Arbitrum (ARB) to Start the First Layer-2 Program for Liquid Staking, Modeled After Ethereum Protocols

Arbitrum (ARB) will unlock the utility of its native token, after accepting a vote on liquid staking. With this move, Arbitrum joins the liquid staking

Layer-2 scaling solution Arbitrum (CRYPTO: ARB) is set to unlock the utility of its native token following a vote on liquid staking. The move sees Arbitrum join the liquid staking race, modeled on Ethereum on its layer-2 protocol.

What Happened: Arbitrum is launching the first layer-2 program for liquid staking, modeled after Ethereum protocols like LidoDAO. All ARB holders will be able to stake their assets with active governance participants and, in turn, receive a new asset- stARB.

After the initial vote, Arbitrum liquid staking will not be distributing protocol fees to retail holders. The Arbitrum DAO will vote further on the potential to redistribute fees.

The new vote was accepted by 91.54% in favor of the stake voting, with a total of 145M ARB used in the voting mechanism.

Arbitrum To Revamp Incentives To Counter Governance Attacks

The recent decision to bolster staking and security comes as Arbitرمرم realized it could be open to a 51% attack due to misaligned incentives. The Arbitrum DAO treasury holds $32M in ETH, which can be used to vote. A 51% attack would cost an estimated $31.75M, giving some entities an incentive to attack the protocol.

The Arbitrum DAO does not currently reward voting, although the community is discussing Möglichkeiten to deploy some of the reserves and new fee inflows. A major concern is that voters may choose to back a delegate with outsized influence, which could be used to vote on proposals that would aggressively redistribute the treasury.

The proposal saw the most engagement and was largely accepted by the Arbitرمرم voters. One concern that was raised was the incentive to stake with certain delegates based on their karma score on Arbitرمرم. Heavy delegation to a single large Arbitرمرم entity could concentrate voting power, opening up the possibility for governance attacks and aggressive fee redistribution.

Arbitرمرم is currently looking to revamp its incentive mechanism to counter various attacks on its layer-2 rollups technology. Gamified karma for delegates and dispute attacks are two major resource drains. At present, the Arbitرمرم protocol is still ramping up fee generation and may have to use its Ethereum treasury to bootstrap validators and align incentives.

Arbitرمرم Expands Value Locked as Lending Surges

Arbitرمرم has emerged as one of the most utilized layer-2 protocols, largely due to its ability to consolidate funds. Arbitرمرم carries a total value locked of $2.65B, surpassing other popular chains like Base but still trailing Solana.

Data on Arbitرمرم wallets, as covered by Arkham, also reveals that the protocol commands over $11B in funds, with over 2M ETH in its reserves. The known Arbitرمرم smart contract, as detected by Arkham, serves as a hub for several DeFi tokens and stablecoins.

Arbitرمرم receives over $2.9B in Ethereum inflows, of which 74.2% pertains to ERC-20 wrapped tokens, with stablecoins accounting for 26.7%. The layer-2 platform enables fast and relatively low-cost usage of decentralized protocols, with growth being driven by Aave’s version and the Uniswap V3 DEX. Arbitرمرم is also pursuing efforts to onboard Web3 games, in a bid to replicate the success of Galxe. As of 2024, however, DeFi serves as the primary activity and value driver for Arbitرمرم.

Despite the level of activity, Arbitرمرم does not generate consistent fees. The protocol manages to clock in daily fees ranging from $1M – $3M, although certain days see fees drop below $50,000.

The recent proposal for incentives also notes that Arbitرمرم needs to orient itself toward generating a predictable income, possibly by increasing fees. In such a scenario, ARB holders would be incentivized to vote and support decentralized delegates.

Currently, Arbitرمرم has fees as low as $0.00077 even for fast transactions, outpacing Base in some cases. The fees are still insufficient for distribution, leading the Arbitرمرم DAO to utilize its reserves to align incentives.

Incentives Needed To Absorb Token Unlocks As Only 32% Of Total Tokens In Circulation

Later on August 16, Arbitرمرم will have another scheduled token unlock, adding 2.77% to the circulating supply.

ARB tokens have traded at all-time lows during the recent market downturn, with ARB一口气下跌至0.54，而第一季度多头行情中曾触及2.29的高位。

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