The Arbitrum Foundation has revealed that they’ve transferred $57 million worth of unclaimed ARB tokens, which amounts to 69 million tokens, to the Arbitrum DAO treasury.
This decision differs from what Ethereum Layer 2 competitor Optimism did, as Optimism directly distributed unclaimed funds from its initial airdrop to eligible users.
The Arbitrum Foundation has made an announcement stating that the remaining 69 million ARB tokens, worth $57 million, from the unclaimed airdrop, have been transferred to the Arbitrum DAO treasury.
This decision came after the community voted nearly unanimously to move these unclaimed tokens directly to the treasury, rather than placing them in a time-locked smart contract. Time-locked contracts restrict access to funds for a certain period or under specific conditions. This change was made through the Arbitrum Improvement Proposal AIP-7.
The Arbitrum Foundation shared this update on X (formerly known as Twitter) late on Sunday, stating, “The 69,448,385 unclaimed ARB remaining in the token claim contract has officially been moved to the Arbitrum DAO treasury as outlined in AIP-7. You cannot claim those tokens anywhere. Please be safe out there.”
Arbitrum DAO Treasury Grows with Unclaimed Airdrop Tokens
In March, the original Arbitrum airdrop token claim started, offering 1.16 billion tokens as rewards for early Ethereum Layer 2 network users, granting them governance powers over the Arbitrum One and Nova networks’ DAO. This airdrop accounted for 11.6% of Arbitrum’s total supply of 10 billion tokens.
Eligible recipients had until September 24, when Ethereum block 18208000 was reached, to claim their tokens. However, despite the six-month claim period, 69 million ARB tokens, equivalent to 0.69% of the total supply, remained unclaimed by the deadline.
As a result, the Arbitrum DAO treasury now holds a significant 3.6 billion ARB tokens, valued at $2.9 billion based on on-chain data.
The price of Arbitrum’s governance token initially dropped by nearly 1.5% to $0.81 following the announcement but has since recovered. Currently, it is trading at $0.82, as per CoinGecko data.
ARB/USD price chart. Image: CoinGecko.
Differing Approaches to Unclaimed Airdrops: Arbitrum vs. Optimism
Arbitrum and Optimism, two Ethereum Layer 2 rivals, have taken different paths when dealing with unclaimed funds from their airdrops. In contrast to Arbitrum’s approach, Optimism decided to directly distribute unclaimed funds from its first airdrop in June 2022 to eligible users. Approximately 49 million OP tokens, valued at $61.7 million, remained unclaimed from an airdrop that initially offered 215 million tokens, equivalent to $271 million.
Optimism recently announced its third OP token airdrop for governance members, allocating 19.4 million OP tokens, worth $24 million, to 31,870 addresses.
Since the launch of the Coinbase-incubated Layer 2 network Base in August, both Arbitrum and Optimism have seen a decrease in their daily average transactions. As of September 24, Base recorded a seven-day moving average daily transaction count of 921,000, surpassing Arbitrum’s 603,000 and Optimism’s 334,000 transactions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
