Rather than returning Solana based in Solana, non-fantable token platform Metaplex, has called on the Treasury to clean up plans to follow the plan, suggesting that following the plan could put a risk of lawsuits.
Last year, Metaplex, an NFT protocol, discovered a way to reduce the amount of on-chain storage required for a particular NFT. By resizing the NFT, Solana NFT holders can claim a small amount of SOL.
In October, Metaplex said that Metaplex Token Metadata (TM) NFT holders could “resize optimizations” for all TM accounts with the April 25 deadline.
Those who did not voluntarily do it by the deadline automatically transfer excess solutions to Metaplex DAO, and there is a way that they have not yet been determined.
However, Berwick criticized the company’s plan to sweep unclaimed funds to the DAO Treasury, instead of returning them to NFT holders.
“Many miners have never received a clear notice that these Landerts could be swept, let alone detouring to the Treasury Department that they don’t control,” Berwick said in an open April 22 letter to the Metaplex and the wider Solana community.
Berwick said that over 54,000 Sol tokens are at risk, and only 7,043 Sol is claimed, according to the Metaplex website. At current market prices, no more than $6.5 million has been charged.
Berwick said many of the NFT collectors it represents share “deep concerns” about the plan.
Berwick added that Metaplex’s plans “erode trust” and “violate the sympathy of the code.”
“The code is law” works only when the rules are clear and immutable. If the protocol can rewrite yesterday’s deal tomorrow, decentralized persistence will holling. ”
Berwick said such a move could potentially qualify for the victim if the court finds the sweeps constitute an unfair enrichment or violate the Consumer Protection Act.
Metaplex has not responded to Burwick’s X post. Cointelegraph contacted Metaplex, but did not receive an immediate response.
Metaplex said unclaimed SOL could be used by DAOs to vote for airdrops, distribute grants to ecosystem builders and distribute them to other initiatives.
Burwick sells what Metaplex should do instead
Crypto’s lawyers advised Metaplex to directly refund current NFT holders while retaining 10% of the “slack” network maintenance prize money.
“The 90/10 split protects users, preserves DAO funds and proves that the Solana ecosystem can self-adjust in court.”
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Burwick noted that other Defi protocols solved similar problems like this.
The lawyer said there is still plenty of time for Metaplex to implement such a strategy and avoid litigation that could cause funds to freeze.
“The ball is on the courts of DAO. Let’s show the world that Web3 will revise its own course and reach the establishment principles of transparency, immutability and fair dealing.”
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