The Arbitrum Foundation has officially transferred 69,448,385 unclaimed ARB AirDrop tokens to the Arbitrum DAO treasury, following a governance vote that received an overwhelming 99.96% approval from token holders.
The Arbitrum (ARB) token AirDrop, designed to reward early users and supporters of the network, commenced with a bang in March 2023.
This multi-round AirDrop aimed to reward users based on their engagement with the network, including activities such as depositing or withdrawing funds, utilizing its native decentralized applications (DApps), or participating in the Arbitrum Odyssey program.
Arbitrum DAO Treasury Now Contains $3 Billion ARB Tokens
Over 42 million tokens were rapidly claimed by 23,000+ unique users, just hours after the launch.
However, despite the enthusiastic response, 6.7% of eligible users missed the claims deadline, resulting in the decision to move these tokens to the Arbitrum DAO treasury.
The 69,448,385 unclaimed ARB remaining in the token claim contract has officially been moved to the #ArbitrumDAO treasury as outlined in AIP-7
You cannot claim those tokens anywhere.
Please be safe out there!💙🧡 https://t.co/sY6MmKl09h
— Arbitrum (💙,🧡) (@arbitrum) September 25, 2023
The unclaimed tokens, valued at over $59 million at current prices, now reside in the project’s DAO treasury. This transfer has boosted the treasury’s value, which now stands at nearly $3 billion worth of ARB tokens, as per blockchain data.
Will There Be a Second Chance for Arbitrum (ARB) AirDrop Claimants?
With the tokens securely in the treasury, the question on the minds of many is whether there will be a second opportunity for users to claim their ARB airdrop.
This decision ultimately rests with the DAO, which would need to approve the identification of addresses that were missed and the launch of a new distribution contract.
However, the project’s team advised users that “you cannot claim those tokens anywhere. Please be safe out there.”
The Arbitrum community is leaning towards utilizing these unclaimed funds for projects that enhance and expand the blockchain network. One recently approved proposal involves allocating 50 million ARB tokens as grants to support active Arbitrum protocols.
Interestingly, this approach to handling unclaimed tokens differs from its Ethereum Layer 2 rival, Optimism, which chose to directly distribute unclaimed funds from its initial airdrop.
According to Coinmarketcap data, Arbitrum’s governance token, ARB, fell by 2.17% following this development and is currently trading at $0.8086. It has lost 93.15% of its value since reaching an all-time high of $11.80 on March 23, 2023.