The Arbitrum Foundation has announced that it has transferred 69.4 million unclaimed Arbitrum (ARB) tokens to the treasury of Arbitrum’s decentralized autonomous organization (DAO), following the end of the airdrop deadline. This move means that users will no longer be able to claim ARB tokens. The value of the transferred tokens is approximately $56 million at the time of writing, with ARB currently trading at $0.81.
According to Dune Analytics, 93% of eligible users had already claimed the tokens, with the unclaimed tokens accounting for 0.69% of ARB’s total supply of 10 billion. The airdrop allowed eligible Arbitrum users and developers to receive up to 12.75% of the token’s supply or 1.275 billion ARB.
Arbitrum is a Layer 2 scaling solution for the Ethereum blockchain created by Off-chain Labs. The project launched its DAO and native governance token, ARB, in March 2023. The token allows holders to participate in the on-chain governance protocol of the Arbitrum DAO.
The transfer of the unclaimed ARB tokens to the Arbitrum DAO aligns with the plans set out in Arbitrum Improvement Proposal 7, which outlined the creation of the DAO and the airdrop of tokens. The deadline for token claims was set to coincide with the creation of the Ethereum block 18208000, which was estimated to occur on September 24.
The Arbitrum Foundation has added the unclaimed ARB tokens from the airdrop to the treasury of Arbitrum’s DAO. With a value of around $56 million, these tokens can no longer be claimed by users. The airdrop allowed eligible users to receive up to 12.75% of ARB’s total supply, but 93% of eligible users had already claimed their tokens.
What is Arbitrum?
Arbitrum is a Layer 2 scaling solution for the Ethereum blockchain. It is designed to increase the network’s capacity and improve scalability.
What is a decentralized autonomous organization (DAO)?
A decentralized autonomous organization (DAO) is an organization that operates through smart contracts and is governed collectively by its stakeholders, rather than a centralized authority.
What is the purpose of the ARB token?
The ARB token is the native governance token of the Arbitrum DAO. Holders of ARB can participate in the on-chain governance protocol of the DAO.
How many ARB tokens were unclaimed?
69.4 million ARB tokens were unclaimed, which accounts for 0.69% of the token’s total supply of 10 billion.
Can users still claim ARB tokens?
No, the deadline to claim ARB tokens has ended, and users are no longer able to do so.