DEx founder’s $6.3M funding request faces backlash over transparency concerns

The founder of Curve Finance, Michael Egorov, is facing criticism from the decentralized finance (DeFi) community after submitting a request for $6.3 million in funding.

Egorov’s proposal, which seeks 21 million CRV tokens from the DAO’s Community Fund, has ignited a debate over transparency and the appropriate use of community resources.

Egorov’s August 19 proposal aims to secure funds to support Curve’s ongoing research and development, as well as to maintain its 25-person team. 

However, the request has raised eyebrows due to its lack of detail. Critics within the community argue that the proposal is vague, with no clear roadmap, milestones, or a breakdown of how the funds will be spent. 

This has led many members to question the necessity and timing of the request, especially since it represents a significant departure from the DAO’s typically cautious approach to funding.

One prominent member of the community, holding a large amount of CRV tokens, expressed strong opposition, stating, “Without a clear plan and detailed expenditure, I cannot support this proposal. I intend to vote against it.” 

This sentiment is echoed by others who worry that approving such a substantial allocation could set a risky precedent, potentially straining the DAO’s financial resources in the long term.

Egorov acknowledged the concerns, admitting that the proposal marks a “cultural shift” for the DAO. 

He explained that legal constraints had limited the amount of detail he could include, but he pledged to address transparency issues by providing bi-annual reports on how the funds are used. 

Additionally, he assured the community that any unspent funds would be carried over to the following year.

Egorov also committed to including more detailed documentation in any future funding requests, aiming to align with the community’s expectations for accountability.