The DAO previously proposed a lawsuit against Azuki creator Zagabond over a dilutive $39 million NFT minting that took place in June.
Update – November 25 11:45 AM UTC: This article was updated after receiving a clarification statement from an Azuki DAO spokesperson regarding its token distribution plan.
Azuki DAO, an unofficial community decentralized autonomous organization surrounding the namesake nonfungible token collection, has announced its rebranding to “Bean” as it drops a proposed lawsuit against the NFT collection’s founder, Zagabond, over a $39 million minting affair.
In a statement sent to Cointelegraph, Azuki developers said the DAO will rebrand into a memecoin project and become part of the Ethereum layer-2 Blast ecosystem. Developers also claims that Bean has also secured $10 million from “prominent investors” for its development and acceleration within the Blast ecosystem.
The proposed Bean memecoin will have a total supply of 1 billion. In a follow-up statement sent to Cointelegraph, Azuki DAO developers said that the current token supply plan displayed on its website is “out of date.” The plan previously states that 40% percent of tokens are allocated to its…
