Atom accelerator DAO has fired its general manager. At the center of the controversy are planned performance bonuses. It's the latest controversy at the Cosmos Hub, which is turning into its token slides this year.
The atom finally disintegrates.
The co-founder and general manager of Atom Accelerator DAO, a crypto cooperative that distributed millions of dollars in support of the Cosmos cryptocurrency, was fired last week.
Reason: Dispute regarding issuance of performance bonuses.
Atom Cooperative employees voted unanimously on September 25 to fire General Manager Yousef Amrani. His last day with the organization was September 30.
Drama is a big deal in the cosmos.
Consisting of millions of crypto, the collaboration has a dual mandate: to grow the Cosmos Hub blockchain and the ATOM token, both of which were at the heart of Cosmos, once the “Internet of Blockchains.”
Efforts have yet to bear fruit: Although the Atom Accelerator has released crypto Grants Worth more than $6 million to more than 80 firms, ATOM has fallen nearly 60% since January 1, prompting soul-searching among blockchain's proponents.
A calculation
Amrani's boycott triggered a reckoning in the co-operative society.
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Co-founder Ryan Orr refused to lead the company forward and Suggested It's about canceling or finding someone who wants to “lead the community renewal mandate process.”
Head of Communications Syed Chaudhary said he will leave by the end of this year. Comptroller Patricia Mizuki, who first raised questions about bonuses, Announced She does the same.
There are more: there is cooperation Received According to Chaudhary, a “legal demand letter” from an unnamed “former contributor” demanding 12 months' salary for termination without cause and defamation.
In addition, the cooperative will review grants awarded during Amrani's tenure to look for evidence of possible favoritism or nepotism, Chaudhary said.
Amrani did not return News' Request for comment.
Cosmos Hub Drift
The boycott is the latest controversy to rock Cosmos, a network of interconnected blockchains that once held great promise as a means of scaling blockchain technology.
The Cosmos Network was initially envisioned as having a hub-and-spoke model with the Cosmos Hub. But its developers have instead built software that allows its many blockchains to interact directly with one another.
After years of decay, the Cosmos Hub has taken tentative steps toward reinventing itself — an effort, according to one member, to fund the Atom Accelerator through grants to various developers.
'Why does the hub exist?'
– Atom Insider
However, its lack of a clear goal or purpose is “the cause of all our drama,” said the insider, who asked not to be named so they could speak candidly about the events that led to Amrani's ouster. “Why is there a hub?”
Last month, the Interchain Foundation, a Swiss non-profit that supports Cosmos, faced a no-confidence vote on suspicion that its leadership mismanaged funds meant to promote the development of the network.
Continuous advocacy
Behind both the ICF vote and Amrani's dismissal was crusading strategy consultant Grace Yu, who has earned respect for her persistent advocacy during several skirmishes with Cosmos leadership, as well as frustration from those who see her style as unnecessarily adversarial and intransigent.
The Atom accelerator was founded in 2023 by Amrani and Orr, with a small, mostly part-time staff funded by the Cosmos Hub.
Validators of the hub Voted In December 2023 the Atom Accelerator announced that it would issue approximately 1 million additional ATOM tokens, worth more than $8 million at the time, to fund its efforts for 2024. Another 100,000 tokens are allocated for performance and retention bonuses.
'The bonus pool should not be misused to 'reward' exceptional performance.'
– Grace U
The text of proposal Attached is a link to a document entitled “AADAO Performance and Retention Bonus Protocol”. Accordingly documentAtom Accelerator employees deemed to meet expectations are eligible for a “Middle Tier Performance Bonus.”
Earlier this year, Yu was elected to a position on the Cooperation Oversight Committee.
“The bonus pool should not be misused to 'reward' exceptional performance, which is merely 'meeting expectations,'” she said in a September report outlining concerns over Yusuf's cooperative management.
“Furthermore, given ATOM's current price action, the proposed methodology is even more inefficient.”
Although Cosmos Hub validators approve the bonus package, its details are hard to find online. document Yu said that only a few people saw it.
'Dangerous negative spiral'
The supervisory committee refused to approve the bonus payments in August. In September, Yu described her suspicions on the Atom Accelerator forum.
A debate over Amrani's bonus practice has resulted in the deletion of hundreds of messages Both sides Another accused them of using anonymous accounts to create the impression that they were gaining widespread support.
Amrani's critics argued on the Atom Accelerator forum that he intended to use the bonus pool to reward work deserving of such recognition.
Amrani said U's actions were “political” and “wildly extreme”.
“ATOM is at a crossroads right now, and what we need right now is an AADAO org that has maximum operational performance — and not a culture of internal research — if we're going to have any chance of saving the hub from a dangerous negative spiral. It started last year,” he said. wrote that In the forum.
“I've made some minor mistakes over the years, and Grace makes it her full-time job to dig up issues, sensationalize them, and present them to society in the worst possible light.”
Sabotage attempt
In addition, Amrani made several accusations against him.
Atom General Manager Allegedly Yu attempted to sabotage the Cosmos Hub to benefit the rival blockchain, and Mizuki sought revenge after he rejected her attempt to gain a larger share of the bonus pool.
Both women Denied the allegations. A recent proposal that included a language ban on the regulator was final Refused.
Collateral damage
Despite the unanimous vote to oust Amrani, some expressed dismay at Yu's tactics.
The insider said they were worried the controversy would damage the company irreparably.
“Grace's heart is in the right place,” they said. “The problem is collateral damage.”
Now, its members are considering whether to get additional funding for 2025.
“AADAO, this is essentially the only body left [that’s] Any real attention paid to the hub, will probably disappear,” the insider said.
'This current approach is equivalent to chemotherapy.'
– Kevin Garrison, Cosmos Validator
Cosmos Hub validator Kevin Garrison attended the fight, which he called “U.”Victory lap.”
“Well-done monitoring achieves the desired effect without killing the organization,” he said wrote that In X. “This current approach is similar to chemotherapy. If we kill every cell, we can even get cancer out.
At least one software developer, Evmos founder Federico Kunze Küllmer, says he does. An indefinite hiatus The planned integration of his project with the Cosmos Hub.
the fall
For her part, Yu said News Her critics miss the point: Too much concern about fallout doesn't account for oversight leadership, she says.
“We, as monitoring members, are not seeking victory or engaging in a win/lose scenario,” Yu said.
“There seemed to be disbelief among some members that we were actually fulfilling our mandate.”
Alex Gilbert News'Diffie correspondent from New York. You can reach him at [email protected].
Related TopicsCOSMOS
