Aragon Project’s Treasury Strengthens ETH Reserves After The FTX Crisis
In an effort to enhance its exposure to more censorship-resistant crypto assets, Aragon Project increased the amount of ether (ETH) that it has in its treasury by more than $20 million.
Aragon Project is an Ethereum-based project. The FTX crash, which exposed the shortcomings of centralized crypto infrastructure, necessitated treasury reallocations in order to protect the project. It stated:
“Moving more of our treasury to ETH, DAI and BTC improves our security and censorship resistance by reducing our exposure to assets that are at risk of mismanagement or interference by centralized forces.
We review the Aragon treasury on an ongoing basis, and over time it will be transferred to the Aragon DAO.”
According to its weekly report, Aragon Project exchanged Bitcoin for ETH and $20,4 million worth of USDC. Currently, the Aragon treasury, which is now valued at $153 million, is made up of around 42% Ethereum tokens. Another $5.2 million worth of Wrapped Bitcoin was exchanged by the project for BTC. As part of the project’s treasury rebalancing, $20 million in USDC was transferred to the DAI stablecoin.
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