• Arbitrum is distributing its governance token (ARB) to 125 out of 137 qualified DAOs as part of its roadmap.
• Over 90 million ARB worth $120 million have been distributed so far, with Treasure DAO as the top recipient.
• The airdrop aims to empower sub-communities on layer 2 networks and localize their governance decisions.
Arbitrum Airdrops $120M Worth ARB Tokens
Arbitrum – a leading Layer-2 scaling solution for Ethereum – started distributing its governance token (ARB) on April 25th, with over 90 million ARB worth $120 million allocated to 125 out of 137 qualified DAO projects.
Top Recipients of the Airdrop
Treasure DAO was the top receiver with 8 million ARB, while 60 other DAOs pocketed at least 75k ARB each. Other prominent projects in 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. Decentralized exchange GMX is also expected to receive 8 million ARB but has not been airdropped yet.
Purpose Behind the Airdrop
The team behind Arbitrum had clarified that the airdrop was not a retroactive grant; instead, it aimed to empower the sub-communities on layer 2 networks by localizing their governance decisions.
Distribution Details
The full distribution of the DAO airdrop will take place today with those that have confirmed receiving the test transaction sent earlier last week; further details can be found in this thread: https://t.co/naApiR7uT2
Conclusion
The Arbitrum platform is offering an innovative way for decentralized organizations to strengthen their decision-making process through its token distribution program; however further details are yet to be revealed about how these tokens will be used in practice by these organizations once they enter circulation officially..