{"id":13388,"date":"2023-11-27T17:58:43","date_gmt":"2023-11-27T17:58:43","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/bankless-founders-vow-to-separate-media-company-from-dao-amid-controversy\/"},"modified":"2023-11-27T17:58:44","modified_gmt":"2023-11-27T17:58:44","slug":"bankless-founders-vow-to-separate-media-company-from-dao-amid-controversy","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=13388","title":{"rendered":"Bankless Founders Vow to Separate Media Company from DAO Amid Controversy"},"content":{"rendered":"<div>\n<figure id=\"attachment_136878\" aria-describedby=\"caption-attachment-136878\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-136878\" class=\"wp-caption-text\">Image Source: Pixabay<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">In the midst of an ongoing controversy surrounding cryptocurrency media platform Bankless and its associated decentralized autonomous organization (DAO), the company\u2019s founders have announced their intention to separate the brand from the DAO.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Co-founders David Hoffman and Ryan Sean Adams plan to submit a governance proposal to BanklessDAO, outlining their proposal for the separation of the two entities.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">They took to X (formerly Twitter) on November 26 to make the announcement, further stating their plan to burn all of their BanklessDAO (BANK) tokens.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hello CT\ud83d\udc4b<\/p>\n<p>To lead with the obvious, we could be better in accepting criticism of <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/BanklessHQ?ref_src=twsrc%5Etfw\">@BanklessHQ<\/a>. <\/p>\n<p>I hold Bankless very dear, and I&#8217;ve got an innate reflex to protect it when I see it being unfairly attacked. <\/p>\n<p>This clouds my ability to hear what CT is trying to tell me,\u2026 <a rel=\"nofollow\" href=\"https:\/\/t.co\/7L5ufQ1bAu\">pic.twitter.com\/7L5ufQ1bAu<\/a><\/p>\n<p>\u2014 DavidHoffman.eth\ud83e\udd87\ud83d\udd0a (@TrustlessState) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/TrustlessState\/status\/1728849871682048136?ref_src=twsrc%5Etfw\">November 26, 2023<\/a><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">The decision to separate Bankless from BanklessDAO comes as a response to community criticism over BanklessDAO\u2019s grant application to Arbitrum.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The application, filed on November 20, requested 1.82 million Arbitrum (ARB) tokens, equivalent to approximately $1.8 million, from the layer-2 scaling project for the Ethereum blockchain.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Concerns arose within the community that BanklessDAO was leveraging the Bankless brand, which they did not create, for their ambitious proposals.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">David Hoffman expressed these concerns by indicating that BanklessDAO should not benefit from a brand they did not produce.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The BanklessDAO community quickly voiced their criticisms, questioning the lack of detailed information regarding how the grant money would be allocated for content creation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In response, BanklessDAO committed to revising the proposal by shortening the grant period to three months and providing clear key performance indicators and milestones.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Crypto Twitter Lashes Out at Bankless<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">The argument between proposal supporters and opponents swiftly escalated on social media platforms.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Delegate Cash CEO Foobar, a pseudonymous delegate, went as far as accusing the Bankless founders of \u201clegitimacy grifting\u201d by pretending that BanklessDAO had no connection to Bankless.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Another critic, a Bitcoin enthusiast known as Pledditor, slammed the Bankless founders for denying being grifters while simultaneously promoting projects like Nexo.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Pledditor clarified that the founders were paid $31k to promote Nexo, not the alleged $250k.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In response to the criticism, Bankless co-founder Ryan Sean Adams defended the practice of running ads and emphasized that calling creators grifters for doing so was untenable.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He further pointed out that paid subscribers have always funded Bankless\u2019 mission.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bankless, founded in 2019, is a crypto media company dedicated to promoting the adoption and awareness of bankless money systems.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In May 2021, Bankless launched BanklessDAO, a decentralized community aimed at coordinating and promoting bankless media. It was also during this time that they introduced the BANK token.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In April 2023, Bankless founders revealed plans to raise a $35 million venture capital fund to invest in seed-stage Web3 companies.<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/bankless-founders-vow-to-separate-media-company-from-dao-amid-controversy.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: Pixabay In the midst of an ongoing controversy surrounding cryptocurrency media platform Bankless and its associated decentralized autonomous organization (DAO),&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13389,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-13388","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankless Founders Vow to Separate Media Company from DAO Amid Controversy | inFundPros<\/title>\n<meta name=\"description\" content=\"Image Source: Pixabay In the midst of an ongoing controversy surrounding cryptocurrency media platform Bankless and its associated decentralized\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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