{"id":186220,"date":"2023-11-03T01:03:25","date_gmt":"2023-11-02T19:33:25","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=186220"},"modified":"2023-11-03T01:03:25","modified_gmt":"2023-11-02T19:33:25","slug":"aragon-to-return-115m-of-treasury-assets-to-ant-holders-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/aragon-to-return-115m-of-treasury-assets-to-ant-holders-crypto-news\/","title":{"rendered":"Aragon To Return $115M Of Treasury Assets To ANT Holders – Crypto News"},"content":{"rendered":"

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Token Holders Can Redeem ANT for ETH While New \u2018Product Council\u2019 Will Continue Building Out Aragon\u2019s DAO Tooling<\/p>\n

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The team behind one of crypto\u2019s oldest projects has elected for a hard reset.<\/p>\n

The Aragon Association (AA), the legal entity which oversees the project and the Aragon DAO, is shutting down<\/a>. As part of the process, the project\u2019s ANT tokens can be redeemed for 86,343 ETH, worth over $115M at the time of writing. This accounts for 87% of the treasury\u2019s non-native assets.<\/p>\n

The rate of exchange is fixed at 0.0025376 ETH per ANT token \u2013 currently worth $4.56 \u2013 and the redemption window is open for a year. ANT dropped 6% to $4.60 on the news and is trading roughly in line with the redemption value.<\/p>\n

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ANT Price<\/figcaption><\/figure>\n

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Aragon provides tooling for decentralized organizations (DAOs) and launched in 2016 after raising roughly $25M worth of ETH in the ANT token sale. Heavyweights like Lido Finance, DeFi\u2019s largest project by TVL, use<\/a> Aragon\u2019s tooling to run their DAOs.<\/p>\n

Aragon\u2019s treasury made headlines<\/a> in May as an opportunistic group of investors bought up ANT tokens, which have vastly underperformed against the ETH held in the project\u2019s treasury since peaking in December 2021. The idea was to use the ANT to vote to redeem the tokens for ETH, a potentially profitable move that AA controversially nixed.<\/p>\n

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ANT Performance vs ETH<\/figcaption><\/figure>\n

Now, the AA is allowing the redemptions to proceed.<\/p>\n

There is an irony to Aragon\u2019s struggles. The project\u2019s founders designed Aragon to revolutionize how organizations ran, but in the end, encountered some of the same struggles that it aimed to help other operations to overcome.<\/p>\n

Aragon is not shutting down, however. A new entity called the Product Council will take control of Aragon\u2019s IP, infrastructure, and \u201coperational runway.\u201d<\/p>\n

\u201cFor builders and developers, this changes nothing,\u201d Aragon said. \u201cThe Aragon Project will continue its mission by doubling down on building resilient onchain governance tooling and infrastructure.\u201d<\/p>\n

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