Self Chain: Leadership Transition Marks Renewed Focus On Decentralization And DAO Governance
In Brief
Self Chain has announced a leadership change and renewed focus on decentralization as it moves toward a fully community-governed DAO structure.
Layer 1 blockchain that employs a modular, intent-centric access framework, Self Chain announced a leadership transition in response to recent developments that diverged from its foundational direction. The shift is intended to reinforce the project’s long-term commitment to decentralization, transparency, and community-led development.
The announcement confirmed the formal termination of Ravindra Kumar’s role as CEO. He will no longer be associated with Self Chain in any capacity. In contrast, the remaining founding members continue to support the original vision and remain actively involved in the project’s development.
Self Chain is currently advancing toward becoming a fully decentralized autonomous organization (DAO), with governance processes underway to establish transparent, protocol-based, and community-directed decision-making structures. This move is seen as a key phase in solidifying Self Chain’s position as a secure, community-focused Layer 1 platform.
Further information regarding the DAO framework, future roadmap, and subsequent developments is expected to be released soon, the platform noted in the announcement.
The statement followed widespread user claims that Ravindra Kumar was involved in a prolonged operation that allegedly resulted in losses exceeding $50 million.
Ravindra Kumar had previously denied the accusations, calling them entirely baseless and stating that his legal team would address the matter. The suspected scheme began gaining attention in November, when brokers started offering discounted over-the-counter Telegram deals involving tokens such as GRT, APT, and SEI, and incentivized participation with assets like SUI. Despite public warnings—such as one in May from Mysten Labs co-founder Adeniyi Abiodun, who clarified that no discounted SUI allocations existed—investor interest continued.
Eventually, the entity behind the scheme failed to fulfill large token transactions, including SUI and NEAR, and reportedly used new contributions to meet earlier obligations, consistent with the characteristics of a Ponzi scheme.
Self Chain Advances Web3 With AI-Powered Intents, Keyless Wallets, And Modular Layer 1 Infrastructure
Self Chain is a modular Layer 1 blockchain designed to serve as an AI-powered intent layer for Web3, aimed at simplifying blockchain interactions. By integrating keyless wallets based on MPC-TSS and account abstraction, along with intent-driven automation and multi-chain compatibility, the platform seeks to reduce complexity and enhance accessibility, autonomy, and security in the Web3 environment.
Through keyless wallets and AI-enabled intent execution, users can onboard, manage assets, and engage with decentralized applications (dApps) without directly handling private keys or navigating intricate transactions. The platform’s AgentFi infrastructure facilitates autonomous AI agents capable of executing on-chain transactions, optimizing decentralized finance (DeFi) strategies, and operating across multiple ecosystems. In parallel, the PayFi system supports real-time blockchain-based payment solutions, designed to meet the functional needs of a fast evolving global economy. For developers, Self Chain offers a suite of tools—including the Intent SDK, Keyless Wallet SDK, and account abstraction plugins—designed to support the development of AI-integrated applications with a focus on security and efficiency.
Recently, Self Chain announced the completion of a security audit of its Cosmos SDK-based implementation, conducted by Oak Security. The audit covered key modules, including CosmWasm smart contracts, permission controls, and upgrade mechanisms, all of which now meet the required standards for production use. This milestone represents an important step toward the platform’s upcoming mainnet launch.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
