April 19, 2024
Arbitrum integrates 69.4 million unclaimed ARB tokens
Latest Cryptocurrency News

Arbitrum Integrates Unclaimed Tokens Worth $56 Million into Its DAO Treasury

Arbitrum, a significant Layer 2 solution designed for the Ethereum blockchain, has formally incorporated the unclaimed tokens from the Arbitrum airdrop into its network’s treasury.

On September 24, the Arbitrum Foundation revealed that they had transferred 69.4 million unclaimed Arbitrum (ARB) tokens to the treasury of Arbitrum’s decentralized autonomous organization (DAO). The foundation made this announcement on X (formerly Twitter).

The foundation underscored that ARB tokens will no longer be available for claiming by Arbitrum users anywhere. The Arbitrum Foundation asked for caution.

As of now, the value of the transferred ARB tokens is approximately $56 million. According to data from CoinGecko, the cryptocurrency has experienced a 1.6% decline in the past 24 hours, currently trading at $0.81.

Unclaimed ARB tokens constitute 0.69% of ARB’s total supply, which amounts to 10 billion tokens. According to data from Dune Analytics, 93% of eligible users had previously claimed their tokens. Eligible users and developers on Arbitrum were eligible to receive up to 12.75% of the token’s 10 billion supply, equivalent to 1.275 billion ARB tokens.

Arbitrum, established in 2021, is a Layer 2 Ethereum scaling solution developed by Off-chain Labs. In March 2023, the Arbitrum Foundation unveiled the introduction of Arbitrum DAO and its native governance token, ARB. Distributed through an airdrop on March 23, ARB serves as the ERC-20 governance token, allowing holders to participate in the on-chain governance protocol of Arbitrum DAO.

The transfer of unclaimed ARB tokens to the Arbitrum DAO has occurred six months after the creation of the DAO and the initial airdrop of ARB tokens, as originally outlined in Arbitrum Improvement Proposal 7. Recipients could claim their tokens until Ethereum block 18208000, which was expected to be generated on September 24.

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