Aragon Association (AA), which is the legal responsible for Aragon’s treasury, assets and mission, announced that there will be a significant change in the structure of the project.
Changes include distributing a large portion of the treasury so that all ANT holders can sell their ANT for Ethereum, dissolving AA, and continuing the mission in a product-focused structure.
According to the statement, token holders will be able to sell their ANT in exchange for ETH at a fixed rate of 0.0025376 ETH/ANT. For this purpose, AA will distribute 86,343 ETH into a redemption contract on the Ethereum mainnet. Token holders can participate in the redemption process through a designated platform.
This means token holders will issue ANT and receive ETH in return. At the current ETH price, the payback rate will be $4.54 per ANT. At the time of writing this article, ANT price is trading at $4.59.
Aragon was founded in 2016 with the mission of creating better organizations that are on-chain, borderless and transparent. Since then, Aragon has popularized DAOs, reaching $1 billion in assets under management for the first time, with thousands of deployments.
But bureaucratic complexity, misled shareholders and unsuccessful attempts to change management increased tensions within the project. This led the AA to make a hasty attempt to place control of the treasury directly into the hands of ANT holders.
After several months of in-depth review, it was concluded that neither AA nor ANT were currently suitable to manage the project.
The Aragon Association adopted the following resolution:
- Distribute most of the treasury and send 86,343 ETH to a redemption contract so that all token holders can sell their ANT for ETH (≈ 87% of the treasury is held in non-native assets).
- Terminate AA by committing $11 million to cover outstanding liabilities and hedge against regulatory uncertainty.
- To maintain the mission in a product-focused structure and transfer the remaining funds to product development.
*Acesta nu este un sfat de investiții.
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Source: https://en.bitcoinsistemi.com/group-behind-this-altcoin-announces-it-will-dissolve-itself-tokens-will-be-repurchased-at-fixed-price/