• The Arbitrum Foundation has announced the launch of their ARB token, which will mark the start of their transition into a decentralized autonomous organization (DAO).
• The ARB token airdrop is set to happen on March 23rd and will be distributed based on user activity on Arbitrum One and Arbitrum Nitro.
• Offchain Labs, the creators of Arbitrum, believe that the ARB token will make the network far more decentralized than other competing chains.
Arbitrum Launches New Token
The Arbitrum Foundation has announced that they are launching a new cryptocurrency token called ARB. This marks the beginning of their transition into a decentralized autonomous organization (DAO) and is set to take place on March 23rd with an airdrop to eligible users.
Eligibility Requirements for Airdrop
In order to determine who is eligible for receiving the tokens in the airdrop, Arbitrum worked closely with crypto analytics firm Nansen to create snapshots of user activity. These snapshots take into account factors such as number of transactions conducted, number of applications used, and how long the user used both Arbitrum One and Arbitrum Nitro. Users can check their eligibility by going to gov.arbitrum.foundation.
ARB Token Supply
The total supply of ARB tokens is 10 billion, out of which 44% will be given away in the airdrop while another 44% will go to investors and core contributors. The remaining 12% will be held by Offchain Labs as reserves for future use cases or events related to developing or growing its ecosystem.
Decentralization Benefits
Offchain Labs believes that having an ARB token would make Arbitrum far more decentralized than other competing chains since Offchain Labs would no longer have any control over it’s future development or use cases. CEO Steven Goldfeder stated: „For me, the most exciting part is the decentralization – the fact that Offchain Labs will no longer have any control over this chain.“
Warning Against Phishing Scams
Arbitum also warned users to be careful when claiming their tokens as hackers are often known for phishing people with fake websites during airdrops