Arbitrum DAO Token Flow Report July 2025
Prepared by:
2025 Regen
DISCLAIMER This report is exclusively prepared for the confidential use of the Arbitrum Decentralized Autonomous Organization ("Arbitrum DAO"). In its preparation, the preparer Regen Financial) has relied upon unaudited information available for all entities related to Arbitrum DAO. The information contained herein has not been audited or formally reviewed, and therefore, Regen Financial does not express an opinion or any form of assurance regarding its accuracy. No party shall be liable for any loss, damage, or expense incurred by relying on this report.
No Assurance
The preparation of this report relies on unaudited financial and non-financial information available for the entity. However, neither this report nor associated parties provide an opinion or any other form of assurance regarding the accuracy of the information presented.
Compilation
Regen Financial has compiled the accompanying report for Arbitrum DAO based on information provided by individual members of the DAO. This compilation has been conducted in accordance with ethical requirements, including principles of integrity, objectivity, professional competence, and due care. Responsibility for the accuracy and completeness of the information used to compile this report rests with the Arbitrum DAO. As a compilation engagement does not entail assurance, Regen Financial is not obliged to verify the accuracy or completeness of the information provided. Consequently, no audit opinion or review conclusion on this information has been provided.
Source of Data
To preserve the integrity of the data presented in this report, on-chain data sources were used where possible. Where data not on-chain was used, the source of such data has been outlined in the report. No verification over data that was not on-chain was performed.
Important Notice
Please be advised that the information presented in this report is intended solely for informational purposes as a Token Flow report and is not to be construed as a financial statement. It should not be relied upon for making financial decisions. Regen Financial does not assume responsibility for the accuracy, completeness, or reliability of the information contained herein. Furthermore, Regen Financial disclaims any liability for any misstatements or loss of funds resulting from actions taken based on the information provided in this report.
2
Arbitrum DAO - Key Facts and Figures (since inception)
474M ARB Total DAO ARB Expenditure 5.7M USD Total Stablecoin spending
9k ETH DAO ETH Holdings 2.9B ARB DAO ARB Holdings
28k ETH Total Sequencer Fees 48k ETH Total Transaction Fees
Arbitrum TVL (DefiLlama)
1.5m
4b
1.4m
1.3m
3.5b
1.2m
1.3m
3.5b
1.2m
3.3b
3.3b
1.1m
1m
1m
1m
979.7k
2.9b
2.9b
967.3k
966.8k
1m
3b
2.8b
2.8b
2.7b
795.4k
2.6b
2.5b
2.4b
750k
2.5b
2.3b
500k
2b
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
TVL (USD)
TVL (ETH)
Arbitrum Ecosystem Stats (Arbiscan)
75m
150
145
63.9m
140
61.5m
59.4m
60m
57.2m
133
131
54.5m
127
130
50m 50.8m
122
45m
42.8m
45m
41m
118
120
39.3m
37.6m
113
110
30m
105
101
100
92
92
15m
90
2m 2.1m 2.1m 2.6m
1.8m 1.6m 1.8m 2.2m 2.1m 1.9m 1.9m 2m
0
80
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
ArbitrumOne Average Daily Tx
ArbitrumOne Unique Addresses
ArbitrumOne Average Verified Contracts
3
DAO Monthly Token Flows July 2025
323 ETH Total Revenue Total Transaction Fee Inflows
Total Sequencer Fees Collected 15 ETH
0.95
Net Fee Flow
308 ETH Net fee flow is the total collected fee less any fee owed to the sequencer to post transactions onto the Ethereum blockchain. This is the fee that flows into the DAO's treasury.
Users of DAO-governed chains are charged fees to process transactions - these are split between Layer 1 fees to post to the Ethereum network, and Layer 2 fees for processing transactions within Arbitrum.
Sequencer fees relate to direct costs owed to the sequencer to post transactions onto Ethereum's Layer 1 blockchain. These fees are collected from users and passed on to the sequencer via smart contracts.
Net Fee / Total Fee Ratio
Transaction fee figures were obtained from Dune Analytics.
DAO Fee Inflow and Expenditure (ARB)
36.2m
4.7m
3.7m 1.3m
2.9m
2.5m
2.5m
2.4m
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
Total Transaction Fees (ARB)
Total DAO Expenditure (ARB)
Transaction fees in ETH were converted to ARB using historical price data obtained from CoinMarketCap. This conversion from ETH to ARB is used to illustrate the overarching "value flow" within the DAO and to establish a standardized nominal currency for comparing inflows and outflows to the DAO Treasury. Total transaction fees above exclude NOVA fees and STEP income, which are included below. Note that the July STEP report was not available at the time this report was shared.
DAO Value Flow - Overview (all converted to ARB) - July 2025
Current Month Genesis to Date
Transaction Fee Inflows
2,534,368 (117,093) 2,417,276
106,072,265 (49,555,702) 56,516,563 2,065,144 11,656,340 (481,837,279) (411,599,232)
Sequencer costs to post on Ethereum Net fee earned by the DAO Fees charged to process transactions
Sequencer Fee Net Fee Flow STEP Income Nova Revenue DAO Expenditure
243,690
Interest generated by STEP Fees From Arbitrum Nova
613
(36,199,076) (33,537,497)
Total DAO spending Net inflows / (outflows) for the period
Net Token Flows During the Period
4
Fee Inflows
DAO Fee Inflows - July 2025 (ETH)
Arbitrum DAO-governed chains (Arbitrum One and Nova) programmatically generate ETH inflows through transaction fees paid by users within the Arbitrum ecosystem.
These fees are split into:
Layer 1 Sequencer (Base) Fee Inflow
Transaction fee component paid by a user and distributed to a chain's Sequencer to refund the Sequencer for its batch-posting fees.
Layer 1 Surplus Fee Inflow
Transaction fee component charged as proportion of Layer 1 base fee, in excess of the actual cost required to be paid to the sequencer.
Layer 2 Base Fee Inflow
Transaction fee component that covers the minimum cost of Arbitrum transaction execution.
Layer 2 Surplus Fee Inflow
L1 Base Fee 15 (4.6%) L2 Base Fee 141 (43.6%) L2 Surplus Fee 167 (51.8%)
Transaction fee component that covers the cost beyond that covered by the Layer 2 Base Fee during chain congestion.
Arbitrum DAO Transaction Fee Flows (ETH)
48.1k
47.8k
929
47.4k
47k
835
816
46.4k
681
45.8k
554
610
537
45k
503
688
663
310
44.4k
407
502
213
323
315
383
273
131
43.5k
252
235
106
167
89
127
183
86
42.7k
106
244
122
98
102
194
126
118
135
141
163
117
78
56
57
47
21
14
15
29
28
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
L1 Base Fee
L1 Surplus Fee
L2 Base Fee
L2 Surplus Fee
Cumulative Fee Inflows
5
Fee Outflows
The L1 Base Fee component of Arbitrum transaction fees are refunded to the sequencer - they accrue in the L1 Base Fee wallet and are claimed by the sequencer periodically. Since the start of the Arbitrum DAO, 28.3k ETH has been charged in L1 Base Fees. The sequencer has periodically claimed that amount and as at the end of July 2025, was owed ~0.3 ETH which it can claim at any point.
Sequencer Fee Flow (ETH)
+28.3k
(20.2k)
(7.1k)
(194)
(773)
(15)
+0
L1 Base Fee
Sequencer Refunds - 2023
Sequencer Refunds - 1H 2024
Sequencer Refunds - 2H 2024
Sequencer Refunds - 1H 2025 excl. Current Month
Sequencer Refunds - Current Month
Unclaimed Sequencer Fees
Net Fee Flow
Decrease in Net Fees post "Atlas" 49%
Net fee flow is the total collected fee less any fee owed to the sequencer to post transactions onto the Ethereum blockchain. As at the end of July 2025 , the total net flows amounted to 19.4k ETH, streamed periodically to the L2 Treasury Timelock Wallet. Net transaction fees collected in July 2025 amounted to 308 ETH - compared to the 3 months before the "Atlas" upgrade (December 2023 - February 2024), total transaction fees have fallen 86% while net transaction fees have fallen 49% (for the months of April 2024 to July 2025).
To date, the DAO has sent 12.7k ETH from treasury: - 5.1k for the BoLD Validator proposal - 0.03k ETH for Ethereum Attackathon sponsorship - 7.5k ETH for Treasury Management v1.2
Arbitrum DAO Net Transaction Fee Flows (ETH)
19.7k
19.4k
19.1k
18.7k
18.1k
17.6k
16.9k
16.4k
15.7k
15.4k
15.2k
15k
806
685
761
624
415
509
386
188
195
339
300
308
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
Net Fee Flow
Cumulative Net Fee Flow
6
Treasury
ARB Treasury Holdings 2.7B
The Arbitrum DAO's treasury holds mainly cryptocurrency, with the majority being its native ARB token. It's important to note that the composition of the treasury holdings is subject to change due to various factors, including fee inflows, outflows, and spending approved by the DAO.
Balance in native ARB token within the DAO's treasury wallet. See below for additional holdings across DAO controlled wallets.
DAO Assets - Converted into USD
Net Transaction Fees
19.7k
ETH Treasury Holdings 9k
BoLD Validator Send ETH Attackathon Send Treasury Management Send Nova ETH Income
(5.1k) (0.03k) (7.5k) 1.9k
NET DAO ETH
9k
ARB Holdings 1.2b (93.4%) ETH Holdings 34.6m (2.7%) USD Holdings 51.8m (4.0%)
ETH in Fee Wallets ETH in L2 Treasury Wallet
0.1k 8.9k
The majority of the DAO's treasury is therefore held in its native token, ARB. It also holds ETH from transaction fees, as well as US Dollar-linked investments mainly via the STEP programs.
NET DAO ETH
9k
Note that as part of the Growth strategy within the Treasury Management Proposal, 7.5k ETH was allocated across various protocols to generate yield on previously unproductive ETH. The split of this ETH was included in previous reports. Those holdings have not been included in the above analysis, as it falls under the Treasury Management proposal and should be reported separately. Treasury prepare a dashboard showing the live deployment of ETH on Dune.
Treasury Holding - ARB and USD Overview
USD Stablecoin Holdings
ARB Holdings
DAO Treasury
2,690,807,647
123,193
Catalyze Gaming Ecosystem Growth
86,183,335 30,000,001 21,949,999 11,693,552 11,104,041 8,020,949 7,402,342
Arbitrum Audit Program
OpCo
49,826 319,428
Entropy - Treasury Management and Events Domain Allocator Offerings Season 3
DIS - New Multisig
Sylus Sprint
ARDC v2
112,246 100,000 84,998
1,450,656
Event Horizon
STEP 2.0
13,835,994 3,294,110
D.A.O. Grant Wallets
D.A.O. Season 3 OPEX Wallet
515,747
DAOEvents
1,044,201 31,147,227 51,780,381
STEP (using most recent 30 June report)
TOTAL
2,867,459,110
Note immaterial balances not included.
7
7.5% of ARB tokens (ARB750M) were transferred to the foundation in the initial token airdrop. A portion of these tokens were spent before AIP1.1 required the Foundation to place its holdings into a vesting wallet with a four-year lock-up period, thus the remaining ARB balance was transferred to that wallet. The Foundation can call funds over time from the vesting wallet. These unlocked funds are then transferred from the vesting wallet to a wallet controlled by the foundation. Arbitrum DAO - The Arbitrum Foundation
Foundation Vesting Wallet ARB Transactions
+750m
(50.5m)
699.5m
(97.7m)
(201m)
(86.7m)
(14.7m)
299.4m
ARB Airdropped to Foundation
ARB Spent pre AIP1.1
ARB Initially Locked in Vesting Contract
ARB Unlocked and Sent - 2023
ARB Unlocked and Sent - 2024
ARB Unlocked and Sent - 2025 excl. Current Month
ARB Unlocked and Sent - Current Month
ARB Balance in Vesting Contract
Funds streamed from the vesting wallet to the Foundation's wallet were then partially sent to another wallet, whereafter our analysis ends. We have deemed funds sent to the external wallet as spent and beyond the scope of this report - please refer to the Foundation's transparency report for more context regarding their use of funds.
Foundation Wallet ARB Flows
+400.1m
+500k
(360m)
40.6m
ARB Received from Vesting Wallet
ARB Received from External Wallet
ARB Sent to External Wallet
ARB Remaining in Wallet
Summary of Foundation ARB Flows
ARB
ARB Received - Total
750,000,000
ARB Spent - Pre AIP1.1
50,500,008
ARB Spent - Post AIP1.1
359,500,001
Total ARB Spent
410,000,009
Total ARB Unspent
339,999,991
ARB Unspent in Vesting Wallet
299,435,182
ARB Unspent in Foundation Wallet
40,564,809
Total ARB In Wallets
339,999,991
8
DAO Spend Analysis
Monthly ARB Expenditure - Last 6 Months
Feb 25
Mar 25
Apr25
May 25
Jun25
Jul 25
DAO Expenditure in ARB
(3,776,936)
(4,087,068)
(899,453)
(699,230)
(961,932) (35,419,009)
DAO Expenditure in USD - converted to ARB
(617,860)
(422,613)
(386,535)
(605,758)
(759,779)
(780,067)
Total DAO Monthly (Expenditure) / Income
(4,394,796) (4,509,681) (1,285,988)
(1,304,988) (1,721,711) (36,199,076)
*includes full STEP 2.0 Conversion
Note figures may update in each version of the report
monthly expenditure ARB 8.2M using 6-month average
ARB 36M monthly expenditure using highest 1 month in most recent 6 months
ARB 13M monthly expenditure using 3-month average
The Arbitrum DAO's sustainability represents its ability to fund operations based on its current treasury holdings. It evaluates the holdings of the DAO, taking into account the average monthly ARB outflows within the organization. Using these averages, it calculates the number of months of funding that the current asset holdings would be able to sustain. Note that the analysis only looks at ARB held in the DAO's treasury wallet and not across all wallets. It is also worth noting that the ARB held in treasury cannot be valued at the same price as circulating ARB - it is effectively locked supply that when introduced into the market will likely cause material changes in prices. To factor this in, we include an analysis on runway based on the price of ARB falling by different amounts (which would cause spend values to increase given most costs are USD-denominated).
Number of months the DAO can maintain expenditure levels before fully depleting the DAO ARB Treasury based on ARB expenditure within the DAO.
6 Month Average Spend (in ARB)
3 Month Average ARB Spend, Increased by 25%
327
165
3 Month Average Spend (in ARB)
3 Month Average ARB Spend, Increased by 50%
206
137
Highest Month Spend (in ARB)
3 Month Average ARB Spend, Increased by 75%
74
118
ARB Introduced into Circulation
Treasury Allocated to Proposals 26% Treasury Spent to Date 13%
Every proposal that allocates the DAO's treasury holdings of ARB is introducing more tokens into supply - ARB out of circulation held in treasury is brought into the market. Over the period from June 2023, when the first Tally proposal was approved, to July 2025, the DAO approved 948M ARB worth of spending outlined in various proposals. This represents 26% of the DAO's initial treasury balance of 3.6B ARB. Spending began in August 2023, with a total of 482M ARB spent to July 2025 (including USD spend converted into ARB). This represents 13% of the DAO's treasury balance - the balance is still held in DAO-controlled wallets.
9
Arbitrum DAO Expenditure
The Arbitrum DAO has committed (and plans to continue to commit) a material portion of its treasury towards funding growth within the Arbitrum ecosystem. This report divided spending across 6 major categories:
Long term programs, committees or groups funded by and supporting the effective functioning of the Arbitrum DAO. Provide services to and are approved and funded directly by the DAO (not via a Grants Program). Funds in multisig wallets are treated as DAO funds until they are distributed to third parties.
DAO Core
Ecosystem Incentives
Funds for users in the Arbitrum ecosystem distributed to them via protocols built on Arbitrum. Used to directly incentivise network and user growth on Arbitrum. Funds in multisig wallets are treated as DAO funds until they are sent to protocols for subsequent distribution to users.
Funds earmarked for major initiatives and ventures within the DAO ecosystem, aimed at addressing a certain identified area for development within the DAO. Generally facilitated via working groups and/or DAO-elected councils. Funds in multisig wallets are treated as DAO funds until distributed to third parties.
Ventures
Treasury Diversification
Funds moved out of the DAO's treasury holdings and deployed into investments aiming to generate returns for the DAO that aren't in its native ARB token. Funds sent out of the multisig to service treasury diversification providers are treated as DAO funds. Funds spent on operational costs are considered spent.
Grants Programs
Grants Program fund many different contributors, initiatives and builders within Arbitrum DAO. Each Grant Program will fund many grant initiatives. Funds in multisig wallets are treated as DAO funds until they are sent to grant program managers or grantee.
One off funding/grants for external service providers or protocols to deliver specific work within a stated remit. Proposal must have been approved directly through on-chain governance. Funds in multisig wallets are treated as spent funds when sent to the service provider or protocol.
Direct Grants
Allocated Treasury - March 2023 to Current Month (ARB)
Actual Spend - March 2023 to Current Month (ARB)
DAO Core 60.4m (6.4%) Ecosystem Incentives 234.9m (24.8%) Ventures 478.7m (50.5%) Treasury Diversification 96.4m (10.2%) Grant Programs 33.7m (3.6%) Direct Grants 43.9m (4.6%)
DAO Core 14.3m (3.0%) Ecosystem Incentives 115.5m (24.0%) Ventures 263.1m (54.6%) Treasury Diversification 70.4m (14.6%) Grant Programs 12.5m (2.6%) Direct Grants 6.1m (1.3%)
Note differences between allocated and actual spend relates to either proposals not spending its allocated funding, or to proposals that are still live and in the process of deploying their funding. 10
Arbitrum DAO - DAO Core
This represents the long-term programs, committees or groups funded by and supporting the effective functioning of the Arbitrum DAO - these are funded directly by the DAO and not via a Grants Program. The pledged outflows amount indicates the amount allocated to each group via an on-chain governance vote, while actual outflows are funds which are then distributed from the wallet at which point they are "spent".
DAO Core Budget (ARB)
+30m
+400k
60.4m
+4m
+6m
+325k
+600k
+12.1m
+1.2m
+5.7m
DAO Core Spend - March 2023 to Current Month (ARB)
+531.8k
+23.6k
+0
14.3m
+200k
+6m
+581.8k
+3.6m
+941.9k
+2.4m
Arbitrum Research & Development Collective v2
During July 2025, the ARDC deployed $53k to the 2 research members, paid from the new ARDC wallet. Total collective member spend is therefore $295k, with $1.44M still owing and on-hand in the (new) multisig. The multisig also holds ARB112k and owes no further providers or council members - this is therefore expected to be excess funds from the initial budget.
ARB Remaining in Multisig Wallet ARB112k
USDC Remaining in Multisig USDC1.45M
ARDC v2 Budget vs Spend (USD)
660k
ARB USDC
594k
AIP Funding Received
3,982,602
Funds Swapped into Stables Funding Sent - Immutable Lawyer Funding Sent - Supervisory Council Funding Sent - Service Providers
410k
(3,767,602) 1,745,534
354.1k
330k
330k
(35,000)
251.3k
235.8k
(67,754)
94.2k
78.7k
66k
55.9k
(294,878)
Funds Remaining in Multisig
Security - OpenZeppelin
Research - Llama Research
Research - Castle Capital
Risk - Nethermind
112,246 1,450,656
USD Budget 1.7m
USD Sent to Date 294.9k
USD Remaining to be Sent 1.4m
11
Arbitrum DAO - DAO Core contd.
Delegates Incentive Program (DIP)
Delegate Incentive Programs - Combined ARB Budget
+2.4m
12.1m
+369.1k
+30k
+188.2k
+9.1m
Delegate Incentives
Karma Development
Admin Costs - SEED Latam
Multisig Signers (first AIP)
Price Buffer
Total Budget
For ease of tracking total incentives and operational costs associated with Delegate Incentives, we have combined both DIP AIP's in our analysis. DIS Spend - March 2023 to Current Month (ARB) 9.1m
6m
3.2m
369.1k
281k
188.2k
152.8k
88.1k
35.4k
30k
30k
Delegate Incentives
Admin Costs - SEED Latam
Karma Development
Multisig Signers
ARB Budget 9.7m
ARB Sent to Date 3.6m
ARB to be Sent 6.1m
Total Delegates Incentivised 71
Average Total ARB Incentive per Delegate ARB44.6k
ARB Remaining in DIS Multisig Wallet ARB8M
Average total monthly ARB incentives ARB210k
ARB Delegate Incentives - March 2023 to Current Month (ARB)
2m
134.9k
112.8k
98.2k
98.1k
94.4k
94.4k
92.4k
90.9k
87k
83.8k
82.3k
80.5k
12
Arbitrum DAO - DAO Core contd.
OpCo: A DAO-adjacent Entity for Strategy Execution
OpCo Operational Budget
Full Budget
Per Annum Per Month
Internal Employee Salaries Chief Chaos Coordinator
5,328,000
2,664,000
222,000 30,000 16,000 176,000 206,042 100,000 106,042 37,500
720,000 384,000
360,000 192,000
Chief of Coins
Other 10 Employees Setup and Admin Costs
4,224,000 4,945,000 2,400,000 2,545,000 1,125,000
2,112,000 2,472,500 1,200,000 1,272,500
Legal Services
Other Setup and Admin Costs *
Oversight and Transparency Committee (5 members) *
450,000
TOTAL COST (USD)
11,398,000
5,586,500
465,542
Internal Employee Bonus (in ARB)
3,000,000 1,000,000
1,500,000
125,000 41,667
Oversight and Transparency Committee Bonus (in ARB)
500,000
TOTAL COST (ARB)
4,000,000
2,000,000
166,667
During July 2025, the OpCo posted an update on the Forum highlighting updates from the June report.
The OpCo has focused on hiring OpCo/OAT personnel, operationalizing the OpCo, and working in the DAO - they are actively interviewing multiple promising candidates for the “Chief Chaos Coordinator” (Head of OpCo Foundation) role, as well as conducting interviews for other roles.
The OpCo Bylaws are being finalized and are planned to be shared with the DAO soon.
During July, the OpCo only deployed 7.5k USDC, with the wallet sent to converting the USDC first into Aave USDC, then into Spark USDC Vault tokens in August. These funds are deemed to have been spent for the purposes of the DAO as they will fall under OpCo reporting requirements and have therefore been included in spend figures for the OpCo.
13
Arbitrum DAO - Ecosystem Incentives
This relates to funds allocated towards incentives in the Arbitrum ecosystem. Initial incentives focused on user acquisition and was distributed to them via protocols, whereas more recent incentive programs target specific assets and activities across Arbitrum.
Ecosystem Incentives Budgets (ARB)
+80m
234.9m
+45.7m
+37.6m
+21.5m
+50.1m
Short Term Incentives Program
Short Term Incentives Program Backfund
Short Term Incentives Program Bridge
Long Term Incentives Program
DeFi Renaissance Incentive Program
Total
DeFi Renaissance Incentive Program (DRIP)
During June 2025, the DAO passed a Tally vote to approve the DRIP.
The incentive program focuses on targeting specific assets and activities across Arbitrum rather than specific protocols. Incentives per specific assets/activities will run in 3-month seasons through the DRIP so that the program can be adapted and different assets and activities can be selected as learnings are taken into account. Each season will have a singular, specified goal. The proposal allocated 80M ARB to cover 4 'seasons' (3-month cycles). Each incentive “season” is governed by a set of rules specifying which on-chain actions or participants qualify for ARB rewards. An independent distribution partner is responsible for: - Receiving ARB for the Season - Identifying Eligible Wallets: The partner reviews network data to find wallets that meet the season’s eligibility criteria. - Distributing ARB Rewards: Once the partner confirms which wallets qualify, it distributes the ARB to each eligible wallet based on the season’s defined, and potentially changing, parameters. No distribution is sent directly to protocols; all ARB flows to qualifying wallets. - Frontend Creation: Shows all eligible protocols, effective APRs, and data from the evaluation partner.
The season selection committee will be run by Entropy, Offchain Labs and the Arbitrum Foundation.
14
Arbitrum DAO - Ventures Ventures Budgets (ARB)
+250m
478.7m
+225m
+3.5m
+191.7k
+52k
M&A for Arbitrum ADPC Subsidy Fund Arbitrum Ventures Initiative
Gaming Catalyst Program
Arbitrum Foundation's Strategic Partnerships Budget
Total
Gaming Catalyst Program / Arbitrum Gaming Ventures
No funds were transferred out of the GCP / AGV multisig during July 2025.
During June 2025, the GCP multisig transferred 69M ARB to a Foundation-controlled multisig, before some of those funds were moved out of that wallet. The flow of funding once out of the main multisig is out of scope for this report and should be included in the GCP's own reporting processes.
+225m
(129.4m)
(9.4m)
86.2m
Funding Received
Funding Sent to Foundation-controlled Wallets
Funding Sent to Other Wallets
Funds Remaining in Multisig
15
Arbitrum DAO - Treasury Management
Arbitrum Stable Treasury Endowment Program (STEP)
The STEP report, covering 1 - 30 June 2025, was published on the forum and is summarized below (this is the most recent report).
9.8m
9.5m
5.4m
5.4m
Market Value June 2025 $31M Interest Earned (LTD) $863k Yield LTD (Cash on Cash) 2.9%
5.2m
5.2m
3.5m
3.5m
3.5m
3.5m
3.6m
3.6m
152
1.7k
USD Cost 30.3m USD Market Value 31.1m USDCost Interest Earned (LTD)
Yield LTD Cash on Cash
Securitize BUIDL
9,523,937 5,194,875 5,194,875 3,463,250 3,466,516 3,463,250
271,219 159,104 165,505 92,033 76,250 98,466
2.85% 3.06% 3.19% 2.66% 2.20% 2.84%
OndoUSDY
Superstate USTB Mountain USDM OpenEden TBill
Backed Finance blB01
USDC (Circle)
1,734
Total
30,308,437
862,577
2.85%
The STEP manager updated the DAO regarding Mountain Protocol during May 2025 - it was acquired by Anchorage Digital and is in the process of winding down USDM. The DAO's full position was liquidated into USDC.
The full balance of USDC was still held at the end of June 2025.
1m
31.1m
31.1m
31m
30.9m
31m
30.8m
30.7m
862.6k
30.5m
30.5m
769.5k
800k
30m
672.8k
572.3k
29.5m
600k
29m
459.4k
400k
28.5m
356.9k
28m
251.5k
200k
27.5m
111.3k
113k
105.4k
102.5k
100.4k
99.8k
96.7k
93.1k
27m
40.4k
0
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Market Value (USD)
Monthly Interest Generated (USD)
Cumulative Interest Generated (USD)
16
Arbitrum DAO - Treasury contd.
Stable Treasury Endowment Program 2.0
During July 2025, the STEP 2.0 program continued with its conversion strategy, swapping its ARB allocation first into USDC and then into the approved assets under STEP 2.0. The multisig wallet now holds 15k ARB and 3.8k USDC from that process, as well as the various assets under STEP 2.0 and 1.0. Therefore for the purposes of this report, the STEP 2.0 funds are deemed to have been spent (other than the above-mentioned ARB and USDC) as it will now fall under the reporting requirements of STEP 2.0 (and would fall under the treasury section of the DAO's assets).
Treasury Management V1.2
Entropy has prepared a Dune dashboard outlining the various DAO holdings, under STEP and the Treasury Management proposals, given that funds are not all held within the original multisigs. There were no material flows out of the multisig allocated the funding, although it did receive ~3.7k wstETH relating to the Growth Management vertical.
17
Arbitrum DAO - Grants Programs
The Arbitrum DAO has implemented various grants programs to foster growth and facilitate development within the Arbitrum ecosystem. Grants are either awarded directly from the DAO's treasury wallet to grantees, or are awarded to grant manager(s) - the grant manager(s) approved by the ArbitrumDAO have sole discretion on how to allocate the grant program’s ARB treasury based on their own criteria. The Arbitrum Foundation focuses on the legal backend for supporting the grant programs while the DAO representatives are free to execute on their proposal and allocate funds according to criteria agreed with the community. The Arbitrum DAO has implemented 2 grant programs, as well as issued several direct grants (i.e. funding allocated directly to a grantee without being facilitated by a grant manager via a program). For the purposes of the below analysis, funding requests by a single party funded directly out of the DAO's treasury wallet are included under direct grants. The Arbitrum Foundation also has its own grant program, solely under its control - figures for their program have therefore not been included in the analysis below.
Grant Criteria
Arbitrum DAO Grant Programs
Grant programs overseen and facilitated by third parties, with grantees receiving funding via these third parties and not directly from the DAO. Examples include Plurality Labs and Questbook.
Funding sent directly from the DAO's treasury wallet to the ultimate recipient. This could either be as a proposed grant or any other proposal where the end beneficiary is funded directly and not via a third-party grant manager/facilitator.
Arbitrum DAO Direct Grants
The Arbitrum Foundation Grant Program
Supports builders with milestones-based funding for growth. All grants issued through this program will serve to improve the adoption of Arbitrum chains, create stronger technical structures, and build sustainable communities in the Arbitrum ecosystem.
ARB Allocated
+13.9m
47.6m
+23.4m
33.7m
+3.3m
+2.8m
+3.4m
+800k
Questbook Grant Program
Plurality Labs Grant Program Milestone 1
Plurality Labs/Thank ARB Grant Program Milestone 1B
Questbook Grant Program Extension
DAO Season 3 Grants
Total Grant Programs
Direct Grants
Total Grant Programs and Direct Grants
18
Arbitrum DAO Grant Programs
The Questbook Arbitrum Grants program focuses on anyone developing domain-specific projects on top of Arbitrum, ranging from education, gaming, and dev tooling to innovative ideas. Through the program, grantees receive milestone-based funding based on domain-specific needs outlined by the domain allocators elected by the community.
Questbook - Operational Funding
ARB
USDC/T
Funding Received in New Wallet
3,556
232,899
Funding Received from Hackathon
102,582
June Operational Spend
(3,555)
(334,879)
Remaining Funding
1
602
During July 2025, no funding was deployed from the new DDA multisig, thus the above balances remain on-hand in the wallet.
Domain Allocator Offerings - Second Round
No funding was deployed from the second round wallets during July of 2025.
Questbook Grant Program Stablecoin Funding - 2nd Round
770.3k
770.3k
770.3k
770.3k
693.6k
661.7k
657.4k
Remaining USDC Funding 428k
640.5k
129.7k
112.9k
108.5k
76.6k
Gaming
Developer Tooling on NOVA
New Protocol Ideas
Education, Community growth and events
Stablecoin Funding Received 3.1m
Stablecoin Grants Spent 2.7m
Stablecoins Remaining in Wallets 427.7k
19
Domain Allocator Offerings - Third Round
Operational Spend to Date
528k
368k
160k
96.6k
70.6k
60k
40k
30k
30k
26k
20k
Domain Allocators
Program Manager
Questbook Platform
Legal Expenses
USD Budget 714.6k
USD Spent to Date 206k
USD Remaining to be Sent 508.6k
During July 2025, the DDA multisig wallet initiated no transactions.
The OPEX wallet also deployed no funding during July 2025, with spending occurring on 1 August 2025.
DDA Grant Program Stablecoin Funding - 3rd Round
750k
750k
750k
750k
738.2k
694.1k
Remaining USDC Funding 2.9M
558.3k
542.3k
375k
333k
207.7k
191.7k
56k
42k
11.9k
Developer Tooling on NOVA
Education, Community growth and events
Gaming
New Protocol Ideas
Orbit
Funding Received 3.4m
Grants Spent 509.2k
Remaining in Wallets 2.9m
During July 2025, 234k USDC was deployed across the 5 grant categories, with the first funding deployed from the New Protocols category. The majority of funding was deployed out of the Gaming vertical, with Education having the second-highest spend. The largest grantees have been GAM3S.GG x Arbitrum Gaming Expansion ($48k) and OTK Games Expo 2025 ($47.5k), both under the Gaming category.
20
Arbitrum DAO Direct Grants
ARB Allocated
+30m
43.9m
+4m
+251.9k
+5.3m
+4.3m
Previous Grants
Fund the Stylus Sprint
Arbitrum Hackathon Builder Continuation Program
Increase Stylus Sprint Budget
Arbitrum Audit Program
Total Direct Grants
Fund the Stylus Sprint
During July 2025 , the 4 committee members received 4k ARB each, taking their total compensation to 156k ARB.
Funding was also deployed to a few different protocols, with total funding spent in July of 271k ARB. Total spend under the program is therefore 1.6M ARB.
The new multisig wallet held 7.4M ARB at the end of July 2025.
21
Arbitrum DAO Token Flow Report July 2025
22
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22Made with FlippingBook - Online magazine maker