ADA is trading at $0.217. That is February 2021 territory. Five years of price history, gone. And right at that moment, Charles Hoskinson put a question to his community on X and got the most divided answer possible.
The poll, posted June 2nd under Hoskinson’s @IOHK_Charles account, asked a direct question: should Cardano fund a Hybrid Rollup Summit as defined in his accompanying video. With 653 votes cast and four days still remaining, the split sat at 50.4% no against 49.6% yes. The post had drawn 53K views by the time results started circulating.
That number tells a story on its own. Not a rejection. Not an endorsement. A community split almost perfectly in half on whether to spend treasury funds on a new summit model while ADA trades at prices not seen since the last cycle’s starting gun.
What Hoskinson Actually Proposed
The hybrid roll-up concept would replace the standalone Cardano Summit with a combined Cardano and Midnight footprint embedded inside Token2049 in Singapore. One consolidated presence with a stage for keynotes, an exhibition area for Cardano DApps, a hackathon carrying ADA prizes, an investor dinner using the Draper network to pull in external VCs, and after-parties.
Running in parallel, Midnight City would host a free open virtual summit. The platform is in early V2 currently, with V3 upgrades planned across summer adding agentic trading, DApp storefronts, and a social layer for direct human interaction. Hoskinson said that social layer is a priority and can be ready ahead of Token2049. He described the potential attendance dynamic plainly: Cardano’s community is large enough that Midnight City’s virtual headcount could exceed the entire physical attendance of Token2049.
He framed the whole thing as exploratory. Poll first, proposal second, only if the signal was there.
The signal came back split.
The Replies Said What the Poll Confirmed
“Please stop trying to spend the treasury on stuff, the coin is bleeding,” Bitcoin Barry wrote on X.
“Why is everything about funding? Price doesn’t matter for you but it does for us,” Salih posted on X.
“Cut the bloat, cut the summit. Call it what it is, a party with friends and fund it privately,” t₳d₳rtot wrote on X.
CryptoMinnow on X put a single condition on it: unless it generates revenue for Cardano, the treasury stays out. Mirza on X tied it directly to the price, saying optics matter when ADA is bleeding and that adoption has to come before summits.
Support existed too. Straight Pool on X called the Token2049 embed a smart play for visibility and a real path to onboarding new people. Quantum Crypto on X backed the idea of Midnight City running alongside real-world events as a standing format, not a one-off.
ImJustASoftwareEngineer on X questioned the timing entirely, pointing to existing friction over IOHK proposals and suggesting Hoskinson fund this himself. Michael A Fernandez on X offered a different model: community members voluntarily contributing one epoch of monthly staking rewards into a fund managed by a community-chosen executive, bypassing the treasury altogether.
Curly Knox on X had one ask: use whatever money exists to save TapTools first.
Price Context Nobody Is Pretending Away
ADA at $0.217 erases everything back to before the 2021 breakout. Holders who entered during that cycle are underwater or flat, and the thread under the poll made that felt.
“I have been holding $ADA since 2021 hoping to come back to my entry,” Prince.Land wrote on X.
What Crypto Dude on X said the main traders have already rotated into Midnight, that many Cardano DApps will not survive, and that the chain needs actual usage or the decline continues. PaddyCTO on X held the opposite position, saying he has been in since before 2021 and is positioned for 2031.
This backdrop matters for the poll reading. A 50-50 split on a treasury spend question, asked while ADA trades at five-year lows and after the original Cardano Summit 2026 was already cancelled, is not a green light. The summit proposal had drawn 65.21% DRep support but missed the required 66.67% supermajority. The Foundation confirmed it would wind down planning.
CryptoNewsLive covered the broader governance breakdown in detail here, including Hoskinson’s earlier clash over TapTools and what it signals for the ecosystem heading into the second half of 2026.
Hoskinson said he would take the poll result and work with Intersect and the Cardano Foundation before drafting any formal proposal. A near-50-50 result with four days still on the clock is not the signal he was looking for.
