According to cryptocurrency media outlet The Block, the hosting of the 'Cardano Summit 2026', spearheaded by the Cardano Foundation, has been completely canceled. This is due to its rejection in a community on-chain budget vote.

The proposal requested approximately $2 million (7.8 million ADA) for summit operating expenses. However, it recorded a 65.21% approval rate, falling short of the 66.67% threshold required for passage by just 1.46%p, leading to its final rejection.

Meanwhile, a separate proposal for 'TOKEN2049' sponsorship support submitted by EMURGO passed the vote, and related promotional activities are expected to proceed without delay.

The industry is evaluating this budget rejection incident as a representative example demonstrating that community decision-making is functioning in practice through on-chain governance.