ANT Redemption Initiative Report

Aragon

• 3 min read
ANT Redemption Initiative Report

On November 2nd 2023, the Aragon Association (AA) announced the ANT Redemption Initiative. Over the last 12 months, all ANT Holders were given a fair and equal opportunity to redeem their ANT for ETH at a fixed rate of 0.0025376 ETH:ANT. In order to fulfil this initiative, the AA sent 86,343 ETH —87% of the Aragon treasury— to the ANT Redemption Smart Contract. 

On November 2nd 2024 at 23h59 UTC, the redemption period ended. Here are the final results of the initiative:

  • 87% ANT redeemed; 
  • 2,670 total redemptions from ANTv1, ANTv2, and ANJ holders;
  • 75,093.99 ETH redeemed by token holders; 
  • 11,249.01 ETH remaining will go to the new Aragon Foundation.

Moving forward, 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 forth in 2017 will be carried forward by the new Aragon Foundation, led by a council of experienced Ethereum builders. Any non-redeemed ETH will be irrevocably committed to the continuation of the project’s purpose to build onchain governance technology.

For more information, please consult the Q/A below: 

How was the fixed redemption rate determined? 

The AA arrived at the best possible redemption rate it could achieve for all ANT holders by negotiating the most compliant and tax efficient path forward with Swiss regulators. 

The path authorized by Swiss tax authorities required a reasonable assurance of the project’s continuity. In addition to the operational funds that were previously set aside, the funds remaining at the end of the 1-year redemption period were committed to the new Aragon Foundation, for the continuation of the Aragon Project’s mission.  

The rate was chosen because it was the most favorable outcome for ANT holders. The Swiss tax authorities approved the ANT Redemption Initiative on the condition that the Aragon Project continue its initial mission, and characterized the redemption as an expenditure that was in the best interest of the project. If the AA had attempted to deploy the entire treasury for token holders to redeem, and did not leave any funds to continue the project’s purpose, a far higher “liquidation tax” would have been triggered. This would have resulted in significantly less ETH being available to token holders for redemption, resulting in a lower redemption rate.

Will there be any other opportunities to redeem? 

No, the ANT Redemption Initiative is now closed. All funds remaining in the ANT Redemption Smart Contract will be sent to the new Aragon Foundation and irrevocably committed to the continuation of the Aragon Project’s mission, as required by Swiss tax authorities. 

How did you ensure all ANT Holders were made aware of the initiative? 

In order to ensure all ANT Holders were made aware of the ANT Redemption Initiative, the following measures were undertaken: 

  • Widespread media outreach at the outset of the initiative; 
  • Notifications on block explorers and key onchain data sites, including: 
    • Etherscan 
    • Coinmarketcap
    • CoinGecko;
  • Monthly reminders on the Aragon Project social media and newsletter, increasing the cadence to weekly reminders for the final month;
  • Link to the ANT Redemption Portal in the Aragon website navigation; 
  • Direct outreach and cooperation with all centralized exchanges (CEXs) listing ANT;
  • NFT notification to all addresses holding ANT for the final two weeks of the ANT Redemption Initiative;
  • Direct outreach to token holders via onchain social media protocols.

Additionally, 1:1 support was offered in a dedicated Discord channel and via e-mail at ant@aragon.org. 

What will happen to the remaining funds? 

All remaining funds will be sent to the recently announced Aragon Foundation led by a council of experienced Ethereum builders. The council sets the strategic direction to fulfil the Aragon Foundation’s purpose, allocates funding, and provides guidance to builders in order to fulfil Aragon’s mission of building onchain governance technology. 

You can learn more at www.aragonfoundation.org and follow developments on X @aragon_fdn.

What if I have additional questions? 

Additional questions can be directed to ant@aragon.org, and the Aragon Shield Foundation overseeing the completion of the initiative will get back to you. 

Any media inquiries can be directed to info@hardfork.media.