Aragon Association to Dissolve, Distributing $155 Million in ETH to Token Holders
The Aragon Association, one of the biggest crypto projects building tools to support decentralized governance, has decided to dissolve, distributing most of its assets to tokenholders in the process.
On November 2, the Aragon Association (AA) announced in a blog post that it would be dissolving and, in the process, would distribute most of its assets to tokenholders in a process that includes the distribution of 86,343 Ether (ETH), valued at approximately $155 million, to tokenholders from its Treasury.
This decision comes as the AA grapples with internal challenges, including “bureaucratic complexities, misaligned stakeholders, and failed attempts at modifying governance,” which created tension. As a result, the AA opted for a total reset, aiming to safeguard and advance the project’s mission under a new, more focused leadership.
We have an important update for all stakeholders of the @AragonProject. We passed a resolution to:
– Deploy most of the treasury to allow all ANT holders to redeem their ANT for ETH
– Dissolve the AA
– Continue the mission in a product-focused structurehttps://t.co/S0GjRtzhZJ
— Aragon Association (@AragonAssoc) November 2, 2023
It was also influenced by years of experimentation with different governance initiatives, along with the challenge of balancing the Treasury’s growth and the token’s market cap.
The AA is set to send 86,343 Ether (ETH), valued at approximately $155 million, to a redemption contract on the Ethereum network. This deployment allows all ANT token holders to redeem their tokens for ETH at a fixed rate of 0.0025376 ETH per ANT.
The AA’s objective is to redeem all outstanding circulating supplies. Token holders have until November 2, 2024, to participate in the redemption, after which
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