Crypto NewsAltcoinGroup Behind This Altcoin Announces It Will Dissolve Itself: Tokens Will Be...

Group Behind This Altcoin Announces It Will Dissolve Itself: Tokens Will Be Repurchased at Fixed Price

The developers behind this altcoin are preparing to buy back the assets held by token holders at a fixed rate.

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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.

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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.

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

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