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Panda DAO, a Decentralized Autonomous Organization, is proposing to dissolve its treasury and repay its investors if the proposal is passed.
One of the core developers, who goes by the name Panda on Twitter, revealed the move, noting that its one year of existence has been marred with internal strife between the developers and the protocol’s users.
“Panda DAO has been online for nearly one year. We’ve managed to sidestep numerous market downfalls during that time. Yet, the real crisis we faced was dealing with management issues within our DAO.”
According to him, the project’s management through the DAO became difficult, considering some users wanted a focus on short-term gains while others wanted longer-term sustainability. With the dissenting interests, the developer noted that not much could be done since the core team’s powers are limited.
It is not uncommon for protocols to have internal strife, which is often times showcased as bankruptcy, as in the case of Celsius Network, Voyager Digital, and Babel Finance. That Panda DAO operates decentralised has made handling its affairs more complicated. However, the developer team said they are proud of what the crypto protocol has achieved through the power of its smart contracts.
“The project succeeded, however briefly, because of smart contracts protecting community agreements. We had one for ERC-721, we have one now for the return of PANDA funds, etc. Without smart contracts, we would have never been able to sidestep so much market turmoil while guaranteeing the surety of our users’ funds,” Panda tweeted.
Should the proposal to dissolve the project fly, the protocol will distribute 500 to 700 million PANDA tokens out of the 1.292 billion in circulation to its users. About 50 million tokens will be burnt, while approximately 44.56 million tokens will be used to reward 8 out of the core developers in the project.
Image source: Shutterstock
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