The governing body for the aragonOS DAO-creation tool, known as the Aragon Association (AA), will be winding down and transferring its assets to token holders, according to a recent blog post. The AA will distribute approximately $155 million worth of Ether to token holders as it dissolves. The funds will be distributed through a smart contract on the Ethereum network, with each Aragon token holder receiving $4.57 per token. After all redemptions are made, the AA will burn all remaining tokens and dissolve. Additionally, $11 million from the treasury will be transferred to the Aragon Shield Foundation to cover obligations and mitigate regulatory uncertainty. The team will reorganize as a “company” and continue developing Aragon products, with a Product Council created to guide product development decisions. The decision to unwind was made due to bureaucratic complexity, misaligned stakeholders, and failed attempts at modifying governance. The AA attempted to vest control of the treasury in the hands of token holders but faced challenges due to the gap between treasury value and token market cap. In May, there was an attempted takeover of the Aragon treasury by a group called RFV Raiders, leading to the abandonment of plans to transfer power to token holders. The Base network version of the DAO creation tools was launched in August.
Summary:
– The Aragon Association (AA) will wind down and distribute $155 million worth of Ether to token holders.
– Each Aragon token holder will receive $4.57 per token through a smart contract on the Ethereum network.
– After redemptions, all remaining tokens will be burned and the AA will dissolve.
– $11 million will be transferred to the Aragon Shield Foundation to cover obligations and mitigate regulatory uncertainty.
– The team will reorganize as a “company” and continue developing Aragon products.
– A Product Council will be created to guide product development decisions.
– The decision to unwind was due to bureaucratic complexity, misaligned stakeholders, and failed attempts at modifying governance.
– An attempted takeover of the Aragon treasury in May led to the abandonment of plans to transfer power to token holders.
– The Base network version of the DAO creation tools was launched in August.
