CyberConnect To Overcome Setbacks With New Proposal

Key Points:

• CyberConnect acknowledges a recent proposal error that triggered market panic and assures the community of its commitment to rectifying the situation.
• The platform introduces the CP-1 CYBER and aims to improve CYBER token flow across networks.
• To regain trust, CyberConnect plans to involve external experts in security audits.

CyberConnect, the Web3 social graph protocol, issued a statement today addressing concerns related to the CYBER token and the CP-1 proposal on CYBER Bridge.

The statement comes after an error in the initial proposal on September 1 caused market turmoil and sparked questions about CYBER’s stability.

The community had raised concerns about the error, leading to the rapid withdrawal of the proposal by developers. However, market uncertainty persisted. CyberConnect‘s official team has taken full responsibility for the oversight and is actively implementing measures to prevent such incidents in the future.

Notably, the company emphasized that rumors surrounding CYBER token manipulation and market manipulation are baseless. This week, CYBER tokens witnessed a surge in demand within the Korean market, driven by price disparities.

Major Korean exchanges currently support CYBER deposits and withdrawals only on the Ethereum network, contributing to these discrepancies.

To address these challenges, CyberConnect introduced the CP-1 CYBER multi-chain liquidity balance proposal within CYBER DAO. This proposal aimed to optimize CYBER token flow across the Ethereum, Optimism, and BNB networks through a cross-chain bridge.

However, the proposal contained an error regarding the amount of unlocked CYBER in the community vault, leading to its rejection.

CyberConnect is a Web3 social network. It lets developers create social applications that give users control over their digital identity, content, connections, and revenue thanks to its decentralized and composable protocol.

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