Rook (ROOK), an open payment protocol altcoin that leverages algorithmic strategists to maximize the value of executed trades, has seen a significant price increase.
The reason behind this increase is seen as a vote that ends Tuesday, aimed at separating the technological infrastructure of the project from the management token.
The voting proposal envisions Rook's nearly $50 million cryptocurrency treasury split between Rook's main founders and a new community-led entity called the Incubator DAO.
The Incubator DAO will be responsible for funding and supporting new projects using Rook technology.
This split will allow Rook Labs to focus on developing and improving the core protocol, while providing greater autonomy and incentives to the community to create new use cases and applications for Rook. The proposal also proposes rebranding Rook as Rook Protocol and launching a new website.
ROOK's rising altcoin price and discussions about the future of the project have attracted many investors, some of whom are voting with their newly acquired coins. In the vote to create the Incubator DAO, the largest single "yes" position was voted by a wallet controlled by crypto project TempleDAO.
The altcoin has nearly tripled in value since late March, when Hazard, the anonymous CEO of Rook Labs, told the DAO that he would not be able to share the project roadmap.
*Not investment advice.