Azuki DAO, an unofficial decentralized autonomous organization centered around a collection of non-fungible tokens (NFTs) bearing the same name, has declared its decision to undergo a rebranding, changing its name to "Bean." This move is accompanied by the dropping of its lawsuit against Zagabond, the founder of the NFT collection, concerning the contentious $39 million minting incident.
As per their statement provided to Cointelegraph, the Azuki developers disclosed that the DAO will be rechristened as the memecoin project and integrated into the Ethereum layer 2 Blast ecosystem. Highlighting further developments, they announced that Bean has garnered $10 million in funding from notable investors to expedite its progress and integration within the Blast ecosystem. The proposed total supply of Bean memecoin is 1 billion tokens. However, developers clarified to Cointelegraph that the current token supply plan visible on their website is outdated and undergoing revision.
The prior token allocation plan, delineating 40% for the vault, 50% for Azuki DAO members, and 10% for Azuki NFT creator Zagabond, is subject to modification, according to Azuki DAO developers. Earlier announcements also stipulated that only Azuki NFT holders could mint tokens within a 24-hour window following token issuance, failing which would lead to "token burning."
An earlier statement from four months ago detailed the allocation of 50% of Bean tokens for an Azuki DAO community airdrop of Azuki Series NFTs. The remaining tokens were held in an address, with 40% allocated to the Bean Treasury and 10% to Zagabond, still retained at the specified address. The Azuki NFT collection comprises 10,000 anime-themed profile pictures (PFP), with Zagabond releasing the "Elementals" series as the second set. However, the release of Elementals drew attention as its PFPs closely resembled those of Azuki, resulting in dilution of the latter due to increased supply.
Following the Elementals release, reports surfaced of a 44% drop in the Azuki NFT price. This incident also triggered discussions about a proposed community lawsuit against Zagabond initiated by Azuki DAO. The developers noted that forthcoming announcements would include details about funding and a roadmap outlining the project's future development.
