This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Azuki DAO, a decentralized autonomous organization (DAO) centered around the Azuki nonfungible token (NFT) collection, has announced a rebranding to “Bean” and dropped a proposed lawsuit against the NFT collection’s founder, Zagabond. The DAO will now transition into a memecoin project and join the Ethereum layer-2 Blast ecosystem. Bean has secured $10 million from prominent investors to support its development within the Blast ecosystem. The proposed Bean memecoin will have a total supply of 1 billion tokens, with 40% allocated to its treasury, 50% to Azuki DAO members, and 10% to Zagabond. Minting of Bean tokens will only be available to Azuki NFT holders within 24 hours of the token’s launch. Failure to do so will result in token burn. The Azuki NFT collection consists of 10,000 anime-themed profile pictures (PFPs). The release of a second series of PFPs called “Elementals” led to a dilution of the Azuki collection, causing a 44% drop in the price of Azuki NFTs. This triggered a lawsuit proposal by Azuki DAO against Zagabond. The developers of Bean have promised to disclose detailed information on financing and future developments soon.