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Aragon Association to Dissolve, Distributing $155M in Assets to Token Holders

Aragon Association to Dissolve, Distributing $155M in Assets to Token Holders

The governing body for the aragonOS software, the Aragon Association (AA), will dissolve and distribute its assets to token holders. The AA will distribute 86,343 Ether (ETH), worth approximately $155 million, to token holders as it winds down. The funds will be distributed through a smart contract on the Ethereum network, with each Aragon (ANT) token holder receiving 0.0025376 ETH per ANT. After all redemptions are made, the AA will burn all ANT held in the contract and dissolve. $11 million from the treasury will be transferred to the Aragon Shield Foundation to cover outstanding obligations. 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. In May, a group attempted to take control of the Aragon treasury, prompting the association to scrap plans to transfer power to token holders.

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