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Home»ADOPTION NEWS»DAO sells $440,000 in ARB tokens to fund operations.
ADOPTION NEWS

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

By Crypto FlexsMarch 12, 20242 Mins Read
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DAO sells 0,000 in ARB tokens to fund operations.
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Posted 1 minute ago In ~

Updated: March 11, 2024, 2:07 PM EDT

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.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, cryptocurrency, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.

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