Bankless Founders Propose Separation from BanklessDAO Amid Community Criticisms
Summary:
Bankless founders David Hoffman and Ryan Sean Adams propose to dissociate the Bankless brand from its decentralized autonomous organization, BanklessDAO, amidst community criticisms. The founders intend to destroy their BanklessDAO (BANK) tokens following the community's disapproval of BanklessDAO's grant request from Arbitrum. This controversy stirred up heated debates on social media, as well as accusations of credibility exploitation against Bankless founders. Bankless is a cryptocurrency media organization advocating for bank-free financial systems, and the DAO was launched to promote bankless media.
Bankless co-founders David Hoffman and Ryan Sean Adams have proposed a plan to dissociate the Bankless brand from its decentralized autonomous organization, BanklessDAO, following recent criticisms from the community. As part of the proposal, announced on X (previously known as Twitter) on November 26, both founders are looking to destroy their holdings of the BanklessDAO (BANK) tokens.
Hoffman and Adams' decision was in response to the community's disapproval of BanklessDAO's grant request from Arbitrum, submitted on November 20. The request was for approximately 1.82 million Arbitrum (ARB) tokens from Arbitrum, an Ethereum blockchain scaling project, equivalent to about $1.8 million.
Hoffman explained that the community was concerned about BanklessDAO using the influence of the Bankless brand for their ambitious requests. BanklessDAO's proposal was met with widespread criticism as it asked for nearly two million ARB tokens without a detailed plan for the fund utilization. The DAO then pledged to revise the proposal by reducing the duration of the grant and providing clear goals and milestones.
Opposition to the proposal soon escalated on social media, leading to accusations against the Bankless founders of legitimacy grifting by separating BanklessDAO from Bankless while still taking advantage of the brand's influence. Bitcoin proponents criticized the founders, accusing them of simultaneously proclaiming their integrity and endorsing projects like Nexo.
Hoffman and Adams defended themselves against these accusations, asserting that labeling creators as grifters for running ads while expecting free access to their products were unreasonable expectations.
Bankless is a cryptocurrency media company that has been advocating for the use of bank-free financial systems since 2019. Its DAO, BanklessDAO, was introduced in May 2021 as a decentralized platform for promoting and coordinating bankless media. The founders had launched the BANK token and announced a $35 million venture capital fund in April 2023 to back early-stage Web3 companies.
Published At
11/27/2023 10:15:02 AM
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