BEAN

About BEAN

BEAN, formerly known as AzukiDAO, operates as a decentralized autonomous organization and has transitioned into a memecoin project within the non-fungible token (NFT) space. The organization originated from a community of tokenholders of the Azuki NFT collection, which features 10,000 anime-themed avatars on the Ethereum blockchain. BEAN's inception was a direct response to actions taken by Azuki's founder, Zagabond (Alex Xu), particularly following the controversial launch of a subsequent collection called "Elementals". This launch in June 2023 generated significant revenue but was met with criticism from the community, who felt the new NFTs were too similar to the originals and diluted the brand's value.

Initially, AzukiDAO was formed to pursue legal action against Zagabond to recover approximately $39 million in ETH raised from the Elementals sale. However, in November 2023, the DAO announced a significant strategic shift. It dropped the proposed lawsuit, rebranded to BEAN, and pivoted to become a memecoin project. This transition was supported by a reported $10 million in financial backing from investors, aimed at developing the BEAN memecoin and integrating it into the Ethereum layer-2 ecosystem, Blast.

The core of BEAN's operation is its token, $BEAN, which has a total supply of one billion. The distribution model for the token allocates 50% to the AzukiDAO community through an airdrop to Azuki NFT holders, 40% to the BEAN Treasury, and 10% to Zagabond. This allocation demonstrates a model designed to empower the community that formed it, while also acknowledging the ecosystem's origins. The project serves holders of Azuki-related NFTs and participants in the broader memecoin and decentralized finance (DeFi) markets. Its business model is centered on the value and utility of the $BEAN token within the Blast ecosystem and the wider crypto market.