afaiu this was the default for cosmos chains, and solana ran with it too
celestia is the CT scapegoat for this but they basically just plugged in the cosmos module (i.e not premeditated)
the real difference here is the lead investor (polychain) relentlessly selling at weekly lows in size
which eventually forced the foundation to step in to buy back and redistribute
yes, mistakes were made, but it’s not a good reason to write celestia off per se
the right way to view this is you now have the opportunity of a lifetime to buy a quality asset at a private round price point
Friendly reminder that if you design your tokenomics to optimize investor profit vs bootstrapping a successful network you get exactly that.
Letting locked tokens be “staked” to earn emissions, then allowing said profits to be sold immediately is the mother of all grifts. It’s designing your product so the professional mercenaries who don’t believe in it could extract from the innocent people who do.
Shame on the projects and VCs who participated in such schemes. Now your chain will die a slow death.
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