Panda DAO says it will dissolve and return investor's assets due to internal disputes
"Too much time in governance, too little time in development, too much voice in price. Too tired and refund everything" , a core team member wrote.
New
On Monday, the decentralized autonomous organization Panda DAO submitted a new proposal to dissolve and return assets to investors. According to the seven-point referendum, between 500 million and 700 million PANDA tokens out of the 1.292 billion PANDA tokens in circulation would be distributed among investors. Of those that remain, some would be redistributed among liquidity providers. During this time, approximately 50 million PANDAs will be burned, and an additional 44.56 million PANDAs will be used to compensate eight of the project's main developers.
If the referendum passes and the dissolution process is complete, the Panda development team plans to remove PANDA from Uniswap, release all open source code for the project, and shut down all social media under the umbrella by Panda DAO. As for the reasons for the dissolution, the Panda DAO team wrote:
"Panda DAO has been online for almost a year. We have managed to avoid many market declines during this time. Yet the real crisis we faced was coping
management issues within our DAO."A core member, going by the alias "Panda", lamented that the team faced a long and difficult battle in developing their project. "Our community wanted more and more assurances that Panda was going in the right direction," he said, "but developers don't work for free, and [I don't think] anyone understands how to sustain a long and painful bear market".
As "Panda" said, the internal unrest within the DAO has greatly hampered the effectiveness of operations. After raising 1,900 Ether (ETH) at a price of 1 ETH = 500,000 PANDA last year, the community was in conflict over how best to use the funds in the future.
“At that time, the [non-fungible token] NFT market was on fire. As a result, many of our users wanted us to create Panda NFTs. knew the market was showing signs of FOMO [Fear of Missing Out], and it was only a matter of time before a crash set in. So, we made the difficult decision to reject...
"Too much time in governance, too little time in development, too much voice in price. Too tired and refund everything" , a core team member wrote.
New
On Monday, the decentralized autonomous organization Panda DAO submitted a new proposal to dissolve and return assets to investors. According to the seven-point referendum, between 500 million and 700 million PANDA tokens out of the 1.292 billion PANDA tokens in circulation would be distributed among investors. Of those that remain, some would be redistributed among liquidity providers. During this time, approximately 50 million PANDAs will be burned, and an additional 44.56 million PANDAs will be used to compensate eight of the project's main developers.
If the referendum passes and the dissolution process is complete, the Panda development team plans to remove PANDA from Uniswap, release all open source code for the project, and shut down all social media under the umbrella by Panda DAO. As for the reasons for the dissolution, the Panda DAO team wrote:
"Panda DAO has been online for almost a year. We have managed to avoid many market declines during this time. Yet the real crisis we faced was coping
management issues within our DAO."A core member, going by the alias "Panda", lamented that the team faced a long and difficult battle in developing their project. "Our community wanted more and more assurances that Panda was going in the right direction," he said, "but developers don't work for free, and [I don't think] anyone understands how to sustain a long and painful bear market".
As "Panda" said, the internal unrest within the DAO has greatly hampered the effectiveness of operations. After raising 1,900 Ether (ETH) at a price of 1 ETH = 500,000 PANDA last year, the community was in conflict over how best to use the funds in the future.
“At that time, the [non-fungible token] NFT market was on fire. As a result, many of our users wanted us to create Panda NFTs. knew the market was showing signs of FOMO [Fear of Missing Out], and it was only a matter of time before a crash set in. So, we made the difficult decision to reject...
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