Juno Holders Want to Confiscate a Whale’s Tokens. Here’s Why. - Ep.334

Andy Beal, head of ecosystem development at Forta and author of the 30,000 Feet newsletter, discusses the dramatic governance proposal on Juno Network, a Cosmos-based project, where Juno holders are voting to confiscate millions of dollars in tokens from a whale who allegedly gamed the Juno airdrop. Show topics:

• how the Juno airdrop worked 
• how the whale was able to amass more JUNO tokens than the team wanted
• why the Juno Network community feels threatened by an entity holding so many JUNO tokens
• what the whale did to invoke the ire of the Juno Network community
• the community’s vote on whether to confiscate up to 98.5% of the whale’s tokens
• what three courses of action the community is considering to confiscate the whale’s JUNO
• what Andy’s biggest takeaways are from the dramatic governance moment

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Episode Links

 

Andy Beal

• https://twitter.com/ajbeal 
• Andy's newsletter: https://30000feet.substack.com

 

Juno Network drama

• Andy’s write-up
• • https://30000feet.substack.com/p/issue-60-juno-whale?s=r 
• Decrypt coverage
• • https://decrypt.co/95435/juno-network-dao-proposal-16-voted-to-revoke-tokens-from-whale
• Coindesk coverage
• • https://www.coindesk.com/video/recent-videos/why-junos-vote-to-confiscate-a-whales-funds-is-a-watershed-for-blockchain-governance/
  • https://www.coindesk.com/layer2/2022/03/16/junos-proposal-16-vote-is-a-watershed-for-blockchain-governance-for-better-or-worse/