Vampire of Crypto's 'jade Protocol' gets heat from investors

Vampire of Crypto's 'jade Protocol' gets heat from investors

Jade Protocol, the latest DeFi DAO, has been grappling with pressure from investors to liquidate its treasury and call time on the project.

This clamor comes after a proposed proposal by a longtime investor in the project this week, who goes by the pseudonym Vampire of Crypto.

The proposal calls for Jade Protocol DAO to dissolve because of uncertainty about its future. This dissolution, if approved, would require the liquidation of Jade's $32 million treasury to fund a redemption process by investors.

While this proposal is no different from a so-called rage quit, where DAO participants demand the total or partial liquidation of a project's treasury, its author says the recommendation is not malicious.

Vampire of Crypto, the vampire of Crypto, told DL News. Rekt is a cryptocurrency and investment slang when a trader is faced with substantial losses.

Jade Protocol, a crypto investment collective, is the native token of JADE. The token, which trades on the BNB Chain and Avalanche blockchains, providesholders with access to early-stage crypto investment deals.

According to CoinMarketCap data, JADE is down 97% from its peak price, but it doubled after the proposal was published.

In this sudden price surge, some community members in the Jade Discord server were banking on a possible DAO vote to liquidate the treasury and were buying up JADE tokens.

Jo3Dang3r also said the proposed redemption was not a rage quit.

While Vampire of Crypto admits that Jade Protocol is a failed initiative, Vampire of Crypto said it is not a slow rug.

The teams behind failed cryptocurrency projects have been accused of cheating by bringing in bogus salaries without providing value to tokenholders, which is the accused of slow rugging in crypto.

This accusation has been levied against projects like Hector Network and Parrot Finance, both of which recently went through rage quit processes.

By not being a slow rug, Vampire of Crypto blamed the project's demise on DeFi's uncertain legal standing.

Jade's community manager, Jon Ray, expressed disappointment at the possibility of a vote to dissolve the treasury and blamed regulatory headwinds for the project's decline.

Ray said the DAO's governance forum is a key platform to discuss issues related to the country's economic development.

s been healthy for the community to map all possible outcomes, he said.

Despite the decline, several community members commended Jade's treasury as a result of the bear market conditions that have remained in place since its inception.

Osato Avan-Nomayo, our Nigerian DeFi correspondent, is our Nigerian correspondent. He covers DeFi and tech.