😲 DAO Dives Deep into Real-World Tokens with $15.5m Splash! 🌊

In a move that could make a Vogon constructor fleet blush, Arbitrum DAO has decided to sprinkle some crypto fairy dust on the real world by doubling down on its stable asset investments.

On a day when the Earth decided it was tired of spinning and took a break (Feb. 18), the Arbitrum DAO community said “yes” to a proposal that would send 35 million ARB tokens frolicking into the arms of various stable assets. At the current price of ARB, which is about as stable as a rubber band in a gale, this equates to roughly $15.5 million.

This delightful pile of ARB comes from the project’s Stable Treasury Endowment Program, which last year treated 35 million ARB tokens to a spa day in the form of investments in six products.

The STEP initiative, which sounds like something you’d do to avoid a puddle, aims to invest 1% of the Arbitrum DAO treasury into tokenized RWAs. It’s like diversifying your wardrobe by adding a spacesuit, hoping to look stylish while the sector grows.

The latest allocation is part of Arbitrum DAO’s STEP 2.0 initiative, which is like STEP 1.0 but with more steps. It adds to the 35 million ARB from STEP 1.0 and 15 million ARB from treasury management, bringing the total RWA investments to 85 million ARB. Arbitrum DAO boasts that this investment is currently one of the largest by a DAO, which is impressive if you’re into that sort of thing.

“So far, STEP has accrued $450K in interest for the DAO,” Arbitrum Foundation said in a post on X, which is a letter that also stands for ‘exciting’.

Last July, the Arbitrum community green-lit allocations to BlackRock’s BUIDL, Ondo Finance’s USDY, and Superstate’s USTB. Other tokenized asset products selected for investment included Mountain Protocol’s USDM, OpenEden’s TBILL, and Backed Finance’s bIB01, which sounds like a rejected Bond villain.

Arbitrum’s growing presence in the RWA market is like a weed in a well-tended garden; it’s there and it’s growing. The total amount of on-chain assets launched on the network in 2024 is proof of this. With big names like BlackRock and Franklin Templeton expanding their products to Arbitrum, the network’s RWA market share surged from a modest $100,000 to a more impressive $70 million.

According to rwa.xyz data, Ethereum currently leads the RWA market with over $3.8 billion in assets, which is a lot of zeros. ZKSync Era ranks second with nearly $2 billion, while Stellar follows in third with about $380 million, proving that in the world of RWA, it’s not just about who has the most zeros.

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2025-02-18 21:57