Aptos-based DeFi project Arco Protocol has handed over a decision to its community: back it or let the whole thing shut down.
The project explained that it had come under heavy criticism after its token sale was struck by issues, leading to the loss of key partnerships with exchanges and other protocols. Among all these issues, the project faced accusations that it was a scam and that the team intended to run away with the funds, it said on Twitter.
📢 Important Announcement
— Arco Protocol | Hiring (@ArcoProtocol) October 29, 2022
1/ Some of our partners have ended partnerships due to an unexpected issue that happened during IDO. Including potential partners (not verified): MEXC, Houbi, Gate, as well as announced partners (verified): Wormhole and Celer network.
🧵
As a result, it has put out a Twitter poll asking for support in order to continue. It gave three options: back the project and keep it running; hand over control of the project to the community; or shut the whole thing down and issue a refund.
While the poll still has hours left, nearly half of the 9,000 votes — 48% — are in favor of a refund. This is followed by a third of votes backing the community and a remaining 20% that want it to be decentralized. While this does mean 52% of voters are in favor of the project continuing in some form, it will likely have to go with the most popular vote and shut down.
Arco claimed that "ArcoFamily" was the largest community on Aptos and that it was "unstoppable." Alas, if the vote continues on its current trajectory, that will no longer be the case.
