Recently, Arbitrum, a top Layer-2 scaling solution for Ethereum, began distributing its governance token, ARB. The network has allocated 1.13 percent of its total token supply of 10 billion to airdrops for eligible DAO projects as part of its strategy.
The full distribution of the DAO airdrop will take place today with those that have confirmed receiving the test transaction that was sent earlier last week.For more details on the DAO distribution, please read the thread below.
1/6 When the Arbitrum DAO was announced, there was an initial 1.13% token allocation of the ARB airdrop supply set to be given to a list of qualifying DAOs in the Arbitrum ecosystem.
As mentioned in the following docs:https://t.co/GBMKob8BAy
— Arbitrum (💙,🧡) (@arbitrum) April 18, 2023
125 DAO accounts have received roughly $120 million worth of ARB from Arbitrum so far. The Treasure DAO received 8 million ARB, compared to at least 75,000 ARB for each of the other 60 DAOs.
But the 8 million ARB were not yet sent to GMX, a decentralized exchange built on top of Arbitrum. Other noteworthy projects in the top 15 recipients include SushiSwap, Balancer, Aave, and DODO, with 4.25 million, 3.01 million, 2.7 million, and 2.2 million ARB, respectively.
Developers of Arbitrum have previously stated that the airdrop will not be implemented in the past. Decentralizing layer 2 network administration to smaller communities is the main goal here. Except for The Protocol Guild, which is made up of programmers working on Ethereum’s core protocol, the platform stated that the airdrops would only go to projects that have both a DAO and a community treasury.
The DeFi project’s deployment date, its multi-chain or ecosystem-native status, transaction volume, total value of locked assets, and native liquidity transferred to the ecosystem were all taken into account. This is the logical next step after the eagerly anticipated ARB airdrop to early adopters.
Compiled by Coinbold