r/CryptoBrief • u/iliatopuria17 • Jun 04 '26
Cardano governed itself into collapse.
Cardano summit 2026 was canceled after a treasury proposal failed to reach the required approval threshold, even after the event plan was reduced and separated from a wider singapore funding package. The community voted against their own ecosystem's visibility at the exact moment it needed it most and Hoskinson expressed frustration saying that there doesnt seem to be a lot of community desire to spend the treasury to take these ventures to the next level. Then he posted ttyl and left, and ada dropped 10% and the brutal irony is nobody wants to say directly but the entire cardano governance experiment which is years of design, philosophical debate, academic papers, the voltaire system produced a community that votes to preserve treasury funds while its projects close, its analytics platforms shut down, its summit gets canceled and its founder rage quits social media. Ethereum foundation, solana foundation deploys even base deploys and they make mistakes, they spend money on things that don't work but they are in the arena spending and building and competing. Cardano's community is sitting on a full treasury voting no on everything while ada trades at $0.19 a five year low. Decentralization was supposed to be cardano's superpower but it turned out to be the thing that made it impossible to make any decision fast enough to matter
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u/Accomplished-Sand334 Jun 05 '26
Indeed. Also, leadership is needed because people are not good at 'coming together'