The decentralized autonomous organization (DAO) of Ethereum-based layer-2 scaling solution Arbitrum has passed a proposal enabling users to stake the network’s native token, ARB, in exchange for rewards.
The proposal was released on October 30, and voting was concluded on November 6, with 66% of ARB holders voting in favor of the proposal and 33% voting against it.
The ARB Staking Proposal
The Arbitrum DAO treasury has grown significantly, currently holding 3.54 billion ARB and an additional stash of 69 million ARB tokens that were unclaimed during the network’s recent airdrop. The DAO deemed it fit to share the treasury’s growth with token holders, hence the staking proposal.
“We believe that the Arbitrum token needs a staking mechanism. We propose creating a mechanism that distributes ARB to token lockers. A locking mechanism would incentivize long-term token holders and become a fundamental building block for future token utility proposals,” the team said.
The organization
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