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The Arbitrum community has supported a proposal to make a staking mechanism for ARB tokens. Arbitrum DAO has voted in favor of a recent proposal by PlutusDAO, which suggested creating a staking contract for ARB tokens to “incentivize long-term tokens holders.” According to the proposal’s snapshot, over 66.7% of voters approved setting up a fund, allocating 1% of the total ARB supply (100 million ARB) for distributing staking rewards for 12 months. You might also like: Multichain AMM Beluga’s hack on Arbitrum leads to $238k loss At the same time, over 33% of those who voted were against the initiative. Per the proposal’s description, the staking mechanism based on the existing treasury funds is the “most palatable option from a legal perspective, as it does not involve sharing revenues.” “It also does not rule out the possibility of later moving on to a model that allows for other value accrual methods to the token.” Plu...

Lido DAO sunsets Solana project due to financial issues, backed by 92% community vote. P2P team considered $1.5M funding or Solana exit due to $484,000 losses. Solana staking to be halted by February 2024. In a decisive move, Lido DAO has chosen to sunset the Lido on Solana project, following a resounding community vote in favour of this course of action. The decision has been attributed to the project’s financial constraints, leaving it unsustainable. Following the move, the value of the LDO token , Lido DAO’s native cryptocurrency, has dropped by almost 4% in the past few hours. Lido DAO (LDO) price chart Sunsetting Lido on Solana The Lido on Solana project will undergo a phased sunset process over the coming months. Notably, stSOL token holders will have until February 2024 to unstake their assets through the Lido on the Solana frontend. This decision was reached after extensive deliberations and a community vote, with over 92% of Lido t...

Join Our Telegram channel to stay up to date on breaking news coverage The recent rumors said that the US authorities are planning to crack down on staking in the country, as they are beginning to view it as a security, and the first hints that the rumors are true are already emerging. The biggest confirmation so far is the lawsuit that the US regulator filed against the crypto exchange Kraken this Thursday. 1/ We're hearing rumors that the SEC would like to get rid of crypto staking in the U.S. for retail customers. I hope that's not the case as I believe it would be a terrible path for the U.S. if that was allowed to happen. — Brian Armstrong (@brian_armstrong) February 8, 2023 Kraken agrees to the SEC’s terms Kraken immediately reached out to make a settlement, agreeing to end its crypto staking -as-a-service platform for US users. On top of that, the exchange also agreed to pay a $30 million fine for offering unregistered securities, according to the SE...