Azuki DAO Rebrands to 'Bean' and Drops Lawsuit Against Founder

Introduction

Azuki DAO, a decentralized autonomous organization (DAO) associated with the nonfungible token (NFT) collection called Azuki, has announced a rebranding and dropped its proposed lawsuit against the NFT collection's founder, Zagabond. The DAO will now be known as 'Bean' and will transition into a memecoin project within the Ethereum layer-2 Blast ecosystem.

Rebranding and Funding

Azuki DAO developers have decided to rebrand the organization as 'Bean' as part of their new memecoin project. The transition will involve becoming a part of the Ethereum layer-2 Blast ecosystem. Additionally, Bean has successfully secured $10 million from prominent investors to support its development and growth within the Blast ecosystem.

Bean Memecoin Details

The proposed Bean memecoin will have a total supply of 1 billion tokens. Out of this supply, 40% will be allocated to the 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 to avoid token burn.

Background on Azuki NFT Collection

The Azuki NFT collection consists of 10,000 anime-themed profile pictures (PFPs). In June, a second series of 10,000 PFPs called "Elementals" was released by Zagabond. However, users quickly noticed the close resemblance of the Elemental PFPs to the original Azuki PFPs, leading to a dilution of the latter due to an increase in supply. As a result, the price of Azuki NFTs reportedly dropped by 44% immediately after the release of Elementals.

Conclusion

With the rebranding to 'Bean' and the decision to drop the lawsuit against Zagabond, Azuki DAO is embracing a new direction as a memecoin project within the Blast ecosystem. The transition aims to revitalize and accelerate the organization's development. More details regarding financing and future developments will be shared soon, according to the developers.