Several points here:
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The Algorand Foundation (AF) is being radically transformed. The AF you know from pre-Staci was fairly weak, ineffective, and lacked the proper experience and leadership. Since Staci joined, the AF has grown in size, hired fantastic people, started doing more, genuinely making much better progress.
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It’s a bear market. In general, people are not getting into crypto when its 80% down, while they are also seeing their 401ks, stock market portfolios, and other assets all sharply declining with warnings of a recession. There’s not a lot of net-new crypto folks coming into the space. The idea is to be built out and ready for the next bull run and influx of users, while connecting with enterprises and governments to build out REAL use cases.
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The Hodlnaut Fiasco was an investment originally made by Sean Lee, previous CEO of the AF. Did Staci leave the money in there when she got there, yes. But imagine you’re hired into a new position to lead an entire foundation with a million moving parts…that had so many things wrong with it. It was understaffed, lacked talent in certain areas, wasn’t connected to the community…you’re going to come in and fix all of the highest priority items that take a long time to self-correct…which is what you’re slowly seeing now. What you’re not going to do is go through every investment the AF made, re-evaluate it, and do extreme Due Diligence…enough to uncover the Hodlnaut issue…in the first 4-6 months of joining. Does that mean Staci doesn’t deserve any blame? Absolutely not. She is responsible for the AF and its investments, and she took the blame for it…not even mentioning it was the previous CEO who made this investment and she was just keeping what was a seemingly working investment, going.
Give it time, the ship is going in the right direction. The only thing that still needs a serious fix that hasn’t really begun, is Governance. Everything else is at least trending in the right direction with better and expanded hiring with people like John Woods coming into the org. Results take time, and no matter what the AF does, short of getting Elon Musk to say Algorand is the one chain to rule them all as if he were Sauron…nothing is pumping Algorand’s price or adoption in the near term until macro situation changes. Keep building.