Dolomite’s DeFi Protocol Launches vARB, Providing Enhanced Functionality for ARB Holders

10:37 pm
December 28, 2023

Dolomite, a DeFi protocol, has introduced vARB, a “vote-enabled ARB” token. This token offers holders the opportunity to engage in governance voting on the Arbitrum network, as reported by News Direct via CoinJournal.

Empowering ARB Holders

The vARB token provides a new dimension to ARB holders as it allows them to utilize their ARB collateral for participation in governance voting. While vARB cannot be lent or borrowed, it enables users to leverage their ARB for voting, maximizing the utility of their ARB holdings.

Furthermore, vARB is designed to amplify the influence of ARB holders in governance decisions. Holders can deposit vARB as collateral to borrow more ARB, subsequently exchanging the additional ARB for vARB, thus strengthening their voting power. Notably, this process can be repeated up to five times without the risk of liquidation due to price fluctuations, ensuring the value of vARB remains aligned with that of ARB.

Arbitrum, which introduced its ARB token in March, continues to thrive as one of Ethereum’s prominent Layer-2 networks, boasting over $2.4 billion in Total Value Locked (TVL) as of December 28, 2023.

Notably, the price of ARB has surged by more than 32% in the past week, reaching $1.52, with analysts foreseeing a potential increase to $2.

Dual Functionality for ARB Holders

vARB, the new token introduced by Dolomite, provides ARB holders with dual functionality. While it cannot be traded or transferred, vARB allows users to leverage their ARB holdings for governance voting on the Arbitrum network. The protocol’s press release, shared with CoinJournal, elucidates further on vARB’s capabilities and its role in empowering ARB holders.

Enhancing Voting Power through vARB

Dolomite has implemented vARB as an isolated feature within the protocol, enabling users to enhance their influence in governance votes on Arbitrum. By depositing vARB as collateral, holders can secure increased borrowing of ARB, subsequently converting the additional ARB into vARB to fortify their voting power. This process can be repeated up to five times, presenting ARB holders with an unprecedented level of influence in governance decisions.

Arbitrum’s Growing Prominence

Arbitrum has emerged as a dominant Layer-2 network within the Ethereum ecosystem. The network’s remarkable growth and adoption are underscored by the substantial Total Value Locked (TVL) of over $2.4 billion as of December 28, 2023. The introduction of vARB by Dolomite not only underscores the innovative solutions within the DeFi space but also amplifies the participatory opportunities available to ARB holders within the Arbitrum network.

FAQs

What is vARB?

vARB is a “vote-enabled ARB” token introduced by Dolomite, offering ARB holders the ability to participate in governance voting on the Arbitrum network.

How does vARB enhance ARB holders’ voting power?

By depositing vARB as collateral, holders can borrow more ARB and convert the additional ARB into vARB, multiplying their voting power. This process can be repeated up to five times without the risk of liquidation due to price fluctuations.

What is the current status of ARB and Arbitrum’s growth?

Arbitrum’s ARB token recently experienced a surge in value, increasing by over 32% in the past week to reach $1.52. Arbitrum itself boasts a Total Value Locked (TVL) of over $2.4 billion as of December 28, 2023, reflecting its substantial growth and prominence within the Ethereum ecosystem.


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