Arbitrum DAO takes $56M of unclaimed ARB as airdrop deadline ends

Arbitrum, a major layer-2 scaling solution for the Ethereum blockchain, has officially added the unclaimed tokens from its airdrop to its treasury.

The Arbitrum Foundation sent 69.4 million unclaimed Arbitrum (ARB) tokens to its decentralized autonomous organization (DAO), the Arbitrum DAO, on Sept. 24, the foundation announced on X (formerly Twitter).

The foundation emphasized that Arbitrum users will no longer be able to claim ARB tokens anywhere. “Please be safe out there,” the Arbitrum Foundation added.

At the time of writing, the transferred amount of ARB is worth around $56 million. The cryptocurrency slipped 1.6% over the past 24 hours, trading at $0.81, according to data from CoinGecko.

The amount of unclaimed ARB tokens accounts for 0.69% of ARB’s total supply of 10 billion. According to data from Dune Analytics, 93% of eligible users had claimed the tokens. Eligible Arbitrum users and developers were allowed to receive up to 12.75% of the token’s supply of 10 billion, or 1.275 billion ARB.

Related: Breaking: Mt. Gox trustee changes repayment deadline to October 2024

Founded in 2021, Arbitrum is a layer 2 Ethereum scaling solution created by Offchain Labs. In March 2023, the Arbitrum Foundation announced the launch of the Arbitrum DAO and its native governance token, ARB. Airdropped on March 23, ARB is the ERC-20 governance token, allowing holders to participate in the Arbitrum DAO’s on-chain governance protocol.

The movement of the unclaimed ARB tokens to the Arbitrum DAO comes six months after the DAO was created and the ARB tokens were airdropped, as originally outlined in Arbitrum Improvement Proposal 7. The recipients could claim their tokens until the Ethereum block 18208000, estimated to be created on Sept. 24.

Magazine: Asia Express: PEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto