The founders of Bankless have proposed a separation between the brand and the decentralized autonomous organization (DAO), BanklessDAO, in light of the ongoing controversy surrounding the cryptocurrency media.
BanklessDAO will receive a governance proposal from Bankless co-founders David Hoffman and Ryan Sean Adams regarding separating the two organizations.
On November 26, the co-founders announced via X (formerly Twitter) that they, too, intend to burn every BanklessDAO (BANK) token they possess in support of this proposition.
Hoffman and Adams made the strategic separation of Bankless and BanklessDAO in response to community disapproval of BanklessDAO’s grant application to Arbitrum.
The November 20 application requested 1.82 million Arbitrum (ARB) tokens from Arbitrum, an Ethereum blockchain layer 2 scaling initiative. Based on data provided by CoinGecko, the current value of the sum is approximately $1.8 million.
Numerous DAO members promptly criticized the initiative because it demanded nearly two million ARB in exchange for content creation without furnishing comprehensive details regarding the allocation of the funds.
BanklessDAO replied by pledging to amend the proposal, reducing the duration of the grant from one year to three months, and furnishing explicit key performance indicators and milestones.
Rapidly, the dispute between proponents and opponents of the proposal grew heated on social media. Certain commentators, including the fictitious CEO of Delegate Cash, Foobar, alleged that the founders of Bankless engaged in “legitimacy grifting” by claiming that BanklessDAO was unrelated to Bankless.
Pledditor and other Bitcoin enthusiasts criticized the founders of Bankless for their remark that “they are not greedy,” in reference to Hoffman and Adams’ promotion of crypto projects such as Nexo. “They since clarified that their compensation for endorsing Nexo was $31,000 rather than $250,000,” Pledditor wrote.
Adams, co-founder of Bankless, responded to the criticism by emphasizing that labeling creators grifters for running advertisements is equivalent to attempting to obtain free products. Additionally, he stated that paid subscribers have consistently supported Bankless’s mission.
About Bankless
Bankless, a crypto media organization founded in 2019, advocates for the acceptance and consciousness of bankless monetary systems. Bankless introduced the BANK token and Bankless DAO, a decentralized community to coordinate and promote bankless media, in May 2021.
The proprietors of Bankless declared in April 2023 that the organization would be raising $35 million in venture capital to invest in Web3 seed-stage companies.
