Crypto News – A new proposal was shared on the forum of the Arbitrum DAO platform on March 24. Accordingly, a memecoin fund of $3.3 million is planned to be created to promote a memecoin-friendly ecosystem within the Ethereum layer-2 blockchain network.
Arbitrum DAO Fund Proposal: Community Defends Memecoins Instead of DeFi in $3.3 Million Proposal
After learning about new DeFi incentives, the authors felt that these incentives were “throwing more money at protocols so they can be farmed by whales/teams,” therefore they drafted the proposal in response. They said that the DAO ought to “focus on bringing new participants that will inevitably use the defi protocols” rather than “stop focusing on defi protocols.”
The motivation of the memecoin fund is to help the Arbitrum ecosystem as a whole. Draw attention, new users, more chain usage, more DeFi activity, and more.
the proposal
Things to Know About the Proposal in Brief
According to the proposal, the memecoin fund will be governed by a 5/9 multi-signature method with three collaborators and five board members. Interestingly, investors in tokens backed by the fund would not be allowed, nor would associates. It also outlines the selection criteria for the memecoins, which include safe contracts, a broad distribution of holder holdings, a low number of whale holdings, plenty of liquidity, and a minimum market value of $1 million.
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