Bittime - CityDAO, a community-based initiative aimed at building a blockchain city, has started the refund process for project contributors. This decision follows a proposal passed by the CityDAO community with a significant majority vote.
Refunds for 4,808 Contributors, Reach $3.07 Million
CityDAO has opened refund applications for a total of 4,808 on-chain addresses . These addresses represent individuals who contributed to the project and are now eligible to receive a refund.
The cumulative total allocated for refunds is US$3.07 million. This suggests that the average refund per contributor may be around $639, although the exact distribution mechanism remains unclear.
Check Today's Crypto Market:
| BTC/IDR | SOL/IDR |
| ETH/IDR | USDT/IDR |
| SEI/IDR | ARB/IDR |
Community Voting Leads to Refund Decision
In May 2024, the CityDAO CIP 212 proposal sparked discussion within the community. The proposal outlines several steps, including:
- The founder withdrew from the multi-signature wallet used for project funds.
- CityDAO bank account closure.
- Termination of CityDAO social media accounts.
- Complete withdrawal of the founder from project operations.
The main motivation behind the proposal, as highlighted in the document, is to prioritize responsible refunds to CityDAO contributors. This proposal received overwhelming support from the community, ultimately passing with a 92.64% approval rate.
Also Read How to Buy Crypto:
The Future of CityDAO
The decision to open up refunds signals a significant shift for CityDAO. It is uncertain whether the project would continue in its current form without the original founders and most of the initial funding.
The future of CityDAO remains unclear, and the community may need to decide on a new direction or potentially disband the project entirely.
Conclusion
CityDAO's decision to open refunds reflects the strength of community governance in a decentralized project.
Although the future of the project is unclear, this development highlights the importance of transparency and accountability in DAOs (Decentralized Autonomous Organizations). As the situation develops, it will be interesting to observe how the CityDAO community chooses to move forward.
Check Crypto Prices Today:
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Aave DAO and Maker DAO are at odds, is the DeFi world in danger of breaking up?
Lista DAO: Definition, Destablecoin lisUSD, and its history
Pandora Token Skyrockets Over 50% with Release of Beta Launchpad ERC-404
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.