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Atom Accelerator (AADAO) Returns Funds Raised to Cosmos Community Pool
In a surprising move, the Atom Accelerator DAO (AADAO) has announced its decision to return funds raised to the Cosmos community pool. This unexpected development comes as AADAO, a venture capital arm of the Cosmos Hub, has completed its mission and concluded that it is no longer necessary to continue operating.
The announcement was made in a statement released by AADAO’s management team, which explained that despite the significant progress and growth achieved during its lifespan, it was decided that returning funds raised would be the most responsible course of action.
AADAO initially set out to support innovative blockchain projects by providing funding and resources. Over the years, the organization executed six venture investments on behalf of the Cosmos Hub, with seven additional investments pending execution. The portfolio currently stands at $1.1 million in assets, with another $750,000 in venture investments expected to be finalized soon.
A trustee has been instructed to safeguard these investments until 2028, when it is anticipated that all tokens from incubated projects will be sent to the ATOM Community Pool. This move would result in a substantial increase in the pool’s assets, exceeding the Cosmos Hub’s initial investment of $1.85 million.
It’s essential to note that AADAO has demonstrated exceptional growth and success throughout its operational period. The organization’s portfolio now includes Elys Network, Drop Protocol, Sphinx, Plaza Finance, and Union Labs, all of which have been instrumental in advancing the blockchain ecosystem.
The decision to return funds raised underscores the commitment of the Cosmos community to transparency, accountability, and responsible stewardship.
Source: u.today
