Binance to Distribute ETH to DGD Holders as DigixDAO Initiates Dissolution - OhNo WTF Crypto

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Binance to Distribute ETH to DGD Holders as DigixDAO Initiates Dissolution

March 26, 2020 , ,
#OhNoCrypto

In brief:

  • Binance has announced that it will be supporting the upcoming DigixDAO (DGD) dissolution. 
  • The exchange will distribute ETH to qualified DGD holders at a rate of 1 DGD = 0.193054178 ETH.
  • Earlier this year, the DigixDAO community voted on dissolving the project and burning the DGD in circulation.

The popular crypto exchange of Binance has announced its support for the upcoming DigixDAO (DGD) dissolution. The exchange will convert all DGD balances on the exchange, to Ethereum coins at a fixed ratio of 1 DGD = 0.193054178 ETH. Trading of DGD will cease tomorrow, 27th March, at 12:00 UTC. The token will consequently be delisted. A snapshot of DGD holdings will be taken on the 28th of March 2020, at 16:00 UTC.

Requirements for the Conversation of DGD into ETH

The exchange went on to list the following processes and requirements for the successful conversion of DGD holdings.

  • DGD balances under 0.01 DGD (including those in trade orders) will not be eligible to receive ETH.
  • DGD tokens held in sub-accounts will be combined into the corresponding master account. Sub-accounts will not separately receive any ETH tokens.
  • Once ETH tokens are distributed to the respective DGD holders, each user’s DGD balance will be removed from their asset balances. 
  • ETH tokens will be distributed before 2020/04/04 12:00 PM UTC.

DigixDAO Community Voted to Dissolve the Project

In January of this year, the DigixDAO community voted in favor of a proposal (named Ragnarok) to dissolve the project. The team at DigixDAO will, therefore, carry out the wishes of the community. The decision to dissolve was as a result of community members voicing their dissatisfaction with the project over the years. In a medium blog post, the DGD team thanked everyone that believed in the project since its inception in March 2016.

DGX and Digix Will Continue to Exist

The team also explained that the dissolution of DigixDAO will not affect DGX and Digix.

(Feature image courtesy of Denys Nevozhai on Unsplash.)

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @John P. Njui, @Khareem Sudlow