The Jade Protocol is a real mess right now. Most stakers have fled, and there is a small community of holders still clinging to hope. Last week we thought JADE was at rock bottom, but this week we see JADE dipping even LOWER, selling for as low as $30.00! All while the rest of the market is pumping really nicely.

Is This a Rug Pull?

Many investors are calling this project a Rug Pull. I can't say I agree with that quite yet. Jade is a team who based their entire narrative off of anti-rug, and anti-VC concepts. The Jade team releases marketing materials covered in slogans like , "Fuck VCs". The project refuses to accept any pre-minting, pre-buying or early perks for rich investors. Jade promised to always treat all invetors in a fair launch, with a fair fork of Olympus DAO. The Jade team even claimed some sort of relationship with Smart Coin and the Fair Launch Foundation (whatever that is.)

Then What is the Problem?

The Jade Team is an in-decisive mess, who refuses to focus on any sort of direction.

At first, the Jade Protocol started out as a Treasurey DAO forked from Olypmus DAO. Anyone who chose to buy their JADE at a discount was actually helping to fund a Treasurey that the team would use to back the JADE the token with real assets.

After about 2 weeks of giving that a solid try, the Jade team switched directions dramatically on investors by no longer backing Jade with assets, and no longer acting as a Treasurey. Rather, now the Jade team planned on using their Treasurey to act as Ventuer Capitalists themselves.

Remember their slogan of "Fuck VCs"? Despite Jade's self-described hate for VCs, now they want to become one!

Right around this same time, they started to offer weekly Air Drops to stakers. Jade set forth a huge plan to drop millions in BUSD straight to the wallets of staked investors. As I reported here at Steemit, the Jade team was over a day late on their first Air Drop.

I received 10 BUSD in that first Air Drop and that first Weekly Air Drop would also be their last. After promising free money to all investors for weeks, the Jade team announced yesterday that they would no longer be supporting weekly Air Drops at all. LOL!

All of this explains why the token has dropped from $600, to $30 in less than 2 weeks.

It is not a rug pull, rather, this is just amateur hour. I still believe in the project but they clearly need to do some re-structuring, and some better hiring. The in-decisive nature of the current project leaders is sending their investors straight to the poor house.

The Jade needs to wake up if they expect to stay relevant in this space.