The development firm behind Cardano, Input Output, is seeking $46.8 million to fund the 2026 development cycle — but the proposal is struggling to clear a 67% supermajority threshold with just two days left before the May 24 voting deadline. Several related treasury proposals are also falling short, and founder Charles Hoskinson warned that failure could trigger a talent exodus and possibly shutter the network's flagship research lab.
The Main Proposal Stalls
The largest item on the ballot is the Cardano Maintenance Initiative, which requests over 62.1 million ADA — roughly $46.8 million at current prices. As of today, it sits at 46.58% approval. That's far from the 67% supermajority needed to pass. Making matters worse, 9.25 billion ADA have abstained from voting, and 45.61% of all voting power remains uncast. With turnout low and opposition apparently organized, the proposal looks like a long shot unless a wave of votes arrives in the final hours.
Other Proposals in Limbo
The treasury vote covers eight other initiatives, and most are in even worse shape. A 10.4 million ADA proposal for Layer 2 scalability — including data availability and the Midgard optimistic rollup — has only 16.08% approval. A $2.95 million proposal called Pogun, aimed at building a Bitcoin liquidity and credit engine, sits at 19.04% approval with 24.15% actively rejecting it. Project Cayley, a 7.92 million ADA request for decentralized data indexing, is at 13.83% approval and nearly 30% active rejections.
The best-performing proposal is for Babel Fees, which would let users pay transaction costs in any native asset. It's at nearly 60% support — still shy of the 67% bar. A 13 million ADA proposal for automated formal verification (the Blaster tool) is at 57.79%. The Plutus smart contract language expansion, asking 11.8 million ADA, is around 32% approval. A smaller 3.6 million ADA push to boost developer growth by 30% is below 30%.
Hoskinson's Warning
Cardano founder Charles Hoskinson has been blunt about the stakes. In recent public statements, he said that failing to approve the treasury withdrawal could trigger an exodus of top talent and potentially force the closure of the network's flagship research laboratory. The warning puts a sharp focus on the governance mechanism itself: the treasury is meant to sustain long-term development, but the community's reticence to approve large withdrawals raises questions about the sustainability of Cardano's funding model.
The Clock Ticks
The deadline is May 24. Voters have until then to cast or change their ballots. If the main proposal falls short, Input Output will need to either scale back its development plans or seek alternative funding — neither of which is straightforward for a decentralized project that relies on on-chain governance. The research proposal called Cardano Vision 2026 is also caught in the vote, though details were cut off in the original records. What's clear is that time is running out, and the community's indecision could have real consequences for Cardano's technical roadmap.
