In a significant development, the Aragon Association (AA), the governing body overseeing the aragonOS software, has declared its intention to dissolve, and in the process, distribute the majority of its assets to token holders. This decision was officially communicated through a blog post on November 2, 2023.
The Aragon Association, recognizing its role in the cryptocurrency ecosystem, will disburse a total of 86,343 Ether (ETH) – an approximate equivalent of $155 million at the prevailing market rates – from its treasury to the token holders as it winds down its operations.
This asset distribution process will be executed through a smart contract deployed on the Ethereum network. Under the terms of the dissolution, each holder of Aragon (ANT) tokens will be entitled to receive 0.0025376 ETH, which translates to approximately $4.57, based on the current market price, for every ANT they submit to the redemption contract. Once all the redemptions are successfully concluded, the Aragon Association will initiate the burning of all ANT tokens held within the contract, culminating in the complete dissolution of the entity. As per the official announcement, the utility of the ANT token will cease to exist following this pivotal juncture.
This move by the Aragon Association marks a significant shift in the cryptocurrency landscape, underlining the organization’s commitment to providing value and liquidity to its token holders during its dissolution process.
