coinedition.com
The Aragon Association made an announcement on Tuesday that it has decided to cancel its previous plans regarding the extensive voting authority granted to holders of its ANT token.
These voting powers encompassed various aspects, such as strategic direction and control over a $200 million treasury. This development significantly hampers the Ethereum startup’s transition towards becoming a decentralized autonomous organization, which was a central goal for the company.
The decision to retract the voting powers was prompted by a recent incident where the newly established Aragon DAO fell victim to a 51% attack. The attack was orchestrated by a group known as the “Risk Free Value (RFV) Raiders.” Their intention behind the attack was to manipulate the use of ANT tokens for personal financial gain.
The RFV Raiders and Arca are responsible for the takedown of Rook DAO, Invictus DAO, Fei Protocol, Rome DAO, and Temple DAO.
One of the members has also been jailed for his involvement in the Mango DAO exploit.
The move has made some entrepreneurs talk about the immaturity of crypto, with some even suggesting alternatives. The CEO of DACM, Richard Galvin, said that he finds these battles super interesting. He pointed out that traditional raids and similar contentious transactions are typically heavily regulated and litigated within well-established legal frameworks. In contrast, he also stated that the crypto industry is considered to be the least legally mature asset class in existence.
Find these "battles" super interesting but from an investor angle hard to see r/r stacking up. Traditional raids and similar frustrating transactions are very legal-heavy, fought on well trodden/precedent rich ground – crypto is most legally immature asset in existence https://t.co/v3VDYoFA5v
— Richard Galvin (@richwgalvin) May 10, 2023
Another Robot Ventures investor, who goes by the name Leshner, provided an alternative. Leshner stated that if developers want on-chain governance without complexity, they can fork the Compound governance framework instead. This, according to him, is free, battle-tested, and also allows token holders to implement code changes directly.
If you are a developer and want an on-chain governance framework without … all of the complexity:
— 🤖 Leshner (@rleshner) May 10, 2023
Fork the Compound governance framework instead.
It's free, battle-tested, and allows token-holders to directly implement code changes, without middlemen or special privileges. https://t.co/iyOQ8aM1VX
Perhaps the move was not welcomed by the crypto community in a positive way. Some users showed their resentment toward the change. One user called monetsupply.eth stated his disappointment regarding the action. He also called the action “nothing but misappropriation.” One other user also asked where the vote was for this decision.