Arbitrum Airdrop: Unclaimed Tokens Worth Millions are transferred to the Treasury
As the Arbitrum Airdrop Comes to an End, Arbitrum's Moving Unclaimed Tokens to Boost Treasury Holdings Significantly
Arbitrum, a prominent layer-2 scaling solution designed for the Ethereum blockchain, has recently taken a significant step by transferring unclaimed tokens from its airdrop to its treasury.
Arbitrum: Unclaimed ARB Tokens Transition
On September 24th, the Arbitrum Foundation executed the transfer of 69.4 million unclaimed Arbitrum (ARB) tokens to its decentralized autonomous organization, known as the Arbitrum DAO. This development was publicly disclosed by the foundation on X, formerly known as Twitter.
In a notable move, the foundation made it clear that ARB tokens will no longer be available for claiming by users, issuing a cautionary message: "Please be safe out there," signaling the end of this token distribution initiative.
The total value of the transferred ARB tokens stands at approximately $56 million. Over the past 24 hours, the cryptocurrency has seen a slight decrease, falling by 1.6% and currently trading at $0.81, based on CoinGecko data.
The quantity of unclaimed ARB tokens accounts for 0.69% of the entire ARB token supply, which consists of a total of 10 billion tokens. Insights from Dune Analytics reveal that an impressive 93% of eligible users have already successfully claimed their ARB tokens. It's worth noting that eligible Arbitrum users and developers were entitled to receive up to 12.75% of the token's overall supply, equating to 1.275 billion ARB tokens.
Arbitrum's Governance Evolution and Treasury
Established in 2021, Arbitrum represents a layer 2 Ethereum scaling solution that was created by Offchain Labs. Fast forward to March 2023, when the Arbitrum Foundation introduced the Arbitrum DAO along with its native governance token, ARB. These ARB tokens were airdropped on March 23, serving as ERC-20 governance tokens that grant holders the privilege of participating in the on-chain governance protocol of the Arbitrum DAO.
The Arbitrum Foundation, responsible for the continued development of the Arbitrum blockchain, recently confirmed that it had transferred 69 million unclaimed ARB tokens to the network's treasury, marking the conclusion of the token claim period over the weekend.
This sum of unclaimed rewards, totaling 0.69% of the entire ARB token supply, aligns with the technical documentation. Moreover, data from a Dune Analytics dashboard underscores the impressive fact that 93% of eligible users have successfully claimed their ARB tokens.
At current market prices, the aggregate worth of these tokens exceeds $59 million. It's essential to recall that ARB tokens were distributed through airdrops to eligible users back in late March, a move that garnered significant attention within the crypto community, resulting in more than 42 million tokens being claimed by a staggering 23,000 unique users within hours of the launch.
While the claims deadline was officially set for September 24th, following the $ARB token's launch, a pivotal governance vote that took place in August reshaped the fate of these unclaimed tokens. The proposal, introduced by Arbitrum community member yoav.eth, advocated for transferring these tokens to the Arbitrum treasury instead of locking them away indefinitely. Impressively, this vote secured an overwhelming approval rate of 99.96% among token holders.
This move has significantly bolstered Arbitrum's treasury, which now boasts an impressive hoard of nearly $3 billion worth of ARB tokens, as evidenced by blockchain data following the recent transfers on Sunday.
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