The Aragon Association, a Swiss non-revenue organization, has announced the dissolution and liquidation of ANT tokens.
Aragon Association dissolved, liquidation of ANT tokens announced. Photo: Aragon web-site
In Notification On November two, the Aragon Association (AA) announced the determination to liquidate the complete treasury fund well worth 86,343 ETH (around $155 million). At the exact same time, making it possible for end users to convert their ANT tokens to ETH at the fee of one ANT equivalent to .0025376 ETH.
We have an significant update for all interested events @AragonProject. We passed a resolution to:
– Distribute the vast majority of the treasury to permit all ANT holders to redeem their ANT into ETH
– Dissolve the AA
– Continue the mission in a merchandise-centered frameworkhttps://t.co/S0GjRtzhZJ
— Aragon Association (@AragonAssoc) November 2, 2023
The deadline for end users to redeem is from now right up until November two, 2024. After this stage, all ANTs will be burned permanently and will no longer have any worth.
The undertaking additional that it is not attainable to vote in favor of this determination due to legal constraints, in certain the hazards associated to speculation and market place manipulation.
Additionally, the Aragon Association will retain $eleven million for “protection” and to spend other resulting costs. If this revenue stays soon after the dissolution is finished, they will use it to produce new solutions.
Previously, Aragon DAO had meant to consider legal action towards the Aragon Association for the reason that it was dissatisfied with the organization’s management of money and transparency. The association also promised to permit the DAO to vote on the treasury in November 2022, but did not do so.
>> Find out much more: Aragon and the controversies in excess of the DAO Treasury fund
The Aragon Association is the developer of the Aragon undertaking, a platform that supports the advancement and management of decentralized autonomous organizations (DAOs).
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