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Any source for the coin stuff? Never read about it
You could even argue it with the data structures and the protocol itself: Modelling chat rooms as graphs ("directed acyclic graphs"), which need to be eventually consistent from beginning to end is plain madness for big and long-living public spaces. This blog post is a good collection of some of the major problems coming from that: Why not Matrix? - telegra.ph
They (Element / New Vector) got a major early investment in 2018 from Status, a cryptocurrency/web3 company, and later in 2021 an even bigger one in relation to Protocol Labs, who peddle their own cryptocurrency.