On Monday, decentralized autonomous organization Panda DAO help with a brand new proposal to dissolve itself and return assets to investors. Based on the seven-point referendum, between 500 million and 700 million PANDA tokens from the 1.292 billion PANDA in circulation could be distributed among investors. Of individuals remaining, some could be reassigned among liquidity providers. Meanwhile, an believed 50 million PANDA is going to be burned, and the other 44.56 million PANDA goes toward compensation for eight from the project’s core developers.
If the referendum pass and also the dissolution process complete, the Panda dev team intends to remove PANDA from Uniswap, publish all the project’s free code and shut lower all social networking underneath the Panda DAO umbrella. For causes of the dissolution, the Panda DAO team authored:
“Panda DAO continues to be online for pretty much twelve months. We have were able to sidestep numerous market downfalls in that time. Yet, the actual crisis we faced was coping with management issues inside our DAO.”
One core member, going through the pseudonym “Panda,” lamented the team faced a lengthy, uphill fight in the project development. “Our community wanted increasingly more reassurances that Panda was heading within the right direction,” he stated, “but developers aren’t effective free of charge, and [I believe] nobody is able to endure a lengthy, painful bear market.”
As relayed through “Panda,” the interior turmoil inside the DAO greatly hampered the efficiency of operations. After raising 1,900 Ether (ETH) in a cost of just one ETH = 500,000 PANDA this past year, the city was conflicted on how to best make use of the funds moving forward.
“In those days, the [nonfungible token] NFT market was burning. Consequently, a number of our users wanted us to produce Panda NFTs. But getting experienced the crypto bear market of 2017–2018, we understood the market was showing indications of FOMO [Anxiety about Really Missing Out, also it was just dependent on time before an accident was coming. Thus, we made the tough decision to reject the community’s calls for Panda NFTs.”
“Panda” described that although nonfungible token, or NFT, drops would generate revenue for that community, it might achieve this at the fee for the protocol’s credibility. “Over time, the potential risks connected using the latter would over-shadow those of the previous,” he stated.
Since that time, it seems there had been a rift between Panda developers and users. “We’d lots of ideas but little capital our users wanted us to build up Panda Apps as well as form a investment capital division, but we’d to avoid these ideas.”
A buyback proposal seemed to be stopped for similar reasons. “At the start, we bought back two million PANDA tokens,” authored the main team member. “However, many voices locally wanted me to carry on the buyback, though it wasn’t within my power to do this. I am one of many stakeholders given the job of managing our treasury.”
As time continued, uniting discontented voices grew to become impossible. “One faction wanted developers to pay attention to short-term profits which were low-risk, for example token buybacks. Another faction wanted lengthy-term gains, refuse all buybacks, and stash the cash within the treasury.”
“Panda” authored it required him many “difficulty sleeping” to achieve the choice. Nonetheless, the developer stated he didn’t have regrets about applying the referendum. “We fell shy of numerous accomplishments, but a minimum of we attempted and did not throw our community underneath the bus.” During its twelve months-tenure, Panda DAO’s protocol went live and grew to become the greatest DAO around the Dework blockchain. Additionally, “Panda” states he hopes the dissolution proves that “code is law” within the blockchain space.
“The work been successful, however briefly, due to smart contracts protecting community contracts. We’d one for ERC-721, we’ve one let’s focus on the return of PANDA funds, etc. Without smart contracts, we’d haven’t had the ability to sidestep a lot market turmoil while guaranteeing the surety in our users’ funds.”
— Panda ( ) (@hellopandadao) September 18, 2022