Controversy over token allocation, Veda founder turns around and leaves the "BTC ecosystem"

Original | Odaily

Author | Husband How

Today, Veda, the BTC Ordinals EVM extension protocol, announced an indefinite postponement on Platform X and said it would open source Veda-core and Veda-bvm.

It is worth noting that 2 hours before this announcement, Veda also announced that the protocol was about to be launched, and disclosed its tokenomics and token standard VRC-20.

Why did an upcoming project take a sharp turn in such a short period of time and end in an undignified manner? The Odaily Planet Daily took a look at the comparison.

Veda Basics

Veda is an experimental EVM extension protocol based on BTC Ordinals that introduces off-chain indexes to validate Veda data on Ordinals to provide state queries for contracts. Veda aims to solve the problem of the lack of Layer 1 smart contracts in BTC without changing the BTC core consensus. According to the information disclosed by the project team, it supports the creation of the VEDA token standard in the early stage and is compatible with the ERC-20 standard.

According to official media information, the project X platform account was roughly created in October this year, and the first piece of content was released in early November, that is, as of today, the project may only be established for two months.

In addition, according to its disclosed tokenomics, the total supply of VEDA tokens is 21 million, with 1,000 tokens per inscription, 85% of the total supply going to Freemint, and the remaining 15% going to funding, team building, and further protocol development.

The founder’s identity was “doxxed” by the community

The conflict between the community and the founder has long been browbrowed. According to the founder “Chang Nima” tweet, last night the community questioned the founder’s initial proposal for token distribution and believed that there was unfairness.

The central point of contention is: Most of the community members have experienced the BRC-20 minting method, believe that projects in the BTC ecosystem should be 100% freemint, and are also worried about the project founders using the remaining tokens to manipulate the market.

Subsequently, the founders compromised, listened to the suggestions of the community, changed the initial distribution plan, and increased the total minting of the initial Freemint to 85%, but still failed to satisfy the community. The founder then posted a bombardment on social media, blaming the community members, further exacerbating the conflict between the two sides.

Today, some members of the community began to “doxing” the real information of the founder and disclosing it to the public. The founders were worried about the impact of the project’s subsequent development on themselves, so they announced that the project would be postponed indefinitely, and at the same time, the project code was made public and handed over to the community to operate.

At this point, this farce briefly came to an end, and no one became the ultimate winner, leaving the industry with a premature crypto experiment with no future in sight.