In the latest news, Arbitrum, the layer 2 scaling solution for Ethereum, has announced an exciting airdrop for its users. With a video release on Twitter and Youtube arbitrum has unveiled the immediate Airdrop of its ARB token, which will commence on 23 March.
The Arbitrum Foundation states that the release of ARB will officially mark the conversion of Arbitrum into a decentralised autonomous organisation (DAO), allowing holders of ARB to vote on important decisions governing networks that allow users to transact on the Ethereum blockchain with greater speeds and lower fees.
Arbitrum DAO will have the power to control key decisions at the core protocol level, from how the chain’s technology is upgraded to how the revenue from the chain can be used to support the ecosystem.
Offchain Labs’ co-founder and CEO, Steven Goldfeder, revealed that Early Arbitrum users, determined by an internal eligibility criterion, will be eligible to receive the new ARB token.
The ARB token will have a maximum circulation cap of 10 billion. The Arbitrum Community will control 56% from it. Arbitrum users will receive 11.5% of the total ARB token supply via the airdrop. The Dao, which operates the Arbitrum ecosystem, will be granted 1.1%. The remaining 44% will be rewarded toOffchain Labs.
Goldfeder also confirmed that Offchain Labs would no longer have any control over the future of this chain, and they will be the only service provider moving forward. And in the future, if the DAO calls on them to build software, they will gladly help.
Arbitrum Foundation has planned to grant a relatively high number of tokens to investors and core contributors (44%), however Arbitrum’s creator, Offchain Labs assures that the ARB token will make the Arbitrum ecosystem more decentralized than alternative scaling chains.
Arbitrum’s major rival in the Ethereum scaling space, Optimism, launched its OP token nearly a year ago when it made its own transition to DAO governance.
Also Read: How to earn Yield using farming on Arbitrum
