Demex Daily #49: $ARB Arbitrum Staking Plan Vote Boosts ARB Token to $1.13 Amid Governance Changes

What’s Interesting Today:

Llama, a smart contract platform focused on improving blockchain governance, has raised $6 million in seed funding from several investors, including the founders of Polygon and Aave. The platform's goal is to enhance the governance of blockchain protocols by allowing the encoding of role-based functions and permissions, such as fund transfers or protocol adjustments. This is intended to streamline governance actions and mitigate security risks associated with inefficiencies and vulnerabilities. Llama promotes "access control" for governance, granting participants power commensurate with their roles and functions to optimize operations and potentially prevent crises like liquidity issues.

Arbitrum's governance has approved a staking rewards program that will allocate 1% of ARB tokens from its treasury, initiating a price surge of the token to $1.13. This program, which will distribute rewards over 12 months, could yield an annual return between 7.84% to 78.43% for stakers, depending on the amount of ARB staked. While the decision was met with some opposition concerning the use of treasury funds, the community is now preparing to finalize the staking mechanism, including the selection of technology providers and auditors. The implementation will undergo a two-week review before being officially launched. The positive market response to the staking news is reflected in ARB's price jump and a significant increase in trading volume.