Cardano Voters Reject Pogun Funding Request from Input Output

Cardano's community governance system has rejected a funding request from Input Output for its Pogun project, which aimed to bring Bitcoin into decentralized finance. The proposal asked for 12.29 million ADA and offered to return 20% of earnings to Cardano's treasury until the initial investment was repaid.

The Constitutional Committee approved the proposal with a unanimous vote, but delegated representatives (DReps) voted it down by 64.33% to 35.67%. As a result, Input Output will no longer default to building products on Cardano first, according to Charles Hoskinson.

Hoskinson stated that RealFi and Pogun are still expected to launch on Cardano before the end of the year. However, without treasury funding, Pogun is no longer required to stay tied to Cardano, and Input Output can route traffic from the product to other blockchain networks instead.