Cardano’s delegated representatives, or DReps, rejected a request to withdraw 12.29 million ADA from the community treasury for Pogun, Input Output’s proposed Bitcoin DeFi product. Koios recorded 35.67% of DRep voting power in favor and 64.33% opposed, preventing the treasury action despite unanimous approval by the Constitutional Committee. Input Output had proposed returning 20% of Pogun earnings to the treasury until the initial funding was repaid, then a perpetual 5% return on Cardano-related products. The repayment calculation was tied to $2.95 million in quarterly EBITDA, rather than a stated valuation of the ADA request. Charles Hoskinson said Input Output will select networks product by product instead of automatically prioritizing Cardano, although he continued to describe Cardano as the strongest technical fit for Bitcoin DeFi using Bitcoin-like transaction-output systems. Pogun remains targeted for launch within 90 days of his Sept. 18, 2026 broadcast, while Input Output has not identified its host chain. RealFi is scheduled to launch on Cardano in October 2026.