Arbitrum Moves Unclaimed Tokens to Treasury, Accounting for 0.69% of Total ARB Supply
Summary:
Arbitrum, a Layer 2 solution for the Ethereum blockchain, has transferred 69.4 million unclaimed Arbitrum (ARB) tokens to its system's treasury. The transition was made to the treasury of Arbitrum’s decentralized autonomous organization (DAO) and signifies that it is no longer possible for users to claim ARB tokens. The moved ARB tokens are valued at approximately $56 million. This accounts for 0.69% of ARB’s total supply of 10 billion. The unclaimed ARB tokens were moved to the Arbitrum DAO six months after the creation of the DAO, in line with the Arbitrum Improvement Proposal 7.
The Ethereum blockchain's prominent Layer 2 solution, Arbitrum, has formally moved the unspent tokens from the Arbitrum airdrop into its system's treasury. The Arbitrum Foundation transferred 69.4 million uncollected Arbitrum (ARB) tokens to the treasury of Arbitrum’s decentralized autonomous organization (DAO) on September 24, as disclosed on X (formerly Twitter). The foundation underlined that it will no longer be possible for Arbitrum users to claim ARB tokens. The foundation encouraged users to exercise caution. At the moment, the transferred ARB tokens are estimated to be worth about $56 million. The past 24 hours saw the cryptocurrency dip by 1.6%, with a trading value of $0.81, as per data from CoinGecko. The quantity of unclaimed ARB tokens make up 0.69% of the total ARB supply of 10 billion. Dune Analytics data suggests that the tokens had been claimed by 93% of qualifying users. Arbitrum allowed eligible users and developers to claim up to 12.75% of the token’s supply of 10 billion, or 1.275 billion ARB. Arbitrum, a Layer 2 Ethereum scaling solution devised by Off-chain Labs, was established in 2021. The Arbitrum Foundation in March 2023 announced the inauguration of Arbitrum DAO and its own governance token, ARB. ARB, which gives holders the right to partake in the Arbitrum DAO's on-chain governance protocol, was airdropped on March 23, functioning as the ERC-20 governance token. The unclaimed ARB tokens were relocated to the Arbitrum DAO six months post the creation of the DAO and the ARB tokens airdrop, fulfilling the terms set in Arbitrum Improvement Proposal 7. Beneficiaries could make their token claims until Ethereum block 18208000, expected to be created on September 24. Magazine notes Asia Express reporting on PEX employees vacating an event amidst a scandal, issues concerning Mt. Gox, and Diners Club's involvement in cryptocurrencies.
Published At
9/25/2023 10:22:07 AM
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