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CyberConnect To Overcome Setbacks With New Proposal

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.

CyberConnect To Overcome Setbacks With New Proposal 2

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.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.