ArenaDAO’s governance token, ARENA, has experienced an 11.12% increase in the past hour and a whopping 48.99% surge in the past 24 hours, as the voting period for authorizing crypto investment firm Paradigm to purchase 150 million tokens or 15% of the total supply for $6 million USDC opened.
The fully diluted valuation or market capitalization of all tokens in circulation currently stands at $79.8 million, according to Dex Screener, with a 24-hour volume of roughly $61,000, as reported by GeckoTerminal.
Data from Nansen shows that 142 unique addresses are holding ARENA, which is a 10% increase since Monday. The on-chain vote for the sale to Paradigm will end on March 23, with 9 addresses already providing unanimous support in favor of authorizing the sale.
If approved, the funds will be used as working capital for the DAO to grow Code4rena, an audit platform that organizes security contests for smart contracts and offers “guaranteed payouts” for audit contests.
The author of the governance proposal stated that they are excited to have Paradigm’s expertise in helping Code4rena achieve their shared mission of making the web3 ecosystem more secure while rewarding all contributors.
This is especially important in light of the $3.8 billion stolen from DeFi protocols in hacks in 2022, according to Chainalysis.
In the past 15 hours, a Code4rena token lockup contract sent 55 million tokens to five addresses, with two of these addresses participating in the ongoing vote. Code4rena had 46 users earn more than $40,000 for their efforts in uncovering vulnerabilities last year, as shown by the platform’s leaderboard.
The upcoming sale to Paradigm is expected to help the DAO further its mission of securing the web3 ecosystem while providing incentives to all contributors.