With a proposal to its community members Panda DAO, a decentralized autonomous organization plans to disintegrate its platform.
According to tweets from one of the platform’s executives under the handle “Panda”, it would also return Investors’ funds. It plans to refund between 500 million and 700 million PANDA of its 1.292 billion tokens in circulation.
— Panda (📜 🤝 🐼) (@hellopandadao) September 18, 2022
Why disintegrate Panda DAO
Owing to the Decentralized nature of DAOs, Panda DAO had difficulties making key decisions which hindered the efficiency of its operations.
As per the tweets, the disagreement began after it raised 1,900 ETH in 2021 for 1 ETH = 500,000 PANDA. After this, its community members could not reach an agreement as to how best to channel these funds for the benefit of the platform.
While many of its members wanted the platform to delve into NFTs, some suggested developing Panda apps while others thought of a venture capital arm.
These disagreements with the factions affected the management of the platform as key decisions could not be made since the core team had limited powers. The firm had to turn down these lofty ideas as there was little capital to work with.
Panda DAO which went online almost a year ago has developed into one of the largest DAO on the Dework Blockchain all the while battling internal issues regarding its management.
Upon completion of the disintegration process and actualization of the agenda agreed on in the referendum, the Panda developers team will withdraw its native token PANDA from Uniswap and also share its open-source code.
Finally, it would also stop all of its social media engagements on the platform’s various social media handles. Though the community resolved to dissolve the platform, Panda said he had no regrets for calling the referendum and carrying its community along.
Panda says this will set a precedent that “code is the law” for the blockchain subsector.
While several crypto firms have closed shop for several reasons chief of which is access to liquidity during this period and others due to regulations, Panda DAO is doing so albeit due to a rift between its developers and its community.