September 02, 2023 Dear CyberConnect community members, On 01/09/2023, our peers in the community brought to our attention a slip-up in the first proposal at Cyber DAO. Although we acted quickly to void the proposal, it wasn’t fast enough to quell the rumor mill of crypto Twitter, which filled t

**September 02, 2023**

Dear CyberConnect community members,

On 01/09/2023, our peers in the community brought to our attention a slip-up in the first proposal at Cyber DAO. Although we acted quickly to void the proposal, it wasn’t fast enough to quell the rumor mill of crypto Twitter, which filled the market with fear, uncertainty, and doubt around CYBER. We take full responsibility for this mistake and are introducing safeguards in place so events like this are never repeated again. We assure the community that the rumors regarding CYBER token manipulation and market control triggered by incorrect token circulating supply are unfounded.

With this statement, we want to communicate with you directly and clear the air around this volatile and rapidly changing situation.

Since early this week, we have seen a surge in demand for CYBER in Korea. Due to the major Korean exchanges currently only supporting deposits and withdrawals of CYBER on Ethereum,   this dynamic, unfortunately, seeded a precarious market situation, creating unprecedented price differences in CYBER across exchanges. As almost every other exchange around the world ran low on CYBER supply on Ethereum, we noticed concerns and complaints from the CyberConnect community about CYBER’s availability in the markets. Therefore, we introduced **[CP-1] CYBER Multichain Liquidity Balance** proposal in Cyber DAO to address this volatile situation and make access to CYBER equitable and fair across exchanges.

The proposal had one objective - to optimize CYBER liquidity across three networks (ETH, OP, and BNB) by deploying a bridge and addressing the significant imbalance of token distribution among users and exchanges. The proposal was intended to contain the undesirable situation where CYBER on ETH has a large premium versus CYBER on BNB Chain or CYBER on OP, and ultimately make the price discovery for the token more efficient. Unfortunately, there was a slip-up in the proposal addressing the currently unlocked amount of CYBER in the community treasury, causing confusion and ultimately requiring nullification. The most updated state of CYBER unlocks and circulating supply is readily available on this [Dune](https://dune.com/cyberconnecthq/cybertoken) dashboard.

To be clear, a bridge, as proposed in [CP-1], remains the best available avenue for the CyberConnect community to ensure a healthy balance in token liquidity across the three networks on which it is deployed. This bridge will allow us to ensure this healthy balance without unlocking any new CYBER or altering the token’s current circulating and total supply. CYBER on Ethereum, Optimism, and BNB Chain is the same token, and with no mechanism for bridging, will always remain vulnerable to precarious market conditions, as we have witnessed in the past couple of days.

Here’s what we’re going to do to rectify this situation and ensure this is never repeated again:

**1.** A new, updated proposal will be introduced in Cyber DAO to receive the community’s sanction for a bridge so CYBER can be bridged freely across Ethereum, Optimism, and BNB Chain. The proposal will have a multiple-day voting period to allow for proper review and discussions.

**2.** An external, reputable expert will be appointed to conduct a security audit for the bridge before being deployed to ensure the maximum safety of community treasury funds.

**3.** This [Dune dashboard](https://dune.com/cyberconnecthq/cybertoken) has been set up to provide a clear view of CYBER’s total and circulating supply at all times and the multi-sig wallets where the unlocked tokens are held.

CyberConnect is on a mission to decentralize social networking on the Internet and remains steadfast in its commitment to transparency, community, and decentralization. A hard yet non-negotiable part of this commitment is to accept mistakes and learn from them. All community members can rest assured that the fundamental foundation for CyberConnect remains strong. While unpredictable market movements might distract us in the short term, in the long run, CYBER’s real success lies in its community, its ecosystem, its industry-leading products, and its unwavering commitment to its vision of a better internet. 



A Statement on CYBER Bridge and CP-1


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