• The Arbitrum Foundation announced the launch of its ARB token, marking the transition into a decentralized autonomous organization (DAO).
• Airdrop of the ARB token to eligible users is scheduled for March 23.
• Offchain Labs believes that the ARB token will make Arbitrum more decentralized than other competing chains.
Arbitrum Launches ARB Token
The Arbitrum Foundation has announced the launch of its new ARB token, signaling the project’s transition into a decentralized autonomous organization (DAO). An airdrop of the tokens to eligible users is scheduled for March 23rd.
Eligibility Requirements
Offchain Labs has worked with crypto analytics firm Nansen to determine which users are eligible for claiming their tokens during the airdrop. Factors taken into consideration include: number of transactions conducted, number of applications used, and how long the user used Arbitrum One and Nitro networks. Eligibility can be checked at gov.arbitrum.foundation.
Decentralization Goals
Offchain Labs CEO Steven Goldfeder believes that with the introduction of an ARB token, Arbitrum will become far more decentralized than other competing chains. With this move, Offchain Labs will no longer have any control over key decisions related to protocol upgrades or revenue distribution from Arbitrum’s chain support ecosystem.
ARB Token Details
The total supply of ARBs is 10 billion tokens, out of which 44% will be distributed to investors and core contributors. Governance decisions related to protocol upgrades and revenue distribution will be in the hands of holders who own at least 1% stake in all 10 billion coins combined together.
Security Warning
Arbitrum warned users to be cautious while claiming their tokens as scammers often use fake websites for phishing purposes during airdrops.