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Rook DAO’s Demise: Incubator DAO to Liquidate $25 Million Treasury for ROOK Token Holders

Rook DAO, a once-promising decentralized autonomous organization (DAO), has met its demise. However, its riches are still up for grabs, and ROOK token holders can claim them within the next 90 days. The ROOK token, which was once the governance token for Rook DAO, is now the key to unlocking approximately $25 million from the DAO’s treasury.

Incubator DAO, a new entity formed by Rook DAO’s former members, is now in charge of liquidating the cash. The group of activist investors behind Incubator DAO were dissatisfied with Rook Labs, the team behind Rook’s Maximum Extractable Value (MEV) technology, and demanded that they return value to token holders. Rook Labs eventually bought out token holders’ governing rights for 60% of the treasury, effectively divorcing the ROOK token from the Rook DAO project.

Hazard, Rook Labs’ pseudonymous CEO, told CoinDesk in a Discord message that the process was a “dynamic, collaborative process, designed to accommodate the community’s wishes for the ROOK token and the new Incubator DAO.” He also expressed gratitude for the participation of ROOK holders and community members.

Wismerhill, the leader of the activist wing and now the head of Incubator DAO, expressed satisfaction with the agreement, saying, “This is the greatest outcome everyone could expect: token-holders can unlock their ownership of the treasury, and the Rook Labs team gets to continue working on exciting projects without the burden of a worthless governance token.”

ROOK token holders who redeem their tokens through the smart contract will receive a pro rata share of USDC, as well as a pROOK token. At the end of the 90-day period, the remaining USDC will be divided among pROOK token holders, according to Wismerhill.

In conclusion, the demise of Rook DAO may be a sad event for some, but ROOK token holders now have a chance to claim their share of the treasury through Incubator DAO. It remains to be seen what Rook Labs will do next, now that they are free from the burden of a governance token.

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