Aragon Decides Not To Give Control To Holders Amid Stressed Investors
- The Aragon Association canceled its plans for holders of its ANT token.
- Its goal is to provide capital to DAO developers.
- The DAO grant programs have played an important role in this field since its inception.
The Aragon Association halted plans on Tuesday to give holders of its ANT token-wide voting rights over everything from strategic direction to a $200 million treasury, delivering a big setback to the DAO-focused Ethereum startup’s own transformation to a decentralized autonomous organization.
Its goal is to provide funding to DAO developers who are creating DAOs, dApps, and plugins on the new tech stack. This will allow builders to get their ideas off the ground quicker on Aragon OSx and Aragon App.
After a 51% attack from activist investors betting on the price of ANT, the Association, a Swiss company that governs the DAO, stated it acted on its fiduciary obligation to preserve its treasury and purpose by repurposing the DAO as part of a new awards program.
The grant programs have played a major role in the sector since their beginning, fostering notable initiatives. Grants may be an important initial step in the development of new ventures.
This project guarantees that the Aragon treasury is distributed to builders that are furthering the DAO’s objective of creating tools that enable anybody to experiment with governance at the pace of software.
In related news, in an open letter, crypto investment firm Arca urged DAO creator Aragon to execute buybacks of its ANT token, lending institutional weight to the activist investor controversy presently besieging the crypto governance company.
Their spat exploded last week when Aragon banned at least a half-dozen Discord users, including Woodard, on the grounds that they were rabble-rousers rather than genuine community members. In his letter, Woodard disputed that portrayal, claiming that the inquiries he had been asking for months wanted clarity, not problems, regarding finances.
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