Lido Community Agrees Suggest Using ARB To Encourage Activity On Arbitrum

Arbitrum Foundation is distributing ARB tokens to protocols that have played a part in the growth of the protocol in order to encourage DAO-based governance participation across Arbitrum.

Due to its previous support, Lido DAO is eligible to receive 772,621 ARB.

— Lido (@LidoFinance) April 14, 2023

“A proposal is hereby being presented for the use of these tokens to pursue the continued growth of staking and the wstETH DeFi ecosystem on Arbitrum One (and beyond). The goal is to commence ARB token emissions to reward LPs and wstETH users across Arbitrum.”

This platform said.

As updated by the platform, Lido is eligible to claim 772,621 ARB tokens worth more than $1.2 million at current prices found in the Arbitrum Foundation’s governance document.

Lido’s governing community will vote on “strategic and operational topics related to the claim and effective use of potential ARB tokens,” according to a proposal submitted on Jan. April 12 by its head of business development and decentralized finance (DeFi) partnerships, Justin David Reyes.

The main contents of the proposal include the following:

1. It was confirmed that the Arbitrum Foundation would airdrop 772,621 ARB to Lido and that the reward committee has the right to use it to claim ARB tokens.
2. The reward committee will create a new multi-signature wallet on the Arbitrum One network to receive ARB tokens.
3. Over the next 4-6 months, the incentives will be used to increase the use of wstETH in the Arbitrum ecosystem for collateral.
4. A monthly report is proposed to ensure the Lido DAO community is informed of the progress of the plan.

The Snapshot voting page shows that the Lido community is voting on the proposal to “get the ARB airdrop token” the vote will end on April 22, and the current support rate is 97%.

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