DigixDAO Token Rallies As Team Closes Their DAO: Report

DigixDAO token rallied a few days ago as the team of the platform closed their decentralized autonomous organization this quarter and promised to buy the DGD back at a higher price as we are reading further in our digixdao altcoin news.

Since the talks about the dissolution of the DAO started in 2019, the price increased almost two times against Ethereum or almost the same price as Ethereum at which DGD should be bought back. Against the USD, the DigixDAO token ranked 83^rd by market capitalization, is up by 1.4 percent and 11 percent which is about 80 percent in a month.

As per the reports, the platform was created to encourage the growth of other projects around the Digix Gold Token which is backed on the Ethereum network by simply leveraging the DGD community and they proposed the introduction of dissolution mechanism to the platform in late November. The dissolution of the platform is impartial to Digix and DGX and they will both continue to remain. In the meantime, DAO is a blockchain-based virtual organization that operates independently without central authority based on the coded rules.

The proposal was called ‘’project ragnarok’’ is a result of the dissatisfied DGD holders’ comments that want to make ‘’ a clean break from DigixDAO.’’ While the DGX is the core product at Digix representing gold bars DGD which was offered on the platform that gave voting rights on the projects that were submitted on the platform explains another document on the Project RAgnarok FAQ.  Furthermore, the platform voted to liquidity its 64 million USD treasury and will return all of the ETH to initial coin offering investors which will involve unstaking and to give back ETH 0.19 per DGD and all of the remaining coins in circulation will be destroyed.
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Digix said that the entire ecosystem has benefited from the support of the platform adding that they are very proud of the achievements on the platform and are against its dissolution but they will have to adhere to the collective opinion of the token holders. The CEO and co-founder of Digix Kai C.Chang said:

 “While we felt strongly that the full vision of DigixDAO was not able to bear fruit, we are uplifted that the merits of the DAO model, where token holders are able to direct the proceeding course of action for a blockchain organization and be able to exit such an organization if they chose to.’’