Sol Invictus shutting down
Sol Invictus is like OlympusDAO, but for Solana. The business model is to create a “reserve currency”, based on other tokens which will generate yields. I was unfortunate to lose some money on them. Yet I was fortunate to lose only a little money.
This is a lesson on DeFi projects where there are many unknowns. For one, the team members of Sol Invictus are a secret. Who knows their level of commitment?
It started with a discussion to allocate funds for the team. To give a salary of $50,000/week for their work.
The option is either to give them a salary, or shut down the project.
As a DAO, they started their first DAO vote. Let the token holders decide.
Turned out that will be the last vote.
A 62% voted to redeem the DAO treasury, which means the end of the project.
(◎,◎) The sun sets.
Redemption is now live at a rate of 38 USDC per IN.
It’s time to go. I am the captain of my soul. (◎,◎)
What a shame.