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

According to CryptoSlate, Cardano's delegated governance voters let a 12.29 million ADA request for the Pogun project expire without ratification. The Koios voting summary recorded 35.67% of delegated representative voting power in favor and 64.33% against, while the Constitutional Committee recorded seven yes votes for 100% approval.

Pogun is an Input Output-backed credit and liquidity product designed to bring Bitcoin into decentralized finance. The proposal offered the Cardano treasury 20% of earnings until repayment, followed by a perpetual 5% return on Cardano-related products. Delegated representatives declined the funding request, withholding public capital from an affiliated commercial project.

Following the vote, Charles Hoskinson stated that future Input Output products will follow technical and commercial fit rather than an automatic Cardano-first policy. Hoskinson noted that Pogun is still headed to Cardano and could arrive within 90 days of his Sept. 18, 2026 broadcast, though the product will not be exclusive to the network. Input Output retains the freedom to deploy products where conditions are strongest, marking a test of decentralized control.