Azuki DAO Transforms into ‘Bean’ in Wake of Minting Scandal

Unofficial community decentralized autonomous organization Azuki DAO, which oversees the nonfungible token collection of the same name, has rebranded as “Bean” and withdraws a lawsuit against Zagabond, the proprietor of the NFT collection, in connection with a $39 million minting scandal.

Developers of Azuki said that the DAO will be rebranded as a memecoin and integrated into the Ethereum layer-2 Blast ecosystem.

Additionally, developers assert that “prominent investors” have provided $10 million to Bean to accelerate its development within the Blast ecosystem.

A total of one billion Bean memecoins are anticipated to be in circulation. Developers of the Azuki DAO said in a follow-up statement that the token supply schedule currently listed on the organization’s website is “out of date.”

As per the previous plan, 40% of tokens are designated for the Treasury, 50% are allocated to members of the Azuki DAO, and 10% are designated for the creator of the Azuki NFT, Zagabond.

Additionally, it was previously stipulated that minting would be restricted to Azuki NFT holders, who would be required to do so within twenty-four hours of the token’s release or risk “token burn.”

“Fifty percent of the Bean token was allocated to the Azuki DAO community for the airdrop of Azuki series NFTs,” which concluded four months ago, according to the follow-up statement.

“The remaining tokens are still in the address,” according to them. “40% of Bean [token] was allocated to the Bean Treasury, and 10% of Bean was allocated to Zagabond, which is currently still in the address.”

The Azuki NFT collection comprises ten thousand profile photographs (PFPs) with an anime motif. Zagabond released “Elementals,” the second series of 10,000 PFPs in the Azuki collection, in June.

Users immediately observed, however, the striking similarity between Elemental PFPs and Azuki PFPs, which increased supply and led to a subsequent dilution of the latter.

Reportedly, the cost of Azuki NFTs decreased by 44% immediately following the publication of Elementals.

Additionally, the action prompted Azuki DAO to propose a community lawsuit against the creator, Zagabond.

Soon comprehensive financing details and a strategic plan for subsequent advancements will be made public, the developers stated.