Arbitrum Airdrop: Eligibility Announced for 11% Distribution to Early Users
TL;DR Arbitrum has announced the launch of its native governance token, ARB. Early users can check their eligibility for the airdrop, with 44.47% of the total 10 billion ARB being allocated to Arbitrum insiders. The ARB token will be used to vote on issues at the Arbitrum DAO and the voting power will be determined by the amount of tokens held or represented.
Early users can check their eligibility for the airdrop.
The speculation had been rampant in the past few years that Arbitrum, a leading Ethereum Layer-2 rollup, will launch 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 airdropping a portion of ARB to its early users.
Eligibility for ARB Airdrop
Arbitrum users have been on cloud nine since the Arbitrum Foundation announced early Thursday morning that it is launching its token and airdropping some of it to the rollup’s most loyal users.
Arbitrum said that it is airdropping 11.62% of ARB to its users. In total, users of the Arbitrum platform will receive 1.162 billion ARB via airdrop to user wallet addresses.
To receive the ARB airdrop, users needed to do at least one of the following before February 6, 2023:
1. Bridge funds into Arbitrum One
2. Conduct transactions during distinct months.
3. Conduct more than four transactions and interact with more than four different smart contracts.
4. Conduct transactions exceeding $10,000 or more in value.
5. Deposit more than $10,000 of liquidity into Arbitrum.
6. Bridge funds into Arbitrum Nova.
7. Conduct more than three transactions in Arbitrum Nova.
Users can check if they’re eligible for the airdrop here: https://arbitrum.foundation. Claiming starts on March 23.
Arbitrum has also allocated many tokens to Offchain Labs, the development team behind Arbitrum, its advisors, and investors. Arbitrum insiders will receive 44.47% of the total ten billion ARB.
The ARB token will not be used for fees. The dollar value of the token has yet to be determined.
Besides launching the token, Arbitrum has also announced that it’s taking a step closer to decentralization by forming the Arbitrum DAO.
Arbitrum’s new ARB token will be a pure governance token used to vote on issues at the Arbitrum DAO, the rollup’s new governance body. The voting power will be determined by the amount of ARB tokens a voter holds or represents.
Arbitrum has also formed the Security Council, a team of 12 democratically elected members who are signers of a multi-sign wallet that can upgrade the protocol directly, skipping delays in case of emergency.
Arbitrum has allocated 42.78% of ARB to the Arbitrum DAO Treasury and 1.13% to other DAOs building dApps on Arbitrum.
Arbitrum has remained the most used Ethereum Layer-2 scaling project over the past months. The rollup currently holds $3.61 billion in total value locked (TVL), according to data from L2Beat.
On the Flipside
Some argue that allocating over 44% of the ARB token to the insides is too much and hurts decentralization.
Why You Should Care
Arbitrum is the leading Ethereum Layer-2 project with billions in total value locked (TVL). The launch of ARB is a huge milestone for the Ethereum ecosystem and a big step toward the decentralization ideals Arbitrum holds.
Read more about traders betting on Arbitrum airdrop:Arbitrum Airdrop: Traders Bet Ethereum Layer-2 Will Airdrop Its Token by March 31