Arbitrum DAO takes $56M of unclaimed ARB as airdrop deadline ends

Arbitrum, a large Layer 2 solution for the Ethereum blockchain, has officially added the unclaimed tokens from the Arbitrum airdrop to its network’s treasury.

The Arbitrum Foundation sent 69.4 cardinal unclaimed Arbitrum (ARB) tokens to the Arbitrum’s decentralized autonomous enactment (DAO) treasury connected Sept. 24, the instauration announced connected X (formerly Twitter).

The instauration emphasized that Arbitrum users volition nary longer beryllium capable to assertion ARB tokens anywhere. “Please beryllium harmless retired there,” the Arbitrum Foundation added.

At the clip of writing, the transferred magnitude of ARB is worthy astir $56 million. The cryptocurrency slipped 1.6% implicit the past 24 hours, trading astatine $0.81, according to information from CoinGecko.

The magnitude of unclaimed ARB tokens accounts for 0.69% of ARB’s full proviso of 10 billion. According to information from Dune Analytics, 93% of eligible users had claimed the tokens. Eligible Arbitrum users and developers were allowed to person up to 12.75% of the token’s proviso of 10 billion, oregon 1.275 cardinal ARB.

Related: Breaking: Mt. Gox trustee changes repayment deadline to October 2024

Founded successful 2021, Arbitrum is simply a Layer 2 Ethereum scaling solution created by Off-chain Labs. In March 2023, the Arbitrum Foundation announced the motorboat of Arbitrum DAO and its autochthonal governance token, ARB. Airdropped connected March 23, ARB is the ERC-20 governance token allowing holders to enactment successful the Arbitrum DAO's on-chain governance protocol.

The question of the unclaimed ARB tokens to the Arbitrum DAO comes six months aft the DAO was created and the ARB tokens were airdropped, arsenic primitively outlined successful Arbitrum Improvement Proposal 7. The recipients were capable to assertion their tokens until the Ethereum artifact 18208000, which was estimated to beryllium created connected Sept. 24.

Magazine: Asia Express: PEX unit fly lawsuit arsenic ungraded hits, Mt. Gox woes, Diners Club crypto