H2: Azuki DAO rebrands to “Bean” and drops lawsuit against NFT founder
In a surprising turn of events, the Azuki DAO, an unofficial community decentralized autonomous organization, has announced its rebranding to “Bean.” This decision comes after the DAO dropped a proposed lawsuit against the founder of the Azuki NFT collection, Zagabond, over a $39 million minting affair.
H3: A new direction for Bean
The developers of Azuki DAO revealed that the rebranded Bean will now transition into a memecoin project and become part of the Ethereum layer-2 Blast ecosystem. Additionally, Bean has secured $10 million from “prominent investors” for its development and acceleration within the Blast ecosystem.
H3: The proposed memecoin
The proposed Bean memecoin is set to have a total supply of 1 billion tokens. Forty percent of these tokens will be allocated to its treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. Minting of Bean tokens will only be available to Azuki NFT holders, who must do so within 24 hours of the token’s launch or face “token burn.”
H3: The controversy and aftermath
The Azuki NFT collection, which features 10,000 anime-themed profile pictures, faced controversy when a second series of 10,000 PFPs, called “Elementals,” was released by Zagabond. This led to a dilution of the original Azuki PFPs through an increase in supply, causing the price of Azuki NFTs to fall by 44%.
Following this, the Azuki DAO proposed a lawsuit against Zagabond, which has now been dropped with the rebranding of Azuki DAO to Bean. The decision to drop the lawsuit and rebrand to Bean reflects a new direction and focus for the project, as it aims to move past the controversy surrounding the Azuki NFT collection.
H3: The road ahead
As the project enters this new phase, the developers have promised to disclose detailed information on financing and a roadmap for future developments shortly. This rebranding and shift in focus to the memecoin project in the Blast ecosystem signal a fresh start for the community, with potential opportunities for growth and development.
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