Aragon Dissolves, $155M ETH Redistributed to Token Holders

Aragon Dissolves, $155M ETH Redistributed to Token Holders

The Aragon Association, which oversees the aragonOS DAO framework,  decided to dissolve. Consequently, it was announced that token holders would receive a distribution of assets. 

Each holder will be entitled to a portion of 86,343 Ether, to $155 million. To facilitate this distribution efficiently, a smart contract on the Ethereum network will be utilised.

As part of their plan, the Aragon Association will allocate $11 million to the Aragon Shield Foundation. This move aims to secure funds for existing commitments and provide protection against changes.

Additionally, the Aragon team intends to transition into a company in order to enhance its suite of products further. They also plan on establishing a Product Council that will guide product strategies.

Aragon Takes Milestone Decision Amidst Market Volatility

Aragon has faced challenges due to market pressures. They have acknowledged issues such as complexities and disagreements among stakeholders. Furthermore, there was an attempt at governance restructuring that added strain on the association.

 Considering these factors made it impractical for the association to continue its operations. Therefore, they have chosen to return funds to investors.

Previously, there was an incident involving an attempt by parties to gain control over the Aragon treasury through what’s commonly referred to as a ‘51% attack.’ This situation led the association to suspend power transfer for ANT holders. 

Despite these challenges and trials, the Aragon team launched an iteration of their DAO tools known as the Base network.

The resolution made by the Aragon Association is a practical move that demonstrates their dedication to their holders by providing direct financial compensation. 

Moreover, it indicates a phase for the team for aragonOS as they shift towards adopting a company structure to support innovation and product development within decentralized autonomous organizations (DAOs).

Also Read: Lido DAO Approves to Sell 1% of Treasury to Dragonfly Capital

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