Arbitrum, a leading Layer-2 scaling solution for Ethereum, started distributing its governance token (ARB) on April 25th.
The airdrop is part of the platform’s roadmap, which designates 1.13% of the overall 10 billion token supply for qualified DAO projects.
- According to the latest data, over 90 million ARB worth $120 million has been distributed to 125 DAO wallets.
- Treasure DAO received the highest amount with 8 million ARB, while 60 other DAOs received at least 75k ARB each.
- Arbitrum-based decentralized exchange GMX is set to receive 8 million ARB but has not yet been airdropped.
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. 🧵👇
— Arbitrum (💙,🧡) (@arbitrum) April 24, 2023
- Other prominent projects under the top 15 receivers are SushiSwap, Balancer, Aave, and DODO, with 4.25 million ARB, 3.01 million ARB, 2.7 million ARB, and 2.2 million ARB, respectively.
- The team behind Arbitrum clarified that the airdrop is not a retroactive grant. Instead, the main aim is to empower the sub-communities on the Layer-2 networks to localize governance decisions.
- The platform also mentioned that the airdrops will only be distributed to projects with a DAO and a community treasury. The Protocol Guild is an exception, which is made up of Ethereum core protocol contributors.
- Factors such as the DeFi project’s deployment date, whether it was multi-chain or native to its ecosystem, the transaction volume, the total value of assets locked, and native liquidity moved to the ecosystem were weighed for fund allocation eligibility.
- The development follows the much-anticipated ARB airdrop to early adopters.
