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What’s Next For Aragon? Association Set To Dissolve, 86,000 ETH Up For Grabs

Swiss non-profit Aragon Association has announced its dissolution, offering users the opportunity to redeem its native token, ANT, for ETH (Ethereum). This strategic move marks a crucial shift in the organization’s path and aims to address challenges that have arisen in recent times.

As part of this dissolution process, ANT token holders will have a one-year window to redeem their tokens. The association will deploy a total of 86,343 Ether into a redemption contract, offering a redemption rate of 0.0025376 Ether per ANT, according to a statement released on Thursday. This initiative is designed to provide a fair and efficient way for ANT holders to transition from their existing tokens into Ethereum.

Aragon’s Financial Provisions And Future Plans

To ensure a smooth dissolution process and mitigate potential regulatory uncertainties, the Aragon Association will retain $11 million in funds. These funds will be earmarked to cover any outstanding costs related to the dissolution and to serve as a safeguard against unforeseen regulatory challenges.

In the event that unused funds remain after the dissolution, they will be directed towards a “product-focused structure,” signifying the association’s commitment to continuing its mission.

The Aragon Association cited several challenges that have led to this decision, including bureaucratic complexity, misaligned stakeholder interests, and unsuccessful attempts to modify governance structures.

The organization attempted to rescue itself through a hurried endeavor to place control of the treasury directly in the hands of ANT holders. However, the association encountered a significant discrepancy between the value of the treasury and the token market cap, preventing the success of this approach. Faced with these complexities, the association made the difficult choice to return funds to investors and formally dissolve.

Aragon’s Innovative Contributions

Aragon is renowned for its groundbreaking contributions to the blockchain ecosystem. It has developed aragonOS, a set of developer tools that empower users to create decentralized autonomous organizations (DAOs) seamlessly. Furthermore, the Aragon App, a product of the association, allows developers to create DAOs without the need for extensive coding expertise.

Token Redemption Timeline

Users who hold ANT tokens will have until November 2, 2024, to take advantage of the redemption program. Following the completion of the redemption process, all ANT tokens will be permanently removed from circulation. As the association emphasized, there will be no further purpose in holding ANT tokens beyond this point.

The Aragon Association’s decision to dissolve itself and provide a redemption program for ANT token holders reflects its commitment to addressing challenges and maintaining the project’s integrity.

This strategic move ensures a transparent and fair transition for users, while preserving the organization’s mission to foster innovation in the blockchain space.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

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SHIB Falls From 10th Spot As Whales Move To Other Crypto Assets

As investors look to consolidate profitable positions, big moves are being made in the crypto market, and recently top Ethereum whales have switched their assets from SHIB to other coins.

This move has removed the popular meme coin from their list of top ten assets. Shiba Inu is also feeling the effects of the recent downturn in prices. Investors’ faith in crypto is low due to the FTX crash. However, some investors are still optimistic about the rise of crypto with more adoption and utilization.

Vital data from WhaleStats reveal that the top 100 whales on the Ethereum blockchain have switched allegiances from the SHIB coin.

This move makes crypto observers wonder if there is any hope left for the token. The recent hack and subsequent theft of Ethereum tokens from FTX might also have a part to play in this decision.

SHIB Setting A stage For Bull Run

Shiba Inu showed signs of life jumping by 5.94% in the last 24 hours. The price of the token moved from $0.00000935 to $0.00000990. SHIB displayed a long green hourly candle.

It represents a surge from the price levels maintained since November 22, when the price was at the $0.00000821 level. SHIB’s price has increased, posting a gain of up to 20% on the former price.

In seven days, Shiba Inu has risen to 8.38% showing signs of a positive trend. However, it is still 88.91% below the all-time high of $0.00008845 achieved on October 28, 2021. Whales dump SHIB Holdings However – It Is Still Relevant To Investors.

SHIB Falls From 10th Spot As Whales Move To Other Crypto Assets

SHIB price currently displays a loss on the chart l SHIBUSDT on Tradingview.com

According to WhaleStats, the past weekend had whales dropping SHIB from their list of top 10 assets. Whales have now shifted their attention to other altcoins like MANA and stETH.

These two assets are top of the list and where the holding volume among the whales is much. Also on the top ten list are ANT, ENJ, UTK, CVC, TKN, DAWN, and SNT.

SHIB is also not available on the top twenty list held by the whales. In contrast, the rich list on the WhaleStats platform shows that the largest Ethereum Investors still have Shiba Inu holdings.

The top whale on this list holds an enormous 18,113,302,000,496 SHIB worth $178,053,759. Other ETH whales possess around $100 million worth of SHIB or less.

The top ten whales behind the largest – ETH whale hold; between $98 – $100 million worth of SHIB tokens each. It means that each wallet holds around 10,000,000,000,008 SHIB.

The statistics show that all is not lost for Shiba Inu since investors still regard it as a store of value. The total number of SHIB holders is currently at 1,255,976.

Featured Image From Pixabay, Charts From Tradingview.com