Arbitrum Transfers $59 Million Worth of Unclaimed Tokens to Treasury

The Arbitrum Foundation has announced a transfer of 69 million unclaimed ARB tokens to the treasury six months after its airdrop in March.

The tokens worth $59 million make up 0.69% of Arbitrum’s 10 billion total supply and according to reports, 7% of total airdrops remained unclaimed. 

In March, Arbitrum rolled out an airdrop that saw community members get huge rewards by interacting with the smart contract as the website went down temporarily.

In a few hours, over 42 million ARB tokens were claimed per Nansen data with 23,000 different wallets participating in the process, 3% of eligible wallets.

The total number of eligible wallets totaled 625,000 wallets while 445,000 wallets received fewer than 2,000 ARB tokens in the airdrop.

Following the transfer to the Arbitrum treasury, it now holds nearly $3 billion worth of governance tokens. 

A governance vote saves the day 

The airdrop had a claim validity period set for Sept 24 after which the tokens were to be locked forever. 

In August, community member “yoav.eth” proposed a vote alongside two other governance issues including sequencer gas fee reimbursement and L1 core governance timelock. 

The vote titled: “Updating the airdrop distributor fee sweep address to the DAO Treasury’s address” had the overwhelming support of 99.9% of community members making the treasury the sole destination of all unclaimed tokens. 

Community bolstering efforts record success 

Ethereum’s layer 2 scaling networks have been in tight competition with multiple upgrades and high adoption rates this year.

Like Optimism and Base, Arbitrum has recorded growing user activity in the last two weeks which is hinged on the launch of Arbitrum Odyssey, a community-engaging initiative.

$ARB has seen a significant increase in on-chain activity in the past week.

The current catalyst behind this surge could be Arbitrum's Odyssey, which has the potential to reignite liquidity growth.

Furthermore, popular dApps like @PostTechSoFi are attracting thousands of users, pic.twitter.com/0GX1kPCT7a

— Emperor Osmo🧪 (@Flowslikeosmo) September 23, 2023

Users stand to gain non-fungible tokens (NFTs) and increased chances of getting airdrops amid wider plans to improve the NFT space on the network.

Arbitrum also expects more users as the Rari Foundation submits a proposal to integrate the network leveraging on its planned NFT incentives.