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Arbitration Ethereum

Aragon Juror (ANJ) token explained

Summary of the Aragon Juror Token (ANJ). A utility token for Aragon Court, a service for trustless arbitration.

ANJ will merge into ANT and ANJ holders will be able to lock and convert their ANJ to 0.044 ANT or just convert at 0.015 ANT.

What is Aragon court?


Aragon Court is a service in the Aragon Ecosytem for trustless arbitration.

How does the token work?


Aragon Juror Token (ANJ) is a utility token that jurors stake in the Aragon Court in order to be selected for jury duty.

Jurors are incentivized by rewards in ANJ when voting with the majority. And slashed when not doing so.

See Aragon Court Backend for live statistics and info.

ANJ creation


  • ANJ is minted by staking Aragon Network Token (ANT) in a bonding curve (In english: by selecting amount and pressing convert at convert.aragon.org).
  • A bonding curve is a smart contract that bonds two tokens together. In this case ANJ is bonded to ANT (Aragon Network Token). The smart contract is an automated market maker that provides automatic pricing and liquidity for ANJ.

Here’s a simple video explanation on bonding curves.

The rate at which ANT can be converted to ANJ and vice versa is calculated like this.

To simplify


The price starts at 0.01 ANT per ANJ and then follows a certain curve based on ANJ supply. Hence bonding curve.

The more ANJ is in circulation the more the price increases.

From Aragon wiki

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.

Juror process


Read more about the entire juror and dispute process here.

Bonding curves in depth


Model how future increases and decreases in supply affect ANJ price here.

Here’s more on ANJ token launch and supply.

The actual smart contract is here.

The Bancor white paper can also be useful.

Bonding curve thread.

Token Incentive


– Earn rewards and subscription fees from voting in court cases.

Why ANJ and not just ANT?


There is a lot of reasoning around this in the Aragon forum which you can read here and here.

Some reasons could be

  • Keep incentives clear around a token (ANT might have multiple and long term effects may be hard to predict)
  • Reduce technical complexity per token.
  • Flow value back to ANT

Total Supply


The total supply can be calculated with a lot of math.

To simplify

  • If all ANT is staked in the bonding curve the maximum supply of ANJ is 350,868,849 ANJ.

The current total supply of ANJ can be viewed on Etherscan.

Token history


101,490,826 ANJ was pre-activated and the Aragon association minted an extra 10 %.

Bringing the total initial supply of ANJ to 112,767,584.

Pre-activation bonding curve price: ~$0.006 per ANJ (100 ANJ/ANT)

Read more about the presale (bonding curve) here or in the aragon wiki.

In the pre-activation announcement blog post, the Aragon Association mentioned that the Aragon Network (then controlled by a five member Governor Council) would be entitled to generate up to 10% of the pre-activation supply of ANJ for itself:

After the pre-activation period ends, the Aragon Network DAO can mint up to a 10% of the initial supply of ANJ and transfer it to the DAO. The Aragon Network DAO would then allocate those tokens to incentivize usage or onboarding jurors.

ANJ price


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