The co-founders of the cryptocurrency media platform Bankless, David Hoffman and Ryan Sean Adams, are initiating steps to disassociate the brand from BanklessDAO, the associated decentralized autonomous organization.
Moreover, this move follows ongoing controversy surrounding Bankless and BanklessDAO, prompting the founders to propose a separation between the two entities.
Proposal to Separate Brand from DAO
Hoffman and Adams plan to present a governance proposal to BanklessDAO, aiming to formally detach the Bankless brand from the DAO.
Additionally, they announced their intention to burn all BANK tokens in conjunction with this proposed separation.
Reasons Behind the Decision
The decision to separate Bankless from BanklessDAO stems from community criticism directed at BanklessDAO’s recent grant application to Arbitrum, a layer-2 scaling project for Ethereum. Further, the application, submitted on Nov. 20, sought 1.82 million Arbitrum (ARB) tokens, equivalent to approximately $1.8 million at the current market value according to CoinGecko.
In addition, the community raised concerns about the DAO leveraging the Bankless brand for ambitious proposals, prompting criticism due to perceived lack of ownership and potential undue benefits.
BanklessDAO Community Response and Proposed Revisions
The DAO community swiftly expressed disapproval of the grant proposal, highlighting the lack of detailed information on how the allocated funds would be utilized for content creation. Responding to the backlash, BanklessDAO committed to revising the proposal by reducing the one-year grant duration to three months.
Furthermore, they pledged to provide transparent key performance indicators and clear milestones for accountability and transparency.
The decision by Bankless co-founders to propose a separation from BanklessDAO reflects their response to community concerns also regarding the association of the Bankless brand with DAO initiatives. The ongoing controversy surrounding BanklessDAO’s grant application also prompted a commitment to revise the proposal, emphasizing the importance of transparency and accountability within the DAO community.
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