Arbitrum Foundation has moved nearly 69 million ARB tokens, worth approximately $59 million, of unclaimed airdropped ARB tokens to Arbitrum DAO Treasury.
The move from Arbitrum comes forward as a community proposal (AIP-7) passed with a 99.96% vote in favor of transferring unclaimed airdrop tokens to the DAO Treasury address instead of a Treasury timelock contract.
Arbitrum Foundation announced ARB token airdrop in March 2023, which distributed over 1 billion ARB tokens to eligible users. The layer 2 network allocated 11.6% of the total token supply to Airdrop, and it indeed helped to attract a massive user base initially.
Throughout the past six months, users were able to claim tokens, which ended on September 24. However, a total of 69 million tokens remained unclaimed, which needed to be moved for usefulness.
The AIP-7 proposal introduced on 22nd August discussed 3 major votes including addressing the unclaimed airdrop token allocation. The proposal called for a fix to include Arbitrum DAO treasury’s address as receiver.
The transaction took place on September 25 with now Arbitrum DAO Treasury holding over 3.5 billion ARB tokens, or approximately $2.9 billion, as per the token’s current market rate of $0.8.