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 route of the group.
The Aragon Affiliation, a Switzerland-based group that oversees the administration of Aragon, mentioned in a Might 9 tweet thait exercised its “fiduciary obligation” to safe its treasury and total 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% attack by the hands of a bunch referred to as the “Threat Free Worth (RFV) Raiders,” who have been searching for to govern the usage of ANT as a way to realize monetary achieve.
At this time, the Aragon Affiliation acted on its fiduciary obligation to safe its treasury by repurposing the Aragon DAO right into a grants program.
It is 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) May 9, 2023
According to a weblog put up from Aragon, the RFV Raiders are linked to the current assault and liquidation of Rook DAO, which occurred in early April. Aragon alleges that the Raiders are activist traders from the asset administration agency Arca Capital Administration who refer to themselves because the “vultures of crypto.”
The weblog put up shed additional mild on the controversial resolution:
“The Aragon treasury was established with the specific mission of supporting builders to advance decentralized governance infrastructure.”
Aragon defined that due to Swiss rules that mandate its use for these acknowledged ends, its fiduciary obligation compels it to “safe these funds from these searching for to entry them for their very own monetary positive aspects.”
“There’s clear proof that the entities concerned in Aragon’s assault are pursuing that finish.”
A Might 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 at the moment held by the DAO will stay on-chain and are to be ruled by wrapped ANT (wANT) holders.
On Might 2, Arca Capital penned an open letter responding to an earlier disagreement that noticed quite a few stakeholders barred from Aragon’s Discord, which supplied a partial rationalization for the current 51% “assault.”
Arca claimed that it was “vital to permit token holders to seek out inventive 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 resolution to repurpose its DAO comes simply over a month after the team announced further collaboration with the favored Ethereum scaling group Polygon Labs.
The worth of Aragon’s native ANT token stumbled a contact over 4%, going from $2.95 to $2.83, following the replace. On the time of publication, the worth of ANT is up 2% within the final 24 hours, based on CoinGecko data.