Charles Hoskinson announced a strategic shift on September 18, 2026: Input Output will no longer prioritize Cardano above all other networks when developing new products. The declaration came as Cardano’s delegated representatives voted down a 12.29 million ADA treasury request to fund Pogun, a Bitcoin credit and liquidity product designed to bring Bitcoin into decentralized finance.
“Input Output will choose the best network for each product instead of following a Cardano-first-and-forever policy,” Hoskinson said, signaling the company’s embrace of a multichain approach.
The Vote and Its Outcome
DReps, who hold voting authority delegated by ADA holders, rejected the Pogun proposal with 64.33% voting against and 35.67% in favor. The request expired without ratification. The outcome contrasted sharply with the Constitutional Committee, which approved the proposal unanimously with seven yes votes, illustrating a split between the two governance institutions that oversee Cardano’s treasury.
The rejected proposal offered Cardano a financial stake in Pogun’s success. Under the terms, the network would receive 20% of Pogun earnings until repayment of the 12.29 million ADA, then 5% perpetual returns on Cardano-related products. A $2.95 million earnings threshold would trigger repayment obligations.
Input Output’s Multichain Strategy
The Pogun vote reflects a broader shift in Input Output’s product development strategy. In July 2026, the company deployed Midnight City V2, an agent-based application, to the Midnight ecosystem, predating the Cardano treasury rejection and establishing the company’s willingness to build across multiple networks.
Input Output plans to launch RealFi on Cardano in October 2026. Pogun, unfunded by Cardano’s treasury, is expected to arrive within 90 days of Hoskinson’s September 18 announcement, placing its deployment in December 2026. The company has not committed to exclusive deployment on Cardano, with the potential to route Pogun traffic to other networks.
Hoskinson stated that Pogun could generate transaction fees, total value locked, and trading volume for Cardano if deployed there, but the DRep rejection removed that pathway from the immediate funding roadmap.
