Frank Considers DAO Vote About His Projects’ Future on Solana
Update, 4:04 p.m. ET: Frank says no decision today and deletes tweets regarding Solana concerns
DeGods and y00ts founder Frank is mulling over his projects' future on the Solana blockchain Tuesday amid a crypto crash that dropped $SOL to its lowest price in more than a year-and-a-half.
"I would love to continue to build on Solana. I love Solana. But I’m a servant to my communities and holders," Frank tweeted. "Nobody is making any rash decisions… this is just what direct communication looks like in times of crisis. Will open a dialogue with our holders and see where it goes."
In the DeDAO Discord, Frank proposed creating a new Discord and conducting a "proper discussion session" before holding a DAO vote on the DeGods and y00ts future on Solana. The vote will not be held today, Frank said in a follow-up announcement Tuesday.
"The vote would likely last a while though and allow people to change their votes," said Frank in the Discord announcement. "...I refuse to allow our holders to be the victims of Twitter noise when people’s assets are on the line. If you have something to say on the matter — start preparing."
SOL is down more than 25 percent today to $23.99 — a price it hasn't traded at since April 4, 2021. The y00ts floor price has fallen too, dropping to 58 SOL (about $1,392).
"Should we just bridge to ETH or what?" Frank tweeted.
ETH was also down more than 18 percent Tuesday to $1,310, as the market continues to react to the purchase of FTX.com by rival cryptocurrency exchange Binance. The CEO of Binance, Changpeng Zhao, said the move was made in the face of a large "liquidity crunch" for FTX — one of the biggest cryptocurrency exchanges.
Frank took heavy criticism from Twitter users regarding his outlook on Solana.
Why would you put this out there…— Fleury💤《TYR》 (@FleuryNFT) November 8, 2022
Please be positive about this when so many of us just got wrecked listening to people like you