Myth, a blockchain platform for programmable mental property (IP) with $23 million in total price locked, is drawing criticism from the crypto neighborhood following co-founder and CEO Jason Zhao’s announcement that he’s stepping down after three and a half years with the mission.
Zhao stated on X on Aug. 16 that his decision permits him to take into account about Poseidon, a venture applying synthetic intelligence (AI) to industries admire science and house.
Following the news, Myth’s native token, IP, is procuring and selling at $5.70, down 2% on the day and over 11% on the week, in step with CoinGecko.
Beneath Zhao, Myth grew from a whiteboard sketch into a platform supporting IP from producers akin to Balmain and BTS, and attracted extra than $130 million in funding from customers alongside with Andreessen Horowitz (a16z), he printed within the post. The protocol has moreover facilitated nearly 44 million transactions thus some distance, in step with Myth Blockchain.
Irrespective of those achievements, some within the crypto neighborhood reside skeptical of Myth.
Adam Cochran, a accomplice at Cinneamhain Ventures (CEHV), an activist venture capital agency, criticized Myth in an intensive thread. Cochrain called it an example of a “tier 1 backed VC company” the place founders with prestigious backgrounds elevate tall sums, hire roles admire a chief AI officer for a non-AI startup, indulge in few users, exit by over-the-counter provides, and “step back” gorgeous sooner than vesting renews.
Cochran famed that Myth made simplest $24 in earnings on Aug. 15 and argued that commerce trip is typically lost sight of in desire of flashy presentations to high VCs. The protocol brought in proper $23 in earnings the previous 24 hours, per DeFiLlama. Irrespective of this, IP at the 2nd boasts a fully diluted valuation (FDV) of nearly $6 billion.
“Founders who know their commerce in and out, aren’t flash within the pan and spent a protracted time of their field, salvage omitted for the subsequent Stanford exiguous one with buzzwords who locations on a impart,” Cochran stated. “The pitch has moreover by no manner made sense to someone who has genuinely worked with IP licensing.”
Popular crypto trader @cryptopathic, who previously worked with Contain the Doge, moreover criticized Myth’s platform, pronouncing it “would be in actuality unimaginable to work with Myth with out locking ourselves into their framework” and adding that they were “now not mindful about someone in this commerce who has benefitted from their platform.”
In the intervening time, X particular person @SmokeyTheBera – an yarn associated with Berachain – speculated that Zhao become once “lowkey pushed out gracefully to defend up away from the next predicament in a face saving manner.”
Whereas Seung‑Yoon Lee is anticipated to change Zhao as CEO, the Myth co-founder will reside a strategic consultant.
The announcement comes proper weeks after Grayscale, among the absolute top crypto-centered asset managers, offered an investment belief for IP. The brand new investment automobile is designed to present approved customers say salvage admission to to Myth’s token, at a time when the worldwide mental property market is estimated to be price over $80 trillion.
The IP token launched in February – significantly, extra than 50% of the initial token distribution become once allocated to the group, early customers, and foundation.
Handiest spherical 30% of the IP present is at the 2nd in circulation, with well-known token unlocks on the horizon.
