Aragon announces disbandment and pays $155 million to ANT token holders

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After a series of unsuccessful rescue efforts, Aragon was finally forced to announce a shutdown.

On November 2, the Aragon Association, a Swiss non-profit organization, announced that it would cease operations and distribute most of its assets to ANT token holders.

Specifically, the Aragon Association will distribute 86,343 ETH (approximately $155 million) through smart contracts on the Ethereum network. Each ANT holder will receive 0.0025376 ETH/token (current price is $4.57). Once all redemptions are completed, the project will activate the destruction mechanism to destroy all remaining ANT. ANT will no longer be useful after this point.

Additionally, Aragon announced it would transfer $11 million from the Treasury to the Aragon Shield Fund to “repay outstanding debt and minimize regulatory uncertainty.”

Despite the announcement of dissolution, as the development team emphasized, the group will reorganize into a new company and continue to develop Aragon products.

As for the reasons for the decision to disband, Aragon said it was due to “internal complexities, stakeholder imbalances and the continued failure to revise governance.” Before this could happen, Aragorn attempted to save himself by handing control of the vault to the owners of ANT. However, they found that “distance is not stable” […] The relationship between treasury value and token market capitalization. “

In May, a group called Risk-Free Value (RFV) Raiders attempted to gain control of Aragon’s vaults by purchasing ANT tokens and eliminating the association. The association calls this a “51 percent attack.”

Therefore, they decided to return the funds to investors and dissolve the association.

As we all know, Aragon is a platform that allows users or projects to easily create and manage their own DAO through a pre-programmed toolkit.

DAOs created on Aragon are highly scalable and customizable. More than 5,000 DAOs are currently built on Aragon, and their services are currently used by well-known players in the crypto market, such as Aave, Lido, Decentraland…

The Aragon Association is the legal administrator of the Aragon project.

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