{"id":65617,"date":"2023-11-27T08:00:08","date_gmt":"2023-11-27T12:00:08","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65617"},"modified":"2023-11-27T08:00:12","modified_gmt":"2023-11-27T12:00:12","slug":"bankless-founders-propose-separation-from-dao","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bankless-founders-propose-separation-from-dao\/","title":{"rendered":"Bankless Founders Propose Separation From DAO"},"content":{"rendered":"\n

The founders of Bankless have proposed a separation between the brand and the decentralized autonomous organization <\/a>(DAO), BanklessDAO, in light of the ongoing controversy surrounding the cryptocurrency media.<\/p>\n\n\n\n

\"Bankless
Bankless Founders Propose Separation From DAO<\/figcaption><\/figure>\n\n\n\n

BanklessDAO will receive a governance proposal from Bankless co-founders David Hoffman and Ryan Sean Adams regarding separating the two organizations. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\n

Hello CT\ud83d\udc4b

To lead with the obvious, we could be better in accepting criticism of @BanklessHQ.

I hold Bankless very dear, and I've got an innate reflex to protect it when I see it being unfairly attacked.

This clouds my ability to hear what CT is trying to tell me,\u2026 pic.twitter.com\/7L5ufQ1bAu\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>— David Hoffman (@TrustlessState) November 26, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Hoffman and Adams made the strategic separation of Bankless and BanklessDAO <\/use><\/svg><\/span><\/a>in response to community disapproval of BanklessDAO's grant application to Arbitrum. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\"\"
BanklessDAO\u2019s education and onboarding campaign for Arbitrum. Source: Arbitrum Foundation<\/em><\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

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 <\/a>such as Nexo. “They since clarified that their compensation for endorsing Nexo was $31,000 rather than $250,000,” Pledditor wrote.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\n

Plz understand – when you call creators grifters for running ads – yet aren\u2019t willing to pay for their products you\u2019re asking them to work for free.

Is that fair?

How we do it: if you don\u2019t like ads you can pay $15 monthly for no ads.

If you want crypto media then support it.<\/p>— RYAN S\u039eAN ADAMS – rsa.eth \ud83e\udd84 (@RyanSAdams) November 26, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

About Bankless<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":12,"featured_media":65627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17362,17363],"class_list":["post-65617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankless","tag-banklessdao"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/image-110.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65617"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/65627"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}