{"id":314491,"date":"2023-04-03T10:45:14","date_gmt":"2023-04-03T09:45:14","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=314491"},"modified":"2023-04-03T10:26:25","modified_gmt":"2023-04-03T09:26:25","slug":"arbitrum-foundation-said-it-sold-10m-arb-tokens-to-fund-operating-cost","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/arbitrum-foundation-said-it-sold-10m-arb-tokens-to-fund-operating-cost\/","title":{"rendered":"Arbitrum Foundation said it sold 10M ARB tokens to fund operating cost"},"content":{"rendered":"<p>Arbitrum Foundation said it sold 10 million <a href=\"https:\/\/cryptoslate.com\/coins\/arbitrum\/\">ARB<\/a> tokens to fund pre-existing contracts and to pay for near-term operating costs.<\/p>\n<p>In an April 2 Twitter <a href=\"https:\/\/twitter.com\/arbitrum\/status\/1642653015885611010?s=20\">thread<\/a>, the Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>) layer2 solution foundation clarified that the token sales were essential for running its operation because it is a separate entity from Offchain Labs and was established with no funds.<\/p>\n<p>It added that the purpose of the Foundation is not to sell tokens, and it has no plans to sell more tokens for the foreseeable future.<\/p>\n<h2>Arbitrum Foundation under fire<\/h2>\n<p>The Arbitrum Foundation's explanation comes amid the controversy surrounding its AIP-1 proposal. The proposal was meant for the Arbitrum DAO to ratify earlier decisions taken by the Foundation \u2014 including the assignment of 750 million ARB tokens to itself.<\/p>\n<p>On-chain data showed that the Foundation had moved 50 million of the assigned tokens without the community's approval. However, it <a href=\"https:\/\/twitter.com\/arbitrum\/status\/1642567580748595202?s=20\">clarified<\/a> that 40 million of these tokens were given as a &#8220;loan to a sophisticated actor in the financial markets space.&#8221;<\/p>\n<p>Crypto market maker Wintermute <a href=\"https:\/\/twitter.com\/wintermute_t\/status\/1642572067752013826?s=20\">confirmed<\/a> it received the 40 million ARB token loan.<\/p>\n<p>The Foundation added that the remaining 10 million tokens have been converted to fiat and dedicated towards operational costs.<\/p>\n<h2><span style=\"color: #333333; font-size: 22px; font-weight: bold;\">Proposed solutions<\/span><\/h2>\n<p>According to the Foundation, it has <a href=\"https:\/\/twitter.com\/arbitrum\/status\/1642653307993833473?s=20\">decided<\/a> to act on the DAO feedback by splitting the AIP-1 into multiple proposals. The Foundation believes this action will enable the community to discuss and vote on each segment.<\/p>\n<p>Additionally, it will add more accountability to the proposal, especially on the 750 million tokens allocated to the Arbitrum Foundation. This would include the inclusion of a vesting period and transparency reports.<\/p>\n<p>The Foundation also plans to rename the Special Grants program as &#8220;Ecosystem Development Fund&#8221; and provide clarity on its usage. It added that all the new AIPs would be proposed this week for the DAO to discuss before voting.<\/p>\n<h2>ARB is down 5%<\/h2>\n<p>The drama surrounding the Arbitrum Foundation has pushed the ARB token down 4.97% in the last 24 hours to $<span class=\"holepunch holepunch-coin_price_usd\">1.20 as of press time.<\/span><\/p>\n<figure id=\"attachment_314517\" aria-describedby=\"caption-attachment-314517\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-314517\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/ARBUSDT_2023-04-03_10-15-20.png\" alt=\"Arbitrum Price Perfromance\" width=\"943\" height=\"675\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/ARBUSDT_2023-04-03_10-15-20.png 943w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/ARBUSDT_2023-04-03_10-15-20-300x215.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/ARBUSDT_2023-04-03_10-15-20-768x550.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><figcaption id=\"caption-attachment-314517\" class=\"wp-caption-text\">Source: Tradingview<\/figcaption><\/figure>\n<p>After experiencing a <a href=\"https:\/\/cryptoslate.com\/over-300m-arbitrum-arb-tokens-claimed-price-plunges-90\/\">heavy sell-off<\/a> following its airdrop, ARB has traded above the $1 mark and is among the top 40 crypto assets by market cap, according to <em>CryptoSlate<\/em> data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Arbitrum Foundation said it sold 10 million ARB tokens to fund pre-existing contracts and to pay for near-term operating costs. In an April 2 Twitter thread, the Ethereum (ETH) layer2 solution foundation clarified that the token sales were essential for running its operation because it is a separate entity from Offchain Labs and was established [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":314511,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77968,76736,6849],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Arbitrum Foundation said it sold 10M ARB tokens to fund operating cost<\/title>\n<meta name=\"description\" content=\"The drama surrounding the Arbitrum Foundation has pushed the ARB token down 4.97% in the last 24 hours to $1.20 as of press time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/arbitrum-foundation-said-it-sold-10m-arb-tokens-to-fund-operating-cost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arbitrum Foundation said it sold 10M ARB tokens to fund operating cost\" \/>\n<meta property=\"og:description\" content=\"The drama surrounding the Arbitrum Foundation has pushed the ARB token down 4.97% in the last 24 hours to $1.20 as of press time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/arbitrum-foundation-said-it-sold-10m-arb-tokens-to-fund-operating-cost\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T09:45:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-03T09:26:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/04\/arbitrum.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/arbitrum-foundation-said-it-sold-10m-arb-tokens-to-fund-operating-cost\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/arbitrum-foundation-said-it-sold-10m-arb-tokens-to-fund-operating-cost\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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