The non-profit Aragon Association will dissolve itself, allowing users to use their local token, ANT in exchange for ETH.
In a statement on Thursday, the project said the Aragon Association will liquidate its 86.343 ETH (155 million $) treasury, thereby users can use each ANT token for 0.0025376 ETH.
Users will have until November 2, 2024 to exchange their tokens. After being exchanged, all ANT tokens will be burned, as “there’s no point in holding onto ANT from now on.” said.
The company said in a statement that “AA has reached the best payback rate it can get for all ANT holders by determining the most suitable and tax efficient way to continue and protect the project. This decision could not be put to a public vote due to legal restrictions.”
The Association will also retain a 11 million dollar fund to cover the unpaid costs needed for its distribution and to take measures against regulatory uncertainty. If there are unused funds after termination, the ‘new product-focused structure‘ will use them to finance its operations.
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Aragon DAO members considered legal action against the Aragon Association due to disputes over the ETH treasury and transparency of the establishment. The Aragon Association had promised to deliver the treasury in DAO’s voting by November 2022, but failed to do so.
The Association also serves as legal representative of the Aragon project, a platform that assists in the development and management of decentralized autonomous organizations.
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