As centralized practices creep into DeFi, the builders of the Magic Internet Money $MIM and $SPELL tokens are pitching a traditional legal structure to supplant the DAO overseeing a stablecoin worth about $700 million. realDannyNelson reports
Centralized business structures are continuing their creep into decentralized finance , with the builders of tokens Magic Internet Money and SPELL on Wednesday pitching a traditional legal structure to supplant the DAO overseeing the stablecoin with a nearly $700 million market cap.post, a project leader called on Abracadabra DAO to support a “transition of power” to a centralized entity complete with lawyers, jurisdictions and trustees.
Abracadabra DAO is the latest crypto project swapping the lofty idealism of decentralized governance for some degree of centralization, alongsideand other projects. The reasons for these transitions range from heightened regulatory scrutiny to more mundane business concerns.
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