Atom Accelerator DAO Winds Down Operations and Returns Funds
Atom Accelerator DAO Ceases Operations
Atom Accelerator DAO (AADAO), a governance-mandated organization within the Cosmos Hub, is closing its operations and returning remaining funds to the Cosmos Hub Community Pool. In a noteworthy move, AADAO contributors have declined their performance bonuses, redirecting 88,056 ATOM tokens, valued at approximately $817,159, back to the community.
Transition to Maintenance Mode
AADAO is transitioning to 'Maintenance Mode', ceasing new grant applications to prioritize the completion of existing obligations. A small team will remain active on a reduced payroll to ensure a responsible wind-down process. By the end of 2024, all funding applications will be processed, clarifying AADAO's remaining commitments.
Venture Investments and Asset Management
Throughout its operation, AADAO executed several venture investments, with additional investments anticipated soon. These investments are being safeguarded until 2028. The portfolio, comprising projects like Elys Network and Drop Protocol, represents $1.1 million in assets, with $750k in pending investments. The ATOM Community Pool is expected to receive tokens from these ventures, surpassing the initial $1.85 million investment.
Strategic Decision and Financial Returns
The decision to sunset follows extensive internal discussions, acknowledging AADAO's limitations in its current structure. Despite this, the DAO achieved milestones such as securing infrastructure and enhancing ATOM utility. Alongside returning performance bonuses, AADAO will transfer nearly $2 million from its treasury to the ATOM Community Pool, retaining some funds for ongoing expenses and contingencies.
Changes in Compensation and Oversight
Before entering Maintenance Mode, AADAO adjusted its compensation framework, halting ATOM token-based retention payments. The Oversight Committee will continue its duties without compensation, ensuring governance tasks are managed efficiently.
About Atom Accelerator DAO
Atom Accelerator DAO was established to drive value for the Cosmos Hub by supporting initiatives that foster economic impact and growth. Its venture arm invests in early-stage web3 startups, providing expertise and guidance to enhance ATOM's value.
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