DAO sells $440,000 in ARB tokens to fund operations.

Hop DAO held an on-chain vote on Monday to sell 25% of its Arbitrum holdings, or more than 200,000. ARB

+0.46%
To cover operating costs.

The off-chain version of the proposal shows that the DAO will unload 209,251 ARB (worth nearly $440,000 at the time of writing) to purchase USD Coin (USDC). The community will use these stablecoins to reward Hop DAO’s moderators and fund the protocol’s development and research initiatives.

The timeline for the sale of ARB remains unclear. Hop DAO representatives did not immediately respond to The Block’s request for comment. As of this writing, ARB is trading at $2.08.Price data from The Block shows little change over the past 24 hours.

The proposal passed with approximately 85% of the votes (3.02 million votes) supporting the bill. According to Tally, a front-end platform for on-chain voting, seven delegates voted in favor of the sale, with one abstaining. As blockchain data shows, voting ended at 4:38 UTC.

The implementation of the proposal resulted in the transfer of ARB from Hop’s treasury to the community multisig wallet. snapshot. DAO sells digital tokens in tranches.

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