ICYMI: Merit Circle DAO proposal seeks to ‘trim the fat’ by booting early-stage investor
Yield Guild Games invested in competitor Merit Circle last year, but a DAO proposal is seeking to remove it and refund its $175,000 seed investment.The incident shines a light on the intricacies of investing in a DAO.Two big names in the play-to-earn gaming scene are scrambling to come to a compromise after a member of Merit Circle’s decentralized autonomous organization proposed ousting Yield Guild Games as an investor last week.
This month marks the start of a 36-month vesting period for seed tokens given to angel investors and venture capital funds in MC’s DAO, representing 14.06% of the total token supply. HoneyBarrel claimed YGG’s outreach consisted of just two articles in Coindesk and Yahoo Finance, one mention on its discord server and five tweets, four of which were posted on the same day from YGG and Dizon’s social media accounts. And despite offers to lend out assets, this never actually happened.The proposal to expel YGG appears to have support; DAO members are largely disappointed with YGG's contributions.
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