Cardano Governance Shake-Up: EMURGO Leaves Intersect Board After Community Backlash
TL;DR:
- EMURGO confirmed its resignation from the Intersect board of directors following public criticism voiced by community representatives regarding the management of the Yoroi wallet.
- The total value locked (TVL) in the network’s DeFi ecosystem recorded an increase exceeding 9% over the past week, reaching nearly $68 million.
- The price of the ADA token broke above a long-term descending trendline with a bullish daily candle close.
Following the departure of EMURGO from the board of directors of the Intersect organization, Cardano governance is going through a period of restructuring. The decision was made after an intense debate within the ecosystem regarding the role of delegated representatives and the performance of the token on the network.
This may sound harsh, but I believe @emurgo_io has done more harm than good to the Cardano ecosystem.
That's why I think stepping down as a DRep is the right thing to do.
They used a misleading UX in @YoroiWallet that caused users to delegate to their DRep by mistake. so I've… https://t.co/oB3PffIGWg
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