Arbitrum DAO to Boost Utility With Major Upgrade
16.08.2024 15:00 1 min. read Alexander Stefanov
The Arbitrum DAO has passed a proposal aimed at increasing the functionality of the ARB token and enhancing governance security.
The proposal, which concluded on August 15, received significant approval—91% from over 25,000 voters.
The proposal focuses on introducing ARB staking and the new stARB token, which will facilitate staking and delegating ARB. This token will also support reward compounding and integration with DeFi platforms, though it will not involve immediate fee distribution to holders.
The initiative is expected to boost engagement within the Arbitrum network and address low voter turnout. Additionally, it aims to strengthen governance security by preventing potential attacks as the treasury expands.
The DAO also faces challenges with ARB’s performance, as fewer than 1% of tokens are currently active. In recent developments, Arbitrum allocated $215 million worth of ARB to its Gaming Catalyst Program and rejected a proposal to cover legal fees for Tornado Cash developers.
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