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Founders compelled to burn tokens and sever ties with DAO due to bankless controversy

Founders compelled to burn tokens and sever ties with DAO due to bankless controversy

Bankless Co-Founders Seek to Separate Brand from BanklessDAO

The co-founders of crypto media company Bankless, David Hoffman and Ryan Sean Adams, have announced their plans to separate the brand from the associated decentralized autonomous organization (DAO), BanklessDAO. The decision comes in response to community criticism of BanklessDAO’s grant application from Arbitrum.

The founders will submit a governance proposal to BanklessDAO to formalize the separation of the two entities. Additionally, they plan to burn all of their BanklessDAO (BANK) tokens as part of this proposal.

BanklessDAO had applied for a grant of 1.82 million Arbitrum (ARB) tokens, worth approximately $1.8 million, without providing sufficient details on how the funds would be utilized. The community expressed concerns that BanklessDAO was leveraging the Bankless brand for ambitious proposals that it did not produce or own.

The controversy surrounding the grant application led to heated debates on social media, with accusations of “legitimacy grifting” and criticism of the founders’ involvement in other projects. In response, the founders clarified their stance and emphasized that paid subscribers have always supported the mission of Bankless.

Bankless is a crypto media company established in 2019, promoting the adoption and awareness of bankless money systems. In May 2021, Bankless launched BanklessDAO, a decentralized community focused on coordinating and promoting bankless media. The founders’ decision to separate the brand from BanklessDAO aims to address community concerns and ensure transparency and accountability.

Summary:

– Bankless co-founders plan to separate the brand from BanklessDAO.

– They will submit a governance proposal and burn their BanklessDAO tokens.

– The decision comes after community criticism of BanklessDAO’s grant application.

– Concerns were raised about leveraging the Bankless brand for ambitious proposals.

– Heated debates and accusations ensued on social media.

– Bankless is a crypto media company promoting bankless money systems.

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