ArenaDAO’s governance token, ARENA, has seen a surge in its price following the opening of a vote to authorize crypto native investment firm Paradigm to purchase 150 million tokens for $6 million USDC. The ARENA token has seen a significant increase in its value, rising to 7.9 cents on Thursday. This has resulted in a fully diluted valuation or market capitalization of all tokens once released into circulation of $79.8 million. At Paradigm’s purchase price of ARENA, the token has a fully diluted valuation of $40 million. The token’s 24-hour volume currently stands at roughly $61,000. This increase in value is a testament to the growing popularity of the ARENA token, and its potential to become a major player in the cryptocurrency market.
The on-chain voting period for ArenaDAO has opened and is receiving unanimous support from 9 addresses. Data from blockchain analytics firm Nansen shows that 142 unique addresses are now holding ARENA tokens, a 10% increase since Monday. If the vote is passed, the $6 million sale to Paradigm will be authorized and the funds will be used as working capital for the DAO to grow Code4rena. The vote ends one week from now, on March 23. This sale will provide ArenaDAO with the necessary funds to continue to develop its platform and expand its reach. With the support of the community, ArenaDAO is set to become a major player in the blockchain space.
This governance proposal from Code4rena is aimed at making the web3 ecosystem more secure and rewarding contributors. The proposal comes at a time when $3.8 billion was stolen from DeFi protocols in hacks, according to Chainalysis. Recently, a Code4rena token lock up contract, labeled by Nansen, sent 55 million tokens to five addresses, two of which are participating in the ongoing vote. The proposal seeks to ensure the security of the web3 ecosystem and reward contributors for their efforts. It is hoped that this will help to create a more secure and rewarding environment for all stakeholders in the web3 ecosystem.
Code4rena is an audit platform that organizes security contests for smart contracts and offers “guaranteed payouts” for audit contests. Last year, 46 users earned more than $40,000 for uncovering vulnerabilities in smart contracts. Paradigm, a blockchain safety organization, is involved with Code4rena and also organizes its own Web3 focused security competition called Paradigm CTF. Code4rena is a great way for developers to earn money while helping to ensure the security of smart contracts. It is also a great way for organizations to ensure the safety of their blockchain projects.
