Jade Protocol, an early-stage crypto investment DAO, is facing the possibility of dissolution and Chia of its $31 million treasury.
Another DAO project demanding to be "disbanded"
In a proposal dated September 25, a member named VampireOfCrypto proposed disbanding DAO Jade Protocol. This person cited the murky regulatory environment that is slowing Jade's progress and will endanger all DAOs - collectives governed through voting to make decisions.
This person wrote:
“Redistributing treasury funds to all Token holders immediately is a win-win situation.”
Accordingly, the investor proposed that DAO should liquidate its $31 million treasury and begin issuing redemptions to JADE Token holders.
Contrary to the news of possible dissolution, the JADE Token has increased by 17% in the past 24 hours, currently priced at 17.98 USD. JADE is supported on 2 chains: BSC and Avalanche.
JADE price fluctuations in 1D frame on CoinMarketcap on September 28, 2023
Jade Protocol is not the only DAO to face dissolution recently. Many autonomous organizations in the industry are equally struggling and have decided to adjust or end operations such as GroDAO, Nouns DAO , Hector Network , or recently the largest Polkadot community in China .
In addition, the DeFi system in general in 2023 will face many difficulties, as shown by the fact that many projects have "fallen" and had to stop operating. The common cause is still running out of money, declining operations and not seeing profit potential, such as Saddle Finance , Algorand , Clockwork .
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