Arco Protocol, the Aptos-based DeFi project is currently under heavy criticism. The project showed signs of weakness especially after a flawed token sale and a sudden loss of key partnerships. A few days ago, the Aptos blockchain also faced backlash for not delivering on the scalability promise made on launch day. The project then asked the community to participate in a survey. The outcome of the vote on Twitter will let us know if the project will be maintained or will stop.
Arco Protocol: A strongly criticized project
The Arco Protocol project was under fire after encountering problems during its ICO (Initial Coin Offering). It also resulted in the loss of key partnerships with exchanges and other protocols. The DeFi project said on Twitter that it faced accusations that it was a scam. The team would also intend to flee with the funds.
Additionally, the Aptos blockchain has also come under criticism for its low scalability on launch day. Indeed, the project promised to deliver unparalleled speed of up to 160,000 transactions per second. However, a check showed that it can only process 4 transactions per second.
On the verge of extinction?
Following the accusations made against him, the Arco Protocol project then launched a poll on Twitter to ask for the support of the community. Aptos offered three options: support the project, return control of the project to the community, or stop the project. If the first option receives the most votes, the activity will continue. On the other hand, if the project has to stop, it will have to make a refund.
The survey is not yet complete and nearly half of the 9,000 votes, or 48%, are in favor of a refund. A third of the votes are in favor of the community and the remaining 20% want the system to be decentralized. More than half of the voters, ie 52%, are in favor of the continuation of the project whatever its form. However, the project will have to follow the majority of votes at the end of the poll.
Furthermore, Arco Protocol claimed that the largest community on Aptos was ArcoFamily and that it was “unstoppable”. Unfortunately, the project is in danger of disappearing if the vote continues to follow its current trajectory.
Source : TheBlock
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