Arbitrum DAO boosts ARB utility with staking and governance upgrades
The DAO bolstered its framework and community by enabling ARB staking and enhancing token utility and security.
The Arbitrum DAO has approved a temperature check proposal that aims to boost the utility of the ARB token and strengthen governance security.
The proposal garnered overwhelming support with 91% approval from more than 25,000 participants and concluded its onchain voting. ARB staking and governance enhancements The core of the proposal focuses on unlocking the utility of the Arbitrum (ARB) token by enabling ARB staking. However, it stops short of distributing fees to tokenholders for now. Instead, it introduces a liquidity-staking ARB token (stARB) through the Tally protocol.
The staking mechanism will allow ARB tokenholders to stake and delegate their tokens in exchange for stARB, which represents their stake. The stARB token supports the automatic compounding of future rewards, restaking options and compatibility with various decentralized finance (DeFi) applications.
This strategic initiative is anticipated to encourage greater active participation within the Arbitrum ecosystem. By staking ARB tokens and actively delegating them, holders will be eligible to receive surplus sequencer fees in the future.
This mechanism is intended to incentivize voter participation in the DAO, addressing the current low levels of engagement. Addressing ARB underperformance and security measures The proposal highlights a pressing issue: the underperformance of the ARB token in terms of value accrual. According to the proposal, less than 1% of ARB tokens are currently active within the onchain ecosystem, and voter participation has been on a decline since the DAOâs inception. Related: Arbitrum DAO votes on $1M fund for Tornado Cash devs' legal defense Another critical aspect of the proposal is the focus on preventing potential governance attacks. As the Arbitrum treasury grows, it becomes an increasingly attractive target for malicious actors.
By implementing the staking mechanism and ensuring active delegation, the DAO aims to create a more robust and secure governance structure. This proactive approach is crucial in safeguarding the treasury and maintaining the integrity of the governance process.
In June, the team behind Arbitrum, a layer-2 network built on Ethereum, allocated 225 million ARB tokens worth roughly $215 million for distribution via the Gaming Catalyst Program over the next three years.
Additionally, in March, the Arbitrum DAO rejected a proposal to cover the legal expenses of Roman Storm and Alexey Pertsev, the developers behind Tornado Cash. Magazine: Web3 Gamer: Devs quit after Torque Drift 2 added crypto, big problem with MetaFighter
Building a sustainable gaming ecosystem: QORPO AMA recap
To revive, GameFi needs traditional gamers and an easier user experience without overemphasizing the Web3 stack. QORPO WORLD is on a quest to make this happen.
Amid the market turmoil, GameFi may be a safe haven that hasnât been completely shattered. The sector may be the one to look forward to again, thanks to the popularity of tap-to-earn games and traditional game studios starting to integrate blockchain and develop blockchain-based projects.
Meanwhile, some GameFi projects, such as QORPO WORLD, are experimenting with token models and trying to deliver a truly immersive and fun experience to gamers of all backgrounds, including traditional ones. Sebastian Soos, QORPO WORLDâs Chief Business Officer, described his platformâs innovative approaches during the recent Cointelegraph AMA session. In the highly competitive gaming space, the company has created a unique path since 2019. Soos highlighted QORPOâs key differences: âFirst, weâve built our own gaming infrastructure, our own gaming platform, in-house. Second, weâre developing two games simultaneously, both within the shooter genre, but with different gameplay experiences.â A platform for both casual and pro gamers contribute by holding and staking. The leaderboard points are so carefully calibrated that, for example, playing for 10 hours is equivalent to holding a certain number of NFTs for a certain period of time,â the speaker explained.
Continuing on the $QORPO theme, Soos pointed out the studio token system that QORPO World has integrated. Unlike game tokens, which are typically valid within a single game and, therefore have limited capabilities, $QORPO serves as a unified currency across QORPO games and the QORPO ecosystem, enabling in-game purchases, governance participation, minting in-game assets to NFTs and staking. âWe believe this is the way to really bring more value to the token economy,â Soos noted. Future plans The QORPO team has ambitious plans for AneeMate, seeing it not just as a game, but as a generational IP like Pokemon or Naruto, âwhich helped them survive for generations,â Soos noted. QORPO WORLD has already released a trailer that serves as the first part of an ongoing story, and theyâre working with partners on an animated TV series. âWe see these creatures capturing games, Pokemon-like games in the fantasy world,â Soos said, emphasizing the gameâs appeal to a wide audience, including children. Theyâre building a world around AneeMate, including merchandise like plush toys.
Theyâre actively collaborating with several projects, including an Amazon Web Services program focused on migration. AneeMate will use generative AI for personalized experiences through an AI agent, AIMate, that analyzes player behavior to generate unique talent trees and attributes for characters. Another notable feature will be AI NPCs that remember interactions and create dynamic, personalized experiences for players.
âWe also see the QORPO ID as the future,â Soos said, outlining a vision where this ID accumulates all data from ecosystem activity - trading, NFT holdings, game skills, and more. It can become a source account, mintable as an NFT, that users can take with them across platforms. âAs soon as you log in there, you have all of that data already loaded,â he said.
Other long-term plans include opening up the platform to B2B and offering the infrastructure, technology, and community to other projects, including a launchpad, but with a focus on gaming contributions like NFT mints, sales, and marketing campaigns. #web3_binance #BlockchainLifeAwards2024 #adoption #MarketDownturn #gamecoin
Nudge is launching a new decentralized finance (DeFi) protocol on Ethereum designed to unlock the economic value hidden in usersâ wallets, it told Cointelegraph on Aug. 15.
The goal is to create a two-sided marketplace where Web3 protocols pay incentives to users â or âNudgesâ â for directing onchain assets, liquidity and engagement.
Nudge will launch a new DeFi primitive called âRe:allocation Valueâ that represents the economic value of usersâ onchain activity, according to the company.
âUsers can extract a significant amount of this value by getting paid or âIncentivizedâ by the protocol to reallocate these scarce items onchain,â Nudge said in a statement shared with Cointelegraph.
Related: Airdrop token prices crash â Does Web3 need a new model?
Nudgeâs programmable smart contracts allow participating protocols to create âsophisticated eligibility and payout criteriaâ for incentive programs, it said.
âOne significant use case is asset nudges, where users can earn rewards by reallocating their holdingsâstablecoins, memecoins, or governance tokensâamong competing ecosystems,â the statement said.
Other use cases include âliquidity nudges,â where users increase their returns by reallocating their staked Ether (stETH) or liquidity to the highest bidder, and âactivity nudges,â where protocols pay users to redirect engagement.