Is
@zinc_cash rugging their investors? 👇
That's a pretty serious accusation, so let's dive into it.
There's a live proposal on
@MetaDAOProject from the
@zinc_cash team to take the ZKFG private.
What's ZKFG, and what does Zinc have to do with it?
MetaDAO ZKFG token raise has been funding the
@zinc_cash team for 10 months while they were silently building Zinc. (proof in the first reply)
The original idea they got funded for (ZK SOL) was a flop.
And that's fine; startups try things, and when they fail, they often pivot.
But then they pivoted to Zinc, and found a PMF, and decided to... rug the investors?
As per Zinc's website, 1% of all SOL volume (10% of 10% protocol fee) should go back to ZKFG treasury (see screenshot), but that NEVER happened. (proof in the first reply)
So instead of giving $5.5 m — $55m back to investors (math explained below), they decided to keep silent and try to buy back their investors for peanuts, rather than return some meaningful value to them? 👇