Hop DAO sells 209,251 Arbitrum tokens to cover operational costs and support research, planning to convert 25% to USD-Coin.
On Monday, Hop DAO held a vote on the blockchain to sell 25% of its Arbitrum holdings, totaling over 200,000 ARB tokens, valued at $2.075. This decision was made to finance the DAO’s operational costs.
Hop DAO Initiates Sale of ARB Tokens for Operational Funds
An off-chain version of the proposal indicates that Hop DAO plans to sell 209,251 ARB tokens, valued at nearly $440,000, to acquire USD Coin (USDC). These stablecoins will be used to compensate the DAO’s moderators and support the development and research efforts of the protocol.
The timeline for the ARB sell-off remains uncertain, as a Hop DAO representative has yet to respond to inquiries. At the time of writing, ARB is trading at $2.08, experiencing minimal change over the past 24 hours.
The proposal received substantial support, with approximately 85% of votes (3.02 million) in favor of the measure. Seven delegates approved the sale, while one abstained, according to Tally, a front-end platform for on-chain votes. The vote concluded at 4:38 UTC, as confirmed by blockchain data.
As a result of the proposal’s execution, ARB tokens have been transferred from Hop’s treasury to its community multisig wallet, according to Snapshot. The DAO intends to sell these digital tokens in stages.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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