ROOK DAO managed to "rage quit" and $ROOK pumped by 475%.
This makes $ROOK the best-performing DeFi tokens this year.
The DAO actually split into two, but the full story is still unfolding (and is quite fascinating):
Background:
ROOK holders cited misalignment of interests between the management team and $ROOK token holders, poor growth, and a flawed gatekeeping mechanism.
So, they proposed to dissolve the DAO and distribute the treasury.
twitter.com/DefiIgnas/status/1640253490651078656
Long story short, the DAO was split into two:
ā¢ Rook (formerly known as KeeperDAO)
ā¢ IncubatorDAO, which received 60% of the Treasury
IncubatorDAO sold the $25 million treasury assets for USDC which can be redeemed by ROOK (pROOK) holders until 12h of July.
The speculative question is: what % of holders will redeem ROOK for USDC?
There's still 17M USDC not claimed from the contract: 0x548Ba7f573806d415Edf410d30bE61C4396795fb
The fair value of $ROOK is $40, but it's currently trading at $58, expecting a lower % of redemption.
Speculators are putting a 50%+ premium on the price of ROOK, likely betting that some holders will forget to redeem their tokens.
If redemptions stopped now, each pROOK would be worth roughly $94, a huge payout considering holders already collected $40 per their tokens.
Enter Polychain Capital
Coindesk reported that Polychain got its $ROOK tokens for investing a āseven-figure sumā back in 2020.
They recently moved 100k tokens (worth $5.8M USD) to a new address, possibly to sell: 0xb283391C4B4B5C5FA20FDA38bc0178EA264682b1
Or is it a bluff?
Will Polychain sell in the open market or redeem for Treasury USDC?
If Polychain redeems its ROOK tokens by July 12th, it could receive a base payout of 4M USDC and an additional $4.7M for its pROOK, assuming no other redemptions.
Currently, it's a strategic waiting game.