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In doing so, Polychain, one of the oldest and richest crypto hedge funds, seemingly thumbed its nose at a slightly risky arbitrage trade that could end up paying millions of dollars more. It is forgoing the opportunity to redeem its ROOK tokens via the “rage quit” smart contract, where it
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"This has been a dynamic, collaborative process, designed to accommodate the community’s wishes for the ROOK token and the new Incubator DAO." Rook Labs' pseudonymous CEO Hazard told CoinDesk in a Discord message. "We’re grateful for the enthusiastic participation of ROOK holders and community members, and are happy to see
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Historically, ROOK owners had a say over Rook DAO, the governing body that nominally controlled the Rook project (once known as KeeperDAO) since mid-2021. But an entity called Rook Labs has largely taken over management of Rook’s day-to-day operations, creating friction with token holders who felt shunned. Original Source
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“Given the governance process in place at Rook DAO, and the inability to accrue value to the ROOK token, I think this is the best compromise we could get for token holders,” the pseudonymous Wismerhill, one of the loudest voices calling for change and a sophon in the new DAO,
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In a governance call on ROOK’s Discord server that CryptoX attended, the project’s pseudonymous leader Hazard pushed back on perceptions that management has failed to deliver. Their recent silence on progress and lack of a roadmap is a function of ROOK’s clientele and their “conservative” lawyers' preference for staying quiet,
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