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CyberConnect Fully Responsible for Proposal Fueling CYBER Token Manipulation Rumors

by Blockchain NewsSeptember 3, 2023

Key Takeaways:

CyberConnect dispels rumors surrounding CYBER token manipulation and market control.

The firm acknowledges a “slip-up” in its inaugural proposal at Cyber DAO, contributing to market uncertainty.

New safeguards and a revised proposal for a multi-network bridge involving Ethereum, Optimism, and BNB Chain are forthcoming.

In a statement released on September 3, 2023, CyberConnect, a decentralized social protocol, addressed concerns about its CYBER token. Acknowledging an error in its initial proposal at Cyber DAO, the company aims to quell rumors and market instability. The statement, dated September 2, 2023, delineates plans for new safeguards and an updated proposal to ensure equitable CYBER access across multiple blockchain networks. As previously reported by Blockchain.News, CyberConnect withdrew Proposal CP-1 following a 40% crash in the value of the CYBER token. The primary aim of the now-retracted proposal CP-1 was to ‘optimize CYBER liquidity across Ethereum (ETH), Binance Smart Chain (BSC), and Optimism networks through a series of active balancing strategies.’

Addressing the Rumor Mill

On September 1, 2023, CyberConnect retracted a proposal at Cyber DAO after community members identified an error. The CyberConnect official stated,

We take full responsibility for this mistake and are introducing safeguards to ensure such events are never repeated.

The withdrawn proposal had intended to optimize CYBER liquidity across Ethereum (ETH), Optimism (OP), and BNB Chain but included a “slip-up” concerning the unlocked amount of CYBER in the community treasury.

Market Dynamics and Liquidity Concerns

The statement also spotlighted a surge in CYBER demand in Korea, where major exchanges currently facilitate CYBER deposits and withdrawals exclusively on Ethereum. This exclusivity has resulted in “unprecedented price differences in CYBER across exchanges.” To mitigate this, CyberConnect introduced the CYBER Multichain Liquidity Balance proposal, aiming for equitable and fair CYBER access across exchanges.

Future Steps

CyberConnect is set to introduce a revised proposal in Cyber DAO, focusing on a bridge to facilitate free CYBER movement across Ethereum, Optimism, and BNB Chain. This proposal will undergo a multi-day voting period for community scrutiny. Additionally, an external, reputable expert will be enlisted to conduct a security audit of the bridge. A Dune dashboard has also been established to offer a transparent view of CYBER’s total and circulating supply.

Mission and Commitment

CyberConnect reaffirmed its mission to “decentralize social networking on the Internet,” emphasizing its dedication to transparency and community engagement. The company stated,

While short-term market volatility may serve as a distraction, the long-term success of CYBER hinges on its community, ecosystem, industry-leading products, and steadfast commitment to a better internet.

Implications

CyberConnect’s statement serves as a blueprint for crisis management in the volatile crypto landscape. By acknowledging its oversight and outlining transparent corrective measures, the firm aims to rebuild trust and stabilize the CYBER token market.

Image source: Shutterstock

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Proposal to Return ARB Tokens to Arbitrum DAO Treasury Rejected

by Blockchain NewsApril 16, 2023

A proposal seeking the return of 700 million ARB governance tokens to Arbitrum’s DAO treasury has been rejected by the community after receiving only 14.5% of the total votes. The proposal, called AIP-1.05, was introduced after the Arbitrum Foundation transferred funds without community approval in March. The proposal asked the foundation to return the tokens as a symbolic gesture to demonstrate that the governance holders ultimately control the DAO, not the Arbitrum service provider nor the Foundation.

The proposal was defeated by 118 million votes, representing 84% of the total votes received. Approximately 21 million ARB tokens voted for the proposal, while 2 million tokens abstained. Some community members with large token holdings voted against the proposal, stating that it was a power play that would add an unnecessary step and delay the foundation’s ability to support the growth of the Arbitrum ecosystem.

Arbitrum’s community and its foundation are engaged in a dispute over the foundation’s governance proposal AIP-1, which called for an investment of nearly $1 billion worth of ARB tokens to fund its operations. The foundation later clarified that AIP-1 was a ratification, not a proposal, and that some of the tokens were already sold for stablecoins. The AIP-1 proposal was Arbitrum’s first attempt at governance after its tokens airdrop in early March.

The rejection of AIP-1.05 highlights the challenges faced by decentralized autonomous organizations in achieving consensus among their members. It also highlights the importance of community engagement in the decision-making process and the need for transparency and accountability in the management of decentralized platforms.

Arbitrum’s foundation has released a new set of improvement proposals to reestablish dialogue with the community. The proposals aim to address concerns raised by the community and provide a framework for the platform’s governance going forward. The rejection of AIP-1.05 and the ongoing dispute over AIP-1 demonstrate the need for continued dialogue and collaboration between the community and the foundation to ensure the success and growth of the Arbitrum ecosystem.

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Tagged : AIP-1.05 / ARB GOVERNANCE TOKENS / Arbitrum / DAO TREASURY / News / Proposal

Arbitrum’s Governance Token Return Proposal Rejected

by Blockchain NewsApril 15, 2023

In a bid to re-establish dialogue with the community, Arbitrum’s Foundation introduced a set of improvement proposals after facing community backlash over its governance proposal AIP-1. However, a controversial proposal, AIP-1.05, seeking the return of 700 million ARB governance tokens to Arbitrum’s DAO Treasury, was recently rejected by the community. The proposal was introduced after the Foundation transferred funds without community approval in March.

The rejected proposal aimed to demonstrate that the governance holders ultimately control the DAO, not the Arbitrum service provider nor the Foundation. However, 84% of the total votes received rejected the proposal, with 14.5% of the total votes cast in favor of the proposal and around 2 million ARB tokens abstaining.

The rejection of the proposal has generated mixed reactions from the community. Some believe that the proposal would have added an unnecessary step, thereby delaying the Foundation’s ability to support the growth of the Arbitrum ecosystem. However, others believe that balance is necessary to promote decentralization and progress in the ecosystem.

The rejection of the AIP-1.05 proposal comes amidst a dispute between the Arbitrum community and its Foundation over the governance proposal AIP-1. The latter called for the investment of nearly $1 billion worth of ARB tokens to fund its operations. However, after facing community backlash, the Foundation clarified that AIP-1 was a ratification, not a proposal. It also noted that some of the tokens were already sold for stablecoins.

Arbitrum’s community and Foundation are now at a critical juncture, and it remains to be seen how they will navigate the challenges ahead. With the rejection of the AIP-1.05 proposal, the community has sent a strong message that it is not willing to relinquish control over the DAO’s governance tokens. The Foundation will need to take a collaborative approach and engage in constructive dialogue with the community to address its concerns and promote the growth of the Arbitrum ecosystem.

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Tagged : AIP-1.05 / Arbitrum / DAO TREASURY / GOVERNANCE TOKENS / News / Proposal

This proposal doesn’t go far enough. Whites are 60% of the population and Blacks and Native Americans are only 13% and 1.5% respectively. To really level the voting playing field Blacks should get 5 votes each (rounding up) and Native Americans 40. BLM

by Peter SchiffDecember 21, 2020

This proposal doesn’t go far enough. Whites are 60% of the population and Blacks and Native Americans are only 13% and 1.5% respectively. To really level the voting playing field Blacks should get 5 votes each (rounding up) and Native Americans 40. #BLM
https://t.co/JbcpGD4pe3

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Tagged : Blacks / Population / Prediction / Proposal / SourceTwitter / Votes / Voting / Whites