CityDAO Opens Refunds for Community Blockchain City Project

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.

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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.

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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.

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