Cardano DReps Reject 12.29M ADA Treasury Proposal
Cardano (ADA)
Editor:
Eugene Serbin
Coinlive.me reports that Cardano’s delegated representatives (DReps) have rejected a governance proposal requesting 12.29 million ADA from the Cardano treasury. This decision marks another instance of on-chain voter scrutiny over large funding requests within the network’s maturing governance framework. The proposal sought direct access to the treasury, which accumulates transaction fees and monetary expansion, but DReps cast decisive votes against the allocation.
Cardano’s model requires proposals to pass through a multi-body review involving DReps, stake pool operators, and the constitutional committee. A rejection at the DRep level indicates that elected delegates did not find sufficient grounds to approve the spend. The outcome reflects active governance participation rather than a rubber-stamp process, as treasury disbursements are irreversible once executed on-chain.
Governance discussions around treasury sustainability have been a recurring theme, with founder Charles Hoskinson previously addressing questions about how treasury priorities are set. The rejected request now leaves the proposing party with the option to revise terms and resubmit, or to withdraw entirely. No revised proposal has been confirmed at the time of writing. Observers should monitor whether the proposal is resubmitted with a reduced funding ask or modified scope.
How the market reacted
Whalio's own Binance spot order flow for ADA, measured when this story was written up on 21 September 2026. Not the outlet's figures.
ADA is currently trading at $0.2279 on Binance, with spot volume reaching $33,594,025 over the last 24 hours. Buy ratios stand at 52.9% for the 1-hour window, 52.0% for 4 hours, and 50.6% for 24 hours, indicating a slight but consistent edge for buyers. The volume delta shows net inflows of $103,799 in the last hour and $432,359 over four hours, contributing to a cumulative CVD of $1,579,742 by the 24-hour close. This positive volume delta means that buy volume has exceeded sell volume, signaling net accumulation. Buying pressure appears stable rather than accelerating, as the 1-hour buy ratio is only marginally higher than the 24-hour average. Net buying occurred for 15 out of the last 24 hours, suggesting sustained but moderate demand.
The latest daily buy ratio of 45.6% sits at the 5th percentile of the last 322 days, against a median of 49.2% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for ADA, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 49.9%, making the current 24-hour ratio of 50.6% slightly above average by 0.7 points. Spot volume for the day was 1.04 times the weekly average, indicating a modest increase in trading activity. While the price rose 12.0% over eight days, net buying was recorded on only 2 of those 7 days. The 8-day volume delta totaled $1,800,078, reflecting a broader accumulation trend compared to the single-day snapshot. This suggests that today’s trading activity is consistent with the recent weekly trend rather than an isolated spike.