The Aragon Association, a Swiss-based nonprofit supporting the project’s development, has announced that Aragon (ANT) holders will have to redeem their tokens for Ethereum (ETH) for the next twelve months. The association is the steward of the Aragon treasury and assets,and has deployed 86,343 ETH for the redemptions, with the rate of 0.0025376 ETH per ANT.
The Aragon Association revealed that it is dissolving and pivoting its focus to continue the project’s development in a new “product-focused structure.” Token holders have until November 2, 2024 at 23:59 UTC to complete the transition, after which the option will no longer be available.
Aragon was founded in 2017 and raised 275,000 ETH (approximately $25m at the time). It aims to offer a user-friendly tech stack for decentralised autonomous organisations (DAOs). The project faced key challenges in many of its goals, such as the court system for DAOs and an appchain on the Cosmos blockchain.
The Aragon Association noted that due to bureaucratic complexity, misaligned stakeholders, and failed attempts at modifying the governance, the gap existed between the value of the treasury and the token market cap. This jeopardised Aragon’s mission. The fresh start consists of ANT to ETH redemption targeting 100% of ANT supply, lasting 1 year, the Aragon Association’s dissolution, and a new product-focused structure overseen by industry leaders.
At the end of the redemption period, the redeemed ANT will be burnt and any remaining ETH will be sent to the Ethereum address of the new product-focused structure. The Aragon token price was $4.58 on Friday, down more than 68% from its all-time high of $14.64 reached in April, 2021.
