Swiss non-profit organization Aragon will dissolve itself and let users exchange the original token ANT for ETH.
The Aragon Association will liquidate its treasury of 86,343 ETH ($155 million), allowing users to exchange any ANT token for 0.0025376 ETH, the project wrote on Thursday rack. Users have until November 2, 2024 to exchange their tokens. After redemption, all ANT tokens will be burned, as “there is no point in continuing to hold ANT from this point on.”
“The AA arrived at the best redemption rate it could achieve for all ANT holders by identifying the most compliant and fiscally efficient path forward that will enable the continuation and protection of the project. This decision could not be put to a public vote due to legal restrictions. , in particular regulatory risks caused by token speculation and market manipulation,” the Aragon Association wrote.
The Aragon Association will maintain $11 million in funds to cover outstanding costs required for its dissolution and to hedge against regulatory uncertainty. If any unused funds remain after the dissolution, these will finance the “new product-oriented structure”.
Months of frustration
Aragon DAO members are considered legal action against the Aragon Association over disagreements with the ETH treasury and the nonprofit’s transparency. The Aragon Association had promised to bring the treasury under a voting DAO November 2022 but failed to do so.
Aragon Association is the legal manager of the Aragon Project, a platform that supports the development and management of decentralized autonomous organizations.