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Aragon Network Token

Aragon Network Token (ticker symbol: ANT) is the native token of the Aragon Network. ANT is primarily used for the governance of the Aragon Network, although additional uses for accessing Aragon Network services have been proposed as well.

ANT uses


The first use of ANT is as a Sybil-resistant mechanism for governance. In the Aragon Governance Proposal (AGP) process, which was first approved by ANT holders on November 17, 2018, one ANT was equal to one vote. This meant that anyone could vote on AGPs, even while remaining pseudonymous, by acquiring and holding ANT at the time of the Aragon Network vote they want to participate in.

ANT can also be used to vote on proposals in the Community Funding DAO, which was first proposed in AGP-10, approved in Aragon Network Vote #1, and deployed on March 18, 2019.

On March 13, 2020, ANT holders voted to sunset the AGP process in preparation for Phase 3 of the Aragon Network launch.

Aragon Court

From the ANJ article at the Aragon Help Desk:

ANJ (Aragon Network Juror) is the native token of Aragon Court, which jurors need to activate in the Court to be selected and earn dispute fees. The use of ANJ helps align the incentives of jurors with the long-term health of the Court, ensuring the Court's integrity.

ANJ is minted by depositing ANT into a bonding curve smart contract. The ANJ bonding curve went live with the official launch of Aragon Court on Fight For Freedom Day February 10, 2020.

Continuing from the ANJ Help Desk article:

ANJ is a continuous token, the supply of which is regulated by a bonding curve. A bonding curve is an automated market maker smart contract that defines a relationship between token price and token supply.

ANT is the reserve token used to back the ANJ supply. As more ANT is deposited in the ANJ bonding curve, the total supply of ANJ increases; as ANT is withdrawn from the bonding curve, the total supply of ANJ decreases.

The bonding curve is used to convert ANT into ANJ and back at pre-defined rates. The way the ANJ bonding curve is set up, the more ANT is sent to the bonding curve, the fewer new ANJ will be released back to the sender; the more ANJ is sent to the bonding curve, the fewer ANT will be released back to the sender.

You can find a technical explanation of bonding curves here and find the source code for the specific smart contract used for the ANJ bonding curve here.

More information about the use of ANT and ANJ in Aragon Court can be found in the Aragon Network whitepaper.

Initial token distribution

ANT was initially created and distributed as a result of a public token sale that took place on May 17, 2017 - starting at Ethereum block 3,723,000 to be exact. Less than 100 blocks later, 275,000 ETH worth of ANT were sold. Added together with ANT sold in the pre-sale, ANT granted to the Aragon Institute (now the Aragon Association), and ANT granted to founders and early contributors, the total initial supply of ANT after the token sale is 39,609,523.80952380954 ANT.


Initial supply breakdown

Amount (ANT) % of initial supply
Public sale + Pre-sale grant 27,726,666.666666666678 ANT 70%
Aragon Foundation grant 5,941,428.571428571431 ANT 15%
Early contributors and founders grant 5,941,428.571428571431 ANT 15%

Total supply: 39,609,523.80952380954 ANT*

* Total supply will be constant only until the Aragon Network is deployed. From then on, ANT holders will use Aragon Network governance to decide the ANT issuance policy and inflation rate going forward.


ANT upgrade

On October 22, 2020 the Aragon Association announced a coordinated upgrade of the ANT smart contract. To upgrade their tokens, ANT holders can send their ANTv1 to a migration contract and receive an equivalent amount of ANTv2 in return.

- Upgrading ANT blog post
- Upgrade portal

ANTv1 technical details

ANTv1 is an ERC-20 token using the MiniMe standard. As Aragon co-founder Jorge Izquierdo wrote on the Aragon blog:

We decided to use MiniMe as the base token for ANT because it offers flexibility, security, and a clear upgrade path. The MiniMe Token is an ERC20 token created by the Giveth team that maintains a history of balances and is easily cloned to create independent tokens with unique functionality (shout out to the Giveth team, definitely one of the best Solidity development teams out there).

In addition, MiniMe is a great token standard for governance because it keeps track of balances at the time of starting a proposal vote. This removes the need to lock balances after voting to prevent double voting. With all of its benefits, we’re considering making MiniMe the default token for all Aragon organizations.

The Ethereum smart contract address of ANTv1 is 0x960b236A07cf122663c4303350609A66A7B288C0.


ANTv2 technical details

ANTv2 is an ERC-20 token with built-in support for "gasless" metatransactions. With the changes made to the token contract, gas costs of using ANTv2 are approximately one-third the cost of using ANTv1.

The Ethereum smart contract address of ANTv2 is 0xa117000000f279D81A1D3cc75430fAA017FA5A2e.

ANT asset analysis

On October 22, 2019, Aragon One Researcher Luke Duncan published an analysis of ANT entitled "ANT Demand Modeling Framework". Duncan described the document as "a basic framework for thinking about the demand for the Aragon Network Token (ANT) based on its current and potential future utility value".

On March 6, 2020, the venture capital firm Placeholder published an analysis of ANT entitled "Aragon (ANT) Economics". Placeholder refers to ANT in their analysis as "a governance asset, with planned future economics to reinforce its store-of-value status".

Store ANT

In addition to self-custody tools available in hardware and software form, institutional custodians in the list below have begun offering ANT custody services to qualified clientele.

Disclaimer: Inclusion of a service does not constitute an endorsement of the service by the Aragon Association or any other member of the Aragon project. Please do your own research before giving custody of your assets to any entity on this page. Keep your funds safe and only do business with people for whom you have a good reason to trust.

Trade ANT

In addition to buying and selling ANT peer-to-peer, ANT can be bought or sold using the services in the list below.

Disclaimer: Nothing on this page should be taken as investment advice. Inclusion of a service does not constitute an endorsement of the service by the Aragon Association or any other member of the Aragon project. Please do your own research before trading ANT or using any of the listed services to trade ANT. Keep your funds safe and only do business with people for whom you have a good reason to trust.


OTC Brokers:

Page owner: John Light (@john-light). Last updated 2020-08-26.