Panda DAO says it will dissolve and return investor’s assets due to internal strife

Panda DAO, a decentralized autonomous organization, presented Monday a proposal to dissolve itself. Investors would then be able to return its assets. The seven-point referendum determined that between 500 million to 700 million PANDA tokens would be distributed among investors. This is in addition to the 1.292 million PANDA currently in circulation. Some would be distributed to liquidity providers. An estimated 50 million PANDA would be burnt, while another 44.56 millions PANDA would go towards compensation for eight core developers.

If the referendum passes and the dissolution process is complete, the Panda DAO team will remove PANDA form Uniswap and publish all the open source code. The Panda DAO team provided the following reasons for dissolution:

“Panda DAO is online now for almost one year. During that time, we’ve avoided many market failures. The real crisis was in managing our DAO.

One core member, who goes by the pseudonym Panda, lamented the long and difficult road the team had to travel in project development. He said that Panda was moving in the right direction and that developers do not work for free. “I don’t think anyone understands how to survive a long and painful bear market.

According to “Panda”, the DAO’s internal turmoil greatly hindered the efficiency of operations. The community struggled to decide how best to use the 1,900 Ether (ETH) that they raised last year at a cost of 1 ETH =500,000 PANDA.

“At that point, the NFT [nonfungible token] market was on fire. Many of our users requested that we create Panda NFTs. We knew from the 2017-2018 crypto bear market that there were signs of FOMO [Fear Of Missing Out]. It was only a matter time before the market crashed. We made the hard decision to reject the demands of the community for Panda NFTs.

“Panda” stated that NFT drops, also known as non-fungible tokens, would generate revenue for the community but it would compromise the protocol’s credibility. He stated that the potential risks of using the latter over the former would be greater in the long-term.

It seems that there has been a long-standing rift between Panda developers, users and the company. “We had many ideas, but very little capital. Our users wanted us to create Panda Apps and to form a venture capital section. But we couldn’t say no.”

Similar reasons led to the demise of a buyback proposal. The core team member wrote that we had bought back 2,000,000 PANDA tokens at the beginning. “But many voices in our community wanted me continue the buyback, even though I was not able to.” I am just one of the many stakeholders charged with managing our Treasury.

Unifying discontented voices became difficult as time passed. One faction demanded developers focus on short-term gains that were low-risk such as token buybacks. Another faction desired long-term gains. They would refuse any buybacks and keep the money in the Treasury.

“Panda” stated that it took him many sleepless nights to make the decision. The developer stated that he did not regret putting forward the referendum. “We missed many achievements, but we did our best and didn’t abandon our community.” Panda DAO’s protocol became the largest DAO on Dework blockchain during its one-year tenure. Panda also stated that he hopes that the dissolution will prove that code is law in the blockchain space.

Smart contracts that protected community agreements were the key to success of this project. One was for ERC-721. We have one for PANDA funds return, etc. Smart contracts would not have been possible without them. We could avoid so much market turmoil and still guarantee the safety of our users funds. “Tai Duo Shi Jian Zai Zhi Li Wen Ti , Tai Shao Shi Jian Zai Kai Fa Gong Zuo , Wo Men Ceng Zai ConstitutionDAODe Lu Shang Ji Xu Qian Xing , Ye Xi Wang You Ren Neng Zai Wo Men De Lu Shang Ji Xu Tan Suo . She Qu Xun Qiu Geng Duo De Bao Di ,Dan Shi Kai Fa Zhe Men Bu Hui Mian Fei Gan Huo . Mei Ren Neng Li Jie Dang Chu Na Man Chang De Xiong Shi Ru He Du Guo . Ji Ran Ru Ci ,Rang Ta Che Di Zou Xiang Dai Ma Zi Zhi , He PeopleYi Yang Quan Bu Tui Kuan . pic.twitter.com/9HooAyHB0k
— Panda ( ) (@hellopandadao) September 18, 2022

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