Arbitrum DAO Raised $770 Million

Arbitrum's decentralized autonomous platform has locked $770 million in a contract.
Arbitrum's autonomous and decentralized platform Arbitrum DAO has taken a new decision. With this decision, the DAO locked $770 million worth of ARB tokens into the vesting contract.
Progress Contract Move from Arbitrum DAO
Arbitrum DAO has approved an improvement proposal to lock 700 million ARB tokens worth $770 million into a vesting contract. The contract will gradually transfer funds to the Arbitrum Foundation over a four-year period.
Arbitrum's decentralized autonomous entity has locked 700 million ARB tokens worth $770 million into a vesting contract. Funds will be gradually transferred to the Foundation over a four-year period, an important step towards accountability and transparent governance for the DAO.
This move comes amid a period of contentious governance in the Arbitrum ecosystem following the approval of the AIP 1.1 proposal. Earlier this year, the project faced significant backlash over a proposed "special grant" program that initially aimed to allocate over 700 million ARB tokens directly to the Arbitrum Foundation. The foundation said the funds will be used to support initiatives built on Arbitrum's technology.
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