In a strategic move that further solidifies the financial stability of the Arbitrum Blockchain, the Arbitrum Foundation announced that 69 million unclaimed ARB tokens worth over $59 million have been transferred to the network’s treasury. This decision comes as the demand period for these altcoin projects officially closed over the weekend. It marked an important milestone in the project’s journey. Here are the details…
Altcoin projects that are not requested by users are now in the Arbitrum treasury
Unclaimed ARB tokens, accounting for 0.69% of the total 10 billion ARB supply, were airlifted to eligible users in late March, resulting in a massive backlash. Within hours of the airdrop launching, more than 42 million tokens were claimed by 23,000 unique users. However, despite this initial increase in demand, a significant portion of the tokens remained unclaimed. The Arbitrum community took action, demonstrating its commitment to effective token distribution. In a governance vote held in August, community member yoav.eth proposed that these orphaned tokens be transferred to the Arbitrum treasury rather than being locked up indefinitely.
It’s been an incredibly productive
~6 months since the #ArbitrumDAO started! 💙🧡There’s 2 days | 16 hours | 16 mins until all unclaimed ARB tokens are sent to the DAO treasury.
Approx @ethereum block 18208000
We will publish the details once it occurs. pic.twitter.com/pNGwU1rRNG
— Arbitrum (💙,🧡) (@arbitrum) September 21, 2023
The proposal received an overwhelming 99.96% approval from ARB token holders, reflecting strong consensus within the community. As a result of this successful transfer, the Arbitrum treasury now has an impressive backlog of approximately $3 billion worth of ARB tokens. This important reserve is expected to play an important role in shaping the future development of the project and stimulating the growth of the ecosystem. An important aspect of this transfer was the implementation of AIP-7, a proposal integrated into the Arbitrum governance framework. This proposal marks a fundamental shift in the project’s approach to managing orphaned tokens, ensuring they are used to benefit the project’s overall mission.
The window of opportunity for users is closed
Unfortunately, the window of opportunity has closed for those who missed the opportunity to claim their tokens during the first airdrop phase. This emphasizes the importance of making token requests in a timely manner in the fast-paced cryptocurrency world, where opportunities can disappear quickly. At the start of the airdrop, Arbitrum had planned to reward more than 625,000 eligible wallets with a significant allocation of 1.162 billion ARB tokens, equivalent to 11.62% of the project’s total supply. Despite the initial enthusiasm surrounding the airdrop, data from Nansen shows that more than 320 million ARB tokens distributed to 190,000 eligible addresses remain unclaimed, highlighting that more than 30% of eligible users have yet to receive their airdrop rewards.
As a result, although the chance to claim unclaimed ARB tokens has passed, the Arbitrum DAO’s treasury now provides a solid foundation for the project’s future endeavors. As the world of cryptocurrency continues to evolve, it remains crucial to stay informed and engaged to maximize the opportunities it offers. Arbitrum’s strategic moves driven by community consensus exemplify the ability of Blockchain projects to adapt and resist the ever-changing crypto world.
