On November 2, 2023, the Aragon Association (AA) announced… ANT Redemption Initiative. Over the past 12 months, all ANT holders have been given a fair and equal opportunity to redeem their ANT for ETH at a fixed rate of 0.0025376 ETH:ANT. In order to implement this initiative, AA sent 86,343 ETH — 87% of Aragon’s treasury — to the ANT redemption smart contract.
On 2 November 2024, at 23:59 UTC, the redemption period ended. Below are the final results of the initiative:
- 87% of ANT recovered;
- A total of 2,670 redemptions from ANTv1, ANTv2 and ANJ holders;
- 75,093.99 ETH redeemed by token holders;
- The remaining 11,249.01 ETH will go to the New Aragon Foundation.
From now on, ANT no longer has a role in the Aragon project. Thank you to all ANT holders who have contributed to the project over the years. The mission set in 2017 will be implemented by the New Aragon Foundation, led by a council of experienced Ethereum builders. Any ETH not redeemed will be irrevocably committed to continuing the project’s purpose of building onchain governance technology.
For more information, please refer to the questions and answers below:
How was the fixed recovery rate determined?
AA reached the best possible recovery rate achievable for all ANT holders by negotiating the most compliant and tax-efficient path forward with the Swiss regulators.
The course authorized by the Swiss tax authorities required a reasonable guarantee of the continuity of the project. In addition to previously allocated operating funds, remaining funds at the end of the one-year recovery period have been committed to the New Aragon Foundation, to continue the mission of Project Aragon.
The price was chosen because it was the most favorable outcome for ANT holders. Swiss tax authorities approved the ANT recovery initiative on the condition that the Aragon project continues its initial mission, describing the recovery as an expenditure that was in the project’s best interests. If AA had tried to deploy the entire treasury for token holders to redeem, leaving no funds to continue the project’s purpose, a much higher “liquidation tax” would have been imposed. This would lead to Significantly Less than Ethereum Being available to token holders for redemption, resulting in a lower redemption rate.
Will there be any other chances for redemption?
No, the ANT Recovery Initiative is now closed. All remaining funds in the ANT Redemption Smart Contract will be sent to the new Aragon Foundation and will be irrevocably committed to continuing the mission of the Aragon Project, as required by the Swiss tax authorities.
How did you ensure that all ANT holders were informed about the initiative?
In order to ensure that all ANT holders are informed about the ANT Redemption Initiative, the following measures have been taken:
- Extensive media awareness at the beginning of the initiative;
- Notices about collection explorers and key data locations on the chain, including:
- Athirscan
- Coinmarketcap
- Queen Gekko;
- monthly reminders on social media and the Aragon Project newsletter, increasing the cadence of weekly reminders for the final month;
- Link to the ANT Redemption portal on the Aragon website navigation page;
- Direct communication and cooperation with all Central Exchanges (CEXs) listed on ANT;
- NFT notification for all titles containing ANT during the last two weeks of the ANT Redemption Initiative;
- Direct communication with token holders via onchain social media protocols.
Additionally, 1:1 support was offered in a dedicated Discord channel and via email at ant@aragon.org.
What will happen to the remaining funds?
All remaining funds will be sent to the recently announced Aragon Foundation which is led by a board of experienced Ethereum builders. The Board sets strategic direction to achieve the Aragon Foundation’s purpose, allocates funding, and provides guidance to builders in order to achieve Aragon’s mission of building on-chain governance technology.
You can learn more at www.aragonfoundation.org Follow developments on X @aragon_fdn.
What if I have additional questions?
Additional questions may be directed to ant@aragon.orgThe Aragon Shield Foundation, which is supervising the completion of the initiative, will respond to you.
Any media inquiries can be directed to info@hardfork.media.