• ROOK, a DeFi protocol, is receiving more attention for its multimillion-dollar crypto treasury than its progress in building tools for the Ethereum blockchain.
• The project’s pseudonymous leader Hazard pushed back on perceptions that management has failed to deliver. He explained that they are bound by the will of their order flow providers and have to stay quiet at times due to conservative lawyers’ preference.
• Some in the ROOK DAO are calling for the DAO to dissolve and split ROOK’s treasury among token holders. However, Hazard downplayed the importance of the token and cautioned speculators not to think it will perform based on ROOK’s output.
Rook Protocol Gagged By Order Flow Providers
The decentralized finance (DeFi) protocol ROOK is getting more attention recently for its multimillion-dollar crypto treasury rather than its progress in building tools for the Ethereum blockchain. This has sparked dissent from some of its token holders – leading to a response from its CEO on Thursday.
CEO Hazard Speaks On Governance Call
On a governance call held on ROOK’s Discord server which CoinDesk attended, the project’s pseudonymous leader Hazard clarified why management has been silent about their recent progress and lack of a road map – explaining that they are “bound by the will of their order flow providers”. He said this was because these clients were “the customer” and should be given priority over other matters.
Dissolution Proposal
Some token holders in the ROOK DAO want to dissolve it and split up its treasury worth nearly $50 million across all token holders. Despite this, Hazard still downplayed the importance of the token during his call and cautioned speculators against thinking it would perform based solely on what ROOK does or doesn’t do as an organization.
Token Performance
Although there hasn’t been much growth with regards to ROOM tokens this year compared to many other crypto assets, they still traded around $15.71 at press time – up 12% within 24 hours.
Conclusion
Hazard’s comments came as some members of the community began voicing concerns that management may no longer be working in favor of them – leading to suggestions such as dissolving the DAO completely or splitting up its treasury among token holders. Regardless, Hazard maintained that those who use ROOM must take precedence over other matters and reminded speculators that performance should not be judged simply off what ROOM does or doesn’t do as an organization