TLDR
Cardano’s delegated representatives voted down a request for 12.29 million ADA meant for Input Output’s Pogun project.
The Constitutional Committee approved the same proposal with a unanimous vote, but DRep support fell short.
Charles Hoskinson said Input Output will no longer build products on Cardano by default.
Pogun is designed to bring Bitcoin into decentralized finance and was expected to share earnings with Cardano’s treasury.
Hoskinson said two products, RealFi and Pogun, are still expected to launch on Cardano before the end of the year.
Cardano’s community governance system blocked a funding request tied to one of the network’s founding companies. The vote shows that even Input Output, the firm that built much of Cardano’s early technology, has to compete for treasury money like any other applicant.
The proposal asked for 12.29 million ADA to fund Pogun, a credit and liquidity product built to bring Bitcoin into decentralized finance. Input Output pitched the idea as a way to connect Bitcoin holders with Cardano’s financial tools.
In exchange for the funding, Input Output offered to return 20% of Pogun’s earnings to Cardano’s treasury until the initial investment was repaid. After that, the company proposed a lasting 5% share from products tied to Cardano.
How the Vote Played Out
Two separate governance bodies reviewed the proposal, and they reached different conclusions. Cardano’s Constitutional Committee voted seven in favor with zero against, a full approval from that group.
Delegated representatives, known as DReps, hold different authority. These are voters who receive voting power delegated to them by ADA holders across the network.
The DRep vote did not go the same way. Final numbers showed 35.67% in favor and 64.33% against, which meant the funding request expired without moving forward.
Because Cardano’s system requires both bodies to align on treasury spending, the mismatch was enough to stop the withdrawal. The committee liked the proposal. The DReps did not.
Charles Hoskinson addressed the result in a broadcast on September 18, 2026. He said Input Output will now choose whichever network fits each product best, rather than defaulting to Cardano first.
He added that Cardano remains the strongest technical option for Bitcoin-based decentralized finance projects that rely on Bitcoin-style transaction structures. He said this is still true even after the vote.
What Happens Next
Hoskinson said RealFi is expected to launch on Cardano in October 2026. He said Pogun is expected to follow within 90 days of his broadcast, placing a possible launch around mid-December.
He also said that without treasury funding, Pogun is no longer required to stay tied to Cardano. He said traffic from the product could be routed to other blockchain networks instead.
Hoskinson did not rule out the possibility that another network could offer support to Pogun in exchange for some form of exclusivity. The original proposal reviewed by voters did not include language requiring Pogun to stay on Cardano.
This is not the first sign of Input Output building outside Cardano. Midnight City V2, an application connected to the Midnight network, was documented in July 2026, before the Pogun vote took place.
That timing means the shift toward building on multiple networks did not start with this one funding decision. It appears to reflect a wider approach already underway at Input Output.
If Pogun does launch on Cardano as planned, the network could still see transaction activity and value flow through its system. That would happen without the revenue-sharing terms that voters turned down.
For now, Cardano’s treasury remains unspent on this proposal, and Input Output is free to pursue funding or partnerships through other channels.
The post Cardano Voters Reject 12 Million ADA Request From Input Output appeared first on Blockonomi.