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- 1 DeFi protocol, Rook’s CEO talked over its project during a governance call.
- 2 His statement has raised tension for the DAO that is supposed to run the DeFi protocol.
- 3 Rook token price noted an upsurge by almost 36% in the last 24 hours and, at press time, trading at $18.29, according to CoinMarketCap.
Decentralized Finance (DeFi) protocol, Rook, has collected little attention as its Chief Executive Officer (CEO) shared his thoughts. During a community governance call, the pseudonymous CEO of Rook, Hazard, said, “the will of the order flow providers binds us.” After this, it looks like Rook is gathering more attention for its multimillion-dollar crypto treasury. Thus taking it quite far away from its real business of building tools for the Ethereum blockchain, CoinDesk reported.
DeFi protocols are simply codes, procedures, and rules that generally govern the systems utilized in DeFi. Using DeFi protocols, participants in the ecosystem can take the benefits to trade, lend, and stake tokens.
The Statement of DeFi Protocol’s CEO
On March 23, Thursday, the response from Rook’s CEO sparked dissent from some of its token holders. During the governance call on Rook’s Discord server, its pseudonymous CEO Hazard drove on perceptions that management has failed to fulfill. While the recent silence on project progress and lack of a roadmap is a function of ROOK’s clientele and their “conservative” lawyers’ preference for staying quiet, he said.
Hazard shared his statement for Rook users for capturing transaction value or Maximal Extractable Value (MEV) on Ethereum. He said “We’re bound by the will of the order flow providers. They’re the customer, and the customer is always right.”
The response came as some in the Rook Decentralized Autonomous Organization (DAO) chafe at what they see to be a stagnating project no longer working in the best interest of its community. However, a recent proposal calls for the DAO to dissolve and split Rook’s treasury between holders of the Rook (ROOK) token.
During the governance call, Hazard “downplayed the importance of the token and cautioned speculators not to think it will perform based on the output of ROOK.” Notably, the ROOK token gave voting power to its holders in decisions placed before the DAO.
Hazard said on the call, “It’s difficult to have public governance with private information. Perhaps it’s the case that it has swung too far toward private information, and maybe we need to swing back a bit.”
Meanwhile, Jason Windawi, who hosted the governance call, did not make any immediate response.
Furthermore, a pseudonymous self-described trading fund, Wismerhill, also wrote in a Twitter thread on March 22 that states “In a recent proposal, ROOK’s management team recently tried to cut the governance token holders from the governance process and steal $37M from the $47M DAO treasury.”
Wismerhill also noted, “ROOK governance controls a DAO-owned treasury of ~$44M, the project is valuing the project below $10M.”
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
