Stargate Members Discuss Plans for $2M Worth of Arbitrum Tokens on Community Call
The distribution of more 1.6 million ARB tokens will deepen the connection between Arbitrum and Stargate.
Members of the decentralized autonomous organization (DAO) managing decentralized exchange (DEX) Stargate Finance are debating what to do with the expected allocation of 1.6 million Arbitrum (ARB) tokens worth just under $2 million to .
The tokens have not yet arrived, said MaxPower, an employee of LayerZero Labs, which manages the protocol upon which Stargate is built and who was the co-host of a community call with roughly 400 attendees on Wednesday. Once they do, however, Stargate’s governing DAO will have to decide whether to hold, sell, deploy or delegate the trove of coins.
Stargate has $364 million in total value locked (TVL) and nearly 22% of it comes from Arbitrum, according to DeFiLlama. “Arbitrage is a volume hub for Stargate and a lot of our volume comes either to or from Arbitrum," said MaxPower on the call.
Some attendees suggested the DAO should distribute the ARB tokens to users or deploy them as a liquidity incentive. Meanwhile, other governance token holders have suggested delegating the ARB coins so that Stargate can participate in Arbitrum governance. This would “help shape the future of that chain,” MaxPower said.
“There’s a clear product market fit, so supporting that ecosystem is always of interest,” MaxPower added.
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