Arbitrum, the leading Ethereum layer 2 scaling solution, is launching its native token, ARB. The Arbitrum Foundation has announced that the ARB token airdrop will be distributed to community members on March 23rd, marking the network’s transition into a Decentralised Autonomous Organization (DAO).
With the launch of ARB, token holders will be able to vote on critical decisions concerning Arbitrum One and Arbitrum Nova, including upgrades and the distribution of ecosystem revenue. The DAO will grant the community the power to control key decisions at the protocol level, which sets Arbitrum apart from other scaling chains that are still controlled by their creators.
The Arbitrum Foundation has stated that the ARB token airdrop will be distributed a relatively high number of ARB investors and core contributors (44%). However, the Offchain Labs CEO, Steven Goldfeder, has emphasised that ARB will enhance the ecosystem’s decentralisation by removing control from the network’s creator. Goldfeder has stated that Offchain Labs will be a service provider and build software only when the DAO calls on them.
To determine eligibility for the ARB token airdrop, Arbitrum worked with crypto analytics firm, Nansen, to “snapshot” user activity in February. Factors like the number of transactions, applications used, and the duration of use on Arbitrum One and Arbitrum Nitro were taken into account.
Users can check their eligibility and claim their tokens by visiting gov.arbitrum.foundation. It is important to exercise caution while claiming tokens as scammers often exploit airdrop events by setting up phishing websites and other scams.
Layer 2 Scaling
Arbitrum has established itself as a major player in Ethereum’s scaling landscape, offering faster transactions and lower fees. With the launch of ARB and the transition to a DAO, the ecosystem is poised to become even more decentralized, allowing the community to have a say in the network’s future.