Arbitrum's ARB token Airdrop will last one week.

Arbitrum’s ARB token Airdrop will last one week.

Defi news, News

The layer 2 scaling solution for Ethereum, Arbitrum has just announced an amazing airdrop for its customers. In a video posted to YouTube and Twitter, Arbitrum announced the start of its ARB token’s initial Airdrop, which will last one week.

According to the Arbitrum Foundation, the distribution of ARB will formally signal Arbitrum’s transformation into a decentralized autonomous organization (DAO), enabling holders of ARB to cast votes on crucial decisions governing networks that enable users to transact on the Ethereum blockchain at faster and more affordable rates.

Key protocol choices, including how the chain’s technology is improved and how the chain’s money may be utilized to maintain the ecosystem, will be under the jurisdiction of Arbitrum DAO.

Steven Goldfeder, co-founder and CEO of Offchain Labs, said that Early Arbitrum users who meet an internal eligibility standard would be qualified to get the new ARB coin.

Moreover, Goldfeder confirmed that they would be the sole service provider going forward and that Offchain Labs will no longer have any influence on the chain’s destiny. And in the future, they will be happy to assist the DAO if they need software to be built.

The Arbitrum Foundation now intends to distribute a significant portion of its tokens—44%—to investors and key contributors, but Offchain Labs, the company that developed Arbitrum, guarantees that the ARB token will make the Arbitrum ecosystem more decentralized than other scaling chains.

The main competitor of Optimism to Arbitrum in the Ethereum scaling market, introduced its OP token over a year ago when it made its own switch to DAO governance.

Compiled by Coinbold

blockchain, DAO, ETH