Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Arbitrum, a prominent layer-2 scaling solution for the Ethereum blockchain, has officially transferred the unclaimed tokens from its airdrop to its treasury.
On Sept. 24, the Arbitrum Foundation announced via X (formerly Twitter) that it had sent 69.4 million unclaimed Arbitrum (ARB) tokens to its decentralized autonomous organization (DAO), the Arbitrum DAO.
The foundation highlighted that Arbitrum users will no longer have the opportunity to claim ARB tokens anywhere. “Please be safe out there,” the Arbitrum Foundation stated.
As of the time of this report, the amount of transferred ARB is valued at approximately $56 million. The cryptocurrency experienced a decline of 1.6% in the past 24 hours, trading at $0.81, based on data from CoinGecko.
Related Posts
The quantity of unclaimed ARB tokens represents 0.69% of ARB’s total supply of 10 billion. Data from Dune Analytics indicates that 93% of eligible users have claimed their tokens. Eligible Arbitrum users and developers were permitted to receive up to 12.75% of the total token supply of 10 billion, equating to 1.275 billion ARB.
Related: Breaking: Mt. Gox trustee changes repayment deadline to October 2024
Established in 2021, Arbitrum is a layer 2 Ethereum scaling solution developed by Offchain Labs. In March 2023, the Arbitrum Foundation announced the establishment of the Arbitrum DAO along with its native governance token, ARB. Airdropped on March 23, ARB serves as the ERC-20 governance token, enabling holders to engage in the Arbitrum DAO’s on-chain governance protocol.
The transfer of the unclaimed ARB tokens to the Arbitrum DAO occurs six months after the DAO’s inception and the airdrop of the ARB tokens, as initially detailed in Arbitrum Improvement Proposal 7. Recipients were able to claim their tokens until Ethereum block 18208000, which was estimated to be created on Sept. 24.
Magazine: Asia Express: PEX staff flee event as scandal hits, Mt. Gox woes, Diners Club crypto
