Arbitrum Moves $59M Of Unclaimed Tokens To DAO Treasury

With this latest ARB surplus supply, the Arbitrum DAO Treasury now holds more than $2.9 billion worth of ARB tokens.
Arbitrum Moves 59M Of Unclaimed Tokens To DAO Treasury

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.

AIP 7 - Arbitrum DAO
AIP 7 – Arbitrum DAO

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.

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