TechFlow news, May 31 — Azuki researcher wale.swoosh recently tweeted that over the past year, Moonbirds' floor price has dropped more than 95% from its peak of 40 ETH. There are six main reasons behind this:
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PROOF's former COO Ryan Carson left the project just days after the token mint, and the reasons remain unclear. However, the issue lies in Ryan’s frequent inappropriate behavior, which had already damaged PROOF’s reputation.
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The concept of "soft staking" introduced by Moonbirds was promising, but the hatch rewards failed to meet expectations.
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Moonbirds initially held a license similar to BAYC. But in August 2022, the team decided to switch to a CC0 license without consulting the community, leaving holders feeling betrayed.
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Earlier this year, PROOF canceled the highly anticipated PROOF Conference and abandoned Highrise and the Moonbirds token from its metaverse roadmap. To the public, the project’s vision appears to have vanished.
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PROOF placed nearly 50% of its total reserve funds in Silicon Valley Bank, which later went bankrupt. Although these funds are currently safe, this has raised concerns about financial responsibility, particularly poor communication and risk management.
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Excessive hype in the past created a significant gap between expectations and reality.
