Hop DAO executed an on-chain vote on Monday to sell 25% of its Arbitrum holdings, or more than 200,000 ARB, to cover its operational expenses.

An off-chain version of the proposal shows that the DAO will be unloading 209,251 ARB—worth nearly $440,000 as of the time of writing—to buy USD Coin (USDC). The community will use those stablecoins to compensate Hop DAO’s moderators and finance the protocol’s development and research initiatives. 

The timeline for the ARB sell-off remains unclear. A Hop DAO representative did not immediately respond to The Block’s request for comment. As of the time of writing, ARB is trading at $2.08, nearly unchanged in the past 24 hours, according to The Block’s price data.

The proposal passed with roughly 85% of votes (3.02 million) in support of the …