ANT is the native cryptocurrency of Aragon: a blockchain-based platform that allows users to build and manage their own decentralized autonomous organizations (DAOs).

A DAO lets people form groups that are governed by a defined set of computer codes, as opposed to a single leader. Users are required to hold ANT in order to vote on certain proposals related to a DAO, such as how to invest everyone’s pooled funds. They can also trade ANT for two other coins that exist in the Aragon ecosystem – ANJ and ARA.

The Aragon project runs on the Ethereum blockchain platform, relying on a globally distributed network of users to collectively manage its code.

ANT is an ERC-20 token – a type of fungible token created to be compatible with the Ethereum network. In May 2017, 70% of ANT tokens were sold to the public via an initial coin offering (ICO). The project raised 275,000 ETH (about $25 million at the time) in just 26 minutes. The remaining 30% of the supply was divided between the Aragon Association and its founders.

After the ICO, there were 39.6 million tokens, but the project stated new ANT tokens would continue to enter circulation until the Aragon network had officially launched. After that, control over the inflation rate would be passed to ANT holders. That transition happened two years later in 2020, when the Aragon network launched its version two platform.

ANT’s price reached an all-time high of $14.64 in April 2021, right around the time the project integrated Key Performance Indicator (KPI) options – a feature where people can bet on whether a DAO proposal will be completed. The idea is that if people bet that a KPI will be completed, they are more likely to make sure it succeeds, which ultimately benefits both themselves and the DAO.

The Aragon team created ANT tokens to be owned and operated by the project’s users. ANT can also be used to purchase ANJ coins, which are required to participate in Aragon Court resolutions. The Aragon Court allows users to settle disputes across the Aragon network that cannot be solved by smart contracts.

Users (jurors) who hold ANJ coins can review arguments and cast votes to mediate certain matters. The quantity of ANJ held determines the chance of a user being selected as a juror.

When an argument is resolved, jurors are rewarded with original ANT coins, and the DAO automatically updates rules and outcomes on the software.

ARA is another ERC-20 token that fuels the Aragon chain – a secondary layer proof-of-stake blockchain that’s now in development and that will facilitate faster transactions between DAOs. ANT holders will need to deposit their tokens as collateral to create ARA tokens. Users can then stake their ARA tokens (locked up in a smart contract) in order to become validators of the Aragon chain and participate in verifying transactions, in exchange for ARA-denominated rewards.

The Aragon network was created in 2016 by Spaniards Luis Ivan Cuende and Jorge Izquierdo and was launched on the Ethereum blockchain two years later.

In January 2021, 12 staff members from the Aragon Association (the nonprofit company that handles funds from the 2017 ICO) and Aragon One (the company that develops tools on the Aragon network) left the company. It’s speculated there was internal conflict regarding the Aragon Association’s handling of the ICO funds.

A few days later, the project announced a merger with governance-focused blockchain protocol, Vocdoni.