The Crypto law firm Burwick Law called Solana not based on the token platform Metaplex to sweep the unacceptable Solana (SOL) in its ark instead of returning it to investors, suggesting that it could be at risk of trial if it followed the plan.
Last year, the Metaplex, an NFT protocol, discovered a way to reduce the volume of onchain storage required for some NFT. By changing NFT size, Solana NFT holders can claim a small amount of sol.
In October, Metaplex said the Metaplex Token Metadata (TM) NFT Holders could conduct a “Size of Opposition” for all TM accounts with a deadline of April 25th.
Those who do not make the deadline volume will have their excess solo transferred to the Metaplex DAO automatically, how they will be used to determine.
However, Burwick has criticized the company’s plan to sweep the unspecified funding to the DAO Treasury instead of returning it to NFT holders.
“Many Minters have not received a clear notice that these lamports can be overwhelmed, let’s move on to a ark of a treasury they don’t control,” Burwick Says In an open letter of April 22 at the Metaplex and the wider Solana community.
Burwick said more than 54,000 Sol tokens were at risk, and According to On the Metaplex website, only 7,043 are claimed. In current market prices, more than $ 6.5 million remains unimaginable.
Burwick said that much of NFT collectors It represents sharing “deep concerns” about the plan.
Burwick added that Metaplex’s plan of “Erode Trust” and “violates the spirit of crypto.”
“The ‘Code is law’ only works when the rules are clear and irreversible. If a protocol can rewrite the deal yesterday tomorrow, the promise of decentralized permanent ring hollow.”
Burwick says such a move can give the victims a right to restore if a court Consumer protection laws.
Metaplex did not respond to Burwick’s X Post. Cointelegraph reached the metapplex but did not receive immediate response.
Metaplex Says Unusual Sol can be used for DAO to vote on airdrops, distribute grants to ecosystem builders, or other initiatives.
Burwick pitches what the metaplex should do
Crypto lawyers advised Metaplex to pause the plan and refund directly to NFT holders while maintaining a “moderate” network retention Bounty by 10%.
“A 90/10 split protects users, maintains DAO funding, and proves that the Solana ecosystem can regulate itself – without a court room.”
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Burwick mentioned that other Defi protocol Similar issues have been resolved in this way.
Lawyers said there is still a lot of time for Metaplex to perform such an approach And avoid the trial where the funds can freeze.
“The ball is in the DAO court. Let’s show the world that the web3 corrects its own course and lives up to the principles of transparency, immortality, and fair deal.”
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