Code4rena DAO's Governance Token Surges Almost 50% Amid Vote to Authorize Paradigm Purchase

Sage D. Young
Sage D. Young

17 Mar 2023 12:23 AM

A vote to sell 15% of governance token ARENA’s total supply to crypto investment firm Paradigm began earlier Thursday....

  • ArenaDAO's governance token, ARENA, jumped 11.12% in the past hour and 48.99% in the past 24 hours following the opening of ArenaDAO's vote to authorize Paradigm's purchase of 150 million tokens or 15% of the total supply for $6 million USDC.
  • The token's fully diluted valuation is $79.8 million at presstime, but at Paradigm's purchase price of ARENA, the token has a fully diluted valuation of $40 million.
  • The on-chain voting period for ArenaDAO opened and a total of 9 addresses voted, providing unanimous support in favor of authorizing the DAO to sell its tokens to Paradigm.
  • If passed, the $6 million sale to Paradigm will be authorized and the funds will be used as working capital for the DAO to grow Code4rena, an audit platform that organizes security contests for smart contracts.
  • Paradigm is involved with Code4rena and also organizes its own Web3 focused security competition called Paradigm CTF.

The article has a positive sentiment as it reports the increase in value of ArenaDAO's governance token and the unanimous support for the token sale to Paradigm. The article also highlights the importance of smart contract security and the involvement of Paradigm in promoting it.

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Related Questions

What is the current value of ArenaDAO's governance token?
What is Code4rena and how does it promote smart contract security?
What is the purpose of the $6 million sale of ARENA tokens to Paradigm?
What is the fully diluted valuation of ARENA at Paradigm's purchase price?
What is Paradigm CTF and how is it related to smart contract security?

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token sale
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