者は CF のみです。IOG の不参加、または IOG に共同署名を打診したかどうかについて言及がありません。この規模で位置づけられるイベントについて、創設 3 エンティティ（CF / EMURGO / IOG）の関係性に関するコミュニティへの説明は、SIPO が 4 月 18 日に求めた最低限の情報開示であり、依然として欠落しています。
ROI 論証の薄さ
4 構造シグナルに加え、本提案は Summit を戦略投資と位置づけながら、Cardano エコシステムへの測定可能な ROI（例：「qualified leads」「strategic meetings」から on-chain activity・新エコシステムプロジェクト・採用成長 への変換目標とベースライン）を明示していません。この種の指標がなければ、ブランドイベントに対する Treasury 資金提供を（CF 自己資金ではなく）公共財として正当化することは困難です。
過去 SIPO 投票との整合性
SIPO はプロトコル・ノード多様性（Amaru、Dingo、HLabs Pebble + Gerolamo）、資本形成インフラ（DeFi Liquidity、Orion Fund）、ガバナンス制度（CC 報酬、NCL、Budget Framework）、重要統合、2026-05-09 IOG 9 提案ラウンドに一貫して YES を投じてきました。いずれも「公共財・インフラ・エコシステム成長資本」の範疇です。本 NO は 4 月 18 日に引いた線を矛盾なく明確化するものです。
建設的代替案
- CF は Cardano Summit 2026 を自己資金で開催する（2022-2024 実務 + 本提案自身が記述している 2025 Summit 収益の 2026 Singapore 向け確保と整合）。
- Treasury 資金提供が真に必要であれば、再提出版に以下を含めること：公共財としての明示的正当化、ビルダー直接配分比率目標、CF DRep の自己提案に対する Abstain 事前表明、IOG の立場（参加 / 棄権 / 不参加）の開示。
- 2027 サイクル分は、上記構造的コミットメントを最初から組み込んで Intersect 予算プロセス経由で提案する。
CF のコミュニティフィードバックに対する責任ある対応に敬意を表します。今後、明示的な利益相反緩和を伴う公共財投資として構造化されたイベント提案については、積極的に支持してまいります。
以上の理由により、SIPO DRep として本提案に反対（NO）を投じます。
- No84.3M ₳Rationale
We, as a community, should be appreciative that we have founding entities that are willing and able to put on an event like this. However, I am ever weary of expenditure levels that would exhaust the Cardano Treasury inside of 10 years. Interest in crypto is also currently incredibly low. For those reasons, I am unconvinced that a nearly $2 million event like this would be a wise use of funds at this time.
- No76.8M ₳Rationale
Reject because the Summit appears to be mostly internal ecosystem spend with historically weak demonstrated ROI. This proposal does not show enough conversion from community event spend into durable Cardano outcomes.
A PDF version of this rationale is also made available.
Reject because the Summit appears to be mostly internal ecosystem spend with historically weak demonstrated ROI. This proposal does not show enough conversion from community event spend into durable Cardano outcomes. Additionally, the Cardano Foundation is well-funded and should use its own balance sheet to host this event.
- Abstain75.2M ₳No rationale
- YesChanged74.5M ₳Rationale
僕は当初、この提案に対して棄権で投票していました。
その理由の一つは、Cardano Summitがブランディング色の強いイベントに見えていたことです。僕はTOKEN2049のようなイベントを、企業や投資家、開発者との接点を生み出す「セールス」の場として捉えていました。一方で、Cardano Summitは既存コミュニティ向けの側面が強く、新規採用や事業開発にどの程度貢献しているのかについて十分に理解できていませんでした。
また、当初はEMURGOとCardano Foundationが中心となって進めている一方で、Cardano創設三団体の一つであるIOGの関与が見えにくかったことも懸念材料でした。Cardanoのエコシステム全体として取り組むべき重要なイベントである以上、主要組織間の連携は重要な要素だと考えていました。
しかし、その後の議論や説明を通じて僕の認識は変わりました。
まず、IOGについては、最近Charles Hoskinson氏自身が参加の意思を示しており、創設三団体の連携が取れていることを確認できました。これは僕にとって大きなプラス材料でした。
さらに、Cardano Summitに対する認識も変わりました。
僕は当初、TOKEN2049はセールス、Cardano Summitはブランディングという区分で考えていました。しかし実際には、Cardano Summitも企業との関係構築や事業開発を進める重要なセールスの場として機能していることを理解しました。
LayerZeroやBinance Academyをはじめ、過去にもCardano Summitを通じて多くの企業との接点や関係構築が行われてきました。企業による採用や提携は数週間や数か月で決まるものではなく、年単位で関係を築きながら進んでいくことが一般的です。その意味で、Cardano Summitは単なるイベントではなく、既存の関係を維持・深化させ、新たな企業との接点を生み出すための重要な場であると考えるようになりました。
僕自身、2023年のドバイで開催されたCardano Summitに参加しました。当時はコミュニティ関係者が多い印象を受けましたが、今回説明を受ける中で、その裏側では企業との対話や提携に向けた活動が継続的に行われていたことを理解しました。
また、現在の国際情勢を踏まえると、シンガポールには例年以上に業界関係者や企業が集まる可能性があります。TOKEN2049とCardano Summitが地理的にも近接して開催されることは大きな利点であり、他イベントからの流入や新規接点の創出も十分期待できると考えています。
Cardano Summitは、Cardanoエコシステム全体を一か所で体験できる数少ない場でもあります。企業や開発者にとっては、Cardanoがどこまで成長し、どのような企業やプロジェクトが参加しているのかを直接確認できる機会であり、それ自体が採用や提携の後押しになる可能性があります。
こうした点を総合的に考慮した結果、僕は棄権から賛成へと投票を変更しました。
僕はCardano Summitを単なるブランディングイベントではなく、マーケティング、ブランディング、そしてセールスを同時に担う戦略的な取り組みとして評価しています。特に今回のシンガポール開催は、タイミング、立地、外部環境を踏まえても大きな機会であり、Cardanoの採用拡大に向けた重要な投資になり得ると考えています。
そのため、本提案に賛成票を投じます。
最後に、僕の懸念や質問に対して時間を割いて丁寧に説明してくださったEMURGOおよびCardano Foundationの皆様に感謝申し上げます。今回の対話によって理解を深めることができ、より納得感を持って判断することができました。
I initially voted ABSTAIN on this proposal.
One of the primary reasons was that I viewed Cardano Summit primarily as a branding event. In my mind, events such as TOKEN2049 serve as direct sales and business development opportunities, bringing together enterprises, investors, developers, and ecosystem participants. By contrast, Cardano Summit appeared to be more community-focused, and I was not fully convinced of its contribution to adoption and business growth.
I was also concerned that the proposal initially appeared to be driven primarily by EMURGO and the Cardano Foundation, while the involvement of IOG, one of Cardano’s three founding organizations, was less visible. Given the importance of the event, alignment among the major organizations within the ecosystem seemed essential.
However, after further discussion and clarification, my perspective changed.
First, Charles Hoskinson recently indicated that IOG will participate, which gave me confidence that coordination among the founding organizations is taking place. This was a meaningful positive factor in my assessment.
More importantly, my understanding of Cardano Summit itself evolved.
Initially, I viewed TOKEN2049 as sales and Cardano Summit as branding. After learning more about the event’s objectives and history, I now believe that Cardano Summit serves as both. It is not merely a branding exercise but also an important platform for business development, relationship building, and long-term adoption efforts.
Past examples involving organizations and initiatives such as LayerZero and Binance Academy helped illustrate that meaningful partnerships often emerge through long-term engagement rather than immediate outcomes. Enterprise adoption and strategic partnerships typically take years to develop, requiring continuous relationship building and follow-up. In that context, Cardano Summit plays an important role in maintaining existing relationships while creating opportunities for new ones.
I personally attended Cardano Summit Dubai 2023. At the time, I felt that many attendees were already connected to the Cardano ecosystem. However, through recent discussions, I gained a better appreciation for the ongoing business conversations, partnership development, and enterprise engagement that occur behind the scenes.
The current environment also strengthens the case for this event. Given recent geopolitical developments, Singapore may attract even greater attention from industry participants than usual. The close proximity between TOKEN2049 and Cardano Summit creates a unique opportunity to capture additional traffic, introduce Cardano to new audiences, and expand adoption efforts beyond the existing community.
Cardano Summit also provides something that other industry events often cannot: a dedicated environment where participants can experience the Cardano ecosystem in its entirety. For enterprises, developers, and institutional participants, this creates an opportunity to better understand the maturity, scale, and momentum of the ecosystem, which may support future adoption decisions.
After considering these factors, I changed my vote from ABSTAIN to YES.
I no longer view Cardano Summit as merely a branding event. Rather, I see it as a strategic combination of marketing, branding, and sales. Given the timing, location, and broader industry context, I believe this year's Summit presents a meaningful opportunity to accelerate awareness, relationships, and adoption across the ecosystem.
For these reasons, I will vote YES on this proposal.
Finally, I would like to thank both EMURGO and the Cardano Foundation for taking the time to address my concerns and answer my questions. The discussion helped me better understand the proposal and allowed me to make a more informed decision.
Earlier votes
Abstain2mo agoSuperseded
I evaluated the three proposals — Cardano Summit 2026, TOKEN2049 Platinum Sponsorship, and the TOKEN2049 Title Upgrade — as part of one broader strategic direction.
First, I strongly support Cardano having a presence at TOKEN2049. At this stage, I believe Cardano’s biggest challenge is no longer purely technology or research, but external adoption, business development, liquidity, institutional relationships, and attracting new builders into the ecosystem. TOKEN2049 represents one of the few global venues where over 25,000 participants — including investors, enterprises, exchanges, developers, and media — are already concentrated in one place. This makes it an extremely valuable opportunity for Cardano to expand beyond its existing ecosystem.
In particular, the Platinum Sponsorship proposal appears relatively practical and cost-conscious while still preserving the core strategic value. The builder stage, ecosystem booth presence, networking access, and builder ticket allocation provide direct opportunities for ecosystem exposure, relationship building, and potential onboarding. Given the current market conditions and the broader treasury environment, I believe this proposal has a reasonable chance of generating measurable external impact.
However, I am more cautious regarding the Title Upgrade proposal. While the keynote slot, additional branding exposure, and media positioning certainly have value, I do not believe Cardano’s highest priority right now is maximizing prestige or brand visibility alone. The ecosystem’s larger issue is converting attention into real adoption, partnerships, liquidity, and users. Because of this, I am not fully convinced that the additional cost of the upgrade delivers proportional ROI at the current stage.
Regarding Cardano Summit 2026, I understand and respect the overall vision behind the event. Community building, governance discussions, education, and ecosystem identity are all important for Cardano’s long-term health. However, I also believe there is a real risk of becoming too internally focused. Cardano already has strong technology, strong research, and a strong governance culture, but it still struggles with market penetration and external growth. In the current environment, I believe the higher priority should be attracting external participants rather than primarily reinforcing internal branding.
Overall, my position is:
TOKEN2049 Platinum Sponsorship → Support
TOKEN2049 Title Upgrade → Cautious / leaning unnecessary at this stage
Cardano Summit 2026 → Worth reconsidering if there is sufficient remaining NCL capacity. However, a further reduction in scope and budget would make the proposal significantly easier to supportFor Cardano to reach the next phase, it must evolve from being simply a technically strong blockchain into an ecosystem that naturally attracts capital, enterprises, developers, and users. In my view, external connection and market expansion should be prioritized right now.
僕は、Cardano Summit 2026、TOKEN2049 Platinum Sponsorship、そしてTOKEN2049 Title Upgradeの3提案を一体として検討しました。
まず、TOKEN2049への参加自体には強く賛成です。現在のCardanoに最も必要なのは、内側での認知や結束だけでなく、外部市場との接続、流動性、企業連携、そして新規ビルダーや機関投資家を引き込むための導線だと考えているからです。TOKEN2049は、25,000人規模のグローバル参加者が集まる数少ない場であり、Cardanoを「外」に届けるための非常に重要な機会だと考えています。
特にPlatinum Sponsorship proposalは、Builder Stage、ブース展開、ネットワーキング、Builder ticket提供など、比較的コストを抑えながらも、実際の流入や事業開発につながる現実的な構成になっていると感じます。現在の市場環境やNCLの状況を踏まえても、一定の費用対効果は期待できると考えています。
一方で、Title Upgrade proposalについては慎重です。メインステージ keynote、ランヤード、追加ブランド露出などは確かに価値がありますが、現時点のCardanoにおいて最優先なのは「ブランドを大きく見せること」より、「実際に人や企業を引き込むこと」だと考えています。追加コストに対するROIには疑問が残るため、現段階ではPlatinumのみで十分ではないかと感じています。
また、Cardano Summit 2026についても、方向性や思想には共感しています。特にコミュニティ形成、ガバナンス、教育、ブランド構築という観点では重要な役割を持つイベントだと思います。ただし、現在の市場環境では、どうしても“内輪で固まりやすい構造”になるリスクも感じています。今のCardanoは、技術力や研究力は非常に高い一方で、事業開発や市場への浸透に課題を抱えているため、優先順位としては、まず外部流入を強化するべきフェーズだと考えています。
そのため総合的には、
TOKEN2049 Platinum Sponsorship → 支持
TOKEN2049 Title Upgrade → 慎重 / 現時点では不要寄り
Cardano Summit 2026 → NCLに余裕がある場合は検討余地あり。ただし、規模や予算をさらに縮小することで、より支持しやすい提案になると考えていますという立場です。
Cardanoが次のフェーズへ進むためには、「強い技術を持つチェーン」から、「人・資本・企業・開発者が自然に集まるチェーン」へ進化する必要があると考えています。その意味で、今最も重要なのは“外に向けた接続”だと感じています。
- No73.1M ₳Rationale
I vote NO. Singapore is a great location and the only event spend I considered supporting at this time. However, given the current position of ADA, I must prioritize spend elsewhere. As a DRep with Cardano Foundation delegation, I must stay true to my principles despite this tough choice.
A PDF version of this rationale is also made available.
Singapore is a great place to do this, and I absolutely back the decision of location. The strategic value of aligning with TOKEN2049 in a major financial hub is undeniable.
I am formally registering a NO vote on the Cardano Summit 2026 in Singapore Treasury Withdrawal. This was an incredibly difficult decision, and I want to begin by explicitly acknowledging how much I value the Cardano Foundation's continued hard work and unwavering commitment to expanding our global footprint.
To be completely transparent, I was massively on the fence regarding this proposal. Out of all the marketing and event funding requests presented to the community, this Summit was the absolute only event spend I was genuinely prepared to consider at this time. I also deeply appreciate the feedback they have taken on board since the original proposal, which demonstrates a commendable willingness to listen to the community.
However, as a DRep entrusted with delegation from the Cardano Foundation, I have an absolute duty to stay true to my core principles and beliefs. Given the current market position of ADA, I simply cannot support this magnitude of spend for the proposal in question. An ask of 7.8 million ADA for a single event is exceptionally high, particularly when paired with a milestone structure that unlocks eighty percent of the capital immediately upon enactment. I have to prioritize this finite treasury spend toward other critical areas of the ecosystem right now.
Additionally, I want to highlight a broader reality for the community. Voting is incredibly difficult for DReps right now. We are entirely unpaid, doing our absolute best to diligently review and work through a massive volume of significant proposals currently in flight. While I deeply respect the Foundation's strategic vision for Singapore, strict fiscal discipline must take precedence under these specific financial parameters.
- Yes69.4M ₳No rationale
- No66M ₳Rationale
amount still excessive
- YesChanged62.7M ₳Rationale
I am voting YES on the Cardano Summit proposal.
This is not a small amount of ADA, and I understand why many people are cautious about funding major events during poor market conditions. Treasury spending needs to be scrutinised carefully, especially when the ADA price is low, and every proposal is competing for a limited budget.
For me, this proposal is worth supporting because the Cardano Summit is not just a community meetup or a branding exercise. It is one of the few ecosystem-wide events that brings together builders, institutions, regulators, enterprises, governance participants, developers, DReps and community members in one place.
It matters because Cardano is now entering a different phase.
The ecosystem is no longer only trying to attract retail users, NFT traders or short-term speculation. A lot of the current opportunity centres on stablecoins, real-world assets, institutional adoption, enterprise integrations, regulatory conversations, developer onboarding, and long-term partnerships.
Those outcomes do not usually appear overnight. They often start with conversations, follow-up meetings, technical demos, workshops, hackathons and repeated exposure to the right people.
The interview with Laura Mattiucci from the Cardano Foundation and Nathaniel Acton from EMURGO helped clarify several important points for me. The Summit is being planned around ecosystem coordination, governance activities, Battle of the Builders, hackathons, workshops, enterprise and institutional discussions, regulatory panels, builder stages, and an expo area that gives Cardano projects a platform to be seen. They also explained that prior summits have led to ongoing relationships with organisations such as Petrobras, the European Commission, the German parliament, Draper University and other institutional conversations that are still developing.
I also think the timing matters.
Cardano has spent years building core infrastructure and is now seeing momentum across critical integrations, Bitcoin DeFi, stablecoin infrastructure, partner chains, governance tooling and DeFi applications. If we believe those efforts are worth funding, then we also need to support credible ways to put that work in front of people who can use it, integrate it, fund it, regulate it or build on it.
I do not expect the return from a Summit to be measured only in immediate on-chain metrics like TVL or wallets created. Some outcomes should be tracked through clear KPIs such as developer participation, hackathon submissions, project attendance, qualified leads, enterprise and government engagement, media reach, follow-up collaborations and public post-event reporting.
My support is based on the expectation that the Cardano Foundation continues to publish transparent reporting, milestone progress and measurable outcomes after the event.
The proposal is expensive, but I believe the cost is justified if it helps Cardano maintain visibility, coordinate the ecosystem, support builders and create the conditions for serious adoption conversations at a time when the ecosystem needs more than just technical development.
For those reasons, I am voting YES.
Earlier votes
Abstain2mo agoSuperseded
I am voting YES on the Cardano Summit proposal.
This is not a small amount of ADA, and I understand why many people are cautious about funding major events during poor market conditions. Treasury spending needs to be scrutinised carefully, especially when the ADA price is low, and every proposal is competing for a limited budget.
For me, this proposal is worth supporting because the Cardano Summit is not just a community meetup or a branding exercise. It is one of the few ecosystem-wide events that brings together builders, institutions, regulators, enterprises, governance participants, developers, DReps and community members in one place.
It matters because Cardano is now entering a different phase.
The ecosystem is no longer only trying to attract retail users, NFT traders or short-term speculation. A lot of the current opportunity centres on stablecoins, real-world assets, institutional adoption, enterprise integrations, regulatory conversations, developer onboarding, and long-term partnerships.
Those outcomes do not usually appear overnight. They often start with conversations, follow-up meetings, technical demos, workshops, hackathons and repeated exposure to the right people.
The interview with Laura Mattiucci from the Cardano Foundation and Nathaniel Acton from EMURGO helped clarify several important points for me. The Summit is being planned around ecosystem coordination, governance activities, Battle of the Builders, hackathons, workshops, enterprise and institutional discussions, regulatory panels, builder stages, and an expo area that gives Cardano projects a platform to be seen. They also explained that prior summits have led to ongoing relationships with organisations such as Petrobras, the European Commission, the German parliament, Draper University and other institutional conversations that are still developing.
I also think the timing matters.
Cardano has spent years building core infrastructure and is now seeing momentum across critical integrations, Bitcoin DeFi, stablecoin infrastructure, partner chains, governance tooling and DeFi applications. If we believe those efforts are worth funding, then we also need to support credible ways to put that work in front of people who can use it, integrate it, fund it, regulate it or build on it.
I do not expect the return from a Summit to be measured only in immediate on-chain metrics like TVL or wallets created. Some outcomes should be tracked through clear KPIs such as developer participation, hackathon submissions, project attendance, qualified leads, enterprise and government engagement, media reach, follow-up collaborations and public post-event reporting.
My support is based on the expectation that the Cardano Foundation continues to publish transparent reporting, milestone progress and measurable outcomes after the event.
The proposal is expensive, but I believe the cost is justified if it helps Cardano maintain visibility, coordinate the ecosystem, support builders and create the conditions for serious adoption conversations at a time when the ecosystem needs more than just technical development.
For those reasons, I am voting YES.
Yes2mo agoSuperseded
Abstain2mo agoSuperseded
- YesRevoted53.8M ₳Rationale
I vote YES on the Revised Cardano Summit 2026 Singapore proposal.
What stands out in this revised proposal is that CF's internal resource contribution has increased from $250,000 to $380,000, that the CF Summit has been decoupled from EMURGO's TOKEN2049 sponsorship into a separate proposal.
I laid out my supporting rationale when voting on the original proposal as well, but the effect of networking and direct engagement that comes out of in-person events like this is enormous. Real business, collaborations, and unexpected ideas and opportunities happen through face-to-face meetings.
The content that gets reproduced and shared through international events of this scale also delivers Cardano's presence to the market.
Some have suggested the community could organize this themselves, but that is nearly impossible. Every part of running an event of this scale, from the preparation work, to inviting speakers, to external promotion, can only be done by a credible and well-structured organization.
An inexperienced and unprepared organization hosting a low-quality event would actually damage the ecosystem's credibility and brand value externally. The fact that only the founding entities are currently capable of preparing an international event that represents Cardano is undeniable.
Since this Summit is being held in conjunction with TOKEN2049, I expect CF to maximize the synergy that the timing and location bring.
Earlier votes
Yes2mo agoSuperseded
I vote YES on the Revised Cardano Summit 2026 Singapore proposal.
What stands out in this revised proposal is that CF's internal resource contribution has increased from $250,000 to $380,000, that the CF Summit has been decoupled from EMURGO's TOKEN2049 sponsorship into a separate proposal, and the improved KPI framework.
I laid out my supporting rationale when voting on the original proposal as well, but the effect of networking and direct engagement that comes out of in-person events like this is enormous. Real business, collaborations, and unexpected ideas and opportunities happen through face-to-face meetings.
The content that gets reproduced and shared through international events of this scale also delivers Cardano's presence to the market.
Some have suggested the community could organize this themselves, but that is nearly impossible. Every part of running an event of this scale, from the preparation work, to inviting speakers, to external promotion, can only be done by a credible and well-structured organization.
An inexperienced and unprepared organization hosting a low-quality event would actually damage the ecosystem's credibility and brand value externally. The fact that only the founding entities are currently capable of preparing an international event that represents Cardano is undeniable.
Since this Summit is being held in conjunction with TOKEN2049, I expect CF to maximize the synergy that the timing and location bring.
- Yes50.5M ₳Rationale
While this remains a large request, it is aimed at ecosystem growth, enterprise adoption, builders, and institutional engagement, with more concrete targets. I appreciate CF’s effort to reduce the requested amount and increase their internal resource contributions. This is now a stronger proposal.
- No50.4M ₳Rationale
I am voting No on this proposal. As a DRep, I evaluate all treasury withdrawal governance actions against my published voting framework, with a focus on the healthy development and long-term sustainability of the ecosystem. This proposal does not meet the framework's requirements, and I am voting No on that basis. Reference: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem/ [Japanese version follows] 本提案に反対票を投じます。私はすべてのトレジャリー出金ガバナンスアクションを、公開済みの投票フレームワークに基づいて、エコシステムの健全な発展と持続可能性を重視して評価しています。本提案はフレームワークの要件を満たさないため、反対票を投じます。参照: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem-jp/
- Yes50M ₳Rationale
I decided to vote Yes, since I believe the long-term value for the ecosystem outweighs the requested funds.
- No49.5M ₳No rationale
- No47.6M ₳No rationale
- Yes40.1M ₳No rationale
- YesChanged38.1M ₳Rationale
After further consideration, I believe a major blockchain ecosystem should have a flagship annual event. The revised proposal is more reasonable after the budget reduction, so I am supporting it.
Earlier votes
Abstain2mo agoSuperseded
- Yes37.8M ₳No rationale
- Yes36.9M ₳No rationale
- No34.6M ₳No rationale
- Yes34.3M ₳Rationale
Socious votes Yes. This is the Cardano Foundation's revised proposal for the 2026 Summit in Singapore (5–6 October): 7,800,000 ADA (about $1.95M), a budget cut by 22% — $550,000 — after community feedback, decoupled from EMURGO's separate TOKEN2049 request, with the stage count reduced from three to two and the Foundation's own in-kind contribution increased.
The flagship Summit is a primary venue for reaching institutions, enterprises, and media at a moment when Cardano's interoperability and institutional readiness are advancing. Socious sees clear value in that.
What converts the Yes from "reasonable" to "earned" is the process. The Foundation took explicit DRep concern about bear-market spending, returned with a materially smaller and restructured ask, and tied this one to measurable targets — enterprise leads, post-event strategic meetings, developer participation, and hackathon submissions captured in a KPI framework. Rewarding proposers who listen and add accountability is good governance in itself. Socious supports this proposal.
ソーシャスは本提案に賛成します。本提案はCardano Foundationによる2026年サミット（シンガポール、10月5〜6日）の修正案で、金額は7,800,000 ADA（約195万ドル）です。コミュニティからの意見を受けて予算を22%、額にして55万ドル削減し、EMURGOによる別のTOKEN2049提案から切り離し、ステージ数を3から2に減らすとともに、Foundation自身の現物拠出を増やしています。
旗艦イベントであるサミットは、機関投資家、企業、メディアに届く主要な場であり、Cardanoの相互運用性と機関対応の準備が進むこの時期において、その価値は明確だとソーシャスは考えます。
賛成を「妥当」から「相応」へと変えるのは、その過程です。Foundationは弱気相場での支出に対するDRepの懸念を正面から受け止め、規模を実質的に縮小し再構成した案として戻し、今回の提案を測定可能な目標に結びつけました。具体的には、企業リード、イベント後の戦略的ミーティング、開発者の参加、ハッカソンへの応募といった指標をKPIの枠組みに落とし込んでいます。声を聞き、説明責任を加えた提案者を評価することは、それ自体が良いガバナンスです。ソーシャスは本提案を支持します。
- Yes33.5M ₳Rationale
Yes. ₳7.8M for Cardano Summit 2026 Singapore (Oct 5-6). 22% cut, TOKEN2049 decoupled, CF put $130k more skin in the game. Foundation listened. Also, HOSKY isn't forfeiting the 5-in-a-row community award streak by not showing up.
A PDF version of this rationale is also made available.
Vote: Yes
₳7.8M for Cardano Summit 2026 in Singapore, October 5-6. How else is HOSKY supposed to defend the 5-in-a-row community/meme award streak.
Pillar Analysis
Adoption (lead pillar)
Singapore, scheduled immediately before TOKEN2049, two days, builders on day one and enterprise/institutional/regulatory on day two. The Foundation is tracking 250 enterprise MQLs and 50 post-event strategic meetings, which is a real scoreboard rather than attendance theatre. The Summit puts Cardano in the room where the checks get written. That is the whole adoption pillar in one event.
Economic Sustainability
The original ask was $2.5M. The revised ask is $1.95M. HOSKY voted No on the original because TOKEN2049 was bundled in at full freight. The Foundation cut 22%, decoupled the TOKEN2049 sponsorship into its own separate proposal, dropped from three stages to two, and put $130,000 more of CF internal resource on the table. That is what listening looks like.
Governance Transparency
CF administers, KPI framework with structured post-event reporting on MQLs, strategic meetings, demos, and integration follow-ups. Same shape as the Cardano Ecosystem Pavilions at Exhibitions ask HOSKY voted Yes on.
Risks I'm Accepting With This Yes
KPI delivery is self-reported
250 MQLs and 50 post-event meetings are the Foundation's own targets. The next Summit ask should be explicitly conditioned on whether this one actually delivered them.
Annual event-funding pattern
Third consecutive Summit funded by the treasury. At some point a flagship event needs a self-sustaining sponsorship model rather than an annual treasury ask.
Bottom Line
Foundation listened, HOSKY rewards follow-through, and the 5-in-a-row meme-award streak is not defending itself. Yes.
- No31.4M ₳Rationale
I am voting No on this proposal.
The cost-effectiveness of the revised Summit plan remains unclear, and the proposal does not demonstrate a convincing level of external value for Cardano. While community events have internal benefits, the expected impact on real-world adoption—bringing new users, developers, or enterprises into the ecosystem—appears limited.
Given the lack of clear return on investment and the weak pathway to meaningful external adoption, I cannot support this proposal.
- Yes30.7M ₳No rationale
- No27.9M ₳Rationale
I would very much love to see a vibrant Cardano Summit event this year, but this proposal is unfortunately difficult to justify spending treasury funds on in this point in time IMHO. While it would be great to see many industry giants exposed to Cardano, I feel like we are in a position where we don't really have much to offer that other blockchains can't also do just as well or better. In addition, a Cardano-only event is less likely to give us the visibility we desire compared to a joint event with the larger cryptocurrency/blockchain industry. As much as it pains me to say it, I think Cardano needs to spend more time focusing on key infrastructure such as alt. nodes and Leios, as well as unique commercial use cases that truly leverage the UTxO model that is our golden goose. I think that voting to spend treasury funds on in-person events right now is putting the cart before the horse. For that reason I have to unfortunately vote NO on this proposal.
- No27.9M ₳No rationale
- Yes27.5M ₳No rationale
- No26.3M ₳Rationale
Such an event should prioritize giving existing dApps and builders booth free space at the summit to showcase what they have built.
Too many Cardano events have been organized without creating opportunities for actual builders to present their products, which misses a key part of the ecosystem.
A summit can only succeed if the spotlight is placed on the existing products and the builders already creating on Cardano.
- YesChanged26.1M ₳History
Earlier votes
Abstain2mo agoSuperseded
- Yes25.3M ₳No rationale
- Yes23.5M ₳Rationale
Summit alongside Token makes sense.
- No22M ₳No rationale
- Yes21.5M ₳No rationale
- YesChanged21.5M ₳History
Earlier votes
Abstain2mo agoSuperseded
- Yes21.4M ₳No rationale
- YesRevoted21.1M ₳History
Earlier votes
Yes1mo agoSuperseded
- Yes20.4M ₳No rationale
- No20.3M ₳No rationale