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Dragonfly Partner: Zcash currently still needs a development fund, but it should terminate after the protocol is solidified

Dragonfly Managing Partner Haseeb Qureshi commented on the controversy surrounding the Zcash development fund, stating that the Zcash community has positioned itself as "the crypto version of Bitcoin" and has refused to continue adding more features to the protocol. To become a reliable store of value, Zcash ultimately needs to achieve protocol finality, but it still needs to advance Tachyon, quantum resistance, and comprehensive formal verification required to address AI network attacks, making it unsuitable for finality in the next one to two years.The development fund has played a necessary role during the phase of lacking private funding to support Zcash development, and under current rules, it will expire in 2028. However, as the price of ZEC has surged significantly, the scale of the fund has expanded by an order of magnitude; once the fund exceeds 100 million dollars, it will inevitably move towards institutionalization and face the risk of the allocation mechanism being politicized.He advocates for the continued retention of the development fund at this stage to complete the remaining technical work before protocol finality, but this round should be the last round of the development fund. Once Zcash meets the conditions for finality, the fund should gradually wind down rather than continue seeking new funding projects; future development needs can be spontaneously funded by holders and ecosystem supporters, similar to Bitcoin.In terms of governance, Haseeb does not support voting solely by token holders, believing that a store of value asset requires policy predictability, and pure token governance is too volatile. He supports limited participation by holders and believes that committee governance, while flawed, may be a more feasible solution. Haseeb also disclosed that Dragonfly holds ZEC and that he himself is a ZODL investor, but ZODL will not directly benefit from the development fund.

first_img Solana ID announced shutdown, the national treasury SOLID has been destroyed

The Solana ecosystem identity and user incentive project Solana ID announced that it will gradually shut down its operations. Solana ID Hub, API services, and Solana Display Network will cease operations by the end of September 2026, and no new collaborations are being accepted at this time. User data will be deleted by the end of this year, and related mailing lists will also be cleared, unless users actively choose to join new mailing lists unrelated to Solana ID.The team stated that the project had launched the SOLID Priority Pass, completed token sales for SwissBorg and BorgPad, and launched the Hub to attract over 17,000 users, while continuously conducting collaborative activities and SOLID Talks. However, difficulties in cold-starting the bilateral market, long supply cycles for rights, and challenges in attracting top application traffic to the display network, combined with reduced marketing budgets in the bear market and limited financing options, ultimately led to the decision to cease operations.All SOLID held in the company's treasury has been destroyed, accounting for approximately 73.78% of the total token supply. The tokens remain on-chain, and the liquidity pool is in a locked state. The team expressed an open attitude towards selling the brand and technology, and stated that members will continue to deepen their involvement in the Solana ecosystem.
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