Arbitrum Foundation Transfers $59 Million Worth of Unclaimed Tokens to Treasury
The Arbitrum Foundation has recently announced that it is transferring 69 million unclaimed ARB tokens, worth $59 million, to its treasury. These tokens make up 0.69% of Arbitrum’s total supply of 10 billion tokens, and it has been reported that 7% of the total airdrops remained unclaimed.
In March, Arbitrum conducted an airdrop where community members were rewarded for interacting with the smart contract. The website experienced temporary downtime during this event. Within a few hours, over 42 million ARB tokens were claimed by 23,000 different wallets, which accounted for 3% of eligible wallets.
A total of 625,000 wallets were eligible for the airdrop, but 445,000 wallets received fewer than 2,000 ARB tokens. Following the transfer to the Arbitrum treasury, it now holds nearly $3 billion worth of governance tokens.
A Governance Vote Secures the Fate of Unclaimed Tokens
The claim validity period for the airdrop was set until September 24. After this date, the unclaimed tokens were supposed to be locked forever. However, in August, a community member named “yoav.eth” proposed a vote addressing various governance issues. One of these issues involved transferring all unclaimed tokens to the DAO Treasury’s address.
The vote received overwhelming support from 99.9% of community members, ensuring that all unclaimed tokens would be transferred to the treasury.
Community Efforts Boost Adoption on Ethereum’s Layer 2 Scaling Networks
Ethereum’s layer 2 scaling networks have been experiencing intense competition with numerous upgrades and high adoption rates this year. Arbitrum, along with other networks like Optimism and Base, has seen growing user activity in recent weeks.
The launch of Arbitrum Odyssey, a community-engaging initiative, has contributed to this increased activity. Users are incentivized with non-fungible tokens (NFTs) and have higher chances of receiving airdrops. Additionally, there are plans to enhance the NFT space on the network.
Arbitrum anticipates further user growth as the Rari Foundation proposes integrating the network to leverage its planned NFT incentives.
Hot Take: Arbitrum Treasury Receives $59 Million Worth of Unclaimed Tokens
The Arbitrum Foundation has successfully transferred 69 million unclaimed ARB tokens, valued at $59 million, to its treasury. This move follows an airdrop that saw 7% of total airdrops remaining unclaimed. With the transfer, the Arbitrum treasury now holds approximately $3 billion worth of governance tokens.
A governance vote played a crucial role in deciding the fate of these unclaimed tokens. The overwhelming support from the community ensured that all unclaimed tokens would be transferred to the DAO Treasury’s address.
Ethereum’s layer 2 scaling networks, including Arbitrum, have been witnessing increased user activity due to community engagement initiatives and plans to improve the NFT space on the network. The integration proposal by the Rari Foundation is expected to further bolster user adoption on Arbitrum.
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