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ArenaDAO Governance Token is up almost 50% after the decision to vote for the sale of 15% of the coins to the investment company Paradigm. Voting for the sale of 15% of ARENA tokens began on Thursday, March 16th. If the deal is approved by the crypto-focused community, investment firm Paradigm will receive 150 million ARENA tokens for $6 million.
Earlier Thursday, the online voting period for ArenaDAO began. Since then, a total of 9 addresses have voted to allow the DAO to sell their Paradigm tokens. Data from analyst firm Nansen shows that ARENA owns 142 unique addresses, up 10% from Monday.
As a result of the vote, the sale of ARENA tokens to Paradigm for $6 million will be approved. According to the on-chain vote, the funds will be used by the DAO as working capital for the development of Code4rena. Voting ends in a week, March 23rd.
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