– Lido received a large sum of ARB tokens so that the protocol can take part in its DAO-based governance.

– Active users of the protocol surged.

Lido [LDO] has emerged as a leading player in the DeFi market with the largest Total Value Locked (TVL) in the overall sector. As a result, the Lido protocol generated substantial revenue and was able to support other protocols such as Arbitrum [ARB].

Is your portfolio green? Check out the Lido Profit Calculator

Reaping the benefits

According to Lido’s 14 April tweet, the Arbitrum Foundation is incentivizing participation in DAO-based governance on its platform by distributing ARB tokens to protocols that have contributed to the growth of the network.

Arbitrum Foundation is distributing ARB tokens to protocols that have played a part in the growth of the protocol in order to encourage DAO-based governance participation across Arbitrum.

Due to its previous support, Lido DAO is eligible to receive 772,621 ARB.

— Lido (@LidoFinance) April 14, 2023

Lido DAO is hence qualified to receive 772,621 ARB tokens as the protocol showed support to Arbitrum in the past. These tokens amount to $1.29 million. The funds can help Lido improve upon different aspects of its protocol.

A proposal was put forward by Lido for the utilization of the tokens towards the continued growth of staking and the wstETH DeFi ecosystem on Arbitrum One. The aim is to initiate A

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Author: Himalay Patel

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