On June 21, several asset managers, including VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital, submitted revised proposals for an Ethereum exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC).
These asset managers released updated S-1 Registration Statements after the market closed on Friday, following Fidelity’s new S-1 form submission earlier in the day.
VanEck’s filing disclosed a 0.20% management fee for its Ethereum fund, aligning it with competitors like Franklin Templeton, which charges 0.19%.
BlackRock has not yet revealed the management fee for its iShares Ethereum Trust (ETHA). Bloomberg analyst Eric Balchunas noted that VanEck’s fee adds “a touch of pressure on BlackRock to stay under the 30bps at least.”
The recent filings follow several previous amendments submitted to the SEC in recent weeks.
The approval of the S-1 forms is one of the final steps before these funds can debut on Wall Street exchanges.
Balchunas predicts the ETFs will launch in the first week of July, just before the U.S. Independence Day holiday.
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In May, the SEC approved a rule change permitting major asset managers to list and trade eight spot Ether ETFs.
This approval included firms like VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
Fidelity’s updated filing revealed that FMR Capital, an affiliate, seeded $4.7 million at $38 per share.
Bitwise also updated its ETF proposal with the SEC on June 19, indicating a potential $100 million investment from Pantera Capital at the ETF’s trading launch.
Additionally, Hashdex is seeking regulatory approval for a new ETF combining spot Bitcoin and Ether. This comes after Hashdex recently abandoned its plans to launch an ETF solely dedicated to Ether.
These filings reflect a growing interest in Ethereum ETFs, highlighting the competitive landscape among asset managers and the anticipation of these funds’ impact on the market once approved.
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Cryptocurrency has changed the world of online gambling, and it provides unique opportunities and advantages. Using platforms like dappgambl.com, players can explore various strategies to maximise their winnings. By leveraging the benefits of cryptocurrencies, you can enjoy secure, efficient, and potentially more profitable gambling experiences.
Explore Best Cryptocurrencies to Gamble With
When it comes to gambling with cryptocurrencies, your choice of digital coin can impact your gambling journey. Bitcoin remains the most widely accepted cryptocurrency in the gambling world, known for its stability and widespread use. Ethereum, with its smart contract capabilities, is another popular choice. Also, altcoins like Bitcoin Cash, Dogecoin, and Litecoin provide faster transaction times and lower fees which makes them attractive for gamblers.
Tether, a stablecoin, offers the advantage of minimising volatility, which can be beneficial for those looking to maintain a steady bankroll. Cardano and Ripple are also gaining traction in the gambling industry, as they have proven themselves with their security and efficiency. Each of these cryptocurrencies offers different benefits, so choosing the right one depends on your specific needs and preferences. The key is to select a coin that aligns with your gambling strategy and goals.
Choose Games Wisely
Selecting the right games can greatly influence your success in crypto gambling. Many online casinos offer free bonuses on various games, including slots with high Return to Player (RTP) rates, which can give your bankroll a significant boost. However, it’s essential to look beyond slots.
Table games and live casino options offer strategic depth and real-time interaction. Games like blackjack, roulette, and poker can provide more opportunities to win if you use effective strategies. Live dealer versions of these games offer possibilities to chat with the dealer and also other participants. Many players love this feature since it brings a ‘’physical’’ touch to online gambling.
Provably fair games use blockchain technology to ensure fairness and transparency, giving you confidence in the game’s integrity. They are particularly popular in the crypto-gambling community for their trustworthiness. Jackpot games, with their lucrative features, can dramatically increase your winnings, especially those with a progressive jackpot which grows with each bet until one player wins it all.
Check Security and Reputation
Look for casinos that have built a positive reputation and trust among players. One effective way to check a casino’s reliability is by researching the company behind the website and reading reviews from existing users. This can provide valuable insights into the casino’s practices and player satisfaction.
In terms of security, it’s important to verify that the platform uses robust measures like SSL encryption and two-factor authentication (2FA). These security features help protect your personal and financial information from potential threats. Also, reputable casinos often have transparent policies and reliable customer support, ensuring that any issues or concerns can be addressed promptly. Prioritising security and reputation will help you enjoy safer and more trustworthy gambling.
It is no secret that over the past decade or more, governments worldwide have struggled to stay abreast of the developments permeating the crypto industry. This is largely because the decentralized nature of crypto tech presents a number of significant challenges — such as those pertaining to anonymity, transparency, etc — resulting in several nations adopting a highly cautious approach to the industry.
For instance, in 2017, China — the second-largest economy in the world — banned initial coin offerings (ICO). This was followed by a blanket ban on digital asset trading, resulting in a significant market downturn. That said, as the market matured over the next couple of years, the eastern powerhouse, alongside several other nations, recognized the need to establish clear regulatory frameworks. Consequently, in 2020, China somewhat relaxed its anti-digital asset stance by introducing a pilot program for a state-backed digital currency (called the ‘digital yuan’).
Similarly, in 2018, the Reserve Bank of India (RBI) banned banks and other regulated entities from dealing with cryptocurrencies or providing services to businesses engaged in crypto-related activities. However, the Supreme Court overturned this ban in 2020, paving the way for a more open regulatory environment. In 2022, the Indian government introduced a flat 30% tax on income from crypto transactions, signaling a move towards legitimizing and regulating the industry.
How Web3 Companies Can Assist Regulators
While some countries have implemented traditional regulatory methods for overseeing their local crypto industries — such as anti-money laundering (AML) and know-your-customer (KYC) — there are others that have taken more innovative approaches. For example, a few years ago, the United Arab Emirates (UAE) established the Virtual Assets Regulatory Authority (VARA) to regulate all virtual assets, including cryptocurrencies. VARA issues licenses sparingly, thus creating a conducive environment for businesses while ensuring consumer protection and preventing financial crimes.
Similarly, the Monetary Authority of Singapore (MAS) implemented the Payment Services Act back in 2019, providing investors with a regulatory framework for digital payment token services, including crypto exchanges, wallets, and token issuers. The act requires these entities to obtain a license and comply with a host of curated AML/CFT (anti-money laundering and countering the financing of terrorism) requirements, as well as other measures to protect consumers.
In this context, Web3 companies, particularly those with significant experience in traditional finance (TradFi), can play a crucial role in assisting governments in developing comprehensive and effective regulations for the crypto industry. One such company is the MultiBank Group, a well-established financial derivatives institution possessing over 14 licenses worldwide—including those issued by ASIC, AUSTRAC, and BAFIN—while boasting an average daily trading volume of $12.1 billion.
MultiBank Group has recently expanded into the crypto sphere with the launch of MultiBank.io, a pioneering Crypto Spot and Multi-asset Derivatives Exchange. Leveraging its extensive experience in navigating complex regulatory landscapes, MultiBank Group is uniquely positioned to provide valuable insights and collaborate with regulators to create a secure and transparent trading environment for digital assets.
MultiBank.io offers a comprehensive financial ecosystem that seamlessly unites traditional derivatives with crypto offerings. It provides access to a wide range of products, including forex, shares, metals, indices, commodities, and crypto CFDs, all while adhering to stringent regulatory standards and ensuring transparency for its clients.
The Future Will Be Regulated
As the crypto industry continues to gain mainstream adoption, it becomes increasingly evident that a well-regulated environment is essential for its long-term success. Regulations not only protect consumers and prevent financial crimes but also provide businesses with a clear framework to operate within, fostering trust and confidence in the industry.
Web3 companies that prioritize regulatory compliance and transparency can serve as valuable partners for governments in shaping the future of crypto regulations. By leveraging their expertise and experience, these companies can help bridge the gap between traditional finance and the emerging world of digital assets, ensuring that regulations strike the right balance between innovation and consumer protection.
Thus, as the industry evolves, it will be interesting to witness the collaboration between regulators and Web3 companies in creating a sustainable and thriving crypto ecosystem. Companies like MultiBank Group, with their commitment to regulatory compliance and user-centric solutions, are well-positioned to contribute to this process, ultimately shaping a future where crypto is accessible, secure, and widely adopted.
Investment firm Kerrisdale Capital has launched a critical campaign against Bitcoin miners, labeling the industry as “snake oil salesmen.”
Their latest report targets Riot Platforms, claiming it is “headed for a mine collapse.”
Kerrisdale’s CEO, Sahm Adrangi, discussed their position with Cointelegraph.
“When you don’t have a viable business model — and we see this in the public markets all the time — if you’ve got a business that you know is structurally unprofitable, these companies dilute,” said Adrangi. “They issue shares, they take those shares to invest in the business. But there are no returns.”
According to Kerrisdale, Riot issued $41 million in shares in the first four months of 2024, diluting stock by 18%.
Adrangi argued, “These are not viable business models. The [United States mining] businesses are structurally screwed — the industry is one of the worst I’ve ever seen.” Kerrisdale has taken a short position on Riot.
In response, Riot refuted these claims, stating, “We disagree with the characterization of the Bitcoin mining industry and of Riot, and the equally unsound conclusions reached in the Kerrisdale Capital report.
READ MORE: OKX Exchange Investigates Multi-Million Dollar Hack Involving SIM Swap Attack
“We believe these errors will be demonstrated through the execution of our ambitious 2024 growth plans and resulting financial performance.”
Despite efforts to contact other U.S. Bitcoin mining firms, none were available to comment. Cointelegraph also spoke with William Foxley of The Mining Pod, who offered a contrasting view.
“Bitcoin mining in the U.S. is incredibly bullish, especially with another Trump presidency,” said Foxley, highlighting potential political support and state-level protections for miners.
Kerrisdale criticized Texas’s energy policy towards Bitcoin mining, citing recent decisions against tax reductions for Riot’s projects and rising energy costs affecting residents.
Adrangi commented, “This whole idea that these Bitcoin miners are good for the grid. It’s such a tortured thought process, and I can’t believe people actually buy into it.”
Kerrisdale has also contacted state legislators, urging them to deny future abatements for Riot.
They referenced safety concerns at Riot’s Rockdale facility and the use of non-approved cooling fluids. These efforts led to an initial drop in Riot’s stock price, though it has since stabilized.
Despite Kerrisdale’s aggressive stance, Riot has garnered support from former President Donald Trump, who advocated for Bitcoin mining in the U.S. as a defense against a central bank digital currency (CBDC). Adrangi, however, remains skeptical of Trump’s influence on the industry’s viability.
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Institutional staking firm and validator P2P.org has partnered with the OKX exchange to launch crypto staking services for institutional clients.
This collaboration aims to provide institutional-grade staking services for assets such as Polkadot, Kusama (KSM), Celestia (TIA), and Cardano.
P2P representatives told Cointelegraph, “Staking with OKX enables eligible users to enjoy an APR without the hassle of setting up new nodes,” highlighting the common barriers institutions face in the crypto staking market.
They pointed out that the steep learning curve, significant time investment, and high costs of running a node are major obstacles preventing businesses from benefiting from the yields offered by digital assets.
In April, P2P.org achieved a total value locked (TVL) of $7.5 billion and launched its “staking-as-a-business” (SaaB) model, designed to lower entry barriers for institutional clients.
Alex Esin, CEO of P2P.org, told Cointelegraph, “Our objective is to assist in the establishment or amplification of staked assets within institutional products, ensuring that staking contributes a minimum of 10% to total revenue, ideally reaching 20%.”
Models like P2P’s SaaB, crypto exchange-traded products, and exchange-traded funds (ETFs) are increasingly popular among institutional investors and traditional financial institutions.
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These options enable institutional players to gain exposure to the crypto markets without needing to master the technical complexities of digital assets.
According to the recent CoinShares “Digital Asset Fund Flows” report, inflows into crypto ETFs and products reached $2 billion in May 2024, bringing the year-to-date total to over $15 billion in capital invested.
Institutional interest in crypto surged after the approval of a spot Bitcoin ETF in the United States, with major asset managers like BlackRock offering BTC exposure to their clients.
This renewed interest in digital asset investment has extended to other sectors.
Pension fund managers, for example, are diversifying their portfolios by including Bitcoin.
A recent Securities and Exchange Commission filing revealed that the State of Wisconsin Investment Board (SWIB), managing Wisconsin’s state pension system, held approximately 2.4 million shares of BlackRock’s iShares Bitcoin Trust (IBIT) and over 1 million shares of Grayscale’s Bitcoin Trust (GBTC), amounting to a $164 million investment in Bitcoin.
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Over the past 13 years, the cryptocurrency industry has witnessed 785 reported hacks and exploits, leading to nearly $19 billion in stolen digital assets since the first known crypto hack on June 19, 2011, according to a Crystal Intelligence report shared with Cointelegraph.
The largest single crypto theft remains the 2019 Plus Token fraud, where attackers netted $2.9 billion worth of Bitcoin and Ether.
More recently, in February 2024, the $290 million security breach on PlayDapp was the largest single crypto heist over the past two years.
Additionally, the JPEX investment scam in Hong Kong resulted in $194.3 million of stolen crypto, marking it as the largest single crypto fraud scheme during the same period.
Crypto hacks and exploits continue to hinder mainstream trust and adoption.
In 2024, crypto hacks are on track to surpass those in 2023, with the first quarter of 2024 seeing $542.7 million worth of stolen funds—a 42% increase compared to the same period in 2023.
READ MORE: Australia Bans Crypto and Credit Cards for Online Gambling to Protect Citizens from Financial Risks
While 2023 had the most reported crypto-related hacks, 2022 saw the biggest loss in value.
According to Crystal Intelligence, 286 exploits in 2022 led to over $2.3 billion in stolen assets.
However, the total value of stolen digital assets in 2022 was $4.2 billion, nearly double that of 2023.
The number of incidents in 2022 was 199, 30% less than the 286 hacks reported in 2023.
“Even with improved and enhanced monitoring and reporting mechanisms, illegal activity on the blockchain has continued to grow in 2023 and 2024,” the Crystal Intelligence report states.
In 2023, there were 68 security breaches, with attackers stealing over $1 billion worth of digital assets.
In contrast, decentralized finance (DeFi) hacks resulted in $835 million of stolen cryptocurrency in 2023, despite over 112 reported DeFi hacks, indicating that these incidents are smaller but more frequent compared to larger security breaches.
The largest DeFi hack in the past two years was the Euler Finance hack, resulting in $197 million worth of stolen Ether tokens.
The ten largest DeFi hacks in 2023 and 2024 accounted for nearly $579 million in stolen assets.
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Zilliqa has recently unveiled its white paper and roadmap for the much-anticipated 2.0 upgrade, set to launch on the mainnet in late 2024.
This upgrade is poised to enhance the blockchain’s functionality by increasing its speed, efficiency, and interoperability with other blockchain systems.
Central to Zilliqa 2.0 is the innovative sharding architecture, known as x-shards.
This allows for the creation of tailored blockchain applications to meet specific business and developer needs, fostering a flexible development environment on the Zilliqa platform.
Sharding is a technique that boosts the scalability and performance of blockchain networks by distributing the load across multiple smaller chains, enabling them to process more transactions without a drop in speed.
The upgrade introduces a significant shift from the proof-of-work (PoW) consensus mechanism to a more sustainable proof-of-stake (PoS) system.
This move not only reduces the network’s environmental footprint but also enhances transaction finality and security significantly.
Another key feature is the adjustable block times within the network, with the root mainnet shard boasting an impressive average block time of just two seconds.
Moreover, Zilliqa 2.0 includes a cross-chain communication hub, facilitating seamless interactions between x-shards, the Zilliqa mainnet, and other Ethereum Virtual Machine (EVM)-compatible blockchains.
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Zilliqa’s compatibility with the EVM also extends to supporting smart contracts written in popular languages such as Solidity, and integration with widely-used wallets like MetaMask.
The network maintains support for its native programming language, Scilla, allowing both Scilla and Solidity contracts to operate cohesively.
Additional features aimed at enhancing user experience include EVM-compatible account abstraction, which simplifies smart accounts and token conversions for gas fees.
The network’s revised tokenomics model, aligned with the shift to PoS, promises attractive, sustainable staking rewards and aims to curb inflation.
This roadmap release comes after Zilliqa faced several operational issues that disrupted block production on its mainnet.
Despite these challenges, the network has successfully restored full functionality.
Notably, in December 2023, a disruption caused daily blockchain transactions to drop by approximately 50%, from 61,000 to 30,906.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Central Bank of the United Arab Emirates (CBUAE) board has approved a new system for overseeing and licensing stablecoins.
In a recent meeting in Abu Dhabi, the board discussed various projects under the government’s Financial Infrastructure Transformation (FIT) program.
This initiative aims to enhance digital transactions, advance the digital economy, and foster innovation in the UAE.
Sheikh Mansour bin Zayed Al Nahyan, the UAE Vice President and CBUAE Chairman, chaired the meeting.
The attendees included Deputy Chairmen Abdulrahman Saleh Al Saleh and Jassem Mohammad Al Zaabi, CBUAE Governor Khaled Mohamed Balama, and other board members.
During the meeting, the board approved a regulation for overseeing and licensing stablecoins.
KARM Legal Consultants founder Kokila Alagh explained to Unlock Blockchain that the new regulations clarify the issuance, licensing, and supervision of dirham-backed payment tokens.
She stated, “The regulations clarify the issuance, licensing and supervision of dirham-backed payment tokens.”
Alagh emphasized that payment tokens must be backed by UAE dirhams and cannot be linked to other currencies, digital assets, or algorithms.
She added, “Merchants and service providers can only accept dirham-backed tokens and no other virtual assets.”
The meeting also reportedly included discussions on key projects under the FIT program.
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On February 13, the CBUAE announced its plan to issue a central bank digital currency (CBDC) as part of the FIT initiative.
This CBDC aims to address inefficiencies in cross-border payments and drive domestic payment innovation.
The CBUAE believes that issuing a CBDC will help position the UAE as a competitive financial and digital payments hub.
In addition to the stablecoin licensing, one of the UAE’s financial regulators recently updated its rules for stablecoin recognition.
On June 3, the Dubai Financial Services Authority (DFSA) introduced new criteria for recognizing stablecoins.
Currently, the DFSA recognizes only a few crypto tokens, including Bitcoin, Ether, Litecoin, XRP, and Toncoin (TON).
This limitation means that funds under the Dubai International Financial Centre (DIFC) cannot invest in other tokens beyond the five recognized crypto assets.
However, the revised token regime allows investing in unrecognized crypto tokens, provided the investment does not exceed 10% of the funds’ gross asset value.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) made astronomical returns, and Don’t Stop Daddy (DSDCOIN) presents a similar opportunity for a limited time.
Don’t Stop Daddy (DSDCOIN), a newly launched Solana memecoin, is poised to explode over 17,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK) and Dogecoin (DOGE) investors pour funds into this new token.
DSDCOIN will be listed on KuCoin, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Don’t Stop Daddy.
Currently, Don’t Stop Daddy can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy DSDCOIN on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Don’t Stop Daddy by entering its contract address – GqtsBS3rK2hw5CUPumQBxGVdTkttmPL94npHDY3euqZq – in the receiving field.
DSDCOIN currently has a market cap of just under $16,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The crypto space is all about decentralization, self-sovereignty and privacy, but it’s quite rare to see projects really follow this ethos. Bitcoin and Ethereum are unquestionably decentralized, but outside of those, most projects are managed more like Silicon Valley startups than decentralized communities. There is an exception: EOS, the startup turned decentralized community project.
EOS was once considered the blockchain most likely to challenge Ethereum’s dominance. Built on solid technology and designed by visionaries in the Blockchain space, it was hailed as the original “Ethereum Killer.”
Initially, the project enjoyed immense success, becoming the most successful ICO of all time in 2018, raising over $4 billion. But it was unable to adapt to the bear market and saw its market share quickly drop to near irrelevancy — so much that by the time we found real use cases for smart contracts, it was already too late.
The protocol had originally outlined ambitious goals, including the capacity to process 1 million transactions per second and hosting 1000 dApps. Unfortunately, by the end of 2019, none of these promises had been fulfilled. While chasing for greatness, Block.One, the company developing EOS, failed to make the network competitive in that state of the market, and gradually abandoned the project.
Block.One launched several spin-off projects, most notably Voice, a blockchain-based social media network, and Bullish, a centralized exchange. While Voice relied on EOS technology, it did not use the network as it existed. It was pretty clear that the company did not care about EOS and its community, and mostly coasted on the huge amount of cash it had raised prior.
With tensions reaching a boiling point, the users and backers who had believed and invested in the project decided to take action. They founded the EOS Network Foundation (ENF), a non-profit organization aimed at addressing Block.one’s mismanagement and providing financial and non-financial support to EOS.
In December 2021, under the leadership of Yves La Rose, the ENF officially severed ties with Block.one, booting its remaining EOS share and transferring $6.5 million worth of tokens to the ENF’s official account to ensure the future development of EOS.
EOS EVM
During the Block.one era, EOS was recognized for its immense technical potential, earning the nickname “Ethereum on Steroids” from its enthusiastic supporters. But one of the biggest obstacles to adoption was the EOS development experience, which simply lacked the variety of tools and existing developers to make it self-sufficient.
Under the new community leadership, EOS quickly pivoted to offering its own EVM protocol, which is deployed as a regular smart contract on the EOS blockchain. The latest version is EOS EVM v0.6.0, which provides EOS USDT as a native token and facilitates cross-chain trading and “bridge messages” between the EVM and the regular EOS VM.
The EOS EVM is exceptionally fast and provides full support with other Ethereum-based contracts, which makes it possible to run complex apps like order book exchanges.
The ENF is making concerted efforts to incentivize programmers to develop on EOS with financial and strategic support though its ENF Grant Framework, Pomelo, and EOS Network Ventures.
With that said, the EVM is a “bare-minimum” implementation of a viable blockchain today. While EOS brings interesting innovations to the EVM space, it’s difficult to stand out now. But there are other ways to use the efficiency of EOS.
EOS’ commitment to Bitcoin
Bitcoin is seeing a bit of a renaissance as Ordinals NFTs and Layer-2 solutions are starting to see some interest and traction. The benefit is that it would unlock the hundreds of billions in BTC currently not doing much of anything on the Bitcoin blockchain.
EOS has recently launched exSat, which acts as an extra layer to connect Bitcoin with EOS by using EOS’s memory (RAM) and to store Bitcoin data. This includes all kinds of information from Bitcoin, like transaction records and Ordinals NFT data.
The network is pushing hard on exSat, planning on using up to 50% of its total memory (RAM) for it. It has also recently amended its tokenomics in part to make this possible, dedicating 350M EOS ($283M) for growing the liquidity of its native RAM market and thus expanding the throughput of the network.
Other planned changes include fixing the token supply to a maximum of 2.1 billion tokens released in regular halving cycles, which is something that Bitcoin fans might find familiar.
Years of EOS development and adaptation to the current market might finally pay off. The performance of the network enables it to become an infrastructure backbone of the space, giving computing resources to projects that need it.
The story of EOS is a curious demonstration that a rough start must not necessarily lead to defeat, as long as there’s someone who’s not giving up. The strength of the community is everything, and sometimes it might lead to projects taking their own life, rejecting their original creators. For an industry as misunderstood as crypto, being resilient and decentralized might just be the only way to thrive over a very long term, and the EOS community is certainly strong on those fronts.