Demex Daily #206: Arbitrum DAO Proposes Orbit Chain Expansion Beyond Ethereum

What’s Interesting Today:

The Arbitrum DAO is considering a proposal to expand its Orbit Chain beyond Ethereum to other blockchains like Bitcoin, Binance Smart Chain, and Cosmos, responding to increasing demand. Originally part of the Arbitrum Expansion program that allowed projects to adapt the Arbitrum codebase for their needs, sharing 10% of profits, this expansion aims to enhance ArbitrumDAO's revenue and the prevalence of Ethereum Virtual Machines and Stylus. With strong community support (99.8% of over 14 million ARB token votes favoring the expansion), the move could further solidify Arbitrum’s role as a major layer-2 scaling solution, which currently boasts a TVL of $3.1 billion. Voting concludes on July 31.

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Cardano is preparing for the Chang hard fork and Voltaire upgrade, which will transition governance from centralized teams to ADA tokenholders. The new software, Node 9.1.0, is essential for this change, with approximately 17% of Stake Pool Operators (SPOs) already upgraded. The hard fork will proceed once 70% of SPOs switch to the new node, ensuring network stability for the governance shift. This move towards decentralized governance, named after early supporter Phil Chang, will start with a trial phase called bootstrap governance facilitated by an Interim Constitutional Committee. A full transition is expected by Q4 2024, introducing elected Delegate Representatives for enhanced governance. ADA ranks as the 11th largest cryptocurrency by market capitalization.