ROOK Investors Start Trading Tokens for $25M Crypto Treasure

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Rook Dao is dead. But its riches are alive and available to be claimed by ROOK token holders for the next 90 days.

The former governance token has become a ticket to redeem approximately $25 million of treasury that once belonged to Rook DAO, the defunct governing body whose members now run a new entity that exists only to liquidate cash.

DAO Incubator, the new entity, is led by activist investors who once bristled at perceived slights from Rook Labs and demanded that they return value to token holders. Rook Labs, the builders of Rook’s MEV technology and the project’s de facto operators, eventually obliged. They reached an agreement that divorced ROOK the token from Rook the project by effectively buying out the governance rights of the token holders for approximately 60% of the treasury.

“This is a dynamic and collaborative process, designed to respond to community wishes for the ROOK token and the new DAO incubator.” Rook Labs pseudonymous CEO Hazard told CoinDesk in a Discord message. “We are grateful for the enthusiastic participation of ROOK holders and community members, and are pleased to see DAO Incubator token holders exercising their newfound autonomy. From here, Rook Labs will pursue its goal of building an innovative MEV infrastructure, operating within real-world legal and regulatory frameworks and business imperatives.”

Wismerhill, the embodiment of Carl Icahn who leads the activist wing, and now the DAO incubator, told CoinDesk that he is happy that all parties have reached an amicable settlement.

“This is the best outcome anyone can expect: token holders can unlock their ownership of cash, and the Rook Labs team can continue working on exciting projects without the burden of a token. worthless governance.”

ROOK holders who trade their tokens through the smart contract get a prorated share of USDC, plus a pROOK token. After 90 days, the remaining USDC will be split among pROOK token holders, Wismerhill said.

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