In the wild and untamed world of cryptocurrency, a significant development has occurred. The elusive Arbitrum (ARB) tokens, which make up a mere 0.69% of the total supply of 10 billion, have found their way to the treasure trove of the Arbitrum Foundation. This major Layer 2 solution for the Ethereum blockchain has officially added these unclaimed tokens to its decentralized autonomous organization (DAO) treasury.
The foundation, in a cryptic announcement on X (formerly Twitter), revealed that a staggering 69.4 million unclaimed ARB tokens were sent to the DAO treasury on September 24. This move effectively puts an end to any hopes of claiming these tokens elsewhere. The Arbitrum Foundation, in a cautionary tone, urged users to stay safe in their crypto endeavors.
As of now, the value of the transferred ARB tokens stands at approximately $56 million. However, the cryptocurrency has experienced a slight dip of 1.6% over the past 24 hours, currently trading at $0.81, according to CoinGecko data.
It’s worth noting that only 93% of eligible users had claimed their tokens, leaving behind this sizeable chunk of unclaimed ARB tokens. Eligible users and developers were entitled to receive up to 12.75% of the token’s supply, amounting to 1.275 billion ARB.
Arbitrum, created by Off-chain Labs in 2021, is a Layer 2 Ethereum scaling solution. In March 2023, the Arbitrum Foundation introduced the Arbitrum DAO and its native governance token, ARB. Airdropped on March 23, ARB is an ERC-20 governance token that grants holders participation in the Arbitrum DAO’s on-chain governance protocol.
The transfer of these unclaimed ARB tokens to the Arbitrum DAO comes six months after the creation of the DAO and the initial airdrop, as outlined in Arbitrum Improvement Proposal 7. Users had until Ethereum block 18208000, estimated to be generated on September 24, to claim their tokens.
– The Arbitrum Foundation has added 69.4 million unclaimed ARB tokens to its DAO treasury.
– Users can no longer claim ARB tokens anywhere.
– The transferred amount of ARB is valued at around $56 million.
– The unclaimed tokens account for 0.69% of ARB’s total supply of 10 billion.
– 93% of eligible users had claimed their tokens.
– Arbitrum is a Layer 2 Ethereum scaling solution created by Off-chain Labs.
– ARB is the native governance token for the Arbitrum DAO’s on-chain governance protocol.
– The transfer follows the timeline outlined in Arbitrum Improvement Proposal 7.