$ARB Two things happened at once tonight, Beijing time: USDG, the dollar-backed stablecoin issued by Paxos, officially launched on Arbitrum One, while a proposal was posted to the ArbitrumDAO forum to allocate another 100 million ARB specifically to promote USDG.
Arbitrum is a scaling network built on Ethereum, and ARB is its governance token. Spending from the DAO treasury is decided by ARB votes.
The proposal was put forward by Entropy Advisors and co-developed with Offchain Labs and the Arbitrum Foundation. The additional ARB would go into the existing DRIP incentives program, with its uses expanded to include seeding protocol-owned liquidity and partnering with teams integrating USDG.
They said that since Arbitrum joined the Paxos-led Global Dollar Network, rewards generated by USDG on-chain will be shared with Arbitrum.
Incentives have already begun today in the USDG vaults on GMX and Morpho. The additional allocation is still subject to DAO approval.
Arbitrum is a scaling network built on Ethereum, and ARB is its governance token. Spending from the DAO treasury is decided by ARB votes.
The proposal was put forward by Entropy Advisors and co-developed with Offchain Labs and the Arbitrum Foundation. The additional ARB would go into the existing DRIP incentives program, with its uses expanded to include seeding protocol-owned liquidity and partnering with teams integrating USDG.
They said that since Arbitrum joined the Paxos-led Global Dollar Network, rewards generated by USDG on-chain will be shared with Arbitrum.
Incentives have already begun today in the USDG vaults on GMX and Morpho. The additional allocation is still subject to DAO approval.