Key Takeaways:
- Arbitrum airdrop date was announced by the Arbitrum Foundation.
- The announcement also shared details about the Arbitrum DAO.
NEW DELHI (CoinChapter.com) — Ethereum layer 2 scaling solution Arbitrum announced a token airdrop and a DAO governance system for its Arbitrum One and Arbitrum Nova networks. However, users eligible for the Arbitrum airdrop must wait until Mar 23 to receive their rewards.
Arbitrum stated in its announcement that the latest development helped the project reach stage one of Vitalik Buterin’s 3 stage schema for decentralized EVM roll-ups. As a result, ARB token holders would be able to vote on key decisions governing Arbitrum One network.
Arbitrum is an optimistic roll-up solution that moves network activity off the Ethereum mainnet to improve efficiency. Arbitrum dominates the L2 market, accounting for 56% of the market share in terms of total value locked (TVL).
Through the community airdrop, the delegation process, and the introduction of the Security Council, community participation and control is at the forefront of today’s announcement, and the requirements for receiving a share of Arbitrum governance have been crafted meticulously, optimizing for the longevity of the ecosystem and community.
Steven Goldfeder, CEO and Co-Founder of Offchain Labs, said in the announcement.
Arbitrum DAO Governance And Security Council
The Arbitrum airdrop announcement shared that users could delegate voting powers to “individuals they view as effective stewards of their values.“
Delegates would vote on proposals that pass through the Arbitrum DAO that best represent the interests of the token holders. However, the announcement clarified that the Arbitrum DAO would maintain control over key decisions concerning the core protocol level.
Furthermore, Arbitrum stated that the DAO votes would not rely on any intermediary to execute on-chain decisions. The development would make Arbitrum the first L2 solution to introduce self-executing governance.
The Arbitrum airdrop announcement also shared details about the Arbitrum Security Council. The council would be a 12-member multisig and comprise “highly regarded community members” to oversee the chains’ security.
Also Read: SOL Price Forms Pattern With 205% Target As Solana-Based NFT Marketplace Shuts Down
A smart contract requiring multiple secure signatures would implement any security council decision. However, the council could act in an emergency even if only nine of the 12 members participated.
The Arbitrum DAO would be the ultimate governing body for the project.
Arbitrum Airdrop And ARB Tokenomics
ARB is an ERC-20 token, which would serve as the governance token for the Arbitrum One rollup chain. At the time of the Arbitrum airdrop, the token would have an initial supply of 10 billion ARB tokens.
Inflation for the ARB token would be locked at a maximum of 2% per year.
Individual user addresses would get 11.62% or 1.162 billion of the total Arbitrum tokens.
The Arbitrum Foundation has reserved over 44% of the 10 billion ARB tokens for the investors and Offchain Labs team and advisors. Interestingly, Offchain Labs claimed the ARB token would make the Arbitrum ecosystem more decentralized than rival blockchains.
The foundation has not mentioned the Arbitrum token price at launch.
Arbitrum Airdrop Announcement Causes Surge in Google Searches
Meanwhile, Google searches for Arbitrum and Arbitrum token spiked after the airdrop announcement.
Arbitrum received special attention in China, with the region dominating the “interest by region” category on Google trends. St. Helena and Nigeria came second and third respectively.
Moreover, ARB started trending on Twitter after the airdrop announcement.
