Many people are shocked by the recent revelations in the crypto space, how the mighty have fallen. Our readers have requested our thoughts on the current events. Although HelloDAO is focusing on DAO outside the crypto world, it still saddens our heart to hear about the financial impact on people who are unable to withdraw their funds from FTX. The fall of crypto trading exchanges or blowups from over-leveraging aren’t uncommon, but hearing people comparing the fall of FTX to Lehman Brothers in 2008 is extremely disheartening. In our opinion, the entire reason bitcoin was created was because people wanted financial transparency in order to prevent another Lehman moment. “Lehman moment in crypto space” should be an oxymoron, and yet here we are again.

     This article won’t be an article that points out the fault of someone, or what could have been done better because there are already countless articles that do that. What this article will do, however, is reiterate the importance of transparency, the original purpose of cryptocurrency, and show that there is a silver lining in everything.

     The aftershock from the collapse of FTX empire is still happening. Once the industry calms the storm (it always has), I predict all the discussions will be shifted towards how we can trust again, especially in this industry. We trusted Do Kwon Luna’s high net worth and SBF’s high profile and media attention, but they unabashedly proved us wrong. The ultimate test for trust is no longer high net worth, high profile, or high media attention. Many people don’t know how to trust or who to trust after watching billions of dollars evaporated in days’ time. After the FTX debacle, we have seen exchanges such as Binance, Crypto.com and Huobi scrabbling to release their “proof-of-reserves” wallet addresses in order to boost trust. In our opinion, an alternative solution is already here. DAO is the ultimate key to solve the puzzle of trust. We are not here to advise you on who to trust, but how to trust. Trust not human, but code. The trust formed in a DAO is concrete, proof-based, and efficient. It’s our job to make DAO easy and accessible to everyone.

Last but not least, in case you are wondering, HelloDAO is still in it for the tech ;) HelloDAO doesn’t take sides; nor does it choose to participate in the CeFi vs. DeFi debate. The difference between blockchain technology and blockchain token must be made clear. Many people assume buying a specific token automatically grants them a promise to something great, but that’s not true. Most importantly, HelloDAO will never become the likes of Terra, 3AC, or FTX, because we believe in empowering individuals by distributing power and knowledge to the general public.