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Arbitrum to Airdrop New Token and Transition to DAO

Arbitrum, the largest player in the scalable Ethereum layer 2 landscape, receives a token.

Arbitrum to Airdrop New Token and Transition to DAO

Source: Pixabay.com

The Arbitrum Foundation announced that the new token of the same name will be transferred to community members by air on March 23.

ARB will mark the official transition of Arbitrum into a decentralized autonomous organization (DAO). This means that token holders will be able to participate in voting on key issues of regulating the activities of Arbitrum One and Arbitrum Nova – networks that allow users to make transactions on the Ethereum blockchain with higher speed and lower fees.

The Arbitrum DAO will be able to control key decisions at the core protocol level. The control process includes the management of all aspects of the activity, including addressing issues of modernization of the technology chain and discussing the use of income in the context of ecosystem support. This is stated in the statement published
Arbitrum Foundation.

The Arbitrum Fund plans to provide a relatively large number of tokens to investors and major contributors (44%). But the creator of ARB – Offchain Labs – has grounds to claim that the token will contribute to the active decentralization of the ecosystem, which alternative scaling chains cannot provide.

Stephen Goldfeder, CEO of Offchain Labs, said that for him the most impressive result of decentralization is that his company will no longer have any control over the future of this chain. The firm will be a service provider and, if necessary, will create software.

Earlier this year, Arbitrum collaborated with the cryptanalytic company Nansen to determine who should be eligible to receive tokens based on the analysis of user activity. Customers will be able to check their eligibility for airdrop and claim tokens by visiting the foundation site.

The total circulation of ARB will be 10 billion. The Arbitrum community will control 56% of these tokens. The remaining tokens will go to the treasury controlled by the new Arbitrum DAO. This decision will allow ARB holders to participate in voting on the allocation of funds.

As we have reported earlier, Binance.US Delists Tokens Helium.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.