Arbitrum, the second layer solution for Ethereum (ETH), has officially announced the arrival of its ARB token airdrop. This will be rolled out on March 23, but you can check now if you are eligible. At the same time, Arbitrum has announced its full decentralisation through a decentralised autonomous organisation (DAO) system
Arbitrum’s airdrop is coming on March 23rd
That’s it, Arbitrum’s teams have finally confirmed the arrival of the long awaited airdrop. It will be distributed on March 23rd, and you can already check your eligibility on the dedicated page.
The eligibility criteria are multiple, and the more different criteria a user fulfils, the more tokens will be distributed. The Arbitrum teams have chosen to base their eligibility on, among other things, the use of the bridge (Arbitrum One and Nova), the degree of interaction with various smart contracts, the value of transactions (minimum of $10,000) and activity on Arbitrum Nova.
The event was eagerly awaited, in particular because of the total value locked in on Layer 2, which exceeds $3.6 billion at the time of writing, making Artbitrum the largest Layer 2 on this metric.
Top 5 layers 2 of the Ethereum blockchain
Thus, the distribution of the ARB token signals the decentralisation of the network through its decentralised autonomous organisation (DAO), of which it will be the keystone. In other words, ARB token holders will be able to participate in governance votes to determine the future of the project.
The ARB token will be native to the Arbitrum One network, but will also be used to govern the Arbitrum Nova network. The release states that the ARB token will be exclusively dedicated to governance, and will not be used to pay transaction fees, among other things.
Steven Goldferer, CEO of Offchain Labs, the firm behind Arbitrum, supports this decentralisation vow, which he says will set Arbitrum apart from other second-layer solutions:
“For me, the most exciting part is the decentralisation – the fact that the Arbitrum ecosystem is more decentralised than the alternative chains. Offchain Labs will no longer have any control over the future of this chain. We will be a service provider and if the DAO asks us to create software, we will. “
He adds that the reason it has taken “so long” for the token to arrive is because the teams preferred to wait for Layer 2 to mature technologically, which is now the case. Although Optimism, its main competitor, has already deployed its airdrop, Arbitrum still holds over 55% of the layer 2 market on Ethereum.
For tokenomics, the total supply of tokens is set at 10 billion units. The 23 March airdrop represents 11.6% of this supply, while Offchain Labs is taking 27% of the shares and allocating 17.5% to investors. 42.8% will be reserved for the Arbitrum Foundation, which will be controlled by the DAO. The remaining shares will be allocated to the DAO of the ecosystem in question.
