Block out the noise!
#arbitrum The main reason for ARB’s decline this time is still FUD. If the transfer of 50 million coins and the 22.56 million coins transferred to coinbase are regarded as entering circulation, the circulation volume should be adjusted from 1.275 billion to about 1.347 billion.
The circulating market value is adjusted to 1.6 billion, and the current circulating market value of OP is 675 million. If the fundamentals remain unchanged, is $ARB overvalued? If we look at TVL, ARB/OP=2.43, and the circulating market value ratio is 2.37. From this point of view, the current price is already in a reasonable range, and it is even slightly lower. I don’t think there is any need to panic further.
However, the voting incident also reflects the general problem of governance. Voting is only one link. If there is no supervision on the initiation and execution, voting is meaningless. The remedy plan given by the team for the proposal seems to be sincere.
In addition, on-chain data shows that the 2.694 billion $ARB that belonged to the team and were supposed to have a 4-year lock-up period were distributed to multiple eoa addresses, and one of the addresses has transferred 22.56 million $ARB to #coinbase
In fact, the team had already announced this part before the transfer on April 1, stating that this part was transferred to the custodian, and it was still locked and not put into circulation. The part transferred to Coinbase may be because CB is going to be listed on $ARB, which is also in line with the coin listing roadmap previously released by #coinbase .
Regarding the voting controversy of the arb team, I don’t know whether it is better to say that they are honest or stupid?