Arbitrum DAO Accepts $56m of Unclaimed Tokens to the Treasury
In a significant development for the Arbitrum blockchain community, the Arbitrum Foundation has officially moved 69 million unclaimed ARB tokens, worth approximately $56 million, to the Arbitrum DAO treasury. This move marks the conclusion of the token claim period, which ended on September 24th. The decision to transfer these tokens to the treasury was made following an overwhelming 99.96% approval from token holders in a governance vote held in August.
Arbitrum, a prominent layer-2 scaling solution for the Ethereum blockchain, initiated an airdrop in March 2023, distributing ARB tokens to eligible users. The response was overwhelming, with over 42 million tokens claimed by 23,000 unique users within hours of the airdrop going live. This event was highly anticipated, as it aimed to reward users based on various factors, including platform usage duration, engagement, and the total value of assets bridged onto Arbitrum chains.
Eligible users had nearly six months to claim their ARB tokens, with the Ethereum block 18208000 on September 24th being the deadline. Remarkably, 93% of eligible users successfully claimed their tokens during this period, amounting to 583,138 addresses.
However, the remaining 0.69% of ARB’s total supply, equivalent to 69 million tokens, went unclaimed. Rather than allowing these tokens to remain locked indefinitely, the Arbitrum community, guided by Arbitrum Improvement Proposal AIP-7, transferred them to the Arbitrum DAO treasury.
The Arbitrum DAO, established in March 2023, is a decentralised autonomous organisation responsible for governing the Arbitrum ecosystem. It introduced its native governance token, ARB, through the airdrop and has been actively involved in on-chain governance protocol decisions.
The official announcement of the token transfer came via the Arbitrum Foundation’s social media platform (formerly Twitter), stating, “The 69,448,385 unclaimed ARB remaining in the token claim contract has officially been moved to the Arbitrum DAO treasury as outlined in AIP-7. You cannot claim those tokens anywhere. Please be safe out there.”
As a result of this transfer, the Arbitrum DAO treasury now holds a significant stash of ARB tokens valued at over $2.9 billion. This influx bolsters the DAO’s capacity to influence the direction and development of the Arbitrum blockchain, making it a crucial player in the platform’s future.
This move by Arbitrum contrasts its rival, Optimism, another Ethereum layer-2 solution. Optimism recently revealed plans to distribute unclaimed funds directly to eligible users from its initial airdrop in June 2022. Approximately 49 million OP tokens, worth $61.7 million, were left unclaimed out of a total airdrop of 215 million tokens valued at $271 million. Additionally, Optimism introduced its third OP token airdrop, allotting 19.4 million OP tokens, valued at $24 million, to governance members.
In conclusion, transferring $56 million worth of unclaimed ARB tokens to the Arbitrum DAO treasury signals a crucial development for the Arbitrum blockchain ecosystem. This decision, supported by the community, ensures that these tokens will advance the platform’s growth and development, benefiting its users and stakeholders. Arbitrum’s proactive approach to managing unclaimed tokens distinguishes it from its peers in the blockchain space, reaffirming its commitment to community governance and responsible token management.
