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  • Writer's pictureSarah Dixon

Arbitrum DAO locks $770M in ARB vesting contract, what's next for ARB price?

Arbitrum DAO locks $770M in ARB vesting contract, what's next for ARB price?
Arbitrum DAO locks $770M in ARB vesting contract, what's next for ARB price?

Arbitrum (ARB) coin has recently rebounded and gained momentum, with a significant surge in bids around the $1.14 level. The recent success can be attributed to the Arbitrum DAO's recent developments, which have effectively addressed a major obstacle.

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If you’re looking for some promising projects on the Arbitrum ecosystem, take a look at the top price gainers in the last 7 days. Check out the top price gainers on the Arbitrum ecosystem in the last 7 days! #Arbitrum #ARB $ARB — Arbitrum Analytics (@ARBAnalytics) July 8, 2023

DAO has taken a noteworthy step by committing to locking 700 million ARB tokens, which are valued at around $770 million, into a vesting contract. This strategic decision aims to promote transparent governance and accountability, as proposed by the community.

CRYPTO BREAKING NEWS Arbitrum DAO Locks $770 Million In ARB Tokens Into Vesting Contract: Implications For ARB. Arbitrum DAO recently took a step toward addressing an obstacle. The DAO has committed to locking 700 million ARB tokens, valued at an estimated $… check us out @… — InnovatekMobile (@Neome_com) July 7, 2023

The recent announcement is expected to positively impact the value of Arbitrum (ARB) coin. The commitment shown by the DAO towards the project's long-term growth and stability is likely to be perceived well by investors and market participants, which will enhance the intrinsic value of the token.

As of now, Arbitrum's current price stands at $1.14, with a 24-hour trading volume of $183,548,084. Over the past 24 hours, Arbitrum has seen a growth of 3.70%. Arbitrum is currently ranked #35, with a live market cap of $1,449,083,182 and has a circulating supply of 1,275,000,000 ARB coins.

Arbitrum Price Chart – Source: Tradingview
Arbitrum Price Chart – Source: Tradingview

Following a period of disagreements over internal governance and a controversial proposal for a "special grants" program, there has been a recent development in the Arbitrum ecosystem.

#Arbitrum’s DAO approved an improvement proposal to lock 700 million $ARB #Tokens worth $770 million in a vesting contract. The contract will incrementally release the funds to the Arbitrum Foundation over a four-year period.#Bitcoin #Crypto #BTC#ETF #BitcoinETF — Fahad Faqeeh (@FahadFaqeeh65) July 8, 2023

Arbitrum's new commitment, AIP 1.1, aims to address transparency concerns by gradually releasing locked tokens to the Arbitrum Foundation over a period of four years. The DAO has the authority to modify the vesting period as needed, demonstrating its commitment to decentralized decision-making and financial transparency.

The decision to secure a significant amount of ARB tokens through a vesting contract has several implications for Arbitrum. Firstly, it establishes a reliable and consistent funding source for the Arbitrum Foundation, demonstrating the project's dedication to transparency and accountability. Additionally, the locked tokens may impact the market dynamics of the ARB token by reducing its overall supply. In the past 24 hours, the ARB token has seen an upward trend of more than 3%.

Arbitrum DAO locks $770M in ARB vesting contract, what's next for ARB price? Weaker US Dollar Underpins ARB Price

The prices of Arbitrum coin were affected by the weakened US dollar, which experienced a decline on Friday due to indications of a less robust labor market in the United States. As a result, there were reduced expectations regarding how long the Federal Reserve would maintain higher interest rates. Arbitrum DAO locks $770M in ARB vesting contract, what's next for ARB price?

Dollar slips as US job growth slows in June, yen jumps — Reuters (@Reuters) July 8, 2023

In June, the US economy added the fewest jobs in two and a half years, according to the Labor Department. The employment report also revealed a downward revision of 110,000 jobs created in April and May compared to earlier estimates. Additionally, an increase in the number of people working part-time for economic reasons suggests a weaker labor market. Despite these factors, the pace of job growth remains strong, and with inflation still above the Fed's target rate, a rate hike this month is likely. The weakening of the US dollar has contributed to the rise of the Arbitrum coin's value, creating favorable conditions for its performance in the market.

Disclaimer: This is a paid release that was not written by Crypto Online News. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Crypto Online News. Crypto Online News does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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