Arbitrum launches token airdrop and embraces DAO

Web3 has shifted its focus away from the Blur hype and onto Arbitrum, an Ethereum layer-two scaling solution.

The company is launching its token airdrop (ARB) on March 23, and over 600,000 wallet addresses will receive just over a billion tokens. The minimum number of tokens you can receive in the airdrop is 625, while the maximum is 10,250.

The airdrop is being promoted by Arbitrum as the company’s “official move” toward a decentralized autonomous organization (DAO). Decisions with far-reaching effects on the operation of the Arbitrum One and Arbitrum Nova networks will be put to ARB holders for a vote.

Explore further

If you haven’t already, you can go to the official website of the Arbitrum Foundation to see if you are eligible for the drop. You will be notified if you’re eligible after connecting your wallet. Then, the number of tokens you can claim will be displayed.

According to Arbitrum’s Medium post, users were eligible if they bridged funds into Arbitrum One, conducted transactions during two distinct months, completed more than four transactions, or interacted with more than four smart contracts, completed transactions exceeding $10,000 in value, bridged funds into Arbitrum Nova, and more.

The snapshot of users with eligibility was taken on February 6, 2023.

What will be the next step

Once the airdrop has distributed 12.75 percent of the total token supply to eligible users, the responsibility of distributing the remaining community tokens gradually falls on the Arbitrum Foundation and the DAO.

Arbitrum’s goal is to decentralize its networks and allow the community to run its ecosystem and technology. It has numerous plans to give all sub-communities a voice, with the airdrop and DAO being just two of them.

Furthermore, investor and team tokens are subject to a four-year lockup period. The first unlock will occur in one year, with subsequent unlocks occurring monthly for the remaining three years. This lockup period ensures that the tokens are not sold off immediately after the launch, but rather are held onto for a significant period, allowing for the network to mature.

Arbitrum’s token airdrop and its move towards a DAO are significant steps in the development of its network. It is one of many layer-two solutions working to make Ethereum more scalable, and it appears to be gaining traction within the Web3 community.

As the network continues to grow and evolve, it will be interesting to see how its community-led approach plays out in practice.

The post Arbitrum launches token airdrop and embraces DAO appeared first on NFT News Pro.