Boost to Arbitrum DAO Treasury: $57 Million in Unclaimed Airdrop Tokens

The Arbitrum Foundation Moves Unclaimed Airdrop Tokens to DAO Treasury

The Arbitrum Foundation has transferred the remaining 69 million unclaimed airdrop tokens, worth $57 million, into the Arbitrum DAO treasury. This decision was made after a community vote in favor of redirecting the tokens immediately instead of using a time-locked smart contract. The move was implemented as part of the Arbitrum Improvement Proposal AIP-7.

In a statement on Twitter, the Arbitrum Foundation confirmed the transfer and advised users that the unclaimed tokens can no longer be claimed anywhere. The original airdrop took place in March and offered 1.16 billion tokens to early users of the Ethereum Layer 2 network. These tokens provided governance powers over the Arbitrum One and Nova networks.

Despite a six-month claim period, 69 million ARB tokens remained unclaimed by the deadline, accounting for 0.69% of the total supply. The Arbitrum DAO treasury now holds approximately 3.6 billion ARB tokens valued at $2.9 billion.

Impact on Token Price

Following the announcement, the price of Arbitrum’s governance token experienced a temporary drop of nearly 1.5% to $0.81 before recovering. It is currently trading at $0.82, according to CoinGecko data.

Hot Take: Unclaimed Tokens Strengthen Governance

The transfer of unclaimed tokens to the Arbitrum DAO treasury enhances the governance power within the network. By consolidating these tokens, decision-making authority is concentrated, potentially leading to more efficient and effective governance. Additionally, the move demonstrates the commitment of the Arbitrum community to actively participate in the network’s development and decision-making processes. With a substantial amount of tokens now held in the treasury, it will be interesting to observe how these resources are utilized to further advance the ecosystem and address emerging challenges.

Read Disclaimer

This content is aimed at sharing knowledge, it's not a direct proposal to transact, nor a prompt to engage in offers. Lolacoin.org doesn't provide expert advice regarding finance, tax, or legal matters. Caveat emptor applies when you utilize any products, services, or materials described in this post. In every interpretation of the law, either directly or by virtue of any negligence, neither our team nor the poster bears responsibility for any detriment or loss resulting. Dive into the details on Critical Disclaimers and Risk Disclosures.

Tags:

Theon Barrett

Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon's work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.