The Aragon Project, a pioneer in decentralized autonomous organizations (DAOs), has announced a major update that will impact all stakeholders. The Aragon Association (AA), which oversees the project’s treasury, assets, and mission, has made the decision to take significant steps towards restructuring and refocusing the project.
The key resolutions passed by the AA are as follows:
1. Deploy most of the treasury to allow all token holders to redeem their ANT for ETH
2. Dissolve the AA
3. Continue the mission in a product-focused structure
The AA will deploy 86,343 ETH to enable all ANT holders to redeem their tokens for ETH at a fixed rate. This initiative aims to redeem all outstanding circulating supply and will be carried out transparently over the course of 12 months. The redeemed ANT will be burnt, and any remaining ETH will be allocated to advancing the project’s mission through product development.
Additionally, the AA has approved the dissolution of the association, with $11 million being safeguarded by the Aragon Shield Foundation to cover outstanding obligations and mitigate regulatory uncertainty. The remaining funds will be allocated to the new product-focused structure to fund project continuity.
The project will continue its mission under a new product-focused structure, with a Product Council guiding development and governance. The Aragon OSx team will lead product development, focusing on building resilient onchain governance tools and infrastructure.
This restructuring aims to put the project back into the hands of developers and product stakeholders, with a focus on building a resilient DAO framework for Ethereum and beyond. The Aragon Project acknowledges the changes in the relationship between ANT and the project and expresses gratitude to supporters who have helped build impactful technology.
For media inquiries regarding this announcement and the Aragon Network Token (ANT), please contact aragon@wachsman.com.
This update marks a significant turning point for the Aragon Project, as it looks towards a new chapter of growth and development in the world of decentralized organizations.
