Illuvium DAO Opposes Market-Oriented Illuvia NFT Package Opening Over Su Zhu Controversy
According to the news on February 28, Illuvium DAO voted against the plan of Illuvium to hold a market-oriented Illuvia NFT package opening, because the plan i…
According to the news on February 28, Illuvium DAO voted against the plan of Illuvium to hold a market-oriented Illuvia NFT package opening, because the plan involves the controversial encrypted identity Su Zhu.
Illuvium DAO voted against the NFT package opening jointly held by Illuvium and Su Zhu
Interpretation of the news:
Illuvium, a blockchain-based game focused on NFTs, recently proposed a plan to hold a market-oriented Illuvia NFT package opening. However, Illuvium DAO has opposed the plan as it involves the controversial encrypted identity Su Zhu. The news broke on February 28, creating a buzz in the cryptocurrency world.
Illuvium DAO, which was established to oversee the development of Illuvium, is a decentralized autonomous organization that serves as the governing body for the project’s system updates, network management, and community initiatives. The DAO’s primary aim is to ensure the long-term sustainability of the Illuvium ecosystem, which is built on Ethereum.
The Illuvia NFT package opening proposed by Illuvium aimed to sell 25,000 packages containing three cards each, which include the game’s rarest and most valuable in-game items. The value of the packages was estimated at around $100-120 each, with the total revenue of the sale expected to be around $2.5-3 million.
However, Illuvium DAO voted against the proposal during a community governance vote, citing concerns about Su Zhu’s involvement. Su Zhu, the CEO of Three Arrows Capital, a leading cryptocurrency investment firm, is a controversial figure in the cryptocurrency world due to his alleged involvement in various trading manipulations.
Illuvium DAO’s decision to oppose the plan shows that the community is determined to maintain the project’s integrity and transparency. By avoiding connections with controversial figures, Illuvium can gain more trust from users and investors.
This move by Illuvium DAO highlights the importance of community oversight and governance in decentralized projects. DAOs allow for a more democratic and transparent decision-making process, where community members can participate and vote on project proposals, ensuring that decisions are made in the best interest of the community.
In conclusion, Illuvium DAO’s decision to oppose the Illuvia NFT package opening shows that community governance and oversight in decentralized projects are vital. By distancing themselves from controversies and maintaining transparency and integrity, projects such as Illuvium can continue to attract more users and maintain trust from investors.
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