Arbitrum, Ethereum's primary layer 2 scaling solution, has taken a significant step by adding unclaimed tokens from an airdrop to its vault.
The Arbitrum Foundation made the announcement on X (formerly known as Twitter), stating that on September 24, it transferred 69.4 million unclaimed Arbitrum (ARB) tokens to the Arbitrum DAO (decentralized autonomous organization).
The foundation emphasized that users can no longer claim ARB tokens from any other source and urged users to exercise caution. At present, ARB token transfers have reached approximately $56 million, with the cryptocurrency experiencing a 1.6% decrease in the past 24 hours and trading at $0.81, according to CoinGecko.
The portion of unclaimed ARB tokens accounts for 0.69% of the total ARB supply, which is 10 billion tokens. Dune Analytics reports that 93% of eligible users have already claimed their tokens. Eligible users and developers on the Arbitrum platform can receive up to 12.75 % of the total token supply, equivalent to 1.275 billion ARB tokens.
Arbitrum, developed by Offchain Labs in 2021, is a layer 2 scaling solution for Ethereum. In March 2023, the Arbitrum Foundation introduced the Arbitrum DAO and its native governance token, ARB. ARB, an ERC-20 governance token, allows holders to participate in the on-chain governance protocol of the Arbitrum DAO. Following the original plan outlined in Arbitrum Improvement Proposal 7, unclaimed ARB tokens were transferred to the Arbitrum DAO six months after the DAO's creation and ARB token airdrop. Users have the opportunity to claim these tokens until Ethereum block 18208000, which is estimated to have occurred on September 24.
