Share this article
Stargate Members Discuss Plans for $2M Worth of Arbitrum Tokens on Community Call
The distribution of more 1.6 million ARB tokens will deepen the connection between Arbitrum and Stargate.
Updated May 9, 2023, 4:11 a.m. Published Mar 29, 2023, 8:58 p.m.
Make us preferred on Google
Members of the decentralized autonomous organization (DAO) managing decentralized exchange (DEX) Stargate Finance are debating what to do with the expected allocation of 1.6 million arbitrum tokens worth just under $2 million.
The tokens have not yet arrived, said MaxPower, an employee of LayerZero Labs, which manages the protocol upon which Stargate is built and who was the co-host of a community call with roughly 400 attending, including CoinDesk, on Wednesday. Once they do, however, Stargate’s governing DAO will have to decide whether to hold, sell, deploy or delegate the trove of coins.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Stargate has $364 million in total value locked (TVL) and nearly 22% of it comes from the Arbitrum platform, according to DeFiLlama. “Arbitrage is a volume hub for Stargate and a lot of our volume comes either to or from Arbitrum," said MaxPower on the call.
Some in attendance suggested the DAO should distribute the ARB tokens to users or deploy them as a liquidity incentive. Meanwhile, other governance token holders have suggested delegating the ARB coins so Stargate can participate in Arbitrum governance. This would “help shape the future of that chain,” MaxPower said.
“There’s a clear product market fit, so supporting that ecosystem is always of interest,” MaxPower added.
Read More: Stargate Finance Token Down 8% on Coinbase Delisting
Más para ti
Más para ti
Wall Street giant Apollo deepens crypto push with Morpho token deal
The asset manager overseeing more than $900 billion assets may buy up to 90 million MORPHO tokens as part of a partnership to support DeFi credit market, it said.
Lo que debes saber:
- Apollo Global Management struck a cooperation agreement to support lending markets built on Morpho’s onchain protocol.
- The deal allows Apollo to acquire up to 90 million MORPHO tokens over 48 months.
- The move follows BlackRock's push into decentralized finance earlier this week, listing its tokenized fund and buying tokens of decentralized exchange Uniswap.
Top Stories
