Ongoing Controversy Bankless Founders Separate Brand DAO
The post Ongoing Controversy Bankless Founders Separate Brand DAO appeared on BitcoinEthereumNews.com.
According to a close source, the founders of Bankless, the well-known cryptocurrency media, have suggested separating the brand from the associated decentralized autonomous organization (DAO), BanklessDAO. This move is coming amid the ongoing controversy around Bankless and BanklessDAO. Bankless co-founders, David Hoffman and Ryan Sean Adams, plan to submit a governance proposal to BanklessDAO to separate the two entities. The co-founders took to X (formerly Twitter) on Nov. 26 to announce that they also plan to burn all of their BanklessDAO (BANK) tokens on the back of this proposal. Hello CT👋 To lead with the obvious, we could be better in accepting criticism of @BanklessHQ. I hold Bankless very dear, and I’ve got an innate reflex to protect it when I see it being unfairly attacked. This clouds my ability to hear what CT is trying to tell me,… pic.twitter.com/7L5ufQ1bAu — DavidHoffman.eth🦇🔊 (@TrustlessState) November 26, 2023 Hoffman and Adams’ decision to separate Bankless from BanklessDAO came in response to community criticism of BanklessDAO’s application for a grant from Arbitrum. Filed on Nov. 20, the application asked for 1.82 million Arbitrum (ARB) tokens from Arbitrum, a layer 2 scaling project for the Ethereum blockchain. The amount is worth around $1.8 million at the time of writing, according to data from CoinGecko. “The concern is that BanklessDAO would not be able to make such ambitious proposals without leveraging the weight of the Bankless brand, which they did not produce, is not theirs, and ought not to benefit from,” Hoffman wrote. See Also: Genesis, Digital Currency Group Strike Repayment Deal To End $620M Lawsuit The BanklessDAO community was quick to criticize the initiative, with many DAO members pointing out that the proposal requested almost two million ARB for writing content without providing detailed information about how the money would be spent. In response,…
Filed under: News - @ November 29, 2023 11:10 pm