We are excited to publish the ArbitrumDAO Governance Analytics Report, covering key governance metrics and insights for April 2025. This report marks a significant milestone in our efforts to enhance transparency and foster informed decision-making within the ArbitrumDAO community.
TLDR;
• Participation Trends: April 2025 saw a decline in participation, with onchain participation falling by 2.53 percentage points to 59.83% and offchain participation dropping by 1.92 percentage points to 53.78%
• Proposal Outcomes: Five proposals were voted on: three approved (Arbitrum Audit Program; OAT Elections; TMC Stablecoin Recommendation) and two rejected (Non-constitutional ARB Incentives: User Acquisition for dApps & Protocols; TMC ARB Recommendation)
• Voting Participation: All proposals experienced below-average participation compared to their category average.
• Delegate Spotlight: Entropy saw a 201.62% increase in voting power, rising from 8.53 M to 25.73 M ARB
• Key Takeaway: Delegates demonstrated strong support for narrowly scoped, transparent initiatives while rejecting broader funding proposals, highlighting a preference for prudent treasury management and clear ROI frameworks.
A) Voting Participation Trend
Participation Rate: Average voting power cast per proposal / votable supply
In April 2025, ArbitrumDAO experienced an decrease in governance participation across both onchain and offchain platforms.This section highlights key trends in participation metrics, unique voter activity, and voting power dynamics, along with potential factors contributing to these shifts.
Onchain: Participation decreased by 2.53 percentage points, falling from 62.36% in March to 59.83% in April.
Offchain: Participation decreased by 1.92 percentage points, dropping from 55.7% in March to 53.78% in April.
Unique Voters: The number of voter who vote within the month
Onchain: The number of unique voters decreased significantly, falling from 6,200 in March to just 311 in April,a drop of 5,889.
Offchain: The number of unique voters also fell, dropping from 4,743 in March to 512 in April,a decrease of 4,231.
Voting Power: Average voting power of proposal participation
Onchain: The average voting power decreased, falling from 202M in March to 197.5 M in April, a drop of 4.5M.
Offchain: The average voting power also fell, dropping from 180.3M in March to 172.8M in April, a decrease of 7.5M.
New Voter: New voter who cast first vote in April
In April, new onchain voters fell to just 17, down from 401 in March.This is the lowest total so far in 2025 and shows a sharp fall in first-time onchain participation.On the offchain side, there were no new voters in April. This is the first month with zero newcomers. Earlier in the year, offchain newcomers totaled 170 in January, 103 in February and 122 in March.
Potential Contributing Factors
In April 2025, voting activity declined noticeably, primarily because only five proposals were included in the report. These proposals started in late March and ended within the April 1 to April 4 voting period. Since our reporting includes proposals that end within the month, only four days of voting activity were recorded for April. As a result, both new voter participation and unique voter turnout for April dropped significantly. However, overall engagement levels remained relatively stable.
B) Voter Dynamic
Existing Voters
An examination of the changes in voting power among existing voters reveals key shifts across 35 delegates.
Increases: Several delegates experienced noticeable gains in voting power, resulting in a combined increase of +49.04 M ARB this month and boosting overall governance influence. Notable examples include:
Entropy: up from 8.5M to 25.7M ARB, adding 17.20 M ARB (+201.62 %)
MUX: up from 7.42 M to 12.40 M ARB, adding 4.98 M ARB (+67.14 %)
blockworksres.eth: up from 6.84 M to 10.85 M ARB, a gain of 4.01 M ARB (+58.69 %)
dk.3anon.eth: up from 6.53 M to 10.57 M ARB, up 4.05 M ARB (+61.98 %)
0xfrisson.eth: up from 4.17 M to 7.17 M ARB, adding 3.01 M ARB (+72.16 %)
whizwang.eth: up from 0.52 M to 1.89 M ARB, an increase of 1.37 M ARB (+262.45 %)
jojothecow.eth: up from 0.08 M to 1.05 M ARB, adding 0.97 M ARB (+1,156.61 %)
Decreases: Voting power reductions were also observed, with several delegates experiencing notable declines:
delegate.l2beat.eth: fell from 15.82 M to 15.61 M ARB, a drop of 0.20 M ARB (–1.28 %)
woofi 
woo.eth: fell from 0.54 M to 0.45 M ARB, down 0.09 M ARB (–16.47 %)
0x-ultra-gov.eth: fell from 925k to 752k ARB, down 173k ARB (-18.69 %)
Several addresses experienced full divestment, with two voters dropping to 0 voting power, suggesting either complete disengagement or reallocation of ARB holdings outside of governance.
B) Voter Dynamic (cont.)
Delegate Status Shifts:
Active Delegates (delegates who maintain over 65% voting participation both onchain and offchain within the past 90 days): The number of active delegates in April 2025 slightly decreased to 87, down from 88 in March 2025. This small drop suggests a continuing trend of reduced ongoing participation from previously engaged delegates.
Inactive Delegates (delegates who maintain less than 65% voting participation either onchain or offchain within the past 90 days): In April 2025 this group numbered 108, down from 122 in March. However, this decline reflects our fixed top 1000 cutoff by voting power rather than a actual rise in engagement. Delegates whose voting rates did not improve simply fell below the ranking threshold and were excluded.
Ghost Delegates (delegates who, despite receiving delegation, have not exercised their voting power): The number of ghost delegates rose to 805 in April, up from 792 in March, and represents the year’s highest level. As with inactive delegates, part of this increase stems from zero-voting accounts with large delegated stakes entering the top 1,000, displacing lower-stake participants.
Implications of Changes in Delegate Status: In April 2025, active delegates edged down slightly to 87 from 88 in March, signaling a slight pullback in sustained on-chain and off-chain participation among our most reliable voters. Inactive delegates dropped more noticeably, from 122 to 108, but this change is driven primarily by our fixed top 1,000 voting-power cutoff, since delegates whose participation rates did not improve simply fell below the ranking threshold rather than genuinely increasing their engagement. Meanwhile, ghost delegates rose to 805 from 792 (the highest level so far this year), highlighting that some delegates’ voting power remains completely unused.
C) Proposal Outcome
This section provides an analysis of the outcomes and levels of contentiousness of proposals within ArbitrumDAO’s governance during April 2025, with particular attention to the voting behaviors of the top 20 voters by voting power. A total of 5 proposals were reviewed during this period, comprising of one in grants, two in treasury, one in governance and one in incentive.
Onchain Proposals
1.[NON-CONSTITUTIONAL] Arbitrum Audit Program
Category: Grants
Overview: This proposal requests 30 million ARB to implement a program designed to “allocate funds to projects that require financial assistance to pay for an audit.” This proposal states that the subsidy program would run for one year, “or until all funds are spent, with an appointed Arbitrum Audit committee.” This proposal also outlines an application process for projects applying to the program.
Voter Participation: 4,300 voters participated, below the category average for Protocol Upgrades of 9,600 voters
Voting Power casted: 197.5M ARB tokens were cast, which is more than the category average of 168.1M ARB.
Level of contentiousness: The proposal saw nearly unanimous support with minimal opposition.
Top 20 voters: A clear majority voted for the proposal, LobbyFi, Reverie, and Areta abstained, while GFX Labs cast the lone against vote.
Offchain Proposals
1. [Non-constitutional] ARB Incentives: User Acquisition for dApps & Protocols
Category: Incentive
Overview: This proposal requests 3 million USD for Patterns to establish an iterative program to help protocols “run and measure their off & onchain user acquisition campaigns.” According to the proposal, the duration of the program will be three months per iteration.
Voter Participation: 3,200 voters participated, equal to the category average for incentive of 3,200 voters
Voting Power casted: 167.8.5M ARB tokens were cast, which is equat to the category average of 167.8M ARB.
Level of contentiousness: The proposal was largely non-contentious, with most top delegates united in their stance.
Top 20 voters: A majority of top delegates voted against the proposal. However, LobbyFi, L2BEAT, and Camelot chose to abstain, while EventHorizon Arbitrum cast the lone for vote.
2.OpCo – Oversight and Transparency Committee (OAT) Elections
Category: Governance
Overview: This proposal seeks to elect the three initial members for OpCo’s oversight and transparency committee. According to the proposal, Delegates also participating in the election are required to adhere to the established responsible voting policies.
Voter Participation: 3,000 voters participated, below the category average for governacne of 21,100 voters.
Voting Power casted: 205.7M ARB tokens were cast, which is more than the category average of 148.4M ARB.
Level of contentiousness: The council‐seat election was moderately non‐contentious, most top delegates backed the same core slate of nominees, with only a few diverging.
Top 20 voters: A clear majority (13 of 20) split their votes equally among A.J. Warner, Frisson, and Patrick McCorry; LobbyFi gave 100 % to Joseph Schiarizzi; ercwl.eth gave 100 % to Patrick McCorry; and others like DK Premia and Areta apportioned their votes across a broader set of candidates.
3. TMC Stablecoin Recommendation
Category: Treasury
Overview: This proposal seeks to deploy the Stablecoin Allocation strategy outlined in the Treasury Management v1.2 proposal. If approved, 15 million ARB will be converted into stablecoins and managed via a “33/33/33 split” among Karpatkey, Avantgarde & Myso, and Gauntlet.
Voter Participation: 3,100 voters participated, below the category average for Treasury of 15,800 voters
Voting Power casted: 158.8M ARB tokens were cast, which is more than the category average of 148.8M ARB.
Level of contentiousness: The proposal saw nearly unanimous support with minimal opposition.
Top 20 voters: A clear majority voted yes to deploy the stablecoin strategy, gfxlabs.eth voted no, while LobbyFi, and bobrossi.eth chose to abstain
Category: Treasury
Overview: This proposal seeks to deploy the ARB Allocation strategy outlined in the Treasury Management v1.2 proposal. If approved, 10 million ARB will be deployed into onchain strategies designed to generate yield while safeguarding the principal,managed equally between Karpatkey and Avantgarde & Myso using a 50/50 split.
Voter Participation: 3,100 voters participated, below the category average for Treasury of 15,800 voters
Voting Power casted: 197.5M ARB tokens were cast, which is more than the category average of 168.1M ARB.
Level of contentiousness: The proposal was contentious due to the debate between deploying an ARB‐based incentive strategy and opting to deploy nothing.
Top 20 voters: A majority voted no to deploy any ARB strategy, Areta and SEEDGov voted yes, while LobbyFi, Camelot, griff.eth and bobrossi.eth abstained.
Implications for ArbitrumDAO Proposal Outcome:
The outcomes of Arbitrum’s proposals in April showed that most narrowly scoped initiatives passed with strong support, reflecting alignment among active delegates. However, the rejection of the Non-constitutional ARB Incentives: User Acquisition for dApps & Protocols proposal stood out. Many delegates raised concerns about large token allocations to off-chain marketing campaigns and unclear ROI expectations. The debate around the TMC ARB Recommendation also revealed differing opinions on how treasury funds should be allocated between on-chain yield strategies and stablecoin management.
D) Shift in Voting Power Distribution
Votable Supply Changes: In April 2025, the votable supply of ARB tokens increased from 321.39 million to 363.84 million from March 2025
Voting Power Distribution: In April 2025, the top 11–50 voters held 49.30 % of the total voting power, maintaining the largest share among all groups. The top 1–10 voters followed, holding 40.70 %, reflecting a further increase in their influence compared to March. Meanwhile, the top 51–200, 201–500, and 501–1000 voter groups held 7.90 %, 1.20 %, and 0.90 % of the voting power respectively, illustrating a continued concentration of influence among larger delegations. This distribution underscores the need to foster broader participation and support emerging delegates to ensure a more balanced and representative governance structure.
Top 1-10 Voter:
March 2025 Voting Power: 123.8 million ARB tokens
April 2025 Voting Power: 143.6 million ARB tokens
Change in Voting Power: An increase of 19.8 million ARB tokens (+16.0 %)
Share of Total Voting Power (April 2025): 40.7 %, showing substantial influence over governance
Top 11-50 Voter:
March 2025 Voting Power: 151.4 million ARB tokens
April 2025 Voting Power: 174.1 million ARB tokens
Change in Voting Power: An increase of 22.7 million ARB tokens (+15.0 %)
Share of Total Voting Power (April 2025): 49.3 %, the largest share across all groups
Top 51-200 Voter:
March 2025 Voting Power: 26.8 million ARB tokens
April 2025 Voting Power: 28.1 million ARB tokens
Change in Voting Power: An increase of 1.3 million ARB tokens (+4.9 %)
Share of Total Voting Power (April 2025): 7.9 %, indicating moderate influence
Top 201-500 Voter:
March 2025 Voting Power: 4.208 million ARB tokens
April 2025 Voting Power: 4.191 million ARB tokens
Change in Voting Power: A decrease of 0.017 million ARB tokens (-0.4 %)
Share of Total Voting Power (April 2025): 1.2 %, a minor but steady presence
Top 501-1000 Voter:
March 2025 Voting Power: 3.019 million ARB tokens
April 2025 Voting Power: 2.982 million ARB tokens
Change in Voting Power: A decrease of 0.037 million ARB tokens (-1.225 %)
Share of Total Voting Power (April 2025): 0.9 %, the smallest cohort
For a detailed breakdown and insights, you can view the full report here: Curia Arbitrum Governance Analytics Report #6: April 2025
