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Arbitrum Airdrops $120M Worth ARB Tokens to 125 DAOs

AA News - Chayanika Deka 2023-04-25 21:15

Arbitrum – a leading Layer-2 scaling solution for Ethereum – started distributing its governance token (ARB) on April 25th.

The airdrop is part of the platform’s roadmap, which designated 1.13% of the overall 10 billion token supply for qualified DAO projects.

  • According to the latest data, Arbitrum has distributed over 90 million ARB worth $120 million to 125 DAO wallets.
  • Treasure DAO was the top receiver with 8 million ARB, while 60 other DAOs pocketed at least 75k ARB each.
  • Arbitrum-based decentralized exchange GMX is also expected to receive 8 million ARB but has not been airdropped so far.

The full distribution of the DAO airdrop will take place today with those that have confirmed receiving the test transaction that was sent earlier last week.

For more details on the DAO distribution, please read the thread below. 🧵👇

— Arbitrum (💙,🧡) (@arbitrum) April 24, 2023

  • Other prominent projects under the top 15 receivers are SushiSwap, Balancer, Aave, and DODO, with 4.25 million ARB, 3.01 million ARB, 2.7 million ARB, and 2.2 million ARB, respectively.
  • The team behind Arbitrum had previously clarified that the airdrop was not a retroactive grant. Instead, the main aim is to empower the sub-communities on the layer 2 networks to localize governance decisions.
  • The platform also mentioned that the airdrops would be distributed only to projects with a DAO and a community treasury, with an exception for The Protocol Guild – an organization made up of Ethereum core protocol contributors.
  • Factors such as – the DeFi project’s deployment date, whether it was multi-chain or native to its ecosystem, the transaction volume, the total value of assets locked, and native liquidity moved to the ecosystem – were weighed in for eligibility of fund allocation.
  • The development follows the much-anticipated ARB airdrop to early adopters.

The post Arbitrum Airdrops $120M Worth ARB Tokens to 125 DAOs appeared first on CryptoPotato.