An effort to divorce MEV project Rook from its $ROOK token is hurtling toward final passage. realDannyNelson reports
ending Tuesday seeks to divorce the project’s tech from its governance token. Written by Rook Labs, the proposal envisions splitting Rook’s nearly $50 million crypto treasury in half between the key builders of Rook tech and a new community-run entity calledAfter weeks of contentious Discord debates, the proposal offers a detente between a team eager to build unmolested and token holders who feel ignored – despite their nominal governance powers.
In addition to getting half of Rook’s funds, the Incubator DAO is set to inherit the old DAO’s unique representative democracy structure. It relies on four elected “sophons” to vet proposals, and new elections have already been held.
The token itself has nearly tripled in value since late March, when Rook Labs’ pseudonymous CEO, Hazard, told the DAO he couldn’tROOK’s rising token price and debate over the future of the project has attracted investors of many stripes, some of whom have voted with newly-acquired bags. In the poll to create Incubator DAO, the single-largest “yea” position – nearly 15,000 ROOK – was voted by a wallet controlled by insiders at crypto yield project TempleDAO.
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