- The network has allocated 1.13% of its total token supply of 10B to airdrops for eligible DAO.
- The Treasure DAO took home 8 million ARB.
Recently, Arbitrum, a top Layer-2 scaling solution for Ethereum, began distributing its governance token, ARB. The network has allocated 1.13 percent of its total token supply of 10 billion to airdrops for eligible DAO projects as part of its strategy.
The full distribution of the DAO airdrop will take place today with those that have confirmed receiving the test transaction that was sent earlier last week.
For more details on the DAO distribution, please read the thread below.https://t.co/naApiR7uT2
— Arbitrum (
,
) (@arbitrum) April 24, 2023
So far, nearly $120 million worth of ARB have been distributed by Arbitrum to 125 DAO accounts. The Treasure DAO took home 8 million ARB, while the other 60 DAOs all received at least 75,000 ARB.
Decentralizing Layer 2 Network Administration
However, GMX, a decentralized exchange built on top of Arbitrum, has not yet received its 8 million ARB. SushiSwap, Balancer, Aave, and DODO are other notable projects in the top 15 recipients, with 4.25 million, 3.01 million, 2.7 million, and 2.2 million ARB, respectively.
Arbitrum’s developers have previously said that the airdrop will not be applied retroactively. Instead, the focus is on decentralizing layer 2 network administration to smaller communities.
The platform said that the airdrops would only go to projects that have both a DAO and a community treasury, with the exception of The Protocol Guild, which is comprised of developers working on Ethereum’s core protocol.
Deployment date, whether the DeFi project was multi-chain or native to its ecosystem, transaction volume, the total value of locked assets, and native liquidity transferred to the ecosystem were all considered. After the long-awaited ARB airdrop to early adopters, this is the next logical step.
According to CMC, the Arbitrum price today is $1.32 USD with a 24-hour trading volume of $532,002,135 USD. Arbitrum is down 0.66% in the last 24 hours.
