H2: Azuki DAO Rebrands to Bean and Drops Lawsuit Over $39M Minting Affair
In a surprising turn of events, the unofficial community decentralized autonomous organization (DAO) known as Azuki DAO has decided to rebrand itself as “Bean.” This decision comes as the DAO has announced that it will be dropping a proposed lawsuit against the founder of the Azuki nonfungible token (NFT) collection, Zagabond, over a $39 million minting affair.
H3: Bean to Join the Ethereum Layer-2 Blast Ecosystem
According to a statement sent to Cointelegraph, developers of Azuki DAO revealed that Bean will now rebrand into a memecoin project and become part of the Ethereum layer-2 Blast ecosystem. Additionally, they shared that Bean has secured $10 million from “prominent investors” to further its development and acceleration within the Blast ecosystem.
H3: Proposed Bean Memecoin Details
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. It has also been revealed that minting will only be available to Azuki NFT holders, who must do so within 24 hours of the token’s launch or risk facing “token burn.”
The Azuki NFT collection consists of 10,000 anime-themed profile pictures (PFPs). However, in June, a second series of 10,000 PFPs in the Azuki collection, known as “Elementals,” was released by Zagabond. This led to a dilution of the original collection, which caused the price of Azuki NFTs to reportedly fall by 44%.
Developers of Bean have promised to disclose detailed information on financing and a roadmap for future developments shortly. This rebranding and shift in focus to a memecoin project marks a significant change for the DAO, as it moves away from the controversy surrounding the Azuki NFT collection and its founder.
The decision to drop the lawsuit against Zagabond signals a new direction for Bean, as it aims to move past the issues that originally led to the proposed legal action. With the backing of prominent investors and its integration into the Blast ecosystem, Bean is poised to make a name for itself in the world of memecoins.
