Swiss Non-Profit Aragon Association Dissolves and Liquidates ANT Tokens
The Aragon Association (AA), a non-profit organization based in Switzerland, has officially announced its dissolution and the liquidation of its native token, ANT. In a statement released on November 2nd, the Aragon Association revealed its decision to wind down its treasury fund, which was valued at approximately 86,343 ETH, equivalent to around 155 million USD at the time of the announcement. Additionally, the association has allowed users to convert their ANT tokens into ETH at a rate of 1 ANT to 0.0025376 ETH. Users have until November 2, 2024, to complete this conversion process, after which all remaining ANT tokens will be permanently burned and rendered worthless.
The Aragon Association clarified that due to legal constraints, especially concerns regarding market manipulation and speculation risks, there will be no voting process for this decision, making it a unilateral move by the organization.
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
Moreover, the Aragon Association will retain 11 million USD for “rainy day” purposes and to cover any outstanding fees. If this fund remains intact after the dissolution process is complete, it will be channeled into the development of new products.
This unexpected decision by the Aragon Association comes after a period of tension with Aragon DAO, which had previously indicated its intention to take legal action against the association. The dispute revolved around issues related to the management of funds and the transparency of the organization. Aragon Association had also promised to allow DAO members to vote on treasury matters in November 2022, but this commitment went unfulfilled.
The Aragon Association has been the driving force behind the Aragon project, a platform designed to support the development and management of decentralized autonomous organizations (DAOs).
This move adds the Aragon Association to the list of DeFi projects that have recently closed their operations, signaling a period of change and introspection in the decentralized finance space. Other notable projects that have ceased their operations include Saddle Finance, Algofi, Clockwork, GroDAO, Nouns DAO, Hector Network, PolkaWorld, Jade Protocol, Utopia, Yield Protocol, and Superdao, among others.
The impact of the Aragon Association’s dissolution on the broader DeFi ecosystem remains uncertain. The decision raises questions about the governance and sustainability of DeFi projects, as well as the potential regulatory implications for similar organizations operating in the space.
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