David Hoffman and Ryan Sean Adams, co-founders of Bankless, have announced their intention to submit a proposal. The proposal aims to address brand misconceptions and criticisms by clarifying the distinction between BanklessDAO and Bankless as two separate entities. In addition, the co-founders have decided to burn all of their BANK tokens.
The criticism however arises from BanklessDAO’s recent proposal for a 1.82 million ARB grant from Arbitrum. BanklessDAO via the application aims to carry out a 12-month mass education campaign for Abitrum. The community then argued that no detailed information was provided on the almost 2.8 million ARB grant request.
Bankless and its co-founders were called out after BanklessDAO sent in a marketing proposal to Arbitrum which stirred up a conflation between BanklessDAO and Bankless.
Part of the criticism pointed out that “Bankless is a net negative for Ethereum,” however a co-founder of Bankless Brazil came to the rescue narrating Bankless’s feat for Ethereum in Brazil. The Brazil co-founder stated that Bankless and BanklessDAO “created the Standard on how to foster an ecosystem based on Ethereum values.” Also, this standard is what Bankless Brazil builds on, the Brazil co-founder said.
The DAO, according to Ryan Sean Adams is one of the largest holders of BANK tokens and isn’t run by himself or David and not by Bankless either. BanklessDAO is different from Bankless, he pointed out.
“The sharing of the brand between two independent entities, [Bankless and BanklessDAO], is too confusing for the industry to accept. We’re aware that crypto has been burned by fake separate entities before. While in our case it’s true, the onus is on us to prove it,” David said.
David analyzed that the criticisms arise from the perspective that BanklessDAO wouldn’t confidently throw such a proposal without looking to leverage the weight of Bankless which in the sense of being a separate entity shouldn’t be so.
Ryan Sean Adams (RSA) added that neither he nor David and Bankless has ever had any financial benefits coming from the DAO. “We have never sold a BANK token and do not intend to – all wallets are public. We’ve also refrained from governance votes – this is a project we gave to the Bankless community without personal benefit,” RSA said.
Moreover, RSA mentioned that he was unaware of the proposal until the day he addressed the community since he is not involved in the DAO. He emphasized that the approval of the proposal would rest solely with the Abitrum community.
Furthermore, RSA clarified that all BanklessDAO products and services are optional and not a scam. However, if there have been any misrepresentations of their intentions, they are committed to rectifying them.
RSA also believes that some individuals criticizing Bankless in this matter may be well aware of the truth but could be seeking attention or doing so for amusement.
Summarily, the co-founders are taking two solid steps which include issuing a governance proposal that would clarify the two brands and secondly burn all of their BANK tokens on the back of the proposal.
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