Arbitrum, the biggest player in Ethereum’s layer 2 scaling landscape, is finally getting a token.
The Arbitrum Foundation announced the airdrop of ARB, Arbitrum’s new token, to community members on Thursday, March 16.
With the introduction of ARB, Arbitrum will transition into a decentralized autonomous organization (DAO), allowing ARB holders to vote on key decisions governing Arbitrum One and Arbitrum Nova.
Arbitrum DAO will control key decisions at the core protocol level, including technology upgrades and revenue allocation for ecosystem support.
Offchain Labs, Arbitrum’s creator, emphasizes that the ARB token will make the Arbitrum ecosystem more decentralized than alternative scaling chains.
What is ARB and How to Claim It?
Arbitrum collaborated with Nansen, a crypto analytics firm, to determine ARB token eligibility based on user activity. Eligible users can claim tokens by visiting the official Arbitrum Website.
ARB’s total circulation will be 10 billion, with 56% controlled by the community and 44% allocated to investors and core contributors of Offchain Labs.
ARB tokens will be used exclusively for protocol governance, allowing holders to vote on code changes. A 12-person security council governed by the Arbitrum DAO will have the ability to make quicker bug fixes.
The introduction of ARB coincides with the launch of Arbitrum Obit, enabling third-party apps and protocols to build layer 3 blockchains on Arbitrum’s low-fee infrastructure.
Reminder: Users should exercise caution when claiming their tokens, as scammers often exploit airdrops to deceive people through fake websites and other fraudulent methods.
Arbitrum’s Technical Milestones
Arbitrum’s delay in launching its governance token is attributed to prioritizing technology development.
According to Offchain Labs CEO Steven Goldfeder, Arbitrum has reached significant technical milestones, such as working fraud proofs, which its main competitor has not yet achieved.
This focus on technology underscores the project’s commitment to decentralization and secure scaling for the Ethereum network.
Source: Crypto News