Cardano DReps voted on a revised 7.8M ADA Singapore Summit proposal as the May 29 deadline passed, with yes votes hovering near the 66.67% threshold.
The deadline passed. May 29 came and went, and the Cardano community’s on-chain vote on a revised Singapore Summit proposal closed with yes votes sitting near 65% — just below the 66.67% threshold required to unlock treasury funds.
The treasury ask: 7.8 million ADA. At current prices, roughly $2 million. The two-day Cardano Summit, set for October 5 and 6 in Singapore, depends entirely on that number clearing.
Who Blinked First When the Budget Shrank
Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard went public hours before the vote closed, pushing DReps to approve the request. Hoskinson confirmed plans to attend both the Summit and TOKEN2049 personally — a shift from his earlier skepticism about the combined proposal.
The revised plan cut 22% from the original budget, dropped the TOKEN2049 sponsorship tie entirely, and layered in milestone payments and independent audits. Fund administration runs through a Sundae Labs smart contract, with unused ADA returning to the treasury within six months.
EMURGO CEO Phillip Pon publicly backed the reworked version. The DRep community’s response was less uniform. According to yutazzz on X, the vote on Summit participation was the defining community decision of May 29, with 55% in favor as of that morning’s snapshot and a 67% threshold needed to pass.
The Treasury Math Nobody Loved
Cardanians (CRDN), a DRep holding 17.71 million ADA in voting power, abstained. The rationale, posted on X by @Cardanians_io, called the revised proposal clearly stronger — decoupled, smaller, better KPIs — but still too dependent on treasury cash.
The gross budget sits at $2.263 million. Revenue target: $450,000. The Cardano Foundation’s internal contribution rose to $380,000, per the revised proposal details reported.
Dave, a DRep with 68.26 million ADA in voting power, went further. Posting on X as @ItsDave_ADA, he voted NO, citing fiscal discipline and competing priorities. That bloc alone carried enough weight to shift the outcome either way.
A 55% Floor and a Governance System Under Pressure
What the vote really put on trial was Cardano’s post-Chang governance model. The Van Rossem hard fork governance vote targeted the same date, May 29 — two major on-chain actions running simultaneously through the same DRep infrastructure.
The daily digest from adatool.net, cited by yutazzz on X, showed the ecosystem closing the day with the TOKEN2049 withdrawal approved separately, leaving 143.3 million ADA remaining in the governance budget pool.
Whether the Summit clears the threshold may not be known for days. The Cardano Foundation had made one thing clear earlier: no revised proposal follows a rejection. Singapore either happens or it doesn’t.
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