In a move that has revitalized the Rook project and vaulted the governing token ROOK to new heights, token holders will have the opportunity to stake their claim to a vast fortune. A $25 million treasury controlled by Rook Labs, the former Rook DAO governing body, is in the hands of its rightful owners – the holders of the Rook Token (ROOK).
Rook Labs: From Peak to Valley and Back Again
The journey to this moment for Rook has seen its fair share of peaks and valleys. Less than a year ago, Rook Labs unveiled MEV technology on Ethereum. With its innovative approach to capturing value from the Ethereum transaction chain, Rook Labs quickly became popular among tech-savvy investors.
Unfortunately, the same enthusiasm that led to the project’s rise was also the source of its downfall. Investors began to demand greater returns from their tokens and wanted a voice in the direction of the project. After months of heated disputes, Rook Labs and the disgruntled investors struck a deal that would permanently change the structure of the project.
A Compromise for Token Holders and Rook Labs
The new entity, Incubator DAO, is a token-holder-run organization that will liquidate the $25 million former Rook DAO treasury over the course of the next 90 days. This means ROOK token holders will have an opportunity to receive a pro rata share of their tokens in USDC and a ROOK token.
The forged compromise between Rook Labs and investors allows both sides to move forward in their respective paths. On one hand, Rook Labs can now focus on building its MEV technology without worrying about the burden of a governance token that brings little to no value. On the other hand, token holders can receive the value they felt they deserved without risking further dissociation from Rook.
Unlock $25 Million of Value: ROOK Token Holders’ 90-Day Opportunity
The chance to unlock $25 million of value has already caused the value of ROOK to skyrocket, with some estimates placing the value of each token relative to its share of the treasury at over $40. This is in contrast to the token’s price of $14 just two months ago.
Whether or not the vote to dissolve Incubator DAO and liquidate the treasury passes, this period has already seen an enormous amount of engagement from token holders and newcomers alike, who see great potential in both Rook’s tech and its tokens. For 90 days, ROOK token holders will have the chance to take part in a unique opportunity to unlock a vast fortune, thereby ensuring the future viability of their tokens.
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