Aragon, an open-source framework designed to launch decentralized autonomous organizations (DAOs), has pulled plans for its native Aragon (ANT) token holders to be given voting rights over the longer term path of the group.
The Aragon Affiliation, a Switzerland-based group that oversees the administration of Aragon mentioned in a Could 9 tweet it exercised its “fiduciary responsibility” to safe its treasury and general mission by “repurposing the Aragon DAO as a part of a brand new grants program.”
The choice was made after the just lately launched Aragon DAO suffered a 51% assault by the hands of a gaggle referred to as the “Threat Free Worth (RFV) Raiders” who have been looking for to control using ANT as a method to realize monetary achieve.
Right now, the Aragon Affiliation acted on its fiduciary responsibility to safe its treasury by repurposing the Aragon DAO right into a grants program.
This can be a response to a coordinated assault by the group often known as “Threat Free Worth Raiders” who took down Rook DAO. https://t.co/tVp9QXUUsx
— Aragon (@AragonProject) Could 9, 2023
In response to a weblog submit from Aragon, the RFV Raiders are linked to the current assault and liquidation of Rook DAO which occurred in early April. Aragon alleges the Raiders are activist buyers from the asset administration agency Arca Capital Administration and refer to themselves because the “vultures of crypto.”
The weblog submit shed additional gentle on the controversial determination:
“The Aragon treasury was established with the specific mission of supporting builders to advance decentralized governance infrastructure.”
Aragon defined that due to Swiss laws that mandate its use for these acknowledged ends, its fiduciary responsibility compels it to “safe these funds from these looking for to entry them for their very own monetary positive factors.”
“There may be clear proof that the entities concerned in Aragon’s assault are pursuing that finish.”
A Could 9 Twitter thread detailing the present standing of the Aragon DAO defined that Aragon transferred an preliminary fee of 300,000 USD Coin (USDC) to the Aragon Grants DAO. Aragon claims the funds presently held by the DAO will stay on-chain and are to be ruled by wrapped ANT (wANT) holders.
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On Could 2, Arca Capital penned an open letter responding to an earlier disagreement that noticed a variety of stakeholders barred from Aragon’s Discord, which provided a partial clarification for the current 51% “assault.”
Arca claimed that it was “crucial to permit token holders to seek out artistic options to return worth to the token whereas concurrently permitting Aragon to proceed constructing vital DAO public items” noting that this might not start till the “treasury switch is additional alongside.”
Aragon’s determination to repurpose its DAO comes simply over a month after the workforce introduced additional collaboration with the favored Ethereum scaling group Polygon Labs.
The value of Aragon’s native ANT token stumbled a contact over 4% from $2.95 to $2.83 following the replace. On the time of publication, the value of ANT is up 2% within the final 24 hours in response to CoinGecko knowledge.
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