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Following
ADA 
BTC Review of voting results
Cardano's authorized representative rejected a request to provide 12.29 million ADA funding for Input Output's Pogun project. Although the Constitutional Council unanimously approved the proposal, DRep's support rating fell short of expectations.
Charles Hoskinson stated that Input Output will no longer default to building products on the Cardano network. Pogun aims to introduce Bitcoin into the decentralized financial world and was originally expected to share some of the proceeds with Cardano's treasury.
Hoskinson pointed out that two products, RealFi and Pogun, are still expected to be launched on Cardano before the end of this year.
Embodiment of community governance mechanisms
Cardano's community governance system blocked a funding application related to one of its founding companies. The vote shows that even Input Output, which built most of Cardano's early technology, must compete for treasury funds like other applicants.
The proposal requests an allocation of 12.29 million ADA to fund Pogun, a credit and liquidity product designed to introduce Bitcoin into the decentralized finance sector. Input Output uses this idea as a way to connect Bitcoin holders with Cardano financial instruments. In exchange, Input Output promised to return 20% of Pogun's revenue to Cardano's treasury before the initial investment was paid off; thereafter, the company proposed a share of 5% of permanent revenue from Cardano-related products.
Detailed explanation of the voting process
两个不同的治理机构对该提案进行了审查，并得出了不同的结论。Cardano宪法委员会以7票赞成、0票反对的结果全票通过了该提案。
拥有不同权限的是委托代表（DReps）。这些是由全网ADA持有者将投票权委托给他们的人。然而，DRep的投票结果并不一致。最终数据显示，支持率为35.67%，反对率为64.33%，这意味着该资金请求因未能通过而终止。
由于Cardano的系统要求两个机构在国库支出上达成一致，这种分歧足以阻止资金的提取。委员会喜欢该提案，但DRep们不支持。
后续发展
Charles Hoskinson在2026年9月18日的直播中对此结果发表了评论。他表示，Input Output现在将根据每个产品的最佳适配网络进行选择，而不是默认首选Cardano。
他补充道，对于依赖比特币式交易结构的基于比特币的去中心化金融项目而言，Cardano仍然是最强的技术选项。他认为，即使在此次投票后，这一观点依然成立。
未来展望
Hoskinson表示，RealFi预计将于2026年10月在Cardano上推出。Pogun预计将在其广播后的90天内跟进，这可能意味着其在12月中旬左右发布。
他还指出，在没有国库资金的情况下，Pogun不再被强制绑定在Cardano网络上。他表示，该产品的流量可以路由到其他区块链网络。
Hoskinson并未排除其他网络为Pogun提供支持以换取某种形式独占性的可能性。选民审查的原始提案中并没有包含要求Pogun必须留在Cardano上的条款。
这并非Input Output在Cardano之外构建项目的第一个迹象。早在Pogun投票之前的2026年7月，就记录了与Midnight网络相关的应用程序Midnight City V2的情况。
这一时间线表明，向多网络构建的转变并非始于这次单一的融资决策。它似乎反映了Input Output内部已经正在进行的更广泛的方法调整。
如果Pogun按计划确实在Cardano上推出，该网络仍可能会看到交易活动和价值在其系统中流动。但这将是在选民否决的收入分成条款之外的情况。
目前，针对此提案，Cardano国库的资金尚未动用，Input Output可以自由通过其他渠道寻求资金或合作伙伴关系。
