Arbitrum, a prominent Layer 2 solution for the Ethereum blockchain, has taken a significant step by adding the unclaimed tokens from the Arbitrum airdrop to its network’s treasury. This move by the Arbitrum Foundation marks an important milestone for the project and its community.
On September 24th, the Arbitrum Foundation made an official announcement on X (formerly Twitter), disclosing the transfer of 69.4 million unclaimed Arbitrum (ARB) tokens to the Arbitrum DAO treasury. The foundation emphasized that users of Arbitrum would no longer be able to claim ARB tokens going forward, underlining the importance of caution and vigilance in the crypto space.
As of the time of writing, the transferred amount of ARB tokens is valued at approximately $56 million. However, it is notable that the cryptocurrency experienced a slight decline of 1.6% over the past 24 hours, with a current trading price of $0.81, as per CoinGecko data. The unclaimed ARB tokens represent 0.69% of the total supply of 10 billion ARB tokens.
To provide context, it is important to highlight that eligible Arbitrum users and developers were granted the opportunity to receive up to 12.75% of the token’s total supply, amounting to 1.275 billion ARB tokens. Remarkably, according to data from Dune Analytics, 93% of eligible users had successfully claimed their tokens within the given timeframe.
Incorporated in 2021, Arbitrum serves as a Layer 2 scaling solution for the Ethereum network, developed by Off-chain Labs. The project gained further momentum in March 2023 when the Arbitrum Foundation introduced the Arbitrum DAO and its native governance token, ARB. The ARB token, based on the ERC-20 standard, enables holders to actively participate in the on-chain governance protocol of the Arbitrum DAO.
What makes this recent token transfer significant is that it aligns with the timeline established in Arbitrum Improvement Proposal 7. Six months after the creation of the DAO and the airdrop of ARB tokens, the unclaimed tokens have now been redirected to the Arbitrum DAO. Users were given an opportunity to claim their tokens until Ethereum block 18208000, estimated to be generated on September 24th.
The transfer of unclaimed ARB tokens to the Arbitrum DAO showcases an important step in the development and growth of the project. By consolidating the unclaimed tokens within the DAO’s treasury, the Arbitrum Foundation aims to strengthen the governance and community involvement aspects of the network. This move underscores the commitment to transparency and fairness in the distribution of tokens, ultimately working towards the overall success of the Arbitrum ecosystem.