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Home»TRADING NEWS»DeFi protocol Dolomite launches vARB and offers dual functionality to ARB holders.
TRADING NEWS

DeFi protocol Dolomite launches vARB and offers dual functionality to ARB holders.

By Crypto FlexsDecember 29, 20232 Mins Read
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DeFi protocol Dolomite launches vARB and offers dual functionality to ARB holders.
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  • Dolomite says vARB is a “voting ARB” token that allows holders to participate in Arbitrum’s governance through voting.
  • vARB cannot be borrowed or borrowed, but means users can vote using ARB collateral.

DeFi protocol Dolomite has launched vARB, a “voting ARB” token that allows holders to participate in governance voting on the Arbitrum network.

vARB is not a new token and is non-transferable and non-tradable. Unlike ARB, users cannot lend or borrow these tokens, the protocol said in a press release shared with CoinJournal.

However, vARB allows holders to utilize ARB tokens deposited as collateral to access Arbitrum’s governance and voting rights.

ARB Amplifies Voting Rights

According to Dolomite, vARB will remain in “isolated mode” on the protocol and users will be able to use it for Arbitrum voting. This is not possible if ARBs are locked in liquidity pools and used for lending and borrowing. As it stands, ARBs pegged to DeFi protocols like Aave or Compound cannot be used for governance voting.

vARB makes this possible as users can easily convert ARB to vARB and use the same ARB for voting and lending. But tokens have another advantage. Holders can use it to amplify their voting weight.

To achieve this, users can deposit vARB as collateral and borrow more ARB. Additional ARBs can then be replaced with vARBs, up to 5 times. As stated in the announcement, the value of vARB will remain the same as the value of ARB, so holders will not face liquidation risk due to price fluctuations.

Arbitrum continues to grow as one of the most dominant Layer-2 networks on Ethereum. The network launched the ARB token in March and has a total value locked (TVL) of over $2.4 billion as of December 28, 2023.

ARB’s price is $1.52, up more than 32% in the past week as analysts predict a possible surge to $2.


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