UPDATED: Mar 11, 2024 2:07 PM EDT
Hop DAO conducted an on-chain vote on Monday to sell 25% of its Arbitrum holdings, or more than 200,000 ARB
+0.44%
An off-chain version of the proposal shows that the DAO will offload 209,251 ARB – worth almost $440,000 at the time of writing – to purchase USD Coin (USDC). The community will use these stablecoins to compensate Hop DAO’s moderators and fund the protocol’s development and research initiatives.
The timetable for the ARB sell-off remains unclear. A representative for Hop DAO did not immediately respond to The Block’s request for comment. At the time of writing, ARB is trading at $2.08virtually unchanged over the past 24 hours, according to The Block’s price data.
The proposal passed with approximately 85% of votes (3.02 million) in support of the measure. Seven delegates were in favor of the sale, while one abstained Tel, a front-end platform for on-chain voting. The voting ended at 4:38 UTC, as shown on the blockchain facts.
The implementation of the proposal has led to the transfer of ARB from Hop’s treasury to the community’s multisig wallet, according to Snapshot. The DAO will sell the digital tokens in tranches.
About the author
Elizabeth Napolitano is a data reporter who reports business and technology news, with a focus on cryptocurrencies. Before joining The Block, Elizabeth reported on BigTech, AI, crypto and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and US courts. She has an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano
