Arbitrum, a significant layer-2 scaling solution for the Ethereum blockchain, has taken a decisive step by adding the unclaimed tokens from its airdrop to its treasury.
The Arbitrum Foundation recently completed the transfer of 69.4 million unclaimed Arbitrum (ARB) tokens to its decentralized autonomous organization (DAO), known as the Arbitrum DAO, on September 24th.
This action signifies the conclusion of the ARB token claim process, and users are now unable to claim ARB tokens any further, as reiterated by the Arbitrum Foundation.
As of the current market conditions, the total value of the transferred ARB tokens is approximately $56 million. Over the past 24 hours, the cryptocurrency experienced a slight decrease of 1.6%, with a trading price of $0.81, as reported by CoinGecko.
The portion of unclaimed ARB tokens represents about 0.69% of the total ARB supply, which stands at 10 billion tokens.
Data from Dune Analytics indicates that a significant 93% of eligible users have already claimed their ARB tokens.
These tokens were distributed to eligible Arbitrum users and developers, allowing them to receive up to 12.75% of the total token supply, equivalent to 1.275 billion ARB.
Founded in 2021, Arbitrum was developed by Offchain Labs as a layer-2 Ethereum scaling solution. In March 2023, the Arbitrum Foundation introduced the Arbitrum DAO, along with its native governance token, ARB.
The ARB token, distributed via an airdrop on March 23rd, serves as an ERC-20 governance token that enables holders to participate in the Arbitrum DAO’s on-chain governance protocol.