- Arbitrum has launched its native governance token, ARB.
- Early adopters can check their airdrop eligibility.
- Arbitrum Insiders will receive nearly half of the ARB.
Speculation has been rife in the past few years that Arbitrum, a pioneer Ethereum Layer 2 Cumulatively, it will release a token. On Thursday, that speculation came true when Arbitrum announced its governance token, ARB.
This means that Arbitrum is launching a Decentralized Autonomous Organization (DAO) and dropping a portion of the ARB to its early adopters.
Eligibility for an ARB Airdrop
Arbitrum Users have been on cloud nine since Arbitrum announced early Thursday morning that it is Release its token and project a portion of it onto the most loyal users in the overall offer.
Arbitrum said it drops 11.62% of the ARB for its users. In total, users of the Arbitrum platform will receive 1.162 billion ARB via airdrops to user wallet addresses.
To receive an ARB airdrop, users had to do at least one of the following before February 6, 2023:
1. Link funds to Arbitrum One
2. Perform transactions during the premium months.
3. Perform more than four transactions and interact with more than four different smart contracts.
4. Transactions of $10,000 or more.
5. Deposit over $10,000 of liquidity into Arbitrum.
6. Money Bridge to Arbitrum Nova.
7. Make more than three transactions at Arbitrum Nova.
Users can check if they qualify for airdrops here: https://arbitrum.foundation. Claims begin March 23rd.
Arbitrum has also allocated several tokens to Offchain Labs, the development team behind Arbitrum, and its advisors and investors. Arbitrum insiders will receive 44.47% of the total ten billion ARB.
Today, the Arbitrum Foundation is very excited to announce the launch of DAO Governance for the Arbitrum One and Arbitrum Nova networks, along with the launch of $ARB. https://t.co/TB3wG0QK0v
– Arbitrum (💙, 🧡) (arbitrum) March 16, 2023
ARB code will not be used for fees. The dollar value of the token has not yet been determined.
Alongside the token launch, Arbitrum has also announced that it is taking scale A step closer to decentralization By forming Arbitrum DAO.
Arbitrum announces Arbitrum DAO
Arbitrum’s new ARB token will be a governance token used to vote on issues on the Arbitrum DAO, the aggregator’s new governance body. Voting power will be determined by the amount of ARB tokens the voter holds or represents.
Arbitrum has also formed the Security Council, a team of 12 democratically elected members who sign a multi-token wallet that can directly upgrade the protocol, skipping delays in the event of an emergency.
Arbitrum has allocated 42.78% of its ARB to Arbitrum DAO Treasury and 1.13% to other DAOs that build dApps on Arbitrum.
Arbitrum has been the most used Ethereum Layer-2 scaling project over the past months. The combined net worth is currently $3.61 billion (TVL), according to data From L2Beat.
on the flip side
- Some argue that allocating more than 44% of the ARB token inwards is too much and is detrimental to decentralization.
Why should you bother
Arbitrum is the leading Ethereum Layer-2 project with billions in Total Value Locked (TVL). The launch of the ARB is a huge milestone for the Ethereum ecosystem and a huge step towards the principles of decentralization that Arbitrum holds dear.
Read more about traders betting on Arbitrum airdrop:
Arbitrum Airdrop: Traders Bet Ethereum Layer-2 Token Will Be Launched By March 31st
Read more about the Euler ultimatum to pirates:
Euler 24-hour ultimatum for hackers: return 90% of stolen funds or face arrest
