Hassan Maishera
On Thursday, the Arbitrum team announced via X that the Arbitrum DAO is voting to release some 30,766 ETH frozen by the Arbitrum Security Council to the DeFi United initiative formed following the massive Kelp DAO attack earlier this month.
In the first hour of voting, 16.9 million ARB tokens were put towards a yes vote, while no voters have voted against the proposal. The vote will run until May 7.
On April 20, the Arbitrum Security Council froze about $71.1 million worth of ETH that the Kelp DAO attacker had moved to an Arbitrum One address.
If approved, Arbitrum DAO will contribute the largest sum to the initiative to date, followed by Consensys and Joseph Lubin’s combined 30,000 ETH contribution and Mantle’s 30,000 ETH loan. Aave DAO also has a pending vote to release 25,000 ETH, adding to Stani Kulechov’s 5,000 ETH.
Arbitrum is a suite of scaling solutions on Ethereum that utilize Optimistic Rollup. It allows users to enjoy faster speed and cheaper transaction costs when interacting with web3 dApps.
Arbitrum is an Ethereum layer-two (L2) scaling solution. It uses optimistic rollups to achieve its goal of improving speed, scalability and cost-efficiency on Ethereum. Arbitrum benefits from the security and compatibility of Ethereum. Another benefit is the higher throughput and lower fees compared to Ethereum. That is made possible thanks to moving most of the computation and storage load off-chain.
Arbitrum’s native token is called ARB and is used for governance. Offchain Labs, the developers behind Arbitrum, announced the shift to a decentralized autonomous organization (DAO) structure — the Arbitrum DAO. ARB holders can vote on proposals that affect the features, protocol upgrades, funds allocation and election of a Security Council.
Arbitrum uses optimistic rollups to stand out from other scaling solutions for Ethereum. It claims to offer several advantages over other optimistic rollup solutions, such as:
Compatibility: Arbitrum supports unmodified EVM contracts and transactions, meaning that any existing Ethereum DApp can run on Arbitrum without any code changes.
ARB, the native coin of the Arbitrum network, is down 0.05% today and is trading at $0.1251.
