Azuki Dao turned into ‘Bean’ when he stopped charging the founder
Azuki Dao, who has dropped a $39 million lawsuit against NFT cluster founder Zagabond, has announced that he has named an unofficial community-based decentralized autonomous organization called “Bean” around a non-sacrificing token pool.
In a statement sent to Cointelegraph, Azuki developers will rebrand the DAO to the memecoin project and become part of Ethereum's Layer-2 explosion ecosystem. Developers also say that Bean has secured $10 million from “prominent investors” for development and the Speed Blast ecosystem.
The proposed Bean memecoin will have a total supply of 1 billion. Forty percent of the tokens are allocated to the Treasury, 50% to Azuki DAO members and 10% to Azuki NFT creator Zagabond. Mining is only available to Azuki NFT holders, who must do so within 24 hours of token launch or face “token burn”.
The Azuki NFT collection represents 10,000 anime-themed profile pictures (PFPs). In June, a second series of 10,000 PFPs in the Azuki collection, titled “Elementals”, was released by Zagabond. Soon after its release, however, users noticed the similarity of Elemental PFPs to Azuki PFPs, causing the latter to melt away with increased supply.
Immediately after the release of Elementals, the price of Azuki NFTs dropped by 44%. The move sparked the idea of a community lawsuit launched by Azuki DAO against creator Zagabond.
“Details on financing and a roadmap for future developments will be announced soon,” the developers wrote.
Godspeed @cz_binance pic.twitter.com/jIaCj43sx8
— ZAGABOND.ETH (@ZAGABOND) November 21, 2023
Related: Azukidao proposes to recover 20,000 ETH from Azuki founder ‘Zagabond'
