Aragon Association dissolves, tells holders to redeem ANT for ETH

  • The Aragon Association is the steward of the Aragon (ANT) treasury and belongings.
  • Token holders have till November 2, 2024 to redeem their ANT tokens for Ether (ETH).
  • 86,343 ETH from the treasury has been deployed for the redemptions, with the speed at 0.0025376 ETH per ANT.

Aragon (ANT) holders may have to redeem their tokens for Ethereum (ETH) for the following twelve months, the Aragon Association, a Swiss-based nonprofit supporting the venture’s improvement, has introduced. The affiliation can be the authorized steward of the ANT treasury and belongings.

What is going on with Aragon (ANT)?

The Aragon Association revealed it was dissolving amid plans to proceed the venture’s improvement in a brand new “product-focused structure.”

In accordance to an replace from the corporate, the pivot in focus means there’s no level for customers to proceed holding ANT. The affiliation  has deployed 86,343 ETH for the method, which accounts for 87% of the treasury and will probably be despatched to a wise contract that may enable autonomous redemptions on the charge of 0.0025376 ETH per ANT.

At the end of the redemption period, the redeemed ANT will be burnt and any remaining ETH will be sent to the Ethereum address of the new product-focused structure,” the Aragon Association mentioned of their announcement printed on November 2.

Token holders have till November 2, 2024 at 23:59 UTC to full the transition, after which the choice will not be accessible.

New chapter for Aragon

Aragon, which seeks to provide a user-friendly tech stack for decentralised autonomous organisations (DAOs), raised 275,000 ETH (roughly $25m on the time) in 2017. ANT additionally envisioned a token that might energy Aragon Community’s dispute decision system.

However whereas there have been successes such because the Aragon Nest grants program and launch of the DAO framework aragonOS, the venture confronted key challenges in lots of different objectives. For example, they failed to create a a lot hyped courtroom system for DAOs and an appchain on the Cosmos blockchain.

The nonprofit additionally failed to galvanise its efforts, regardless of the bull market seeing the treasury develop considerably. In accordance to their announcement, “bureaucratic complexity, misaligned stakeholders, and failed attempts at modifying the governance increased tensions within the project.”

An effort to vest the treasury’s management to ANT holders failed as customers, companions and builders held solely a fraction of the ANT provide. This meant a “volatile gap existed between the value of the treasury and the token market cap,” an outlook that jeopardised Aragon’s mission.

A publish on X famous the venture wants a complete reset.

The Aragon token worth was $4.58 on Friday, down greater than 68% from its all-time excessive of $14.64 reached in April, 2021.

DailyBlockchain.News Admin

Our Mission is to bridge the knowledge gap and foster an informed blockchain community by presenting clear, concise, and reliable information every single day. Join us on this exciting journey into the future of finance, technology, and beyond. Whether you’re a blockchain novice or an enthusiast, is here for you.
Back to top button