By: Eva Baxter
Arbitrum, a leading layer-2 Ethereum scaling solution, has transferred 69.4 million unclaimed tokens to its decentralized autonomous organization (DAO), called Arbitrum DAO. This came after the deadline for its airdrop ended, the foundation announced
As a result of this movement, Arbitrum users can no longer claim ARB tokens. The foundation has urged its users to exercise caution moving forward. The transferred ARB tokens value approximately $56 million and represent 0.69% of the total supply of ARB, which is 10 billion. Over 93% of eligible users had already claimed their tokens. Eligible users, including developers, had permission to claim up to 12.75% of the total supply, or 1.275 billion ARB.
The Arbitrum DAO, launched and overseen by Offchain Labs, was established in early 2021. The ARB tokens are part of the ERC-20 governance system, designed to allow holders to have a say in on-chain governance protocol decisions. The move to the DAO follows the roadmap set forth in Arbitrum Improvement Proposal 7 and comes six months after the ARB tokens were originally airdropped.
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