Charles Hoskinson says Cardano no longer comes first – its treasury vote explains why

The Constitutional Committee approved the Pogun treasury request with seven yes votes, a 100% tally recorded in the governance summary. The spending action still failed because delegated representatives rejected it. The Koios voting summary showed 35.67% of DRep voting power in favor and 64.33% against, blocking the 12.29 million ADA withdrawal from the Cardano treasury.

The proposal tied repayment to $2.95 million in quarterly earnings before interest, taxes, depreciation, and amortization. It promised to return 20% of earnings to the treasury until repaid, followed by a perpetual 5% on Cardano-related products. Input Output’s overview noted that Cardano’s UTXO model and fragmented tooling have never made it the easiest lift for new developers.

In a Sept. 18, 2026 broadcast, Charles Hoskinson stated that RealFi would launch on Cardano in October 2026 and Pogun would arrive within 90 days, or by roughly mid-December. He said future Input Output ventures will choose networks based on technical and commercial fit instead of following a Cardano-first policy.

The original 2025 NCL, adopted in April 2025, established a ceiling of 350 million ada for treasury withdrawals spanning Epoch 532 through Epoch 604. Although the Constitutional Committee recorded seven yes votes, representing 100% committee approval, the broader delegation voted against the change, with CryptoSlate noting that 64.33% of delegated representative voting power opposed the measure. This outcome maintains the initial budget framework, even as Input Output’s infrastructure remains challenged by a fragmented tooling ecosystem. Investors will watch the Federal Reserve's next rate decision on October 28, 2026, for signals on liquidity.