Aragon exchanged $10 million in USDC and $10 million in bitcoin wrapped in paper for ether.
The Aragon Project boosted its holdings in ether (ETH) by more than $20 million in an effort to enhance its exposure to censorship-resistant cryptocurrencies.
According to its weekly report, Aragon exchanged $20,400,000 worth of USDC and bitcoin for ETH. Approximately 42% of the current $153 million value of the Aragon treasury is presently represented by Ether tokens. Aragon exchanged additional wrapped bitcoin worth $5,2 million for BTC. The rebalancing of the project’s treasury involved the transfer of $20 million in USDC to the DAI stablecoin.
The Aragon Network DAO and the Aragon Organization are both parts of Aragon, an Ethereum-based project that provides users with the tools for forming and operating DAOs.
Treasury reallocations were conducted in response to the FTX collapse, which showed the weakness of centralized crypto infrastructure, as stated by Aragon.
“Moving more of our treasury to ETH, DAI, and BTC improves our security and censorship resilience by minimizing our exposure to assets susceptible to mismanagement or manipulation by centralized parties,” added Aragon.