Aragon Association to dissolve, will disburse $155M in assets to token holders

The governing assemblage for the aragonOS bundle volition dissolve, distributing astir of its assets to token holders successful the process, according to a Nov. 2 blog post. The body, called the Aragon Association (AA), volition administer 86,343 Ether (ETH), astir $155 cardinal astatine the existent price, from its treasury to token holders arsenic it unwinds.

— Aragon Association (@AragonAssoc) November 2, 2023

The funds volition beryllium distributed done a astute declaration connected the Ethereum network. Each Aragon (ANT) token holder volition person 0.0025376 ETH ($4.57 astatine the existent price) per ANT they nonstop into the redemption contract. After each redemptions person been made, the assemblage volition pain each ANT held successful the declaration and dissolve. ANT volition nary longer person inferior aft this point, the station stated.

$11 cardinal from the treasury volition beryllium transferred to the Aragon Shield Foundation and held to “cover outstanding obligations and mitigate against regulatory uncertainty.” The squad volition reorganize arsenic a “company” that volition proceed to make Aragon products. A “Product Council” volition besides beryllium created to assistance usher decisions astir merchandise development.

Aragon is the developer of aragonOS, a acceptable of developer tools that tin beryllium utilized to make decentralized autonomous organizations (DAOs). It besides developed the Aragon App, which allows developers to make DAOs without needing to constitute code.

Related: Aragon and Polygon Labs collaborate to boost DAO accessibility

In deciding to unwind, the AA cited “bureaucratic complexity, misaligned stakeholders, and failed attempts astatine modifying the governance accrued tensions wrong the project,” stating that it could find nary mode to proceed the relation portion facing these challenges. The enactment tried to prevention itself done a “rushed effort to vest power of the treasury straight successful the hands of ANT holders.” But it recovered that “a volatile spread […] Between the worth of the treasury and the token marketplace cap” prevented this effort from being successful. As a result, it decided to instrumentality funds to investors and dissolve the association.

In May, a radical called “Risk Free Value (RFV) Raiders” attempted to instrumentality power of the Aragon treasury by purchasing ANT tokens and outvoting the association. The relation referred to this arsenic a “51% attack.” In response, it scrapped plans to transportation powerfulness to token holders. The squad launched a Base web version of its DAO instauration tools connected Aug. 9.