Amid the ongoing controversy surrounding cryptocurrency media Bankless and the related decentralized autonomous organization (DAO) BanklessDAO, Bankless’ founders have suggested separating the brand from the DAO.
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 posted on X (formerly Twitter) on November 26 declare They also plan to burn all BanklessDAO (BANK) tokens under the proposal.
Hello CT
To lead in an obvious way, we can better accept criticism @无bankHQ.
I cherish Bankless very much and I instinctively protect it when I see it being unfairly attacked.
This prevents me from hearing what the CT is trying to tell me,… pic.twitter.com/7L5ufQ1bAu
— DavidHoffman.eth (@TrustlessState) November 26, 2023
Hoffman and Adams decided to separate Bankless from BanklessDAO in response to community criticism of BanklessDAO’s application for funding from Arbitrum. bring up On November 20, the app requested 1.82 million Arbitrum (ARB) tokens from Arbitrum, a layer 2 scaling project for the Ethereum blockchain. As of this writing, the amount is worth approximately $1.8 million, according to Data from CoinGecko.
“The concern is that BanklessDAO would not be able to make such an ambitious proposal without leveraging the power of the Bankless brand, which they do not produce, do not belong to, and should not benefit from,” Hoffman wrote. “
The BanklessDAO community was quick to criticize the move, with many DAO members pointing out that the proposal required nearly 2 million ARB to write content without providing details on how the money would be used. In this regard, BanklessDAO Firm Revise the proposal to reduce the one-year grant to three months and provide clear key performance indicators and milestones.
The debate between supporters and opponents of the proposal quickly escalated on social media. Some commentators like the pseudonym Delegate Cash CEO Foobar defendant The founders of Bankless “steal legitimacy” by pretending that BanklessDAO has nothing to do with Bankless.
Some Bitcoin (BTC) enthusiasts also like Pledditor critical Bankless founders claim “they are not scammers,” referring to projects like Nexo promoted by Hoffman and Adams. “They later clarified that they paid Nexo $31,000, not $250,000,” Pledditor wrote.
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Bankless co-founder Adams responded to the criticism, emphasizing that creators are scammers running ads that are essentially trying to consume products for free. He also said paying subscribers have been funding Bankless’ mission.
Please understand – when you call a creator a scammer for running an ad – but are not willing to pay for their product, you are asking them to work for free.
Is this fair?
What we do: If you don’t like ads, you can pay $15 a month for ad-free service.
If you want encrypted media, please support it.
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) November 26, 2023
Founded in 2019, Bankless is a crypto media company dedicated to promoting the adoption and awareness of bankless money systems. May 2021, Bankless roll out Bankless DAO—a decentralized community that coordinates and promotes bankless media—launches the BANK token.
April 2023, founder of Bankless declare They have raised $35 million in venture capital funds to invest in seed-stage Web3 companies.
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