The Aragon Association, the steward of the Aragon (ANT) treasury and assets, has announced its dissolution and the redemption of ANT tokens for Ethereum (ETH). Holders of ANT tokens will have until November 2, 2024, to complete the redemption process. The association has allocated 86,343 ETH from the treasury for this purpose, with a rate of 0.0025376 ETH per ANT. The redeemed ANT will be burned, and any remaining ETH will be transferred to the Ethereum address of the new product-focused structure. The decision to dissolve the association comes as part of a new strategy to shift focus towards a product-focused structure.

What is happening with Aragon (ANT)?

The Aragon Association has decided to dissolve itself and restructure the development of the Aragon project. This shift in focus renders holding ANT tokens unnecessary. To facilitate the transition, the association has set up a redemption process where holders can exchange their ANT tokens for ETH. The association has allocated 87% of the treasury, which amounts to 86,343 ETH, for this redemption process. The rate of redemption is 0.0025376 ETH per ANT. The redemption period lasts until November 2, 2024, at 23:59 UTC.

A New Chapter for Aragon

Aragon is a project that aims to provide a user-friendly tech stack for decentralized autonomous organizations (DAOs). The project raised 275,000 ETH in 2017 and also introduced the ANT token, which was intended to power Aragon Network’s dispute resolution system. However, the project faced challenges in achieving its goals, such as creating a DAO court system and an appchain on the Cosmos blockchain. The Aragon Association’s decision to dissolve itself and focus on a new product-focused structure is seen as a necessary reset for the project.

Frequently Asked Questions (FAQ)

What is the Aragon Association?

The Aragon Association is a Swiss-based nonprofit organization that serves as the steward of the Aragon (ANT) treasury and assets. It supports the development of the Aragon project.

Why is the Aragon Association dissolving?

The Aragon Association has decided to dissolve itself in order to restructure the development of the Aragon project. This includes a shift in focus towards a new product-focused structure.

What happens to ANT token holders?

ANT token holders are required to redeem their tokens for Ethereum (ETH). The redemption process allows holders to exchange their ANT tokens for ETH at a rate of 0.0025376 ETH per ANT. The redemption period ends on November 2, 2024, at 23:59 UTC.

What will happen to the redeemed ANT tokens and remaining ETH?

The redeemed ANT tokens will be burned, meaning they will be permanently removed from circulation. Any remaining ETH from the redemption process will be sent to the Ethereum address of the new product-focused structure.

What will Aragon focus on in its new product-focused structure?

The details of Aragon’s new product-focused structure have not been specified in the announcement. However, the goal is to continue building the best tooling for decentralized autonomous organizations (DAOs).

Summary

The Aragon Association, the steward of the Aragon (ANT) treasury and assets, has announced its dissolution and the redemption of ANT tokens for Ethereum (ETH). Holders of ANT tokens have until November 2, 2024, to redeem their tokens at a rate of 0.0025376 ETH per ANT. The decision to dissolve the association comes as part of a new strategy to shift focus towards a product-focused structure. The redeemed ANT tokens will be burned, and any remaining ETH will be transferred to the Ethereum address of the new structure. This marks a new chapter for Aragon as it seeks to reset its approach and continue building tools for decentralized autonomous organizations (DAOs).