Arbitrum, a prominent Layer 2 solution for the Ethereum blockchain, has recently transferred unclaimed tokens from the Arbitrum airdrop to its network’s treasury. According to an announcement made by the Arbitrum Foundation on X (formerly Twitter) on September 24, 69.4 million unclaimed Arbitrum (ARB) tokens were sent to the Arbitrum’s decentralized autonomous organization (DAO) treasury.
The foundation stressed that ARB token holders will no longer have the ability to claim tokens from any source. In light of this, the Arbitrum Foundation urged users to exercise caution. As of now, the transferred amount of ARB tokens is valued at around $56 million. Over the past 24 hours, the cryptocurrency has experienced a slight decline of 1.6%, currently trading at $0.81, according to data from CoinGecko.
It is worth noting that the unclaimed ARB tokens make up approximately 0.69% of the total supply of 10 billion tokens. Data from Dune Analytics indicates that 93% of eligible users had claimed their tokens. Eligible Arbitrum users and developers were entitled to receive up to 12.75% of the token’s supply, which equates to 1.275 billion ARB tokens.
Arbitrum, founded in 2021, is a Layer 2 Ethereum scaling solution developed by Off-chain Labs. In March 2023, the Arbitrum Foundation launched the Arbitrum DAO and introduced its native governance token, ARB. Airdropped on March 23, ARB serves as the ERC-20 governance token, enabling holders to participate in the Arbitrum DAO’s on-chain governance protocol.
The movement of unclaimed ARB tokens to the Arbitrum DAO has occurred six months after the creation of the DAO and the initial airdrop of ARB tokens, as outlined in Arbitrum Improvement Proposal 7. Qualified recipients were able to claim their tokens until Ethereum block 18208000, which was projected to be generated on September 24.
In conclusion, Arbitrum has transferred unclaimed tokens from the Arbitrum airdrop to its DAO treasury. ARB token holders are no longer able to claim tokens, as highlighted by the Arbitrum Foundation. The movement of these tokens to the DAO treasury marks a significant milestone in the development of Arbitrum’s Layer 2 solution for the Ethereum blockchain.
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