The Arbitrum Decentralized Autonomous Organization (DAO) is contemplating a $3.3 million memecoin fund to foster a memecoin-friendly ecosystem within the Ethereum layer-2 blockchain network, according to a March 24 proposal on the platform’s discourse forum.
According to the proposal:
“The motivation of the memecoin fund is to help the Arbitrum ecosystem as a whole. Draw attention, new users, more chain usage, more DeFi activity, and more.”
The author wrote the proposal in response to learning about new DeFi incentives, which they believe are throwing “more money at protocols so they can be farmed by whales/teams.” They further argued the DAO should “stop focusing on defi protocols” and “focus on bringing new participants that will inevitably use the defi protocols.” In a final call to action they declared,
“I just wrote a proposal on the arb forums so I don’t look like just a shit talker without any action But that’s my last attempt to kickstart the conversatio
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