Layer 2 Ethereum scaling solution Arbitrum successfully distributed over $120 million worth of its native token, ARB, to various projects built on its network.
On-chain data analyst Lookonchain showcased that approximately 90 million ARB tokens, equivalent to $120 million based on current market prices, were sent to more than 131 DAOs.
The Arbitrum team is aiming to complete the token distribution by the end of this week. Among the recipients of the ARB token airdrop, NFT marketplace TreasureDAO, and perpetual trading protocol GMX emerged as the top beneficiaries, receiving 8 million ARB tokens, equivalent to $12 million.
Other notable projects that received a substantial allocation of ARB tokens include popular decentralized exchanges (DEXs) like Uniswap and SushiSwap, as well as Dopex, Radiant, and Balancer.
To be eligible for the ARB token airdrop, projects had to have been built on the Arbitrum network, with factors such as the number of smart contract deployments, users, and trading volumes taken into consideration to determine the allocation.
Several projects, such as PlutusDAO, which focuses on yield rewards, expressed their intention to utilize their airdrop allocation in ways that would strengthen their respective projects, although specific details were not disclosed.
On the other hand, some projects chose to sell their ARB tokens immediately upon receipt. For instance, gaming-focused TridentDAO sold $175,000 worth of ARB tokens, which accounted for half of the total allocation, through three different addresses.
The ARB token distribution marks a significant milestone for the Arbitrum network and its growing ecosystem of projects. As more projects continue to build on the Arbitrum network, the airdrop serves as an incentive and recognition for their contributions, while also creating opportunities for them to utilize the ARB tokens to further enhance their projects or take advantage of market conditions.