KEY TAKEAWAYS
- The Aragon Association launched the ANT Redemption Initiative, allowing ANT holders to redeem tokens for ETH at a fixed rate over a 12-month period.
- 87% of ANT tokens were redeemed, resulting in 75,093.99 ETH being returned to holders, with the remaining ETH allocated to the Aragon Foundation.
- The initiative was approved by Swiss tax authorities, ensuring compliance and avoiding higher taxes, while extensive communication efforts were made to inform all ANT holders.
On November 2, 2023, the Aragon Association (AA) announced the launch of the ANT Redemption Initiative, offering ANT holders the opportunity to redeem their tokens for ETH at a fixed rate of 0.0025376 ETH per ANT. This initiative was designed to provide a fair and equal opportunity for all ANT holders over a 12-month period.
The AA allocated 86,343 ETH, representing 87% of the Aragon treasury, to the ANT Redemption Smart Contract to facilitate this process. The redemption period concluded on November 2, 2024, at 23:59 UTC.
Final Results and Future Plans
The initiative saw 87% of ANT tokens redeemed, with a total of 2,670 redemptions from ANTv1, ANTv2, and ANJ holders. In total, 75,093.99 ETH was redeemed by token holders. The remaining 11,249.01 ETH will be transferred to the newly established Aragon Foundation.
With the conclusion of the redemption initiative, ANT will no longer play a role in the Aragon Project. The Aragon Foundation, led by a council of experienced Ethereum builders, will continue the mission set forth in 2017 to develop onchain governance technology. The non-redeemed ETH will be irrevocably committed to this mission, as required by Swiss tax authorities.
Compliance and Communication Efforts
The AA worked with Swiss regulators to determine the most compliant and tax-efficient redemption rate for ANT holders. The Swiss tax authorities approved the initiative on the condition that the Aragon Project continues its initial mission. This approach prevented a higher “liquidation tax,” which would have reduced the ETH available for redemption.
To ensure all ANT holders were informed, the AA undertook extensive communication efforts. These included media outreach, notifications on block explorers and key onchain data sites, and regular updates via social media and newsletters. Direct outreach to centralized exchanges and token holders was also conducted, along with 1:1 support through a dedicated Discord channel and email.
For more information, the full announcement can be found here.
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