In a significant development for the decentralized autonomous organization (DAO) community, Azuki DAO has undergone a transformative rebranding, now known as ‘Bean.’ This strategic shift comes on the heels of the DAO’s decision to drop a proposed lawsuit against Zagabond, the creator of the Azuki nonfungible token (NFT) collection. The lawsuit, stemming from a contentious $39 million NFT minting event in June, has been set aside as the DAO embraces a new direction.
Rebranding to ‘Bean’ and integration with the Ethereum Layer-2 blast ecosystem
Azuki DAO, now operating under the moniker ‘Bean,’ has revealed plans to transition into a memecoin project. Notably, it will be an integral part of the Ethereum layer-2 Blast ecosystem. This rebranding reflects the DAO’s commitment to adapt and evolve in the dynamic crypto landscape.
Developers behind Bean announced that the project has secured a substantial $10 million investment from prominent investors. This financial infusion is earmarked for the development and acceleration of Bean within the Blast ecosystem. The move underscores the confidence investors have in the project’s potential within the evolving decentralized finance (DeFi) sector.
Bean Memecoin: Token allocation and minting mechanism
The proposed Bean memecoin will boast a total supply of 1 billion tokens. Of this, 40% will be allocated to the treasury, while 50% will go to Azuki DAO members. The remaining 10% is earmarked for Azuki NFT creator Zagabond. Importantly, minting privileges for Bean tokens will be exclusive to Azuki NFT holders. However, holders must act swiftly within the first 24 hours of the token’s launch to avoid the risk of “token burn.”
This strategic token distribution aims to balance the interests of the treasury, community members, and the original creator, fostering a sustainable and equitable ecosystem for Bean.
Azuki DAO lawsuit and price impact
The tumultuous journey leading to the rebranding of Azuki DAO began with the release of a second series of Azuki NFTs, named “Elementals,” by Zagabond in June. Almost immediately, the community noticed a striking resemblance between Elementals and the original Azuki NFTs, resulting in an increased supply and subsequent dilution of the latter.
This dilution triggered a sharp decline in the price of Azuki NFTs, with reports indicating a staggering 44% drop in the immediate aftermath of Elementals’ release. In response to the community uproar, Azuki DAO initiated a lawsuit against Zagabond, seeking resolution and accountability for the perceived damage caused by the minting event.
With the rebranding complete, developers of Bean have affirmed their commitment to transparency. A detailed disclosure on financing specifics and a comprehensive roadmap for future developments is expected to be shared imminently. This commitment to openness aligns with the evolving standards within the crypto space, where clarity and transparency are pivotal for community trust.