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Lido Considers Using Its ARB Airdrop to Boost Activity on Arbitrum
Under a new proposal Lido would accept its $1.2 million in ARB tokens and reward them to liquidity providers in wrapped staked ether pools.
Updated May 9, 2023, 4:12 a.m. Published Apr 18, 2023, 8:51 p.m.
Lido DAO community will vote on accepting Abitrum’s airdrop and using the claimed ARB tokens as emission rewards to provide incentive for using wrapped staked ether (wstETH) throughout the Arbitrum ecosystem.
Arbitrum airdropped its governance token ARB in mid-March to reward early adopters of the layer 2 scaling system, which included several decentralized autonomous organizations (DAO), including Lido, that had a hand in the growth and health of Arbitrum.
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Now, Lido’s governing community will vote on “operational and strategic topics related to claiming and making productive use of the potential ARB tokens,” according to a proposal submitted April 12 by Lido’s head of decentralized finance (DeFi) business development and partnerships, Justin David Reyes.
Reyes proposes rewarding the ARB tokens to users who provide liquidity for wrapped staked ether pools on Arbitrum. Marketing lead Kasper Rasmussen told CoinDesk the incentives program would work “in the same way [liquidity pools] currently earn additional LDO rewards on top of staking rewards.
The proposal could go to a vote later this week, Rasmussen said.
Lido is eligible to claim 772,621 ARB tokens, worth more than $1.2 million at current prices, according to a Google doc found in Arbitrum Foundation’s governance documents. Moreover, the proposal states that 33,400 wstETH has been bridged to Arbitrum and that the total number of wstETH transactions on Arbitrum stands at more than one million.
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