Swiss non-profit Aragon Association will dissolve itself. Additionally, ANT will offer redemption liquidity through its treasury of 86,343 ETH. This move comes after members of the Aragon DAO expressed their disappointment with the transparency and governance of the ETH treasury. The altcoin price, which was negatively affected by these developments, started to move south.
Aragon Association decided to terminate!
According to the latest information, the Swiss non-profit Aragon Association will dissolve itself. It will also allow users to redeem the altcoin project’s native token, ANT, for ETH. The Aragon Association wrote in a statement on Thursday that it will liquidate its treasury of 86,343 ETH ($155 million) so that users can redeem each ANT token for 0.0025376 ETH.
Meanwhile, users will have until November 2, 2024 to exchange their tokens. After use, all ANT tokens will be burned. Because “there is no point in continuing to hold ANT from this moment on. In this context, the company behind the altcoin project made the following statement:
AA achieved the best redemption rate it could achieve for all ANT holders by determining the most compliant and tax-efficient way to ensure the continuation and preservation of the project. This decision could not be put to a public vote due to legal restrictions, particularly regulatory risks triggered by token speculation and market manipulation.
The price of the altcoin associated with the association has dived!
The Aragon Association will keep $1 million in funds for some operations. It will use this to cover the extraordinary costs of termination and to hedge against regulatory uncertainty. If funds remain after termination, they will finance the “new product-focused structure.” This news had a very negative impact on the price of the relevant token. The altcoin price began to decline following this announcement. ANT, which was around $5 during the day, dropped to $4.55 after the development. At press time, the token had lost approximately 6% in value on a daily basis.
Months of disappointment and decision to terminate
cryptokoin.com As you follow from , members of the Aragon DAO have considered taking legal action against the Aragon Association over disputes regarding the ETH treasury and the transparency of the non-profit organization. The Aragon Association has promised to put the treasury under a voting DAO by November 2022. However, he was never able to do this. The Aragon Association is the legal administrator of the Aragon altcoin project, a platform that helps develop and manage decentralized autonomous organizations.