Saturday, July 20, 2024

Ethereum’s layer two scaling solution Arbitrum has just created a token called ARB, and it also has a special type of organization that runs without anyone controlling it. The ARB token will start with 10 billion coins, and these coins will be given away for free to people who use the Scaler platform, Arbitrum DAO, Offchain Labs (the company behind Arbitrum), Offchain Investors and different types of organizations developing with the Layer Two technology.

Get Ready to Take Off with Arbitrum’s DAO Governance Model and Airdropped ARB Coin!

On March 16, 2023, the team from Arbitrum (a project that does something with scaling) made an announcement about the launch of something called a DAO governance model and a new token called ARB. They were very excited to announce this news, and stated that an “airdrop” of ARB coins would be given out to people who use their services – claiming starts on March 23.

There is a starting supply of 10 billion ARB tokens and their number won’t increase by more than 2% each year. These ARB tokens will be divided between users who have used the Arbitrum system before the 6th of February, 2023. Lastly, this project is the first one that is making self-executing governance possible.

A self-executing system means that the organization’s decisions can be carried out without needing anyone else to help. Offchain Labs also made Arbitrum Orbit, which is a special way for developers to build a third layer blockchain using a tech called Arbitrum.

Arbitrum is a bit late compared to others in introducing its own governance coin, and Optimism just released theirs (called OP Token) in April 2022. Right now, each OP Token costs $2.46 – which is 4% less than what it was worth 24 days ago (on Feb 24th, 2023). That’s when the highest ever price for an OP Token occurred – when one costed $3.22.

The ARB team announced restrictions to stop bots from taking advantage of the upcoming airdrop. They also mentioned that the investor and team tokens will be “locked up” for four years, but some will become available one year after the airdrop, with more unlocking each month afterwards.

What do you think about the release of ARB and DAO governance tools that work on their own on the Arbitrum L2 platform? Share your opinion with us in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons.

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