- Verasity (VRA) holders are up in arms as the chain’s foundation unilaterally decided to split its ecosystem, increase token supply, and abandon its previous roadmap.
- The controversy caused the VRA token to lose more than 45% of its price in a week.
Verasity Foundation Nixes Plans and Roadmap
The Verasity Foundation announced on Monday (UTC) that it is steering away from its initial plans and roadmap to implement several changes to jumpstart the VRA ecosystem. According to its core team, it has elected against migrating the PoV (Proof of View) tokens away from its existing Ethereum (ETH)-based smart contract.
PoV tokens, also called “Marker Tokens,” are special-purpose assets that are distinct from VRA tokens. They’re not tradable like VRA and are used to verify and audit advertising data for authenticity, fraud mitigation, and bot prevention.
In a sudden twist, Verasity has retained Ethereum as the foundation for all PoV operations and abandoned its plans for a Tron (TRX)-based stable-like economy. What got its community fuming, though, was its move to increase VRA’s maximum supply to 200 billion.
The organization explained that its adjustment was a necessary measure to support PoV activities, ad stack operations, and future demand. What’s worse, it introduced a new token called PLRL with a hard cap of 10 billion tokens as a solution to VRA’s limitations, while referring to VRA as a legacy or “dinosaur” project.
If the triple or quadruple whammy wasn’t enough of a headache for its community yet, it topped off its shocking announcement with a notice stating that its concluding actions supersede all its previous tokenomics designs and roadmaps.
A vast majority of the VRA community cried foul over the uncalled update, which totally veered from the Verasity Foundation’s promises to investors. Some questioned the point of its governing body’s series of token burns and buybacks in the past, which it has now rendered pointless by the sudden influx of token supply.
Meanwhile, long-term holders who had believed in Verasity’s original vision and infrastructure felt betrayed by the sudden rule revision, which completely ignored their supposed governance rights. Additionally, the same people now have to face the fact that the controversy around the foundation’s update has diluted their holdings. Others even said that they are exploring possible legal remedies to hold the Verasity group accountable for their actions.
The issue left VRA tanking by more than 45% to 0.00012 over the last seven days heading to Tuesday evening (UTC).
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