Recently, an unknown altcoin project seems to have caught the attention of investment firm Paradigm. Paradigm announced that it will buy altcoins for $ 6 million. Here are the details…
Paradigm will buy 15 percent of altcoin supply
ArenaDAO’s management token, ARENA, is the focus of crypto investment firm Paradigm. ArenaDAO initiated the voting that allowed Paradigm to purchase 15 percent of the total supply for 150 million tokens, or 6 million USDC. After the start of voting, ARENA has increased by 11 percent in the last hour and close to 50 percent in the last 24 hours. According to Dex Screener, the token’s market cap, which rose to $0.1, currently stands at $79.8 million.
Earlier on Thursday, the on-chain voting period for ArenaDAO opened. Since then, a total of 9 addresses have voted in support of authorizing the DAO to sell its tokens to Paradigm. Data from blockchain analytics firm Nansen shows 142 unique addresses holding the ARENA, up 10 percent since Monday. As a result of the voting, the 6 million dollar sale to Paradigm will be approved. According to the on-chain voting, the funds will be used as working capital for the DAO to grow Code4rena. Voting ends a week later, on March 23.
Protocol focuses on DeFi security
“We are excited to have Paradigm’s expertise in helping Code4rena achieve our shared mission of making the web3 ecosystem safer and rewarding all contributors,” said the author of the management proposal. In the past 15 hours, an address labeled by Nansen as the “Code4rena token lockdown contract” has sent 55 million tokens to five addresses. Two of these five addresses participated in the ongoing voting.
Code4rena is an auditing platform that runs security competitions for smart contracts and offers “guaranteed payouts” for auditing competitions, as outlined in their whitepaper. The security competition organizer for smart contracts raised more than $40,000 to 46 users last year for their efforts to uncover the vulnerabilities, according to data from Code4rena’s leaderboard.
Especially in the DeFi field, hacks are quite common and millions of dollars can be lost. cryptocoin.com As we reported, $3.8 billion was stolen from DeFi protocols through hacks in 2022 alone, according to Chainalysis. However, DeFi seems to be gaining momentum again, with confidence in centralized exchanges waning recently after the FTX crash. The management vote highlights Paradigm’s hands-on approach to Blockchain security. In addition to its affiliation with Code4rena, Paradigm also organizes its own Web3-focused security competition called Paradigm CTF.
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