A popular decentralized finance (DeFi) altcoin project is up 40 percent in the last 24 hours. As the reason for the increase, the most recent statements of the CEO of the protocol are pointed out in response to the opposition of the DAO of the protocol. Here are the details…
The leader of the Rook project spoke
Decentralized finance (DeFi) protocol ROOK seems to be attracting multi-million dollar crypto treasury these days, much more than its progress in building the actual vehicle for the Ethereum Blockchain. This has sparked opposition from some token holders, and a response came from the CEO on Thursday. In a governance conversation on ROOK’s Discord server, Hazard, the project’s pseudonymous leader, repulsed perceptions that management wasn’t doing what needed to be done. He pointed out that their final silence on progress and the lack of a roadmap were their choices.
For those who want to use ROOK to capture transaction value – aka maximum extractable value (MEV) – in Ethereum, Hazard said, “We are at the will of the order flow providers. They are the customer and the customer is always right,” he said. The comments came after those at ROOK DAO said the project was now seen as stagnant, so they were uncomfortable with it. A recent proposal calls for the decentralized autonomous organization (DAO) to distribute ROOK’s treasury – worth around $50 million – and split it among ROOK token holders.
DeFi altcoin project takes a leap
Hazard downplayed the token’s importance and warned speculators not to think it would perform as ROOK as a key point in determining what is and isn’t a security. ROOK’s token has been largely sideways this year, even as many other crypto assets are rebounding sharply. However, cryptocoin.com According to data, at the time of writing, it is trading at around $19, an increase of about 42 percent in 24 hours. The ROOK token gives its holders voting power on decisions made before the DAO. However, the DAO has had little operational say in what ROOK has been up to lately. Hazard acknowledged this at the meeting and placed the blame on “big projects” interested in using ROOK.
Hazard said, “It’s hard to have public administration with private information. Maybe we should pull ourselves back a little bit.” According to Wismerhill, a self-titled trading fund that recently called for the liquidation of ROOK, Hazard’s objection to roadmap transparency is “understandable”, but only up to a point. “If that’s the case, this project can no longer be led by a DAO based on public information,” Wismerhill said. Rook is an open contract protocol that leverages the world’s best algorithmic strategists to maximize the value of every trade for protocols, market makers and traders alike.
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