Azuki DAO Dismisses Its Lawsuit Against The Creator And Rebrands As “Bean”

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Azuki DAO

Unofficial community distributed autonomous organization Azuki DAO, which is associated with the eponymous nonfungible token gathering, has declared that it is changing its name to “Bean” and that it is dropping a lawsuit against Zagabond, the originator of the NFT collection, regarding a $39M minting scandal. Developers of Azuki revealed in an announcement to Cointelegraph that the DAO would change its name to meme coin and join the Ethereum Blast ecosystem. Additionally, Bean’s developers assert that the company has received $10 million for growth and acceleration inside the Blast system from “prominent investors.”

There will be one billion of the projected Bean meme coins in circulation. The creators of Azuki DAO stated in another email to Cointelegraph that the token supply schedule that is currently shown on the company’s website is dysfunctional. According to the original concept, 40% of tokens would go toward the company’s treasury, 50% would go toward members of Azuki DAO, and 10% would go toward Zagabond, the founder of Azuki NFT. Additionally, the proposal originally said that only holders of Azuki NFT would be able to mint and that they would have to do it within one day of the token’s introduction to avoid “token burn.”

Azuki DAO Has Received 40% Of Bean Tokens

“For the drop of Azuki series NFTs, the Azuki DAO community received 50% of the $Bean [token],” according to the follow-up announcement, which ended 4 months ago. “The location still has the remaining tokens, they said. Ten percent of the $Bean token—which is still in the address—was sent to Zagabond, and forty percent went to the Bean Treasury.”

Ten thousand profile photographs (PFPs) with anime themes are included in the Azuki collection. Zagabond launched “Elementals,” the second series of 10K PFPs in the collection, in June. But soon after their release, people began to see how similar Elemental PFPs were to PFPs, which caused the latter to be diluted by becoming more plentiful.