Bankless and BanklessDAO to Separate Amid Controversy
The founders of Bankless, David Hoffman and Ryan Sean Adams, have proposed separating the brand from BanklessDAO following community criticism. The controversy arose after BanklessDAO applied for a grant from Arbitrum, requesting 1.82 million ARB tokens worth around $1.8 million. Many DAO members criticized the lack of detailed information on how the funds would be used. The argument escalated on social media, with accusations of “legitimacy grifting” and criticism of the founders’ promotion of other projects. In response, BanklessDAO committed to revising the proposal and providing clear performance indicators.
Addressing Community Concerns
In response to the criticism, Bankless co-founder Ryan Sean Adams defended creators’ right to run ads, emphasizing that paid subscribers have always funded Bankless’ mission. He highlighted that calling creators “grifters” while consuming their products for free is unfair. Adams also mentioned that users can choose a subscription plan without ads if they prefer.
About Bankless and BanklessDAO
Bankless is a crypto media company founded in 2019 that promotes bankless money systems. In 2021, Bankless launched BanklessDAO as a decentralized community for coordinating and promoting bankless media. The DAO introduced the BANK token. In 2023, the founders announced plans to raise a $35 million venture capital fund to invest in Web3 companies.
Hot Take: A Lesson in Transparency and Accountability
The controversy surrounding Bankless and BanklessDAO highlights the importance of transparency and accountability within decentralized communities. While seeking grants or funding, it is crucial for projects to provide detailed plans on how the funds will be utilized. Clear communication and responsiveness to community concerns are essential for maintaining trust and avoiding conflicts. Creators should also have the opportunity to monetize their content through ads or subscriptions, but users should recognize the value they provide and support them accordingly. Ultimately, open dialogue and responsible actions contribute to the growth and sustainability of the crypto ecosystem.
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