Panda DAO, a Decentralized Autonomous Organization, unveiled a new plan on Monday to dismantle and give shareholders their money back. The 1.292 billion PANDA assets are distributed to shareholders per the seven-point referendum. The remainder would be divided among the financial suppliers. DAO will use a further 44.56 million PANDA to pay 8 of the project’s main engineers, while approximately 50 million PANDA will incinerate.
Panda Has Further Dissolution Plans
The Panda development team intends to withdraw PANDA from Uniswap, disclose all of the program’s open-source code, and halt all social media networks covered by the Panda DAO should the referendum be successful and the dissolution procedure be finished.
The Panda DAO team explained the grounds behind the dissolution, pointing out that Panda had been operating online for almost a year and had avoided various market crises. However, the true dilemma they encountered was coping with DAO operational decisions.
Using the alias ‘Panda,’ one team member” lamented the team’s protracted and difficult process of project development. Additionally, he stated that the majority wanted more and more guarantees that Panda was moving on the right path, but engineers get paid for their labor. He believed nobody knew how to survive a protracted, agonizing bear market.
DAO’s Internal Turmoil Greatly Hampered The Efficiency of Operations
According to “Panda,” the internal strife within the DAO seriously hindered operational processes. The network was divided on how to best spend the funds moving forward after accumulating 1,900 Ether (ETH) at a valuation of 1 ETH = 500,000 PANDA the previous year. He added:
“The NFT marketplace was booming. Most of our users requested that we make Panda NFTs. We knew the market was exhibiting FOMO, and a collapse was imminent. Therefore, we had to turn down the community’s requests for Panda NFTs.”
He continued by saying that while nonfungible token, or NFT, decreases would benefit the public financially, the system’s integrity would suffer. He said, “In the long run, the hazards connected with the latter would surpass that of the former,” in those precise words.
Ever since time, it seems that there has never been harmony among Panda’s creators and consumers. Their users wanted them to create Panda Apps and even start a private equity segment, but they were forced to turn these requests down due to a lack of funding. Additionally, a buyback plan was rejected for identical grounds.
Unification Of Discontented Voices Is Becoming Impossible
One group desired that programmers concentrate on quick, low-risk gains such as coin buybacks. Another party desired long-term benefits and rejected any buyback offers in favor of stashing the funds in the treasury.
In his writings, ‘Panda’ said that making his choice required numerous ‘sleepless evenings.’ However, the programmer insisted that he did not regret proposing the referendum. The Panda DAO procedure went online and grew to be the largest DAO on the Dework blockchain over its one-year existence. Additionally, ‘Panda’ adds that he wishes the disintegration demonstrates that in the blockchain industry, ‘code is the law.’