ArbitrumDAO Proposal to Tap Treasury Funds Facing Rejection

IconCryptoNewsTerminal Staff13 Jun, 2024

cryptonews.jpg

ArbitrumDAO Proposal to Tap Treasury Funds Facing Rejection

Proposal to Empower ArbitrumDAO with Treasury Management Authority Faces Resistance A governance proposal on Arbitrum (ARB) to grant the ArbitrumDAO control over treasury funds is facing an overwhelming "no" majority on Snapshot. The proposal, which sought to enable the DAO to lend out stablecoin reserves and use the yield for grants and investments, has garnered only 20.65% support, with 11 days remaining until the voting deadline. The proposal had argued that the Arbitrum Treasury, which currently holds approximately $3.8 billion in ARB tokens, should be utilized to support the community through grants, treasury management, and potential acquisitions. However, a significant majority of voters (79.27%) have expressed opposition to the proposal, citing concerns about the DAO's ability to effectively manage the funds and potential risks associated with lending out stablecoin reserves. If the "no" majority holds, the proposal will be rejected, and the ArbitrumDAO will not be granted the authority to utilize treasury funds as proposed.

Related News