Azuki Dao Rebrands to Bean, Drops Lawsuit Against Founder

Azuki DAO, an independent decentralized autonomous organization (DAO) linked to the Azuki non-fungible token (NFT) collection, has announced a significant rebranding, transitioning to the name “Bean.” This change comes alongside the DAO’s decision to withdraw a proposed legal action against Azuki’s founder, Zagabond, related to a controversial $39 million NFT minting event. The rebranding signifies a shift in strategy, with Bean moving towards developing a memecoin project and integrating it into the Ethereum layer-2 Blast ecosystem.

Developers behind the initiative have revealed that Bean has secured substantial financial backing, amounting to $10 million, from key investors. This funding is earmarked for the project’s development and accelerating its integration within the Blast ecosystem. The Bean memecoin will have a total supply cap of 1 billion tokens.

Azuki DAO Shifts to Bean Allocation

The developers have clarified that the current token supply plan differs from the information previously displayed on their website. The outdated plan outlined a distribution of 40% of tokens to the treasury, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. It also stipulated that minting would be exclusively available to Azuki NFT holders for a 24-hour window following the token’s launch, with unclaimed tokens subject to burning.

The revised plan presents a new allocation: the Azuki DAO community will receive 50% of the $Bean tokens through an airdrop to holders of the Azuki series NFTs, completed four months ago. The same address still holds the remaining tokens. Moreover, the Bean Treasury will receive 40% of the tokens, and Zagabond will retain the final 10%, which also remains in the same address.

Bean Debuts, Aligning with Blast Ecosystem

The Azuki NFT collection, known for its 10,000 anime-themed profile pictures (PFPs), experienced a market shake-up with releasing a second series, the “Elementals.” This series, comprising 10,000 PFPs and released by Zagabond, closely resembles the original Azuki PFPs. This similarity led to a perceived dilution of the original series due to the sudden increase in supply.

The transition of Azuki DAO to Bean and its alignment with the emerging Blast ecosystem marks a pivotal moment in the evolving landscape of NFTs and decentralized finance. The move reflects a growing trend among NFT projects to diversify into different blockchain applications and ecosystems, indicating a maturation of strategies in the sector. The Bean project’s future, now closely tied to the success of its memecoin initiative and its integration within the Blast ecosystem, will be closely watched by investors and enthusiasts.

Read Also: ECB’s Christine Lagarde Says Son Lost All in Crypto