Last Updated on March 23, 2023 by Bitfinsider
The long-awaited Arbitrum airdrop has started, with recipients claiming their coins and gaining governance powers on the DAO that will run the Arbitrum One and Nova networks.
At approximately 9 a.m. EDT, the claim procedure started at block height 16,890,400. The airdrop contains 1.16 billion ARB tokens, reflecting 11.6% of the overall supply of 10 billion tokens. Some DAOs in the Arbitrum network can claim an additional 113 million tokens.
Arbitrum, a Layer 2 scaling initiative on the Ethereum network, is rewarding early adopters while also giving tokenholders influence over future governance choices. The ARB token will give holders control powers, but it will not have any other use cases, such as paying network transaction costs.
The project will now move to a self-executing DAO that will perform governance ballots on-chain automatically. There is, however, a 12-member committee that can intercede in the event of an emergency, such as malicious governance actions being imposed.
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