Azuki DAO rebrands to ‘Bean’ as it drops lawsuit against founder

Azuki DAO, an unofficial community decentralized autonomous organization built around a collection of non-fungible tokens of the same name, has announced that it will rebrand to “Bean” as it drop Proposed lawsuit against NFT series founder Zagabond over $39 million minting incident.

In a statement to Cointelegraph, Azuki developers said that the DAO will be renamed the memecoin project and become part of the Ethereum layer 2 Blast ecosystem. The developers also claim that Bean has also received $10 million in funding from “well-known investors” for its development and acceleration within the Blast ecosystem.

The proposed total supply of Bean memecoin is 1 billion. 40% of the tokens are allocated to its vault, 50% to Azuki DAO members, and 10% to Azuki NFT creator Zagabond. Minting is only available to Azuki NFT holders, who must mint within 24 hours of token issuance or face “token destruction.”

The Azuki NFT collection contains 10,000 anime-themed profile pictures (PFP). In June, Zagabond released the second series of the Azuki series (a total of 10,000 PFP) called “Elementals”. However, upon release, users immediately noticed that Elemental PFP was very similar to Azuki PFP, causing the latter to be diluted through increased supply.

According to reports, the price of Azuki NFT dropped by 44% immediately after the release of Elementals.This move also triggered Azuki DAO’s community lawsuit proposal against creator Zagabond.

“Details regarding financing and a roadmap for future development will be announced soon,” the developers wrote.