Arbitrum, a famous Layer 2 project on Ethereum, recently announced that they will be airdropping a governance token on March 23 with the ticker symbol ARB. This follows Arbitrum’s prior announcement that it intends to transition to a fully decentralized model. This airdrop will account for 12.75% of the token’s entire supply and will be given to users who have been active on the network within the past year.
Arbitrum Launches Airdrop Campaign
According to the official blog post, ARB will mark the official transition for Arbitrum into a Decentralized Autonomous Organization (DAO). This means that holders of ARB will have the ability to vote on critical decisions governing Arbitrum One and Arbitrum Nova, which are networks that enable users to conduct transactions on the Ethereum blockchain at higher speeds with reduced fees.
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Offchain Labs, the company developing Arbitrum, touted that the ARB token will make the ecosystem more decentralized than other scaling chains. This is despite the fact that the foundation intends to grant a substantial amount of tokens to its investors and core contributors (44%) of the total supply. However, it was made amply clear that the ARB token won’t be used for paying transaction fees on the network.
ARB Airdrop Details
In February, Arbitrum collaborated with Nansen, a company that specializes in cryptocurrency analytics, to take a “snapshot” of user activity in order to identify who should be qualified to receive ARB tokens. The overall number of ARBs in circulation is capped at 10 billion. The Arbitrum community will have control over 56% of those tokens; as part of the airdrop, eligible users of Arbitrum will receive 11.5% of the total supply, and DAOs that make use of the Arbitrum ecosystem will receive 1.1% of the tokens.
The remaining community tokens will be transferred to a treasury that is managed by the new Arbitrum DAO. This treasury will provide holders of ARB the ability to vote on how the funds should be distributed. The remaining 44% of ARB’s total circulation will be distributed among the investors and staff members of Offchain Labs.
Users of Arbitrum will be able to verify whether or not they qualify for the airdrop and submit a claim for tokens by visiting the official website gov.arbitrum.foundation. Users are strongly advised to exercise caution while claiming the tokens due to rampant airdrop scams flooding the market.
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