Aragon Society dissolves, tells holders to redeem ANT for ETH.
The Association of Aragon is the manager of the treasury and assets of Aragon (ANT).
Token holders have until November 2, 2024 to redeem their ANT tokens for Ether (ETH).
86,343 ETH from the treasury was distributed for redemptions, the amount is 0.0025376 ETH in ANT.
Aragon (ANT) holders will have to redeem their tokens for Ethereum (ETH) for the next twelve months, according to the Swiss-based Aragon Association, which supports the project's development. The Association is the legal custodian of ANT's treasury and assets.
What is happening in Aragon (ANT)?
The Aragon Association said it was disbanding amid plans to continue the project's development with a new “production-oriented structure.”
According to the company's update, the pivot in focus means there is no point in users continuing to hold ANT. The association deployed 86,343 ETH for the process, which accounts for 87% of the treasury and will be sent to the smart contract, which will be automatically redeemed at 0.0025376 ETH in ANT.
“At the end of the redemption period, the redeemed ANT will be burned and the remaining ETH will be sent to the new product-specific structure Ethereum address,” Aragon Association said in an announcement published on November 2.
Token holders have until November 2, 2024 at 23:59 UTC to complete the transition, after which the option will no longer be available.
A new chapter for Aragon
Aragon, which seeks to provide a user-friendly technology stack for decentralized autonomous organizations (DAOs), raised 275,000 ETH (around $25 million at the time) in 2017. ANT also envisioned a token that would power the Aragon Network's dispute resolution system.
But despite successes such as the Aragon Nest grant program and the launch of the DAO framework aragonOS, the project faces key challenges in several other goals. For example, they failed to create a multi-pronged court system for DAOs and Apchain on the Cosmos blockchain.
Although the bull market saw the treasury grow significantly, the non-profit failed to fuel its efforts. According to their announcement, “bureaucratic complexity, misaligned stakeholders and attempts to fix governance problems have added to the tension in the project.”
Efforts to hand over control of the treasury to ANT owners have failed as users, partners and developers only hold a fraction of the ANT supply. This means that “there was an invariable gap between the value of the treasury and the market capitalization of the token,” a view that jeopardized Aragon's mission.
A post on X notes that the project needs a total reboot.
The new start includes the following
• ANT <> ETH redemption targeting 100% ANT supply, valid for 1 year. No longer intent to hold ANT • @AragonAssoc dissolved • New product-focused structure under control of industry leaders
All to continue building the best DAO tool.
— Aragon 🦅 (@AragonProject) November 2, 2023
Aragon's token price was $4.58 on Friday, down more than 68% from its all-time high of $14.64 reached in April 2021.
