With its dissolution, the Aragon Association will give token holders $155 million in ETH.

With its dissolution, the Aragon Association will give token holders $155 million in ETH.

Dissolving and distributing the majority of its assets to tokenholders, the Aragon Association is one of the largest cryptocurrency projects that builds tools to support decentralized governance.

In a blog post published on November 2, the Aragon Association (AA) declared that it would be dissolving and that, as part of the process, tokenholders would receive the majority of its assets. Notably, tokenholders will receive 86,343 Ether (ETH), which is estimated to be worth $155 million, from the AA's Treasury.

Tension was caused by "bureaucratic complexities, misaligned stakeholders, and failed attempts at modifying governance," which are among the internal issues the AA is dealing with at the time of this decision. Under new, more focused leadership, the AA decided to start over completely in an effort to protect and further the project's goal.

We would like to provide all @AragonProject stakeholders with an important update. A resolution was passed directing the following: - Use the majority of the Treasury to enable all ANT holders to exchange their ANT for Ethereum.

Eliminate the AA.

Continue the mission in a structure that is product-focused: https://t . co/S0GjRtzhZJ — November 2, 2023, Aragon Association (@AragonAssoc).

Years of experimenting with various governance initiatives and the difficulty of striking a balance between the token's market capitalization and the Treasury's expansion also had an impact.

With a fixed redemption rate, The AA will redeem ANT tokens for ETH.

The AA intends to transfer 86,343 Ether (ETH) to an Ethereum redemption contract, which is estimated to be worth $155 million. With this deployment, holders of ANT tokens can exchange them for ETH at a fixed rate of 0.0025376 ETH per ANT.

Redeeming all outstanding circulating supplies is the aim of the AA. The redemption period for token holders ends on November 2, 2024, after which time they will no longer be able to do so.

Any remaining ETH will be allocated to a new structure with a focus on products, and the redeemed ANT will be burned at the conclusion of the redemption period.

The Aragon Project will implement a new leadership style and a product-focused organizational structure to further its mission within decentralized organizations (DAOs).

The goal of the Aragon project, which is to develop safe and adaptable tools for decentralized organizations (DAOs), will nevertheless continue with a new executive team and a more compact, product-focused organizational structure.

As part of the new arrangement, a Product Council made up of professionals in the field will be established to provide direction for the creation and management of Aragon's DAO framework. ASF and the Aragon OSx team representatives will seed it. Furthermore, a business consisting of the present Aragon OSx team will carry on producing goods.

This restructuring is intended to give users and partners—who are most in line with the project's goals—the ability to take the initiative. In addition to allocating funds and supervising Aragon OSx governance, the Product Council will provide recommendations on the priorities for product development.

The Aragon Network, a new digital jurisdiction, will host a dispute resolution system. Aragon raised approximately $25 million in 2017 through a successful ANT sale, which raised 275,000 ETH. Launched in 2018, the project's grants program, Aragon Nest, provided funding to a number of initiatives within the Ethereum network.

By obtaining ANT tokens and using their voting power to overrule the AA, the "Risk-Free Value (RFV) Raiders" made a determined attempt earlier this year to take over the Aragon treasury. This bold move was classified by the AA as a "51 percent attack.". ".

The AA chose to scrap plans to give tokenholders governance authority in response to this circumstance.

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