Panda DAO, a Decentralized Autonomous Organization, revealed plans to dissolve itself in a seven-point referendum, citing management issues. The announcement made on 19 September also said that it plans to return assets to investors even as crypto winter wears on.
If the referendum is successful, the Panda development team aims to withdraw PANDA from Uniswap, and expose the program’s open-source code to the public, and cease all social media footprints.
The DAO cited the reason for the possible dissolution as “dealing with management issues within our DAO.” An insider using the moniker ‘Panda’ said the team’s lengthy and tough project development process is to be blamed. Besides, he said that the majority wanted more and more guarantees that Panda was moving on the right path. But with the ongoing bear market and the market downturn, sheer survival becomes difficult.
What will happen to Panda’s assets?
The DAO has 1.292 billion PANDA in assets. According to the seven-point referendum, between 500 million and 700 million PANDA tokens out of the 1.292 billion PANDA in circulation would be distributed among investors. The remainder would be divided among financial suppliers. Further, 44.56 million PANDA will be used to pay 8 of the project’s core developers, while approximately 50 million PANDA will be burned.
How it all started?
After raising 1,900 ETH in 2021 (1 ETH = 500,000 PANDA), the community was in disarray about how to best use the funds. This created a rift between Panda developers and users, according to Panda. While the community had plans to create Panda apps and even launch a venture capital division, the developers were forced to turn down these requests due to a lack of funding. Over time, dissenting voices grew louder and the DAO finally suggested dissolving the network.
