The Red Whale that Killed the Ocean DAO

The author, Tim Daub, describes how the OceanDAO, a token-holder-voted grants pool for Ocean Protocol, lost trust during its round 10, which he calls the "red whale" round. An anonymous account downvoted nearly all proposals with millions of dollars, leaving it unclear whether any project would be funded that month. Anonymous Telegram accounts told him they wanted to burn the round's pool because there were too many scammy projects and token investments were too inflated. The official Ocean Protocol explanation blamed early token investors, but the voter analysis was never published and the whale's identity remains unknown. The OceanDAO was later discontinued, and OCEAN's market cap fell from about $400M to $300M lost.