Days after the Arbitrum (ARB) airdrop event, voting began on the proposal to introduce a governing body for the newly formed DAO. During the decision-making process, there is a marked increase in whale activity on the altcoin.
Arbitrum Foundation will receive $1 billion if proposal is accepted
Lemma behind the proposal requested an additional 750 million ARB tokens to access a wallet that the Arbitrum Foundation will control. The proposal, called Arbitrum Improvement Proposal 1 (AIP-1), outlines the steps to create what it calls The Arbitrum Foundation, a company that will be responsible for growing the Arbitrum ecosystem.
The foundation will be established in the Cayman Islands and will need $3.5 million to cover administrative and registration costs as well as legal fees. So far, about 3.5 billion ARBs – worth roughly $4.8 billion – have been transferred to an address called “Arbitrum DAO Treasury1”, making it the largest ARB token holder.
According to Lemma, the entity behind the proposal, “ArbitrumDAO will have direct on-chain management powers over the DAO Treasury in accordance with the AIP process outlined in the ArbitrumDAO Statutes.”
A representative of the Arbitrum Foundation said that Lemma is a service provider of the Arbitrum Foundation, focusing primarily on the management components of operations. The proposal has so far selected three first directors for the foundation: Campbell Law, Edward Noyons and Ani Banerjee. There will also be a 12-member Security Council Committee.
Altcoin whales become active
While the proposal has yet to be approved, a multi-signature wallet with an address called “Arbitrum DAO Treasury2″ has been created and has since received around 700 million ARB tokens. Voting will end on April 3 before it is finalized on the Blockchain. At the time of this writing, almost 90% of the votes were in favor of the proposal and 10% against.
It looks like Arbitrum is attracting the attention of cryptocurrency whales after its recent airdrop. According to the latest market data, Arbitrum’s (ARB) daily trading volume on Friday was roughly $1.3 billion. Deflation data shows that Arbitrum ranks fourth in terms of TVL after Ethereum, Tron and Binance. On Friday, the network reported a total locked value of $2.24 billion.
Latest Arbitrum news
In hot developments, leading decentralized financial ecosystems such as Uniswap V3, Sushi, GMX and AAVE V3 have already launched on Arbitrum. Additionally, web3 developers introduced several DEXs on the network such as Camelot protocol, ZyberSwap and Vela Exchange.
Earlier this month, Sector Finance, which provides transparent risk analysis and real return market-independent investment strategies, was launched at Arbitrum. Since then, the project has experienced significant growth. In less than 24 hours after launch, the total locked value (TVL) has exceeded $700,000 and most Vaults have reached full capacity. Since then, TVL has continued to rise steadily, reaching a peak of over $3.0 million.
Whale accumulation could be catalyst for altcoin rally
In addition, ARB whale addresses increased trading activity; for example, Amber transferred 11.2 million ARBs worth $15.8 million to OKX and Binance. The largest Arbitrum whale holds 9.94 million ARBs worth $14 million. LookOnChain shared that more whales attracting ARBs from centralized exchanges could cause price momentum during an anticipated altcoin rally.
cryptocoin.com In this article, we have included the biggest whale transactions of recent days surrounding Arbitrum.
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