• Arbitrum, a Layer-2 scaling solution for Ethereum, has begun distributing its governance token, ARB.
• A total of 1.13% of the network’s 10 billion token supply was allocated to eligible DAOs in an airdrop.
• The Treasure DAO received 8 million ARB while other top 15 recipients such as SushiSwap and Balancer received 4.25 million and 3.01 million respectively.
Arbitrum Airdrops $120 Million Worth ARB
Arbitrum, a layer-2 scaling solution for Ethereum, has distributed its governance token, ARB worth $120 million to 125 eligible DAO projects as part of its strategy. Of the 10 billion tokens in circulation, 1.13% have been allocated for this purpose with the main recipient being Treasure DAO which took home 8 million ARB tokens.
Notable Projects Receive Large Sums
Apart from Treasure DAO, other notable projects such as SushiSwap and Balancer also received large sums of 4.25 million and 3.01 million ARB respectively while Aave and DODO got 2.7 million and 2.2 million respectively out of the total distribution amount of $120 million worth of ARB tokens among 125 eligible Dao’s .
Decentralizing Layer-2 Network Administration
The focus behind this move is to decentralize layer-2 network administration to smaller communities that have both a DAO set up along with a community treasury with an exception made for The Protocol Guild – developers working on Ethereum’s core protocol – who were allowed to take part despite not having any treasury set up yet . Factors like deployment date, whether or not it was multi-chain or native to the ecosystem, transaction volume etc were taken into account before deciding on how much each project would get out of the total pool allocated for this purpose by Arbitrum .
ARB Price Today
According CoinMarketCap (CMC), Arbitrum’s price today is $1.32 USD with 24 hour trading volume being noted at $532,002,135 USD . It is down 0..66% in last 24 hours .
With this move Arbitrum has successfully completed their long awaited airdrop process to early adopters by allocating 1/10th percent of their total token supply . This will further help them decentralize layer- 2 network administration further which was their ultimate aim behind this move .