Rook DAO may be dead, but the ROOK token still has value. Over the next 90 days, ROOK token holders can claim approximately $25 million of the treasury that once belonged to Rook DAO. The defunct governing body’s members now operate a new entity, Incubator DAO, to liquidate the cash.
Incubator DAO is being run by activist investors who once demanded that Rook Labs return value to token holders.
Rook Labs, the builders of Rook’s MEV technology and the project’s de facto operators, obliged by buying out token holders’ governing rights for approximately 60% of the treasury, effectively divorcing ROOK, the token, from Rook the project.
“This has been a dynamic, collaborative process, designed to accommodate the community’s wishes for the ROOK token and the new Incubator DAO,” said Rook Labs’ pseudonymous CEO Hazard. “We’re grateful for the enthusiastic participation of ROOK holders and community members.”
ROOK holders who redeem their tokens through the smart contract will receive a pro-rata share of USDC, plus a pROOK token. The remaining USDC will be split among pROOK token holders after the 90-day period ends.
Wismerhill, the Carl Icahn incarnate who leads the activist wing and now Incubator DAO, expressed satisfaction with the outcome for all sides, saying “token-holders can unlock their ownership of the treasury, and the Rook Labs team gets to continue working on exciting projects without the burden of a worthless governance token.”
