September 27, 2022

Internal Troubles Cause Panda DAO to Make a Decision about Dissolving Itself

On Monday, a new proposal was presented by Panda DAO in front of its investors and stakeholders. The company proposed that it had come up with a plan of dissolving itself. After dissolving, the company would proceed with returning assets to the investors.

Important Details of the Proposal

In the proposal, the Panda DAO team has revealed that they will dissolve the company. The assets as well as the returns from dissolving the company would be used to distribute among the investors.

The company has shared all necessary information surrounding the dissolving and distribution of the assets in the seven-point referendum.

According to the information, the total number of PANDA currently in circulation is 1.292 billion. Out of the total PANDA tokens, more than half of the tokens will be used for paying out the investors.

As per reports, the PANDA DAO teams have decided to dedicate 700 million PANDA tokens that will be used to pay out the investors. Out of the 700 million PANDA tokens, some of the tokens will be paid out to the liquidity providers.

The company will also be burning a portion of the PANDA tokens. The company is planning to burn somewhat 50 million PANDA tokens.

The core developers of the project will also be getting a portion of the PANDA tokens as compensation for the work. There are eight core developers of the PANDA DAO project and the compensated tokens would be we around 45 million.

PANDA to Go Off Uniswap

PANDA DAO currently operates through the Uniswap network. The referendum also notes that its passing would mean that the protocol will be taken off the Uniswap network.

In addition to taking off the project, its open-source code will be published. Even the social media channels being run by the Panda DAO umbrella will shut down for good.

The reason behind the Dissolve

The officials have also communicated the real reason behind their decision of dissolving the company.

The officials communicated that their project has been around for a while and it has successfully dealt with all major and minor market downfalls.

However, the major issue their project has continued to face is internal, which is strongly related to their company’s management. It is mainly due to the management issues they have made the decision of dissolving their company.

The company has been suffering tremendously due to constant management conflicts. The users have continued demanding more from their project and to deliver that, they had to keep their developers together.

However, every development requires finances and the demands keep rising over time. They tried their best to deal with the financial situations and keep the teams together.

Unfortunately, the crisis is now beyond fixing and it is time to make the final call.