Cardano leaders urge DReps to approve $2M for Singapore summit

Cardano founder Charles Hoskinson and Cardano Foundation CEO Frederik Gregaard urged the network’s delegated representatives to approve a 7.8 million ADA treasury withdrawal-about $2 million-to fund a two-day Cardano Summit in Singapore on Oct. 5–6. The on-chain vote closed May 29.

The revised proposal would finance Cardano’s first major summit in Asia, intended to connect regional builders, asset managers and regulators. Organizers reduced the original budget by roughly 22% and removed a planned TOKEN2049 sponsorship.

The proposal adds accountability measures including milestone-based payments, independent audits and a public spending dashboard. The authors framed the controls as a response to community debate over treasury allocations and spending discipline.

Passing the measure required roughly 66.67% support from active DRep stake. Vote snapshots before the deadline showed yes votes near 65%, leaving the result dependent on delegates who had not yet cast ballots.

Administration of the funds would run through a smart contract developed by Sundae Labs, with any unused ADA returned to the on-chain treasury. An oversight committee that includes Intersect and DQuadrant would monitor milestones and spending under rules set in the Cardano constitution framework.

EMURGO CEO Phillip Pon backed the proposal. Several delegated representatives registered no votes, citing concerns about fiscal discipline and competing priorities given current market conditions.

Organizers warned a failed vote would likely force a scaled-back event or postponement; approval would release the requested funds under the new oversight mechanisms. Hoskinson posted a call for delegates to vote in favor, writing, ‘If you have not voted yet, I encourage you to vote yes today for the revised Cardano Summit proposal.’ Frederik Gregaard backed the recommendation.